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SBA’s Preferred Lending Program

  Loan Application

When it comes to small business lending the most common route is the Government backed loan known as Small Business Administration (SBA) loan.

It is important to know that the SBA does not actually lend money instead it provides a guarantee which allows Banks to make loans for small business owners and business buyers that they might not otherwise make. Still the documentation requirements are exhaustive and the process can be time consuming.

While there are, many SBA approved lenders, you can help expedite the process by selecting a PLP (Preferred Lending Program) lender. Under this streamlined program, the SBA gives certain lenders the green light to make the final credit decision.

Non PLP Lenders must first process their own approval and then send the loan to the SBA for its final stamp of approval. A PLP designated lender, on the other hand, is able to underwrite and approve SBA loans, making the process much quicker.

Only the very best Lenders receive the PLP designation. It is only open to those with a proven track record of successfully processing and servicing SBA-guaranteed loans. Other factors considered include performance, loan volume, and a clear knowledge of SBA policies and procedures. By choosing a PLP Lender you can not only reduce the processing time for your loan but also greatly improve your chances of being approved.

The PLP designation lasts for a maximum of two years. Prior to recertification the SBA reviews a lender’s loans, policies, and procedures.

As a business broker, I strongly recommend that my buyers work only with PLP lenders. I have close relationships with some of the Country’s top Lenders and I am always happy to make an introduction.

To learn more about the SBA and PLP Lenders, visit the SBA website

Anthony John Rigney PA is a Florida based Business Broker, Board Certified Intermediary and member of the Business Brokers of Florida (BBF)

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Should You Own A Business

Business Owner

It is the dream of many Americans to wake up as their own boss. Working for someone else can feel like you are running in place. You never know what will change tomorrow. Will you be demoted or out of a job? Will the dream promotion go to someone else? Often control seems out of your hands. And these days pay raises are not what they used to be – right? Maybe it’s time to branch out on your own. Control your own destiny. Of course, you can go the route of a startup. But that’s hard work with no immediate return. Put down a lot of cash for startup costs and then still not see your business making a profit for the first two years is a typical experience.

Or you could come to see someone like me. A business broker. We help people buy and sell existing businesses. The incentive is strong. Instead of startup costs you have acquisition costs but sometimes they can be at least partially financed. And the great thing is that on day one you walk in the door with a full staff of happy employees and a positive cashflow.

So why not right? Well the simple fact is that not everyone is cut out to be an entrepreneur. For one its hard work. Many business owners work much longer hours than their employees and bring the work and stress home with them. When it comes time to get paid – the owner gets paid last and sometimes not at all. Being an owner requires a multitude of talents. People skills, marketing, organization, accounting, planning and customer and employee management. Unlike the CEO from a fortune 500 Company you will find yourself filling the role of everything from President to Janitor and in between.

Still the rewards can be great. But before you take the plunge decide if you have the right makeup to be a business owner. Most of all you need to be able to accept the risk involved. Business ownership carries the risk of failure. This is a risk most people are not prepared to accept. If this is you then employee is the right place for you. No business is risk free and if you decide to start one or acquire one then you must accept the inherent risk.

Thankfully there is an easy way to determine if you have what it takes. StarterSuccess.com has put together a quick and easy quiz to help you gauge your aptitude. Before you start down the road to ownership see if you have what it takes. Then if you are ready, give me a call and I will help you find your dream business.

Anthony John Rigney PA is a Board-Certified Business Intermediary in Jacksonville Florida and President of the North Florida Chapter of the BBF (Business Brokers of Florida). Visit him online at www.904broker.com  

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HVAC Companies Wanted

hvac
I am working closely with a buyers interested in acquiring HVAC businesses in Florida. At this time however there are few such businesses available for sale. If you are considering selling your Company; I believe now would be the time to speak with me.

This is not a marketing gimmick. My buyers are very real and are interested in purchasing a number of HVAC companies in Florida in the near future. They would like to work out a transition plan that would include your extended involvement.

If you are interested, I want to meet with you, learn more about your business, and discuss selling your business in a completely confidential manner. During our meeting, any and all questions regarding the process of ownership transfer will be addressed.

For more information on my services please contact me right away or call 904-662-4458.

Anthony John Rigney PA is a Florida licensed Business Broker and Board Certified Intermediary specializing in the sale of HVAC businesses.

Buyers seeking Veterinary Practices In Florida

Veterinary Doctor  

I am working closely with a National Group interested in acquiring Veterinary Practices in Northeast Florida. At this time however there are few such businesses available for sale. If you are considering selling your practice; I believe now would be the time to speak with me.

 

This is not a marketing gimmick. My buyers are very real and are interested in purchasing a number of practices in Florida in the near future. They would like to work out a transition plan that would include your extended involvement.

 

If you are interested, I want to meet with you, learn more about your business, and discuss selling your business in a completely confidential manner. During our meeting, any and all questions regarding the process of ownership transfer will be addressed.  

For more information on my services please contact me right away or call 904-662-4458.  

Anthony John Rigney PA is a Florida licensed Business Broker and Board Certified Intermediary specializing in the sale of Veterinary Practices.

 

Non-Disclosure Agreement

Woman shushing <

One of the most important documents when buying or selling a business is the Non-Disclosure Agreement (NDA). The purpose of the NDA is to protect the financial and intellectual property rights of the company that is for sale.

Buyers will be asked to sign a NDA at the time of their first inquiry The name of the business, its location or any identifying information is withheld until the NDA is signed. This is a legally binding contract between the seller and the potential buyer. A buyer who refuses to sign the NDA is considered difficult or non-serious and will not be provided with any further information on the offering.

This NDA requires that buyers keep confidential any information they learn in the process of their investigation. It will typically identify remedies in the event the buyer or his/her agents violate the covenants of the agreement.

There are many reasons why a seller wants to keep the sale of their business confidential.

Clients/Customers become concerned if they hear a business is for sale. They will worry that new ownership may not complete work or honor promises and warranties.

Employees can become anxious about their job security. This may lead them to seek other employment. A decline in productivity, increase in absenteeism and employee theft are other potential downsides.

Competitors may use the information to gain a competitive advantage or poach key employees.

Vendors may become concerned about receiving payment and withdraw terms cutting into cash flow.

Lenders and Creditors may turn terminate credit lines leading to a further cash crunch.

Unscrupulous buyers may use any information they obtain to compete with or otherwise harm the interests of the seller.

If word gets out that a business is for sale it can destroy the business leaving nothing to sell. For this reason, sellers and the Business Brokers representing them take confidentiality very seriously.

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