When a business owner or manager is trying to secure business financing for their enterprise or operation, they inevitably will have to follow a process to get the capital their after.

The question largely is which process do you follow?

This needs to be answered in a couple of different ways.

First, all business financing processes can be classified into one of two different categorizes.

Process #1 we will call the off the shelf business financing process while process #2 is a customized approach.

With process #1, the lending institution has a product or program that they provide on mass that has very specific requirements and a process to follow. The off the shelf process tends to be very rigid in terms of the requirements and therefore is not very pliable with respect to being able to adapt to an application that does not meet the stated requirements.

To get business financing from an off the shelf program, you may need to adjust or adapt your requirements to fit the lender. While this may seem counter intuitive to a business owner, the reality is that swimming against the current with these well defined programs will not likely get you anything but frustration and a lack of funding.

Process #2 is a customized business financing process.

Now this is where things get really interesting.

Customized processes are typically provided by private investors that will consider a wide range of debt, equity, and debt/equity scenarios.

The process for trying to arrange this type of financing will also typically involve some type of intermediary or front man for the money that brings deals forward to the private investing group.

This can be done through a formalized system like investment banking, hedge funds, or even IPO’s.

Every financing strategy that is pursued will have to be vetted through a chosen group of advisers which will likely include lawyers, accountants, business consultants, and even boards of directors.

The big challenge with the customized business financing approach for the borrower or applying entity is that the process costs money to pursue and the outcome is uncertain as the process will ultimately dictate the outcome.

This is also why most business owners spend most of their time working with process #1 in that the path to money is typically more clearly defined.

That being said, even though process #1 can provide a road map to money, there still is no guarantee that you will get the money you’re looking for if you follow it.

So regardless of whether you choose to pursue process #1 or process #2, the are no guarantees that one will be more successful than the other.

So getting business financing in place is more about increasing or maximizing the probability of success which will occur when you 1) select a process that is highly relevant to your requirements, and 2) stick with the process long enough to achieve the desired results.

In terms of point #1, it can take some work to figure out who’s process to follow and who you should be working with. There are all sorts of intermediaries making all sorts of claims out there and it can be difficult to choose a path that increases the probability of success just as its very easy to get sucked into the promises of a low probability gig that says all the right things, but is lacking in terms of substance and the ability to follow through.

In terms of point #2, because business financing in general takes time to complete and can be frustrating to complete, its easy to jump from one process to another without getting the desired benefit.

The goal in seeking business financing is not to secure optimal financing in my opinion, although that can be a secondary goal.

The primary goal is to secure financing that works within the time period you have to arrange it and then work to improve upon your balance sheet over time once you have capital in place to do the things you want to do in your business.

So selecting a solid and relevant business financing process and then sticking too it are going to be keys to getting the financing you are looking for.

Click Here To Speak With Business Financing Specialist Brent Finlay For A Free Assessment Of Your Business Financing Options

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There are times when a business has considerable equity in their existing assets would like to undergo equipment refinancing to leverage that equity for working capital, debt consolidation, or business expansion.

In order to accomplish this, the business can either get a term or demand loan against the identified assets or undergo a sale and leaseback transaction with a leasing company.

With respect to a term or demand loan, this is can be provided by any number of financial institutions, but regardless of the lender you speak to, this type of equipment refinancing will only take place if the existing cash flow of the business is capable of servicing the debt.

If the business is in a situation of distress or development, where cash flow is projected to be solid, but isn’t at the present time, it is less likely that a term or demand loan can be secured.

An equipment loan provides very little financial disruption to the business as the equipment pledged as security remain in the ownership and control of the business owner or owners.

A term or demand loan lender will also require first position security so it will be important that no general security agreement is in place against all business assets, or the GSA holder is prepared to remove the equipment you want to refinance from their GSA.

A sale and leaseback transaction will require the sale of the equipment to a leasing company in exchange for a capital or operating lease and the exclusive right to use the equipment for the term of the lease. Most sale and leaseback transactions provide capital leases where the business will repurchase the equipment at the end of the lease for a nominal cost.

Because of the change of ownership requirements, sale and leaseback transactions can trigger income tax effects so its important to review a proposal for this type of equipment refinancing with your accountant before going forward.

