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Thread: Business line of credit.

  1. #21
    PHOTOGLOU
    Jay: Who's your buddy? I worked at Wells six years prior to coming over to US Bank.
    Mike Horton Talk about a power couple His wife Jennifer is a V.P. of Bank of America (for private banking) and her father is V.P. of Ralphs

  2. #22
    Zeug
    Jay: Who's your buddy? I worked at Wells six years prior to coming over to US Bank.
    We have a few revolving credit lines in the $100K range with US Bank. On the whole they have been good to work with.
    My input would be- More inportant than getting a loan, is who your gettin it from. Most likely you will be working with that co for a while and if they are retards it will make life hard to concentrate on getting your biz off the ground.

  3. #23
    lucky
    Be very careful about taking customers if you start a separate gig. In California, it does not matter whether or not you have an agreement or non-compete contract. CA is a right to work state, but, if you cause any financial hardship to a previous company due to activities like taking customers you gained knowledge of by working for them (never mind the owners don't know jack), that would stick in court. I have been on both sides of court cases like this. I was sued for a non-compete which didn't hold up, and another company I was working for sued a competitor who left to start his own gig and took customers with him...he was fined and was ordered to cease and disist all business with the customers layed out in the law suit, which shut him down.
    free isn't free anymore ! as in free enterprise !

  4. #24
    Big Warlock
    This is a good thread in general. But I have a few questions.
    How long has the business been around prior to you guys coming in?
    You guys apparently are running the operational side, but what about the business side? I know lots of great companies that get started as a family affair and then grow into something beyond the family's control.
    There are many types of loans. Buying an existing business is a great way to go. They have a history of revenue etc. etc. What bank do they bank at? They would have a history at that bank. If you can talk to the owners about what you want to do, the current bank that they bank at will be a good source of information and they have the history of the company.
    An SBA loan sounds like a potential solution. It wuold be guaranteed by the government. But I think you might need more than just $30K. If $30K is the buyout price, you still need working capital etc. etc. Many of these questions can be answered in a business plan. Sounds like it's a catering business? You have to have bucks to pay for food, employees, insurance, fuel transport, etc etc. Having a SBA loan for a part of the buyout and then a line of credit attatched to a credit card account at the bank would be easiest and clean way to operate. Agin, I don't know the type or scope of your business.
    Owning your own business is a wonderful experience. But I think some of it is like a boat. Happiest day of your life? You know? Day you buy........day you sell..........
    Best of luck to you!!
    Rob :mix:

  5. #25
    dmontzsta
    This is a good thread in general. But I have a few questions.
    How long has the business been around prior to you guys coming in?
    You guys apparently are running the operational side, but what about the business side? I know lots of great companies that get started as a family affair and then grow into something beyond the family's control.
    There are many types of loans. Buying an existing business is a great way to go. They have a history of revenue etc. etc. What bank do they bank at? They would have a history at that bank. If you can talk to the owners about what you want to do, the current bank that they bank at will be a good source of information and they have the history of the company.
    An SBA loan sounds like a potential solution. It wuold be guaranteed by the government. But I think you might need more than just $30K. If $30K is the buyout price, you still need working capital etc. etc. Many of these questions can be answered in a business plan. Sounds like it's a catering business? You have to have bucks to pay for food, employees, insurance, fuel transport, etc etc. Having a SBA loan for a part of the buyout and then a line of credit attatched to a credit card account at the bank would be easiest and clean way to operate. Agin, I don't know the type or scope of your business.
    Owning your own business is a wonderful experience. But I think some of it is like a boat. Happiest day of your life? You know? Day you buy........day you sell..........
    Best of luck to you!!
    Rob :mix:
    Hi Rob,
    Let me answer some of this so everyone can have a little more inside.
    The business was started in 1996, however the part of the business me and my partner run started when we came in. We came from a company that closed down and the owners now invested some money to start it up and "borrowed" some of the customers to get started. I built this business from ZERO. When it was new I got on the phone and made calls and knocked on doors to get it to a steady pace it is at now.
    The owners sort of handle the business side. They look at the profit and losses and tell the account what to pay, etc...we do have a cpa that comes in every so often.
    haha, no it is not a catering business. It is a brokerage.

  6. #26
    uclahater
    All you have to do is send a Post Card with an announcement that you've gone somewhere else. You cant call them, and sullicet them with knowledge you've obtained from this company. For example you cant call a customer, and say "Your paying 2 bucks a piece, and I can lower your price to $1.75 This is considered an unfair advantage. But you can answer any questions that the customer has, and they can choose to use you. Dont take anything from this company especially files that would be suicide. Just take your personal belongings, and make them sign a a document where you,ve written down everything that you took.
    Jim

  7. #27
    ChumpChange
    I will let you know that service businesses with no tangible assets such as brokerage houses are more difficult to get loans for. It's all in the structuring.....I mean packaging.
    A hot dog cart would be easier.

  8. #28
    dmontzsta
    Jim, I would like to thank you for the phone call last night, I took alot out of it, especially the way to approach the customers. I would still like to proceed with my originally plan, but everything is a possibility at this point, time will tell.
    ChumpChange: I also would not make that much money with a hot dog cart and also I would be owning a hot dog cart.

  9. #29
    totenhosen
    I will let you know that service businesses with no tangible assets such as brokerage houses are more difficult to get loans for. It's all in the structuring.....I mean packaging.
    A hot dog cart would be easier.
    He's right there isn't much there for a bank to take as collateral. So if I understand this you are not actually the business owner but want to buy the guy out. Conventional financing won't work nor an SBA express loan (pretty cool product since it is scored driven and not by financial statement).The only financing I could see the bank I work for doing is an SBA loan 504 or 7a (I always get the two confused since I don't underwrite them). If my Bank passes on it I know a guy that brokers SBA loans and he'll get it done for you. Let me know if you are interested.

  10. #30
    ChumpChange
    What bank totenhosen?

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