Good Financial Reads: 4 Great Tips on Caring for Businesses & Their Owners

3 min read
June 02, 2023

Preparing for a Small Business Loan

by John Bovard, Incline Wealth Advisors

One of the major causes of businesses failing is the lack or capital to keep their business running. Although many businesses are started by using the founder’s personal savings or their friends and family networks in order to grow or expand there are times when looking to a bank is a must. Here are a few times during a business owner’s journey where they may need to look to take out a loan: starting up and purchasing equipment, purchasing real estate for their business, growing, and expanding by adding employees. Banks prefer to lend to companies before they desperately need the capital, therefore, it makes sense to have your business prepared to take out a loan or get approved for a loan before you may need it. Before you have the conversation with your bank, or several banks, it is important to evaluate the different nonprofit and government agencies that are available in assisting you with getting a loan. The agencies that can work on your before when getting are loan are U.S. Small Business Administration, Chamber of Commerce, Small Business Development Center, and a few others. These are not lending institutions themselves, but they will partner with lenders, and they will know who is aggressively lending to small businesses in your area. One of the major benefits of working with the Small Business Administration is they can guarantee your loan, in place of you having to personally guarantee the loan.

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How Much Is Your Business Worth? (And Why It Matters)

by Craig Toberman, Toberman Wealth

When you own a small business, it’s easy to get caught up in the day-to-day. Inventory, payroll, customer service, managing employees—you’re working 10, 12+ hour days to keep the business running smoothly.

Sometimes that means the business’s big picture sits on the back burner, at least until it becomes urgent. When the time comes to search for a bank loan, bring on an investor, or prepare to sell your business, that big picture becomes very important.

Knowing the true value of your business gives you a better foundation to start conversations and plan for your future. That’s why we’re reviewing the three most common valuation methods and what every business owner needs to know about them.

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Should Business Owners and Executives Self-Fund Their Long-Term Care Needs?

by Sweta Bhargav, Adviso Wealth

Long-term care is essential for many executives and business owners as they plan for their future.

Long-term care is a critical issue that can impact your financial stability and the legacy you leave behind. As an executive or business owner, you have worked hard to build wealth and secure your future.

With the costs of long-term care rising every year, it is essential to consider how you will fund it when the time comes.

One option is to self-fund long-term care, which means paying for it out of your own pocket instead of relying on insurance or government programs. Many executives and business owners choose this option because they have the means to do it or they think they do. But is it the right option for you?

In this post, we will explore the risks of not planning for long-term care and the advantages and disadvantages of self-funding for executives and business owners.

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Managing Your Mindset for Small Business Success With Alicia Cramer

by Grant Bledsoe, Three Oaks Wealth

So much of running a successful business is related to an entrepreneur's mindset. This week on Grow Money Business, we are joined by Alicia Cramer, who is a business mindset expert, a certified hypnotherapist, and a metaphysical practitioner. Alicia is also a sales and marketing consultant with an extensive business development background who helps small business owners manage their own mindsets and set themselves up for success. Alicia joined us today to talk about some of the tools she uses, the psychology and physiology behind why they’re important, and some of the tips you can use to optimize your mind and maintain it for long-term success.

[Listen to the Podcast]

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