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.

WHAT’S NEXT?

July 28, 2010

The LoanYour continuing relationship starts with the

LOANDOCUMENTSSome things to think about:Third party payments whenever possibleStep loans can be helpfulMonthly P&L statements as part of the loan

agreementACH payments if at all possible

After the LoanMake a visit if possibleCall oftenStay involved – as a sympathetic earListen for problems

The Business OwnerEvaluate strengths and weaknessesKnowledge and experience of businessReasons for starting businessSupport system

WeaknessesAscertain areas where help is neededSirolli model: Trinity of Management

MarketingTechnical skills/productionFinance

Check List of HelpMentorsSmall Business Development CenterMicroenterprise ProgramBusiness CoachPeersProfessionals: Lawyer, Accountant, etc.SCOREOther Volunteers

Other Types of SupportAffinity groupsWorkshopsService ClubsChambers of CommerceChurch GroupsOnline/social networking

Financial InformationExtremely Important!!Request P&L monthlyWatch 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?

ProblemsUndercapitalized?Original projections not realisticFinancial managementMarketingProductionPersonal problemsThe sooner identified, the better

Course CorrectionThe sooner the problem is identified, the

more likely the problem can be resolved

RefinanceChange repayment planInterest onlyAssemble team of experts to help

Questions, Comments,Stories to share…….

Thanks!!

Welthy Soni-Myers802-824-4624

[email protected]