If you’re eyeing the prospect of taking over the business your boss owns, recent changes by the Small Business Administration (SBA) might make your goal more achievable. Whether your boss owns the business outright or you’re already a partial partner, the SBA has revised its rules to simplify the financing Read more…
If you have decided to sell your business in two or three years, you likely need to change some of your strategies to suit this new vision. While your money-saving tactics have gotten you this far, a new approach is needed to ensure you maximize the sale of your business. Read more…
As we enter Q4 and reflect on the year thus far, you’ve undoubtedly had success. Now it is time to contemplate your next business evolution and take the necessary steps to achieve it. Do you have the expertise to navigate this on your own, or should you seek outside assistance? Read more…
In 2020, Colorado voters approved Proposition 118, opening the doors to a state-run Paid Family and Medical Leave Insurance (FAMLI) program. The program ensures that all Colorado workers have access to paid leave in order to take care of themselves or their family during life circumstances that pull them away Read more…
Part 4 – Five Steps to Success In this 4-part series, we’ve covered the overview of the bank lending process and the first four steps. This final installment covers the fifth and final step, pulling the whole process together for presentation to a lender and answering follow-on questions. The entire Read more…
Part 3 – Providing Detailed Financials and Operating Data History Over the course of this 4-part series, the first two blogs covered the overview of the 5-step process and went into depth regarding the first two steps of the process. This blog covers the third and fourth steps which are Read more…
Part 2 – Matching Loan to Lender Part 1 of this series mentioned that the first step to getting a bank to loan your business money is, of course, finding the right lender. This starts with understanding the use of the funds, since it will determine the structure of the Read more…
Part 1 – A Process Summary This is a four‐part series on just what it takes to obtain a business loan and understanding the process you might face in running your business with someone else’s money. Today many businesses are experiencing growth opportunities and need capital to finance growth. So, Read more…
You have just received a letter of intent outlining the terms of a bank line for your company. Interest rates have climbed quickly, and banks are tightening their credit standards as they await the next recession. You are thinking: is this the best deal we can get? Currently a profitable, Read more…
Suddenly, we are at midyear and still unsure about an impending recession. While the large corporate world has laid off employees, the middle market remains strong. However, signs of slowdowns are now appearing in the SMB market, and businesses are changing their plans for the back half of 2023 and Read more…