By carefully balancing cash flow, capital expenditure and debt service, Halder provides a solid financial base for MBOs. Finding the right combination of shareholders' funds and third party financing has worked well with an average share of external funds of 55% over the long term. Since 2006, the percentage has been lower. During the financial and economic crisis of 2008/2009, resilient capital structures have precluded excessive indebtedness and where covenants have been broken, lending agreements were amended. In itself, this is a favourable comment on the portfolio firms' quality.