Is Your Revenue Inflation-Proof?

Most of what you own won't survive this. Not because the business is bad. Because it's wearing the wrong debt for what's coming. That's the distinction almost nobody makes until it's too late to fix.

I am Ryan Miller, and on Making Billions, I teach the frameworks fund managers, allocators, and founders actually use to raise capital and compete in private markets.

❓ Why do fine companies end up in real trouble during a downturn?

Because they borrowed short and cheap to own something long. That's one of the oldest traps in finance. It works fine when refinancing is easy. The moment that window bolts shut, they don't need a new buyer, they need a rescuer, and most owners don't see the difference coming until they're already living it.

❓ So what actually doesn't survive, and what does?

It comes down to one question: can the revenue reprice? Picture two identical buildings on the same street. One has leases that reset every year with inflation. The other locked in fifteen years fixed when money was free. Same bricks, completely different investment.

One adjusts with reality as it changes. The other is a bond wearing a hard hat, and it has no way to defend itself when the ground shifts underneath it.

❓ How do you actually fix a deal that's in trouble?

Preferred equity. You come in and get paid back first, before the existing owner sees a dime. You attach a dividend that accrues whether they pay it or not. You take real protections, a board seat, veto rights on major decisions, a conversion right if things go sideways.

The owner keeps the company. You get paid like a lender, with the upside of an owner. That's the fix, and it's a lot less exotic than it sounds.

❓ What else needs fixing before the storm actually hits?

Your own debt. If it's floating, it can hurt you just as badly as the deal you're trying to rescue, so fix what you can fix now, while it's still boring and unremarkable to do it. And don't let idle cash sit there doing nothing either. For the first time in years, boring short-term government paper actually pays more than inflation. Even your reserves should have a job while they wait.

Here's the part that matters most. This isn't about predicting exactly when the downturn hits. It's about knowing, right now, which of your positions can survive one, and which ones are quietly exposed.

That's a decision you get to make today, calmly, instead of scrambling to make it later under pressure with much worse options on the table.

In this week's full episode of Making Billions, I walk through this exact rescue structure alongside three other economic scenarios and the five decisions built into each one, so you're never caught deciding what to do in the middle of the storm itself.

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[THE HOST]: Ryan Miller is a fund manager, capital strategist, and former CFO turned angel investor in technology and energy. He is the founder of Fund Raise Capital and Aequor Capital Partners, and has mentored over 1,000 fund managers across private equity, private credit, venture capital, real estate, and alternative assets globally.

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