74 articles in this category
How to structure a startup board that creates value rather than quarterly theatre: cadence, standard agenda, investor KPIs, board pack template and 2026 governance rules.
Full ratchet, weighted average, 1× or 2× liquidation preference, participating preferred: an operational decoding of term sheet economic clauses for founders negotiating a 2026 fundraising round.
Preparing a professional data room 90 days before the round shortens closing by 4 to 6 weeks and avoids downward renegotiation. Complete checklist, organisation, common traps and metrics to model.
Anti-dilution is one of the most poorly understood clauses in a term sheet. Full-ratchet, weighted-average broad-based or narrow-based: the difference can amount to several points of founder equity in a down-round.
DSCR, leverage, target FCF, buyer profile, holding structure: what really decides the credit committee in 2026 France. Equity of 30%, a seven-year loan covering 70% of the price: our method to build a bankable LBO file from term sheet to closing.
ADEME, Bpifrance, France 2030, Regions, Energy Savings Certificates: a French SME can finance 20 to 60 % of its green investments in 2026 — provided it knows the schemes and the calendar.
Pillar 3 ESG, French Central Bank rating, climate questionnaires: what French banks now expect from SMEs in 2026 to grant credit. Methodology and checklist for owner-managers.
Comprehensive 2026 guide to BSPCE warrants for French startup founders and employees: grant conditions, strike price valuation, taxation (article 163 bis G French Tax Code), PEA eligibility and apport to a holding company.
Compare bank debt, equity financing and public support for French SMEs in 2026, with practical guidance on building a resilient financing mix.
Factoring (affacturage) converts outstanding invoices into immediate cash by assigning receivables to a specialist lender. But the real cost goes well beyond the headline rate. This guide covers how the mechanism works, how to read a cost breakdown, when factoring makes sense for a French SME, and when to consider cession Dailly or reverse factoring instead.
Private investor seeking a project: business angels, love money, shareholders' agreements, IR-PME tax relief and advance-fee fraud warnings — everything you need to know before your first investor meeting in 2026.
A financing plan (plan de financement) maps permanent uses of funds — fixed assets, working capital, loan repayments — against durable funding sources: share capital, bank loans, self-financing capacity (CAF), and investment grants. Properly constructed, it reassures lenders and reveals cash weaknesses before money is committed. Here is the method, the common mistakes, and a complete worked example.
Pre-seed, BSA AIR, deferred valuation, cap table: what founders often miss behind the fundraise. An accountant's perspective on structuring, tax, and the risks to anticipate before signing.
CIR 2026: rates, eligible expenditure, technical file, advance ruling, JEI combination and filing obligations. The practical guide for SMEs and startups.
Our articles provide general guidance. For your specific case, describe your situation and Samuel HAYOT will reply in writing.