You must have as a minimum all funds necessary to pay for your obligated labor - up to the moment. Labor is an issue of trust - your employees are working for you, trusting you will pay them. They do not have the capacity to be flexible regarding the timing of payment. Your payment is critical and must be made as agreed, therefore, you cannot speculate on the timely payment of customers to fulfill your obligation.

Your CPA and Lawyer will say yes. When they do, ask them to give you a legitimate alternative. Typically, the only alternative they will have for you (that is steeped in reality) will be a financial partner. We addressed that condition!

Bank profit margins are typically in the low single digits. Banks must also satisfy an extremely strict set of criteria imposed upon them by the FDIC and its bank examiners. Your banker would love to provide you the loan you need. However, if he/she does, in all probability, your business loan will be written up by the examiner. In other words, your bank will be penalized for making a loan to you.

First off here are the DON’T’S associated with choosing any broker:

DO NOT engage a Broker who:

Charges a fee up front (Appraisal Fees on real estate excepted),

Engages you exclusively for longer than 30 days,

Will not tell you the payment amount or term to expect.

IS IT TIME TO BUY A BUILDING FOR MY BUSINESS?

So, it is time to own your own building? Why not pay the rent to yourself? Are you going to Buy or Build?

Before we answer that question, let’s look at some general truths:

I’ve been asked several times – Have you ever been bankrupt? My answer is always the same – “Oh Hell Yes, I’ve gone bankrupt at least 6 times – but only filed once.”

We Small Business People are the economic backbone of this beloved USA: yet the prohibitive majority of small businesses fail. This says two things about us:

We are not afraid to jump.

We might want to plan our jump a little better.