Steve Benson
speaker
874 appearances
4 recordings
1 series
first heard Mar 2020
last heard Dec 2023
Steve Benson’s voice in public audio — every appearance, attributed to the second.
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Appearances
Top Founders · How I hit $5m ARR, kept control using 3 different debt providers · 21 Oct 2022
podcast
So... Dashboard, which I thought would be useful for people to see.
So they would give me... They would give me...
2 million almost 3 million in debt and i've taken 2.2 so i could get that like i could get that just by going in and pressing this button and what i what i've actually been doing is um emailing them and saying hey i want exactly this much because i don't that i don't want just all of it i want you know i want to tranche it out that's why i've done six tranches with them last year and a half
If there was a slide to take a picture of, it's this one.
You've got to checklist this if you ever get debt.
Are there liquidity terms?
This means like, hey, I just brought a million bucks from you.
One of my terms was you always have to have a half million bucks in the bank.
It's like, well, thanks.
So you actually loaned me a half million bucks, but I'm paying for it.
a full million.
I appreciate that.
Um, are there any EBITDA or MRR covenants?
Like meaning like did your, if you, if you slow down in growth or if your profitability drops, you owe all the money.
Um, that's, that's actually more common than you'd think.
Uh,
Can they demand you pay them back faster for any reason?
Debt providers love to give you an umbrella when it's not raining and take away the umbrella once it starts raining.
Perfect.
So when times are bad, they'll often demand you pay back faster and they'll have terms in your contract like, oh, on page 64, didn't you see that because you're going more slowly now, you have to pay us back faster.
Showing 661–680 of 874 · page 34 of 44
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