Asset based lenders and leasing companies that offer sale and leaseback equipment refinancing will consider situations where the business has cash flow distress or is looking at expansion to increase cash flow. The effective financing rates in these situations will be higher than for a company with a stable cash flow.

The amount of business financing that can be secured for either loan or lease is going to range from 50% to 75% of forced liquidation value of the equipment that you want to refinance.

The forced liquidation value will be established either by a third party appraiser or through the lender’s own internal equipment appraising resources.

Terms for repayment will typically range in the three to five year period, depending on the assets and the financial and credit profile of the business.

If you are in need of equipment refinancing or want to know more about it, please give me a call and we’ll go over your requirements together as well as potential options that may be available to you.

Click Here To Speak With Business Financing Specialist Brent Finlay For A Free Assessment Of Your Equipment Refinancing Options

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Cash flow is the life blood of any business and unless you are making all cash sales, you’re going to have accounts receivable to collect to make your cash flow work.

And depending on the terms you give to your clients versus the timing related to paying vendors, suppliers, and operating accounts, there can be a gap in the time between when you need the money from a sale done on credit and when you’re actually going to get the money.

This funding gap is primary filled by financing your accounts receivable.

There are two basic ways to do this with a bunch of variations.

The lowest cost for of accounts receivable financing typically comes in the form of a bank margining account where a bank or institutional lender takes security over the accounts receivable, as well as anything else they can get their hands on like inventory and potentially equipment, and offers to advance to the business a certain percentage of the accounts receivable outstanding. The advance rules will vary by bank and each lender will also have lending covenants related to the monthly and annual balance sheet and income statement of the business.

Typically a margining account can only be secured by a well established business with at least three years of operations under its belt and fairly constant level of accounts receivable outstanding over the last 12 month period.

AR margining is primarily for companies that are very stable and not in any type of boom or bust position.

The other main category for accounts receivable financing is factoring or invoice discounting where a finance company is actually acquiring the right to collect the accounts receivable that is owed to your company.

Similar to a margining account, a factoring account provides an advance of accounts receivable outstanding to the business. Also similar to a margining account, most factors will not finance an accounts receivable invoice over 90 days past due.

That’s where the similarities end as there are many different forms of factoring whereas bank margining is fairly consistent from one lender to another.

Factors live more in the boom or bust parts of a business cycle although there can also be factoring that competes directly with the stable market space primarily reserved for margining.

Accounts receivable factoring, for the most part is notification versus non notification factoring. Notification means that your customer makes their payment directly to the factor whereas non notification has the customer still making payment directly to the business, but the payments are deposited into a joint account that the factor controls.

Notification factoring provides greater control to the factor and allows them to finance both highly distressed and high growth situations due to the factors control of collections of a legally completed sale.

There is also recourse and non recourse factoring. Recourse basically means that the factor will charge you back if an account becomes noncollectable, or is not collected by a certain point in time. Non recourse essentially means that once the factor purchases the receivable from you at a discount, that they take responsibility for collection and loss from than point forward.

Each version of factoring has its own business applications and there can be very large differences in pricing from on factoring program to another, largely due to what is being offered in terms of notification, recourse, and size of the transactions being factored as well as the overall facility.

Because there are so many different potential variations to accounts receivable financing, it can be very easy to get focused in on a funding option that is not ideal for your business.

This is certainly an area of business financing and asset based lending where some financing experience can come in handy in terms of both locating a suitable financing source and getting a facility up and running for your business.

If you have an accounts receivable financing need, I suggest that you give me a call and we can go over your requirements together and review different margining or factoring options available to you.

Click Here To Speak With Business Financing Specialist Brent Finlay For A Free Assessment Of Your Options

Technorati Tags: accounts receivable financing, bank margining, discount financing, factoring, invoice discounting, non notification factoring, non recourse factoring, notification factoring, recourse factoring

Its not uncommon when you’re looking to secure business financing, there could be fees required to be paid before you receive any money.

The question as to whether or not you should consider paying these fees is a difficult one to answer for a number of different reasons.

On the dark side of the equation, yes up front fees are a perfect opportunity to be scammed by either someone who has no intention or ability to provide you with business financing capital, or someone who may place some money to legitimize their offer, but provide very little chance of funding once the money is paid.

On the flip side, there are lots of ways to look at fees prior to funding.

