Despite the threats of tight credit, and concerns about the effect of the failure of the ‘bailout’ on “Main Street,” not everyone is worried. I spoke with two people today who received startup loans. One got a loan for a professional practice with 10 percent down and no co-signer. The second got an SBA loan […]
One of my favorite movies is Indiana Jones and the Last Crusade (1989), particularly the ending where Indy has to take a “leap of faith.” (Remember?)
Starting an “encore” business as a baby boomer is like taking that “leap of faith.” You don’t know what’s going to happen and you certainly have no idea if this […]
Interesting question. It was posed in a recent article in Entrepreneur (online). They suggest that you may be able to borrow against a 401-k to start a business, at a reasonable interest rate. I’m not sure how that works, since you would have to borrow against (in many cases) investments that might […]
It turns out getting a bank loan to finance your new business startup is NOT the right way to get that money.
If you are considering starting a new business, either post-”retirement” or just in general, you’re probably going to need money. And you’re probably going to go out and look for a […]
I have seen this over and over as I help young professionals buy practices: The owner of the practice (often a baby boomer) invariably overvalues the practice.
Here is the scenario: You have worked hard to build up your business over 20- to 30-years, in order to leave it to your children (who it turns out […]
CNBC recently released a ranking of U.S. states as to their competitiveness and top states in which to do business. CNBC used ten weighted categories and combined rankings for all categories to get an overall ranking.
The categories were (in order of most to least weight): cost of doing business (taxes), work force, economy (”solid” - […]
In my last post today, I talked about a new course from the SBA describing the types of loans they have available. Here is the second new course from the SBA.
The second one, How to Package a Loan Request, discusses the requirements for putting together a loan.
It also includes a list of “realities” about small […]
Over the next few days, I’ll be providing information on getting a loan for your small business - you know, the one you want to start after you “retire.”
First, the Small Business Administration has two new online courses (really just PowerPoints) that provide information about the types of loans available and how to package a […]
business advice for boomers
Written by Jean Murray [email] for b5media.
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