Broad Capital AdvisoryWhy Your Offtake Is Unbankable — and Why a Better Counterparty Won’t Fix It
There is no instrument in this market that credit-enhances a sentence. Weak counterparty credit has mitigants; missing obligations have none.
Read working paper 01 →BCA Perspectives
How capital decisions are actually made.
Working papers and essays from Broad Capital Advisory — written for founders, boards and sponsors weighing a capital decision, not for other advisers.
BCA Working Papers
Long-form papers on how capital actually gets committed. Every load-bearing claim anchored to a primary source.
Your Model Isn’t Weak. It’s Just Yours.
You cannot upgrade a document by improving it. You upgrade it by changing who is answerable for it.
Read working paper 02 →The Tornado Chart Is Not a Stress Test
Eleven variables were tested. No event was. Adverse events arrive as bundles, and cover ratios are squeezed from both ends at once.
Read working paper 03 →The Firm That Never Says No Doesn’t Get More Deals. It Gets Worse Ones.
A firm’s decline rate is not a measure of the business it is losing. It is the mechanism selecting the business it will be offered.
Read working paper 04 →The Three Questions
Three questions every capital decision has to answer, in the order a deal actually asks them.
Ready or Not: the question that comes before the money
Before asking whether a project can be financed, ask whether the sponsor is ready to be financed — discovery as due diligence, and the verdict it produces.
Read part 1 →Bankable to Whom: the case for capital under realistic stress
Bankability is not a property a project has. It is a case you make — to a named investor, at definable terms, under a credible downside.
Read part 2 →One Machine, Not Three Tools: how a deal actually moves
Diagnosis, fundability and execution are one sequence, not three services bought à la carte — held in order by gates that refuse to let a deal skip ahead.
Read part 3 →Capital Allocation Mindsets
A three-part series on matching the way a company deploys capital to its stage of growth.
Gambler, Builder, Investor: the three ways companies deploy capital
Most firms treat capital allocation as a single discipline. The best treat it as three—and know which one they are running.
Read part 1 →The right decision at the wrong stage: the most expensive mistake we see
Misallocation is rarely a bad decision. It is usually the right mindset applied at the wrong point in a company’s life.
Read part 2 →Running three mindsets at once: the diversified group’s problem
A single business can change mindset as it matures. A group has to hold several at the same time—without letting one contaminate the others.
Read part 3 →