Most of the major banks will not charge any fees to perform the initial due diligence required to get to a commitment stage. But its not uncommon that a commitment fee is going to be charged and there could still be a number of conditions in the commitment that still need to be covered off before you see any money. So is this an up front fee or not?

Another lender strategy in the commercial financing space is lender commitment to the process. The lender will provide a term sheet for funding with conditions early on in the process and will continue on towards a funding commitment and actual funding if a deposit is paid when the term sheet is signed back.

The rationale on the part of the lender is that 1) the borrower is showing seriousness in their application as compared to shopping it all over the place with little chance of follow through; 2) if any third party support items are required, the lender will commission then directly and pay then out of the deposit; and 3) if the deal cannot be funded, the deposit will be returned less any outside costs incurred by the lender.

The alternative to the above is that the lender asks the borrower for different third party reports, which the borrower has to pay out of their own pocket and provide to the lender anyway. The only real difference is does the borrower pay the costs directly or indirectly through a deposit.

There are also alternative lenders placing investor funded money that want to have their time paid for when considering any deal. These groups tend to be smaller organizations in terms of head count and want to cover their operating costs when assessing any deal. The rationale here is that because they are assessing alternative financing deals that could be some form of debt/equity combinations, the amount of deals they may have to process and the time required to complete a deal may be substantial and difficult to cash flow from success fees alone.

And regardless of how much a borrower may dislike paying upfront fees, the process of going through an application and trying to get it funded does take time and resources. Many will argue that external costs should be covered by the borrower, but internal costs should be born by the lender, investor, or intermediary.

There are many different points of view and sides to the different financing fees charged.

So what’s the right answer with respect to paying or not paying up front business finance fees?

As mentioned above, in many cases there are many forms of up front fees that you would not necessarily consider as such that are charged every day by national branded lenders.

The key point I’d like to make is that financing fees are a business expense if you choose to pay them and you may not get access to funds without paying them prior to funding.

Like any business expense, its important to pay for value and to do enough homework to know that you are paying the costs for someone that could truly help you versus someone that is just projecting help in order to collect fees.

Further, also remember that just because you paid an up front fee doesn’t guarantee you funding. There are lots of online message boards where individuals cry foul and scam when no such thing took place.

The scammers are going to prey on the desperate, promising things no one else is able to provide, sounding like the “very thing” you were looking for.

And legitimate sources of business financing will take upfront fees, perform their full due diligence and not fund the deal also.

So it can be very difficult to assess good from scam and its very much a buyer beware world out there when it comes to paying upfront fees either right at the beginning of the process, or somewhere down the line before funding will take place.

Not being prepared to pay any type of upfront fee in any situation can limit your business financing options considerably as well so weigh the pros and cons carefully before making a decision one way or the other.

Click Here To Speak Directly To A Business Financing Specialist

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When you are in search of business financing, either in the form of debt, equity, or some combination of the two, you will benefit from having the proper mindset for approaching this task.

So what do I mean by the proper mindset?

I’m referring to a perspective whereby your focus going into the business financing process is that 1) its going to be more difficult that you think; 2) its going to take longer than you imagined; and 3) the process will take unexpected twists and turns.

This goes along the lines of prepare for the worst and hope for the best, and if the business financing process goes better than expected, then so much the better.

But assuming it will go well from the outset is potentially setting yourself up for failure.

Why?

Because most business financing processes are difficult.

Why are they difficult?

Its a hard question to answer in one sentence but essentially the more people that are involved in the process, the greater the chance for delays, misunderstandings, incorrect assumptions, personality conflicts, and subjective assessment that does not go your way.

So to increase your chances of success, going in with the right mindset can help you stay sharp, make sure things are not slipping into unnecessary delays, and basically not allow you to take anything for granted and to always remember that its not over until funding is fully completed.

If you’re like most business owners or managers that have not experienced the dark side of business financing, then you’re probably thinking that I’m exaggerating.

All I can tell you is that in 25 years of working on business financing cases, it is rare that I see a deal that is approved and funded without some twist, turn, or delay.

Here are a few examples from just this year …

The application process moves to the commitment stage, just in time to fund the deal in the time period available, when the lender adds 7 new conditions into the final commitment without previously bringing them up. It became impossible to meet the conditions in the time remaining to close the deal and the deal was lost.

