WHAT’S NEXT?. July 28, 2010 The Loan Your continuing relationship starts with the LOAN DOCUMENTS Some things to think about: Third party payments whenever.

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Presentation transcript:

WHAT’S NEXT?

July 28, 2010

The Loan Your continuing relationship starts with the LOAN DOCUMENTS Some things to think about: Third party payments whenever possible Step loans can be helpful Monthly P&L statements as part of the loan agreement ACH payments if at all possible

After the Loan Make a visit if possible Call often Stay involved – as a sympathetic ear Listen for problems

The Business Owner Evaluate strengths and weaknesses Knowledge and experience of business Reasons for starting business Support system

Weaknesses Ascertain areas where help is needed Sirolli model: Trinity of Management Marketing Technical skills/production Finance

Check List of Help Mentors Small Business Development Center Microenterprise Program Business Coach Peers Professionals: Lawyer, Accountant, etc. SCORE Other Volunteers

Other Types of Support Affinity groups Workshops Service Clubs Chambers of Commerce Church Groups Online/social networking

Financial Information Extremely Important!! Request P&L monthly Watch for trends – nobody makes a profit right away – Questions: Are they putting money back into business? What kind of owner’s draw? Were original sales projections realistic? Expenses realistic? Does the owner know where the money is?

Problems Undercapitalized? Original projections not realistic Financial management Marketing Production Personal problems The sooner identified, the better

Course Correction The sooner the problem is identified, the more likely the problem can be resolved Refinance Change repayment plan Interest only Assemble team of experts to help

Questions, Comments, Stories to share…….

Thanks!! Welthy Soni-Myers