Process & Investment Structures | Jagus Brehme

Process and structures

How an investment comes about, from the first message to working together. Five steps, three forms of investment, and what is shared at which point.

Pitch your project See the structures

The short version

TL;DR
Steps
Short intro, first call, review, structure, working together.
Start
A few sentences via the form. No pitch deck needed.
Confidentiality
Confidential documents only once both sides want to continue.
Forms
Direct investment, partnership or co-investment.
Ticket
No fixed size. It depends on the business, the stage and my role.
After investing
Milestones tied to numbers, a fixed rhythm and a one-page monthly report.

Overview

From first contact to investment.

Five steps. Each one ends with a clear outcome, so both sides always know where they stand.

The five steps

The first two steps stay high-level. Confidential documents follow from step 3, once both sides want to continue.

  1. 1Short introA few sentences via the form.High-level
  2. 2First callModel, stage, priorities, expectations.High-level
  3. 3ReviewNumbers, assumptions, channels, team.Confidential
  4. 4StructureForm, size, role and milestones.Confidential
  5. 5Working togetherAgreed priorities, regular numbers.Confidential

Fig. 1Each step ends with an outcome. Details for every step follow below.

Five steps

What happens at each step.

What you prepare, what I do, and what comes out of it.

  1. Short intro

    What you are building, for whom, and where the digital part sits. A few sentences via the form are enough.

    You prepare
    Two or three sentences on the business, the stage and what you need. Key numbers if you have them.
    I do
    Read the enquiry and check it against the investment criteria.

    OutcomeA reply on whether a call makes sense.

  2. First call

    Business model, stage and priorities, and what you expect from an investor.

    You prepare
    A short walkthrough of the business, the numbers you know and your open questions.
    I do
    Ask about customers, channels and economics, and explain how I would contribute.

    OutcomeA mutual view on whether it fits.

  3. Review

    Numbers, assumptions, channels and team, along the four guiding questions.

    You prepare
    Financial overview, funnel and channel numbers, cap table and key contracts where relevant.
    I do
    Go through demand, channel, economics and execution, and identify the main bottleneck.

    OutcomeA decision on whether an investment is an option.

  4. Structure

    Form of investment, size, my role and shared milestones.

    You prepare
    Your view on capital need, use of funds and the role you want me to play.
    I do
    Propose a structure and the scope of my involvement.

    OutcomeAgreed key terms as the basis for contracts.

  5. Working together

    Executing the agreed priorities, with a regular exchange on numbers and priorities.

    You prepare
    Access to the numbers and the people needed for the agreed areas.
    I do
    Work on the agreed bottlenecks and review progress at a fixed rhythm.

    OutcomeMeasurable progress on the agreed bottlenecks.

Review

What the review covers.

The review follows the four guiding questions. These are the areas, and the documents that usually help.

The four guiding questions
Review areas and helpful documents
Area What I look at Documents that help
Business model & marketWhat I look atHow the company makes money, who it competes with and what sets it apart.Documents that helpA one-page overview, a pitch deck if there is one.
Customers & demandWhat I look atTarget group, reason to buy, first revenue, pre-sales or waitlists.Documents that helpSales by month, customers by segment without personal data.
Channels & acquisitionWhat I look atChannels, cost per lead and per customer by channel, room for paid reach.Documents that helpAd account reports and funnel numbers.
Unit economicsWhat I look atContribution margin, payback period, customer value against acquisition cost.Documents that helpA unit economics sheet, cohort data if available.
Product & deliveryWhat I look atWhat is delivered and how, capacity and quality.Documents that helpA product demo and a short description of delivery.
TeamWhat I look atWho does what, and the gaps in marketing and sales.Documents that helpAn overview of roles.
Financials & ownershipWhat I look atRevenue, costs, cash runway and existing shareholders.Documents that helpProfit and loss, cash overview, cap table.
Legal basicsWhat I look atCompany documents, key contracts and rights to the product where relevant.Documents that helpArticles, shareholder agreement, main contracts.

Not everything is needed for every company. At idea stage, the list is short. The review only starts once both sides want to continue.

Structures

Three ways I invest.

There is no fixed ticket. Size and form depend on the business, its stage and my role.

Capital and involvement

The three forms differ mainly in how much hands-on work comes with the capital.

  1. 1Co-investment. Role agreed with the lead investor and the other parties.
  2. 2Direct investment. Capital for equity, with sparring and support as needed.
  3. 3Partnership. Equity combined with active work on acquisition, funnels and sales.

