CASTLING is William Schoofs' management company, from which he invests and performs Interim Management assignments: → Recent advisory roles include: Agoria, Matexi, Credendo Group, Schreder, Betafence, Thomas Cook and Find.me → Recent investments include Pulmocap, ReelMetrics, Cloudalize and Citizenlab. Castling is the only move in the chess game which is at the same time offensive and defensive; this is Castling's philosophy. A company's strategy and capital structure can and should simultaneously prepare for Opportunities while limiting Risk. Examples: → Tax optimization for startups (and any other business): → The value of tax-structures is limited if the timing of profits is highly uncertain → It is better to focus on subsidies and external debt because this effectively reduces the amount of equity to raise → Review the portfolio of insurance policies: optimize the coverage and deductibles → Match the level of deductible in your insurance contract to the expected frequency of claims → Match funding sources to the cash flow profile: match currencies, maturities and fix/floating mix → If the company's cash flow follow inflation, than a larger mix of floating rate debt is recommended → Ensure sufficient liquidity to enable growth and cover cyclicality → What is the cost of holding both cash and debt on your balance sheet? → Is it necessary to maintain committed credit facilities and if so: how much?