“Business is a combination of war and sport.”
— André Maurois
It is often assumed that raising external, or third party, equity is a prerequisite to business success. In the majority of cases, this could not be further from the truth. Most businesses start with very limited funding. This is typically provided by the founder, or by family and friends on an informal basis. As these businesses develop, they bootstrap their growth, using their own profits and assets to finance their needs. As a result, they get to keep their potentially valuable equity in the hands of the founder or the family, along with the choices and freedom that brings.
Keeping it in ...