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.
Fonds d'Investissement
Blog 2026
Independent guides, comparisons and reviews from Fonds d'Investissement.
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34 articlesRaising & negotiating
Raising & negotiating
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.
Raising & negotiating
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.
Raising & negotiating
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.
Raising & negotiating
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.
Raising & negotiating
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.
Raising & negotiating
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.
Buyouts & succession
Buying or selling an SME with a fund in Belgium
Buying an SME with a fund: acquisition holding, bank debt, vendor loan, MBO, MBI, OBO, the role of WE Cession & Acquisition (ex-Sowaccess), legal limits.
Buyouts & succession
Management buy-in (MBI): buying an SME as an outsider
MBI: an outside executive buys an SME with a fund and a bank. How it differs from an MBO, transition risks, and the file that convinces a fund in Belgium.