For a business refinancing case, the applicants accountant promised to provide completed financial statements by a certain date 6 weeks into the future. When the date came, the accountant had not yet started working on the financials, the existing bank pulled their facility and gave the business 30 days to pay them out before the bank closed the business account and started to realize on registered security.

Unfortunately, these types of situations are more common than not. Sometimes we can work our way through them and some times we can’t. One thing that always helps is having more time to work with and staying on top of all those involved to do their part in a timely fashion.

As I have said several times in other articles, business financing is very much about applying at the right place at the right time, but its also about having the right mindset for even when you are at the right place at the right time, things can still go wrong and you need to be able avoid the problems that can be avoided and quickly solve those you can’t see coming.

In the end, business financing is both art and science which is also why working with a business financing specialist can many times get you through the financing process in the time you have to work with.

Click Here To Speak To Business Financing Specialist Brent Finlay

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One thing that business owners and managers have a hard time understanding is that business financing or commercial financing is not very pliable or flexible or even predictable and getting funding arranged that is within your strike zone or acceptable to you is or should be the primary goal versus trying to get the best deal.

Sure, we’re all interested in the best deal, but to be considered for such, there are a few things you’re going to need.

First and foremost, you are going to need time. Especially when you’re going after the cheaper forms of money out there, lower rates relate to lower risk which takes more time to assess.

Second, you’re going to need a highly competitive financing scenario where several lenders would be eager to fund the deal.

Third, you will need to be able to meet all the requirements that “the best deal” out there is going to through at you before any funds are going to be advanced.

This type of perfect scenario where the borrower has a considerable amount of leverage is few and far between in the world of business finance.

The rest of the time, the lender has the upper hand and will dictate the process, requirements, costs, and so on, leaving very little bargaining power for the applicant.

Lenders tend to be in a stronger position because businesses typically are in a rush and don’t have the time necessary to carve out a position of strength in the financing process.

But despite their apparent disadvantage when negotiating business financing arrangements, business owners and managers will still push their luck to try and get the best deal without sufficient time or resources to pull it off. This can happen in that anything is possible…its just not likely most of the time.

This is where the bird in the hand comes in.

Because of the inflexibility and unpredictability of business lenders, when you have one of them interested and lined up to provide you with the capital require, you have to seriously look at accepting their offer, even if you believe there may be a slightly better deal out there.

While a better deal may exist, are you going to find it and wrestle it to the ground in time to take advantage of it? And how long are you going to have to delay making money while the search for the better deal marches on?

And if you can’t find a better deal and return to the original offer, there is no guarantee it will still be on the table.

Lining up business capital is almost always a challenge and getting optimal rates and terms even more so.

Once you have something lined up that can meet you needs and is acceptable to you, even if not preferred or ideal, you are likely better off in many cases to take the money and get making money versus the risk of going back into the market looking for a better deal.

Over time, this approach allows the business to take advantage of opportunities on a timely basis.

If the optimal financing approach is taken, there will likely be as many miss steps as successes over time, which is not likely to get you any further ahead, but will be much more frustrating to deal with when things aren’t coming together they way you expect or require.

Click Here To Speak With Business Finance Specialist Brent Finlay For All Your Business Financing Requirements

Technorati Tags: assessing business financing options, business financing options, creating business financing options, determining best business financing option, selecting business financing options

We have now gotten to the end of February in 2012 and heading into the last month of quarter one of 2012, so I thought it was a good time to give my two cents on what I’m seeing in the business financing market place.

As a whole, there are certainly more businesses actively looking for money that at the same time last year. At least part of that here in Canada can be attributed to the above average weather, bringing spring and spring optimism out into the open sooner than usual.

And while lenders are getting more active in the market with their promotions and overall marketing activities, there is still more demand and supply for what I would characterize as reasonable risk business deals.

We are also continuing to see the development of a wide variety of sub prime and debt/equity financing models to try and fill the needs of the market place, much of which was vacated by those that failed to survive post 2008 recession.

Global financial markets are still pretty shaky, which has a major trickle down effect to all regional markets, including Canada, where the economy for the most part is still performing fairly well compared to most other parts of the world.

Most significant sources of debt financing will at the very least be drawing some of their capital from global markets, so as the world economy goes, so does the appetites, at least to some degree, of individual country lenders.

