SECOND ORDER · STRATEGIC FINANCE ADVISORY
Models, memos, and lender and investor packages for raises, acquisitions, credit facilities, and fund formations.
STARTTHE PROBLEM
Limited partners trace a waterfall to the distribution schedule. An acquirer checks the sources behind the proforma before the price conversation starts. Below the deal size where investment banks pay attention, that work usually happens in a spreadsheet the founder built themselves.
Second Order builds those numbers for capital events between roughly $250,000 and $25 million.
WHAT SECOND ORDER BUILDS
The model recomputes when you change the price, the ramp, or the raise size, because the calculation logic is built and tested against sample data before your numbers go in.
The memo states the verdict, the coverage ratio or return figure it rests on, and the assumptions a careful reader will test first.
The package holds the deck, the diligence appendix, and the data-request tracker the counterparty asked for.
RAISING · BORROWING · FUNDS · BUYING
Founders get the operating model and the capital package their raise depends on.
Owners get a DSCR-led lender package for SBA and commercial credit, built in the order a credit officer reads it.
Emerging managers take a GP/LP waterfall to market with LP materials that reconcile to it.
A repeat acquirer buys per-deal underwriting reads, or the tool that produces them on demand.
THE WORK
Lender packages, growth raises, fund waterfalls, pricing, underwriting tools, and public-market research. Each case shows how the problem was framed and what was built.
FIELD NOTES
The subjects are the ones that decide capital events, covering revenue quality, coverage and credit, fund economics, and what artificial intelligence is doing to the arithmetic underneath all three.
Send the deal, and a written read comes back by email before any call.