Funds and assets actually placed into the enterprise count: the purchase price paid, equipment and vessels acquired, leasehold commitments, inventory and working capital genuinely deployed. Money still sitting in a personal account, uncommitted lines of credit and the buyer's own living expenses do not.
Count what the business now has, not what the buyer could provide
The test looks at capital that has been placed at risk in the commercial sense, meaning it is subject to partial or total loss if the business fails. Acquiring the workboats, the mooring equipment, the shore lease and the spare inventory therefore counts, as do professional fees genuinely incurred in acquiring the business and amounts spent bringing premises into service. What does not count is anything the buyer retains control over.
A term deposit pledged as future support, an undrawn credit facility, or a promise to contribute more if trading requires it all leave the money in her hands. Loans are treated according to their security: borrowing secured against the assets of the enterprise itself is not her capital at risk, while borrowing for which she is personally liable on her own assets generally is. Keep a schedule tying each amount to the document that proves it.