The main constant since 2008 is that you need to have your ducks in a row when applying for financing as loose or less than complete financing scenarios will continue to have a hard time attracting capital.

And even if you have a stellar, well rounded out project or internal need to present for financing, it may still take considerable time to get the deal completed and funded. This is especially true with the major banks and front line institutional lenders.

The secondary market also has the luxury of being more selective as they have more deals than they can handle due to the tightening up of lending/funding criteria at the branded banks.

All lenders are still very concerned about their portfolios as not all of the aftermath from the most recent recession has been seen yet.

In general, there appears to be an increase in both demand and supply of business financing and that trend is expected to continue through the spring and summer periods.

Key message though is that if you are going to need business financing in 2012, you need to start the process sooner than later, and you should consider getting some help from an experienced financing consultant to help you navigate your way through a continually changing market place.

Click Here To Speak Directly To Business Financing Specialist Brent Finlay For All Your Business Financing Needs

Technorati Tags: 2012 business financing status report, business financing 2012, business financing in Q1 2012

When it comes to business financing requirements, most business owners and managers do not have anywhere close to a full understanding of what’s available in the market.

The primary sources of business financing that are well branded via the banks are traditional forms of lending that provide lower risk rate for low risk deals, and only finance low risk deals. Any by definition provided by banks, low risk relates to a business balance sheet with a debt to equity level before and after new business financing is issued of 2:1 and a debt serving ratio of at least 1.20 (available cash flow must be 1.2 times the projected debt service).

But what if you’re business does not fall into these parameters? Are you out of luck, or do you keep knocking on similar doors to see if anyone will change their rules?

The reality is that conventional bank financing only provides about 1/3 of the required business financing that makes the economy go round.

The rest of the capital required comes from a number of different lending categories including the following three that I will briefly touch on.

Asset based lending as the name suggests focuses on leveraging the equity in assets that the business owns. There are many different slices to this market and a wide range of financing costs, call lending back to the amount of overall leverage the business is carrying and the inherent risk of loss to the lender.

For situations where there is a strong enough cash flow to cover off higher levels of leverage, there are investment banking and venture capital solutions.

Investment banking is another example of a business financing source that has many different variations, but for the most part this type of financing is placing other peoples money and providing a return on capital between 10% and 20% for the most part. This is accomplished by charging an interest rate on capital advanced as well as taking an equity stake in the business. Financing can be at or close to 100% of the capital required, depending on the deal. Approvals tend to be granted towards deals in specific industries and with well established and proven applicants or business teams.

Venture capital is a very common term in the business financing world, but tends to relate to a small percentage of cases where capital is required.

This largely due to the fact that venture capital is typically looking for a 30%+ return and are prepared to invest in growth industries that can be high risk but are also high potential for big returns. Because of the risk element associated with these types of deals, the majority of investments tend to fail, with the overall weighted return on capital being provided by a small percentage of deals that achieved their market potential.

There are many more examples of business financing sources out in the market place that may or may not be relevant to any particular situation.

The point here is that understanding where to look for money and what is relevant to your business requirements is going to be very important to locating and securing the capital you’re looking for.

And while even a blind squirrel can trip over an acorn every once in awhile, looking for capital strictly by trial and error is likely not going to be very successful, or can result in you paying far more for the capital you secure that you need to.

Click Here To Speak With Business Financing Specialist Brent Finlay For A Free Assessment Of Your Business Financing Options

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When a small business owner intends to sell their business, and when someone is considering purchasing a small business, there are some business financing basics that both sides should consider.

And for the purposes of this discussion, when I speak of small business, I’m talking about a business entity with no greater than $2,000,000 in annual sales.

When it comes to business financing, the most important aspect of any small business purchase is historical cash flow that is supported by third party financial statements and seller provided source documents if required.

The harder the cash flow is to figure out or verify, the harder its going to be to get both sides to agree on a sale price.

The second element of financing a small business purchase is the composition of the assets being purchased and offered as security to a third party lender.

When the sales price is allocated into tangible and intangible assets, third party lenders are going to be very interested in the amount of goodwill that is included in the deal.

Goodwill represents the value placed by the seller on the future revenues of the business which represents potential revenues not yet earned.

Its not uncommon for a third party source of business financing to only finance a portion of goodwill or none at all.