Fig. 2Schematic. The exact role is agreed for each investment.

  • A

    Direct investment

    Capital for equity. Suits companies that mainly need funding for the next step.

    My role
    Sparring, network access, operational support as needed.
    Suits
    Companies that have marketing and sales covered and need capital to grow.
    How it starts
    With the review and a clear plan for the use of funds.
  • B

    Partnership

    Equity combined with hands-on execution in marketing and sales. Many of my existing holdings started this way.

    My role
    Active work on customer acquisition, funnels and sales.
    Suits
    Companies whose main bottleneck is acquisition or sales.
    How it starts
    Often with a defined piece of work on the bottleneck.
  • C

    Co-investment

    Joint investment with other investors. For investors who want to invest alongside me, and for rounds I join.

    My role
    Agreed with the lead investor and the other parties.
    Suits
    Rounds with several investors, or investors who want an operator on board.
    How it starts
    Choose “Co-investment” in the form and describe the deal.

My role changes over time.

In a partnership, I am most hands-on at the start: building the funnel, the campaign structure and the sales process together with the team. Then the team takes over step by step, with documented processes and clear numbers.

The goal is a growth machine that runs without me in the daily work. My role then shifts to sparring, the monthly numbers and the next bottleneck.

  • Build: much of the work done by me, together with the team
  • Transfer: the team runs it, I review and fix
  • Step back: sparring, numbers, priorities

Who does the hands-on work

Share of hands-on work over the first year of a partnership.

Involvement over timeShare of hands-on work done by me versus by the team over twelve months. My share starts high in the build phase and falls during transfer, until the team owns the process. 0% 25% 50% 75% 100% 0 2 4 6 8 10 12 Months after investment Build Transfer Step back My hands-on work Team owns it Involvement over timeShare of hands-on work done by me versus by the team over twelve months. My share starts high in the build phase and falls during transfer, until the team owns the process. 0% 25% 50% 75% 100% 0 4 8 12 Months Build Transfer Step back My work Team

Fig. 3Schematic. In a direct investment, my share is low from the start.

Use of funds

Where the capital goes, and how long it lasts.

Capital should buy a measurable step, not just time. A good plan shows which number the money moves and when the company reaches break-even or the next round.

Why growth needs cash first

Every budget line has a job

What each part of a funding plan pays for, and the number that shows whether it worked.

  1. Budget lineAcquisitionAd spend, creatives and tests
    What it pays forMore qualified demandNew audiences, new hooks, more channels
    Number it should moveNew customersAt an acquisition cost within the payback target
  2. Budget lineMarketing and sales teamSetters, closers, media buying
    What it pays forCapacity for the demandLeads get called, calls get held
    Number it should moveHeld calls and close rateNo paid lead waits or gets lost
  3. Budget lineProduct and deliveryOnboarding, capacity, quality
    What it pays forCustomers who stayA first result early, a promise that holds
    Number it should moveChurn and repeat rateBy cohort, month by month
  4. Budget lineBufferReserve that is not planned in
    What it pays forTime to fix what does not workA missed month becomes a delay, not a crisis
    Number it should moveRunway at the low pointMonths left in the worst month of the plan

Fig. 4The split depends on the business and its bottleneck. What does not change: every line has a number it should move.

Runwayin months=Cashon the account÷Monthly net burncosts minus revenue, plan included

How I read a funding plan

  • Runway is calculated with the planned spend, not with today’s costs
  • Every large item is tied to the number it should move
  • A buffer turns a missed month into a delay, not a crisis
  • The next milestone is reached before the cash runs low

The low point, not the end

Growth spends cash before it earns it back. A plan can end with more cash than it started with and still run dry halfway through. That is why I look at the lowest point of cash in the plan, and at how much room is left there if a month goes wrong.

Key terms

What gets agreed before investing.

Specific terms are discussed once both sides are interested in working together. These points are always part of it.

Ticket size
No fixed size
Stages
From idea to established
Region
DACH region, open internationally
Size and form
How much capital, for which share, in which form.
Role and scope
What I work on, how much time it takes, and what stays with the founders.
Milestones
What should be reached, by when, and how it is measured.
Information
Which numbers are shared, how often and in which format.
Decisions
Which decisions are taken together and which stay with management.

This page describes how I work. It is not an offer. Terms are agreed individually and set out in contracts. Please get your own legal and tax advice.

Milestones

Progress you can check.

