Helping Main Street businesses develop robust corporate credit and have all the money they need to build the business they deserve WITHOUT putting their personal assets at risk
What will you do when you transition your business? When you transition your business, will you sell your SSN with the business? What? Of course you can’t do that, but what would you do with any personal loans against the business that haven’t been paid off when you make the sale? Will the buyer of your business take on your personal loans at the sale? Highly unlikely! You will have to pay off any open personal loans for the business from any profits you make on the sale. This is yet another reason why it’s so important to build business credit. You are not going to own the business forever. At some point a transition will have to be made. A solid business profile can build the value of your business in two ways. 1. You will have access to the money you need when you need it, so you don’t just survive, but thrive! 2. If you have a robust business credit record on your EIN, the buyer will have access to that same profile, thus making your business much more valuable to the buyer. Listen to this 2 minute clip from my esteemed partner Lindsay Pennington as she explains why business credit is the most under utilized business tool in America. Thanks to the legendary Lance F. for being an outstanding host offering a stage and a microphone to allow us to help level the playing field for the small business owner! #businessowners #smallbusiness #credit
Great topic and food for thought. I don't think many businesses consider their business credit as an asset, especially when they're thinking about selling. For many companies, cash flow is critical at certain times, and having access to financing can significantly ease that burden.
Murray Beaulieu MBA, Veteran, The Cure for Cash Flow, you're spot on about the importance of building business credit. As someone in the digital marketing field, I've seen firsthand how a solid credit profile can be a game-changer for a business's growth and transition. It's definitely a tool more business owners should utilize!
It's odd we don't see more people emphasing this information
Building solid business credit is indeed important for a smooth business transition. A robust business credit profile not only supports your growth but also adds significant value when it's time to sell. Great insights on why business credit is an essential tool for every entrepreneur, Murray.
I was speaking to someone about this the other day. There are so many variables that go into this, and without the proper help, it becomes a nightmare!!
You are so right. Unfortunately many business owners run theirs day by day not looking into the future. That's a brain decision making process flaw. And by the way what about the rest of the world? Sale issue?
It's so important to plan ahead and get a strategy in place for when business owners decide to transition out of their role. Great insights here, Murray Beaulieu MBA, Veteran, The Cure for Cash Flow!
When I was working full-time writing and reporting, I wrote about succession plans and it amazed me how few business owners had them. This is a lot to think about and many don't. Thanks for sharing.
Wow didn't think of that. I am sure the reasons are literally endless
personal brand coach obsessed with self-development, AI + the magic of flow | founder @amplify | podcast host @flow | dog mum @drbailey
6moThis is a really interesting topic and worth discussing. I can see how without the right support, assistance, and information, How this could end up quite bad. Although I'm a huge advocate for living in the moment And going with the flow day by day. We really do need to look into the future And plan ahead for many things.