Liquidity isn’t lazy anymore, it’s leverage.

Cash-out date. Every board member’s favorite slide.

Author

Michael Morgenstern
November 11, 2025

Happy Tuesday Brex Community,

Treat company building as risk architecture. The first principle is know your cash-out date, every board member’s favorite slide. It’s not a forecast; it’s a survival metric. If nothing changes, no new revenue, no layoffs, how many months until zero? That clarity turns panic into planning. From there, you build discipline. Raise to the plan, not the ego. Match ambition to milestones. Don’t borrow just because debt is available. Liquidity isn’t lazy anymore. It’s leverage. Cash earns meaning again. It buys time, confidence, and the ability to take calculated swings when others can’t. Chase stability over yield, because in a downturn, optionality compounds faster than interest.

The companies that endure will design for adaptability—structuring liquidity, managing burn, and iterating fast enough to stay default alive. Investors are looking for that rhythm. Founders who speak about cash the way operators speak about product, turning finance into strategy. The winners will be those who stay solvent long enough for their conviction to pay off. Measured, liquid, and ready to act when the market turns.

Growing together, Michael Morgenstern

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