Milestones turn a plan into a series of yes-or-no checks. Each one is tied to a number, so both sides see the same progress.

An example milestone plan

The same order as the work: measure, fix, prove, scale.

  1. 1Month 1: measuredTracking and funnel numbers are complete.CheckEvery stage of the funnel has a number
  2. 2Month 3: fixedThe narrowest stage has improved.CheckConversion at that stage is up against the starting point
  3. 3Month 6: provenAcquisition cost is within the payback target.CheckPayback at or below the agreed number of months
  4. 4Month 9: scaledBudget and team have grown without losing efficiency.CheckMarginal acquisition cost still below the affordable limit

Fig. 5Example timeline. Real milestones depend on the stage and the business.

Why milestones help both sides

Founders get clear targets instead of vague expectations. I get early signals when something does not work, while there is still time to change course.

When a milestone is missed

We look at why: a wrong assumption, weak execution or bad timing. Then the plan changes. A missed milestone is information, not a failure.

Working together

A fixed rhythm after the investment.

Progress comes from a steady loop: numbers, review, priorities, execution.

At the start we agree on the rhythm, the numbers we track and who owns which priority. While we work on a bottleneck, a weekly rhythm is often useful. Later, a monthly review is usually enough.

Every review ends with a short list of priorities, each with one owner. Once a quarter we check the plan itself: are we still working on the narrowest stage?

  • One shared view of the numbers
  • No more than three priorities at a time
  • One owner for each priority
  • A quarterly check of the plan

The working loop

Four steps that repeat at the agreed rhythm.

Working rhythm A loop of four steps: numbers, review, priorities, execution, and back to the numbers. 1 2 3 4 Numbers Review Priorities Execution Agreed rhythm

Fig. 6The rhythm is agreed at the start and adjusted as the company grows.

The one-page monthly report

Six numbers, the question each one answers, and where it comes from.

Monthly reportTemplate
  • New customersIs acquisition growing?CRM, by channel
  • Acquisition costIs each new customer getting cheaper?Ad accounts and CRM
  • PaybackHow long is cash tied up per customer?Acquisition cost ÷ monthly margin
  • Monthly churnDo customers stay?Billing data, by cohort
  • Contribution marginWhat is left per customer?Accounting, per customer
  • RunwayHow many months are left?Cash ÷ monthly net burn

Fig. 7The six slots stay in the same place every month, so a change in any of them is visible at a glance.

Monthly report

One page, the same numbers every month.

A short report is enough when it always shows the same numbers in the same way. Changes become visible, and meetings start with decisions instead of with collecting data.

  • Acquisition: new customers, cost per customer by channel
  • Economics: payback and contribution margin
  • Retention: churn or repeat rate by cohort
  • Cash: balance, burn and runway
  • Next month: three priorities, each with one owner

The numbers come from the systems the company already uses. The report only puts them on one page.

Documents

What is shared, and when.

Confidential documents are only exchanged once both sides want to continue.

Information shared at each step
Step What is shared Confidential
1 Short introWhat is sharedA short description, the stage and what you need.ConfidentialNo
2 First callWhat is sharedA verbal overview and the key numbers.ConfidentialNo documents yet
3 ReviewWhat is sharedFinancials, funnel numbers, cap table, contracts.ConfidentialYes
4 StructureWhat is sharedKey terms and draft contracts.ConfidentialYes
5 Working togetherWhat is sharedOngoing numbers and reports.ConfidentialYes

If you need a confidentiality agreement before sharing documents, raise it in the first call.

Questions

Questions about the process.

More answers on the contact page.

How long does the process take?

It depends on how quickly the numbers are available and how complex the structure is. The steps are short when the four guiding questions can be answered early.

Do I need a pitch deck?

Not for the first message. A few sentences are enough. A deck helps later, in the review.

Can I send documents right away?

Please do not. Keep the first message high-level. Documents follow once both sides want to continue.

What happens if it is not a fit?

You get a clear answer. Where it helps, I explain why.

Do you only bring capital, or do you get involved?

Depending on what we agree, both. In partnerships I work actively on customer acquisition, funnels and sales. In direct investments I act more as a sparring partner.

Is co-investing possible?

Yes. Choose “Co-investment” in the form and briefly describe the kind of deal.

Continue reading

More about how I invest.

Next step

Tell me what you are building.

A few sentences are enough: what the business does, where the digital part sits and what you need. A reply on whether a call makes sense follows.

Pitch your project See investment criteria