I've both closed and exited from deals that were all-equity.
When to do all-equity:
(1) Growth hinges on cash.
(2) A strong balance sheet mitigates uncertainties.
(3) Investors want a steady-eddy cash cow.
(4) Debt isn't available.
(5) Saving debt capacity for add-ons.
(6) Interest rates are too high.
(7) It's a turnaround.
