Debt is the largest single input into most ETA deals, and searchers who understand it negotiate better terms and sleep better afterward. This workshop covers the mechanics of acquisition debt: the capital stack, senior versus subordinated and seller paper, DSCR and how lenders size a loan, personal guarantees, amortization, and the covenants that come attached. Participants will complete a live sizing exercise and leave able to read a term sheet and model what a given structure means for cash flow after close.