Notes on capital, operating, and buying companies.
2 pieces. Lending terms live on BuildUp Capital.
Operating · 15 October 2026
The mistake was made three years earlier
Five turnarounds, and in every one the decision that killed the company had already been taken long before anyone was worried — almost always about how the thing was financed.
4 min
Capital · 15 October 2026
First position is an order of payment
Borrowers hear lien position as paperwork. It is the one term that decides who gets paid when a sale goes badly, and it is the reason a lender can look at the building and the operator instead of a credit box.
3 min