The expectation of the lender is that either the buyer will be paying cash for the goodwill or the seller will finance it over time.

The biggest risk to the lender when considering a business acquisition financing request is the change of control risk.

The transition period where ownership and control shifts from the buyer to the seller will always be key to longer term business success.

To help manage this risk, business lending sources will look to a financing structure where the risk of potential loss is shared fairly among the buyer, seller, and lender.

Many small business purchases are financed on this basis with each party contributing or being responsible for financing one third of the final purchase price.

Especially when there is a significant amount of goodwill involved, the lender may only be interested if the vendor is also providing financing.

This is also why its very uncommon to see a small business purchase being financed largely by just a third party lender.

When you have a buying or selling situation where all parties involved understand and are prepared to help guarding against short term business failure, then its more likely that third party business financing can be arranged to complete the transaction.

Click Here To Speak Directly To Business Financing Specialist Brent Finlay

Technorati Tags: business acquisition financing basics, business financing basics, business purchase financing basics

2011 has been an interesting year as the business financing market place continues to redefine itself since the beginning of the 2008 recession.

It was clear this year that business financing in general was starting to become more available and from more sources, but it also became clear that things were no where near where they were prior to 2008.

In fact, there have been so many changes in the dynamics of global finance, that it seems unlikely that things are going to return to what we got conditioned to with respect to business financing practices for the better part of two decades.

So my first prediction is that the world of business financing is going to continue to evolve in different directions that are going to be more in keeping with lender and investor risk management and in greater search for value.

One of the things I really noticed in 2011 is that there is a lot of money out there looking for a home, especially in the form of business financing in established and relatively secure economies. With all the global economic chaos of the past year, you may justifiably think that there are no sure bets anywhere in the world these days as the global financial network is highly intertwined across borders.

That being said, money is attracted to the best bets and the greatest opportunity to attract value.

And because of the recent recession, there has never been a better time to acquire assets at greatly discounted prices which is of great interest to those that hold and control the money supply.

My second prediction is that there is going to be lots of money available for the true value creators in the economy.

What this also says on the flip side is that speculative money is going to remain hard to find as lenders and investors are still trying to recover or still dig themselves out of the down turns in their portfolios.

The smarter money is on the smarter bets and for those individuals who can create the “add money and stir” type scenarios where all the elements of profitability and risk management are well thought out are going to likely have a sorts of financing options available to them.

Predication number three is that there are going to be more and more alternative forms of financing with unique risk management models out in the market place as sources of money continue to work towards filling the large gap that remains in what I will describe as the business sub prime lending market.

This is good and bad news in that many of these alternative sources can be quite anonymous and perhaps invisible in terms of their profile and working model as compared to the highly branded commercial financing entities that remain largely removed from higher risk opportunities.

The challenge here is while there are legitimate alternative sources out there, there is a lot of fraud and fee collecting entities as well who make more money collecting fees as they do on fund actually lent or invested.

Which leads into predication number four…more and more enders and investors are going to be charging up front due diligence fees to review financing and investing opportunities.

In the past, up front due diligence fees was something you would come across occasionally, but now we are seeing this more and more.

And what it amounts to is that business owners are going to have to pay for the time of money lenders and investors to review their requests and take their chances as to whether or not they actually get funding.

The process of business financing is becoming more and more of a hit and miss process as lender and investor criteria remains constantly influx, reducing any accurate predictability of what any one source of money may be able to do for you at any given point in time.

So in order to kiss some frogs, its going to cost money, especially for anything that does not fall under the lending/funding requirements of the “A” institutional lenders who may not charge an upfront due diligence fee, but many times still charge a commitment fee, which can basically work out to the same thing…it just happens later in the process when your hopes have been raised.

My final prediction is that business owners are going to be slow to react to the new world order of business financing and as a result there is going to be more upheaval in the economy as capital will fail to be in place when its supposed to be causing transactions to fail and businesses to collapse as business owners and managers hold on to old lending and investing axioms that no longer apply.

This creates tremendous opportunity for those that understand the change in the business financing markets and are either taking the time to educate themselves towards more effective business financing strategies going forward, and/or are prepared to invest in the experience of those that can help them navigate the landscape more effeciently.

Click Here To Speak Directly To Business Financing Specialist Brent Finlay, For All Your Business Financing Requirements

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