67 articles in this category
Metrics, deck, data room, due diligence: the method to prepare the dossier for a Series A fundraising in 2026, and the role of the accountant and the CFO.
Find, convince and bring in a business angel in 2026: instrument, valuation, shareholders' agreement, governance and the IR-PME tax relief, without losing control.
Factoring and the Dailly assignment both turn trade receivables into immediate cash, but with two opposite logics: full outsourcing versus one-off bank assignment. Our comparison to choose by real need, cost and customer relationship.
At seed stage, the SAFE-style warrant (BSA AIR) and the convertible bond both defer the valuation. One is not debt, the other is. A comparison of criteria, tax and dilution to choose the right instrument for your first round.
The cap table records who holds what: shares, employee and investor warrants, SAFE-style warrants, convertibles and the option pool. Keeping it up to date and reasoning fully diluted is vital before any raise or sale.
The CAF measures the cash your activity generates by itself. Calculation from EBE or net profit, the difference with self-financing and cash, the ratio banks watch, and the real levers to improve it.
A personal guarantee commits the director's estate beyond the company. Proportionality, mandatory wording, duty to warn, alternatives: how to limit the commitment before signing.
Setting up or buying a professional practice means financing a mostly intangible asset: goodwill, equipment and start-up cash. Forecast, structure, guarantees and vendor loan, the method and the pitfalls.
A buyout is rarely financed in cash: you stack contribution, senior debt, sometimes a vendor loan and mezzanine around an acquisition holding. Here is how to size each tier so you don't choke the target.
Financing an SCI's property purchase requires a down payment, a loan repaid by rents and a suitable guarantee (mortgage, statutory lender's mortgage or surety). Method, IR/IS trade-off and points of vigilance.
Bpifrance guarantees share the bank's risk from 40 to 70% depending on the operation. Coverage per project, SME eligibility, real cost, timing and protection of your personal assets, read by a chartered accountant.
Subscribing to an SME's capital gives an 18% income-tax reduction, raised to 25% (ESUS), 30% (JEI), 40% (JEII) and 50% (JEIR). Caps, multi-year envelope, lost carry-forward and real 2026 arbitrages.
Professional microcredit finances the small projects banks turn away. Cap raised to 17,000 euros by the December 2024 decree, Adie loan, honour loan, a relative's surety and free support: what to know in 2026, and how to place it in a financing plan.
ACRE is markedly tightened on 1 January 2026: mandatory application within 60 days, a 3-year waiting period, and a micro exemption halved from July. The national NACRE has given way to regional schemes. The point for an accurate forecast.
A bank accepts or refuses a business loan on a fairly stable grid of criteria: repayment capacity, down payment, guarantees, business plan, history and scoring. Here is how to prepare each criterion for an accepted file in 2026.
Our articles provide general guidance. A discovery meeting with Samuel HAYOT allows us to analyse your specific case.