Buying back a fund's shares in your Belgian SME
Buying back the shares of the fund that invested in your SME: personally, through a holding company or by the company itself. Costed example, Belgian company law, clauses.
Category
Raising & negotiating
A fund on your SME's cap table: what changes for you
A fund on your SME's cap table: board seat, reserved matters, reporting, exit horizon. What governance really costs the owner-manager, region by region.
Anti-dilution clause and ratchet: who pays for a drop
Anti-dilution clauses, full ratchet or weighted average, performance ratchet: how they work, a worked example on an SME, and what to negotiate.
Due diligence: what a fund checks before investing
Due diligence before an SME funding round or buyout: areas checked, Belgian documents to gather, data room, timing, cost and what makes a deal collapse.
Tag along, drag along, leaver: exit clauses explained
Tag along, drag along, good and bad leaver: who can sell, when and at what price. Thresholds to negotiate and what Belgian company law allows.
A fund wants 40% of my company: is that too much?
A fund is asking for 40% of your company? Implied valuation, attached rights, what you keep at 60%, and the structures that let you give up less.
How to raise capital for an SME: the five steps
How to raise capital for an SME in Belgium: the file, choosing funds, letter of intent, due diligence, notarial deed. Who to call, what the Code requires.
Term sheet and letter of intent: what to negotiate
Term sheet and letter of intent: what binds you, what is negotiable and what a liquidation preference costs in euros, before the fund's due diligence.
Preparing a funding round: the file to put together
Preparing a funding round for an SME: what goes in the file, the figures a fund asks for, criteria published in Wallonia, and the mistakes that sink it.
Shareholders' agreement in an SME: content and key clauses
Shareholders' agreement in a Belgian SME: what it contains, whether it is mandatory, the limits set by company law and clauses that protect the founder.
Valuing an unlisted SME: methods and negotiation
Valuing an unlisted Belgian SME: EBITDA multiple, net debt, DCF, net assets. A worked calculation and the gaps to negotiate with a fund before signing.