Notes
Structured reflections on capital formation, governance, and institutional design.
Companies That Survive Their Founders
A lot of founders think they’re building a company.What they’re actually building is a founder-shaped machine that only runs when they’re present.It works because they’re there to push it forward. They catch problems early. They make the calls. They hold the relationships....
The Architecture of Capital Control
Most people talk about control like it is a trophy.“Keep 51%.”“Don’t give away your equity.”“Never accept preferences.”It is not wrong. It is just shallow.Control is not a number. It is a structure.And like any structure, it either holds under stress or it fails exactly where...