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Buying a Business: Tell Your Lender Everything... and we mean EVERYTHING
Manage episode 413197803 series 3351459
Kandungan disediakan oleh Apex Business Advisor Podcast. Semua kandungan podcast termasuk episod, grafik dan perihalan podcast dimuat naik dan disediakan terus oleh Apex Business Advisor Podcast atau rakan kongsi platform podcast mereka. Jika anda percaya seseorang menggunakan karya berhak cipta anda tanpa kebenaran anda, anda boleh mengikuti proses yang digariskan di sini https://ms.player.fm/legal.
In this episode of the Apex Business Advisors podcast, Andy and Doug discuss the critical importance of honesty between lenders and borrowers when securing business loans. They examine a recent transaction failure resulting from undisclosed financial issues, highlighting the need for transparency.
The episode delves into potential pitfalls in filling out SBA loan forms and securing commercial financing, citing real-life scenarios such as bankruptcy cases and undisclosed felonies. They also explore how banks scrutinize loan information and interpret profitability matters.
Additionally, the discussion covers types of businesses ineligible for SBA funding and the risks associated with borrowing before closing. They emphasize the importance of viewing the bank as a business partner and fostering trustworthy relationships.
This episode serves as a valuable resource for anyone seeking to secure a business loan, emphasizing the importance of full financial disclosure. For more insights, visit our website at kcapex.com.
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