Corporate finance, especially capital structure theory, studies a firm's decisions from the normative perspective of maximizing shareholder value. We propose a descriptive approach to understanding how small and medium enterprises (SMEs) make their financing choices. Considering owner-firm intertwinement as a fundamental characteristic of these firms, we include behavioral features as explanatory variables of capital structure. We test the implications of our approach in a sample of small Argentine firms. The evidence partially supports our hypothesis: the owner-manager's age and previous experience with personal debt are relevant in an SME's financing choices. We believe this reflects the owner's level of aversion to risk and uncertainty.[PUBLICATION ABSTRACT]