The Capital Governance Stack: A Framework for Capital Structure and Debt Capacity A Complete Framework for Governance Intelligence Across Capital Decision Environments This piece closes the Capital Governance Stack — three series, twenty-plus articles, and a proprietary framework built to make capital governance failure legible before it becomes irreversible. It is written for the reader...
The Cash Engine Framework A Series on Capital Structure Governance for CEOs and CFOs Debt capacity is not determined by EBITDA. It is determined by how cash actually moves through a business. Many companies that appear stable on paper begin to experience pressure long before it shows up in earnings, covenants, or lender conversations. The...
The EBITDA Illusion: Why EBITDA Fails as a Debt Capacity Metric Series Context Article 1 — The Liquidity Cycle established the operating cycle as the governing structure behind capital. Cash does not move in a straight line from revenue to availability. It enters the business, is absorbed by working capital, and returns only when the...
