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=20

A comfortable debt

Chris Hondros, Getty Images Files

Choosing the right financial structure is key = to the=20 survival of Main Street businesses.

Brad Cherniak, Financial=20 Post =C2=B7 Monday, Jun. 7, = 2010

These days there is a lot of debate and discussion about when to = raise=20 capital and how-- and about the frightening lack of its overall=20 availability.

There is less discussion about what kind of capital to raise and why. = But in=20 my experience, the type of capital is nearly as critical as the amount = and=20 timing to the success of growing private companies. Too often, I've seen = companies effectively strangled by their capital structures. The bottom = line is=20 a bad balance sheet will almost always trump a good business.

Here are some scenarios and how to raise capital for them:

HIGH GROWTH COMPANIES

Whatever stage your company is at, if it is increasing annual sales = more than=20 20% or 25% a year, particularly if it is not yet generating profit from=20 operations, you need straight, simple common equity. Debt is generally = bad --=20 particularly subordinated debt, which tends to masquerade as equity in = the=20 market -- but also senior-term debt, assuming you can get it. Preferred = shares=20 are trickier and a topic for another day.

Growing businesses consume capital in unpredictable ways, so adding = interest=20 charges and principal repayments to your obligations only makes your = business=20 harder to manage, tightens liquidity and increases the risk of an = operational=20 calamity, as well as a financial one. Debt service is just another = chainsaw to=20 juggle while on a unicycle pedaling around the circus tent that is the = world of=20 entrepreneurism.

Senior bank loans, or operating lines of credit, are a whole = different kettle=20 of fish. They are not a source of capital, but rather a source of = liquidity and=20 a way to reduce the overall cost of capital. This is one of the most=20 misunderstood fundamentals of private business. For most growth firms = not yet=20 reporting profit, this is a moot point, as few will qualify for an = operating=20 line of any magnitude.

COMPANIES WITH CONTINUING OUTSIDE CAPITAL REQUIREMENTS

Your company may be larger and more mature, and may or may not be = profitable,=20 but is looking to grow beyond the confines of regular organic growth. = You may be=20 a serial acquirer looking to roll up or consolidate in your industry, or = have a=20 growth arc so high you cannot generate the profits to fund your growth = -- many=20 technology firms fall into this category. You should be under no = illusion your=20 most recent capital raise is your last.

It behooves you to raise equity aggressively, not debt. You need to = keep your=20 balance sheet as simple as possible. The minute you raise significant = amounts of=20 term debt, you may have put your strategy at risk, because that debt = must be=20 serviced, and existing creditors will not welcome additional rounds of = debt the=20 way equity investors will.

There are sticky issues of security and covenants and risk = preferences and=20 priorities. It is not impossible to raise multiple subsequent rounds of = debt,=20 but much harder to do than equity.

And SMBs do not need to make financial transactions any more = difficult,=20 complex and fragile than they are now. It is much easier to raise debt = to pay a=20 dividend or leverage up your equity down the road when you are a much = bigger,=20 more profitable and robust company.

You may be thinking, "I am not being offered equity capital, only = debt with=20 covenants and service requirements, so what should I do?" There is no = question=20 investors will usually prefer the relative safety of a debt instrument = over a=20 share certificate with few special rights. And this may be your only=20 alternative.

Clearly, the theory and market realities must mesh. If you can't = obtain=20 straight common equity capital, the limitations and risks of debt can be = balanced by its lower cost in shareholder dilution, and against the = alternative=20 of having no additional capital to work with.

Still, the analysis of whether you are better off with debt versus no = additional capital is not a slam dunk. This is one of the most critical=20 decisions companies must make, and they had better do their analysis = comparing=20 apples to apples and choose the option that is truly the best for = them.

The right decision may be to step off the growth accelerator until = market=20 conditions improve -- stay smaller, but maintain operating flexibility = and=20 retain control of your company. To make the right decision, you need to = consider=20 what your business is today and for the next five years and honestly = determine=20 what capital structure is best for it. Never assume one dollar of = investment is=20 as good as another.

---

- Brad Cherniak is co-founder and partner at Sapient Capital = Partners, a=20 Toronto-based advisory firm to companies from early stage to $50-million = in=20 revenues. His column appears monthly in the Financial Post. He can be = reached at=20 brad@sapientcap.com.

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