16min chapter

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bto – der Ökonomie-Podcast von Dr. Daniel Stelter

CHAPTER

Die Geschichte und Lehren der lateinischen Währungsunion

In diesem Kapitel wird die Geschichte der lateinischen Münzunion und ihr Scheitern untersucht. Es wird über die Auswirkungen auf die Wirtschaft, Inflationsraten, die Stabilität des Euros und die Herausforderungen einer vollständigen Währungsunion diskutiert. Deutschland als Anker der Union, Kompromisse, Integrationen mit Nachbarländern, potenzielle Szenarien und Kritik an politischen Entscheidungen auf europäischer Ebene sind weitere Themen dieses Kapitels.

00:00
Speaker 1
Well, that'll generally get because either the size is too big or they can leverage a conventional loan because of the cash flow that they got, et cetera. Based
Speaker 3
on their balance sheet and strength, some strategics are going to look at me and my solution and go, oh, we don't need that guy. So the key is, does the source of capital fit the buyer's needs? Now, some of the changes that are going on in SBA SOP or standard operating procedures are going to liberalize a little bit of that. So SBA might be a fit more often than it was previously. So one other thing to keep in mind, an important thing to keep in mind with an SBA loan, unless it's an ESOP where there's no owners over 20%, an SBA loan is always going to require a personal guarantor. And that's where private equity funds and some strategics, they say, no, no, no, we really want non-recourse debt,
Speaker 1
recourse being a personal guarantee. But what personal guarantees aren't in the hit list for a P-E firm?
Speaker 3
So in the SBA world, I would say that's a first-call conversation. By the way, we're going to have your unlimited personal guarantee. If it's more than one owner, going to be jointing several guarantee. And that guarantee may be collateralized with a lean on home, for instance. So that does make it a different form of capital, but it makes a great one for people who want to buy. And I can also lend at higher leverage than, for instance, senior debt on a P-E deal with. So SBA has the downside of the guarantee, but it has some upside as well. And in terms of size, SBA maximum is $5 million for a specific borrower or affiliated borrowers. But that doesn't mean the transactions deal size is limited to $5 million. We often play in the $5 to $10 million range, and we're combining both SBA and conventional bank dollars via what is referred to as periposuit for shared lean position or combination financing. For me, that $3 million to $10 million enterprise value is really the target, driven by SBA, but often with conventional bank dollars in addition.

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