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THE PERENNIAL DEFERRAL

Every firm has one project that has been next year's project for four years

The systems replacement, the hire, the new practice area. It never clears the bar because the money always has a more urgent use, and nobody wants to fund it out of distributions. This is capital that does not come from either place.

Check your data Six questions, roughly two minutes.
Not from distributionsNot from a facility$100K to $2M into the firm

WHY THESE NEVER GET FUNDED

The structural reason the same project keeps sliding

  1. It competes with distributions. Partners funding a project personally feel it directly, which is a high bar for anything speculative.
  2. The payback is diffuse. Better systems or a new capability rarely produce a number anyone can point at in the first year.
  3. Debt feels disproportionate. Nobody wants covenants on the balance sheet for something optional.
  4. So it slides. Not because it is wrong, but because there is no source of funds that does not hurt.

THE INVESTMENT QUESTIONS

What partners ask about using it this way

Is there any restriction on what we spend it on?

No. It is payment for a licence. How the firm uses the proceeds is entirely an internal matter.

Does it have to be spent on anything in particular?

No. Plenty of firms simply distribute it. The framing here is one use among several.

How predictable is the amount?

Deals land between $100K and $2M, and we review before pricing, so the figure is known before you commit to spending it.

What if the number is too small to fund what we need?

Then you decline, having spent a short conversation. There is no fee and no commission at any stage.

SPEAK WITH A MANAGING PARTNER

Find out whether next year's project could be this year's

Six questions, about two minutes, and nothing you tell us leaves Polyshares.

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