June 18, 2026
Committees do not underwrite ambition. They underwrite sources and uses, debt service, owner equity, and whether the asset list is eligible. Franchise fees, leaseholds, equipment, inventory, goodwill, and start-up costs each sit in a different box.
If the narrative and the spreadsheet disagree, the spreadsheet wins. Write the plan as if the reader has already decided to be sceptical.