Capital Insights

Layered Capital: Map Who Must Consent Before the Business Changes Course

Medro Advisors · Research and commentary from Don McClain

By Don McClain | Founder & Principal, Medro Advisors

The archived middle-market article describes layered capital structures. Before treating a proposed stack as flexible, make a decision-rights map for planned actions such as new borrowing, distributions, asset sales or ownership changes. Identify which documents and parties govern each action, then have qualified counsel confirm the actual requirements and any conflicts. Do not infer permission from an informal conversation. Cost comparisons are incomplete if the business cannot execute the operating plan under the agreed restrictions.

Source: Medro archive, March 4, 2026.
Author: https://www.donmcclain.net/
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