Taking out a business loan is a big decision, especially if you — like many business owners — are already carrying some debt. You need a way to assess whether your business cash flow will cover payments on your current and anticipated debts while still covering the daily expenses of running your … [Read more...] about What’s the Right Amount of Debt for Your Agency?
Borrowing money for growth can be a winning proposition if you borrow carefully and wisely. Whether it’s acquired for personal or business use, there are really two types of debt: good and bad. Understanding the difference is simple. Good debt propels you or your agency forward and puts you in a … [Read more...] about Borrowing for Agency Growth: Understanding Good vs. Bad Debt
If you want funding quickly, be sure to prepare your financials before you apply. A wise woodsman who may have been Abraham Lincoln once said, “Give me five minutes to chop down a tree, and I’ll spend the first three sharpening my axe.” This enlightened soul understood that rigorous preparation … [Read more...] about Spring Cleaning Your Agency Financials Will Save Time and Money
We all know that traditional bank and SBA-backed loans are the lowest-cost financing options available for small businesses. Banks offer an ideal solution for successful, established agency owners with solid credit and strategic growth plans. But there are some situations where you may need an … [Read more...] about Specialty Lenders Provide a Valuable Alternative to Bank/SBA Loans
Agents have two choices if they want to grow their existing business. They can grow organically, a gradual strategy that involves expanding existing sales and finding new customers and markets. The second, faster option involves immediate growth through acquisitions. Acquiring a new book of business … [Read more...] about Getting Ready to Grow Your Business? Do Your Due Diligence Before Acquiring an Insurance Agency
Impact of Rising Interest Rates on Insurance Agency Loans: Is Now the Time to Apply for 2019 Lending Needs?
Interest rates have slowly risen during 2018 and many experts anticipate the Federal Reserve will further increase rates in 2019. The good news is the U.S. economy seems to be growing and strong. The not-so-good news is that higher interest rates get passed along to everyone who … [Read more...] about Impact of Rising Interest Rates on Insurance Agency Loans: Is Now the Time to Apply for 2019 Lending Needs?
We’ve recently heard a number of stories about insurance agencies that have used quick lenders to secure fast cash. In nearly every case, the outcome has been unsatisfying, even potentially disastrous. So how do you know if your quick lender is legitimate and upstanding? First, let’s … [Read more...] about Buyer Beware: Does Your Quick Lender Use Predatory Practices?