A business can be defined through a number of cycles, each having characteristics that distinguish it in chronological terms. More than a start and an end, business cycles define risk and ownership in some instances, as an enterprise may evolve from the mature cycle with one owner back into the start-up cycle for another.

Understanding how funders view these various stages helps business owners find funding channels better suited for their stage. A business in its mature stage may not sound too sexy, but equity funders are attracted to retirement-age business owners who have built successful enterprises that can be aggregated with another business. Likewise, all parties recognize the additional risk of a business ...

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