What to include In A SBA Hardship Letter

What to Include In An SBA Hardship Letter

The SBA debt settlement process is not ever very easy or straightforward. We guide clients through this maze all the time, but many borrowers in default try and settle their debt on their own when it is relatively straight forward. The required documentation for submitting an SBA Offer in Compromise is quite simple. An SBA 770 form (the personal financial statement and monthly cash-flow statement), an SBA 1150 form (the document ...

Continue Reading →

Can Bank Accounts Be Garnished in an SBA Loan Default?

Can Bank Accounts Be Garnished in an SBA Loan Default?

Many clients ask us “Can bank accounts be garnished in an SBA loan default?” Simply put, yes they can. So here is what you need to know if you are at risk of being garnished in an SBA loan default.

When your business enters into default with your creditors and begins settlement or workout discussions, it is important that you take steps to protect your bank accounts. Creditors have a ...

Continue Reading →

Qualify for an SBA Loan Modification or Loan Deferment

Qualify for an SBA Loan Modification or Loan Deferment

Negotiating an SBA loan modification or a deferment is an art – not a science. It is a delicate dance between the borrowing business, the guarantors, and the lender. The business needs to prove it is in need of assistance, but it also needs to demonstrate that it is still a viable business capable of repayment. Show too much distress, and the lenders deny the request and will likely elect ...

Continue Reading →

SBA Lien on house – Will I Lose My Home in a Default?

There’s an SBA Lien on My House

Am I Going to Lose My Home in a Default?

So you’ve defaulted on your business loan, and the SBA lien on your house is making you feel uneasy. Are you going to lose your home via foreclosure?

The simple answer is this: it depends on the numbers.

Let’s face it, if you are a small business owner that has received SBA guaranteed financing, the chances are that the lending bank, in conjunction with ...

Continue Reading →

Unsecured Vendor Debt – Second Wind Consultants

Unsecured Vendor Debt

The Most Important Debt Forgiveness Workout

While most debt forgiveness experienced in workouts that we focus on is on the secured bank debt, the big loan, the bank being with high value and a well-secured creditor, as it is secured by your assets and your guaranty in most instances and thus is the primary focus for resolution.

However, this is not always the case, that this secured loan is the most damaging, as the reality is ...

Continue Reading →

Teach Your Employees To Respect The Chain Of Command

Teach Your Employees To Respect The Chain Of Command

Many businesses seek to flatten their organization, spreading decision making amongst your managers. Teaching your employees to respect the chain of command is an important concept to support this task. Frankly even with a pyramidal organization, chain of command is critical for effective management. It may sound rigid and Army-like but it plays a vital role in business and must be thoroughly understood in order for a business to function ...

Continue Reading →

Strip Off Subordinate SBA Lien or Mortgage On Home

Can You strip Off a Subordinate SBA Lien or Mortgage On Your Home?

This is a huge issue which we frequently confront on many different fronts. Let’s assume an SBA loan was not used to purchase the property. Also assume that it is also a subordinate loan attached to the property by some vehicle that secures the loan in the event there is a breach in payments such as a lien or even a deed in trust. Many may ...

Continue Reading →

The Percent of Your Revenue to be Allocated to Payroll

What Percent of Your Revenue Should be Allocated to Payroll?

Deciding how much of your revenue to allocate to employee salaries is a critical consideration to make. Payroll is frequently one of the most significant expenditures for a business owner. Not only is payroll a regularly occurring expenditure, but it also comes with strings attached: taxes, insurance, and additional add-ons like vacation time, sick days and other benefits. For managers trying to hold on to already-slim margins, payroll is ...

Continue Reading →

How to Design an Effective Commission Rate

How to Design an Effective Commission Rate

Establishing commission rates for a particular employee or job title can be tricky territory to enter. Setting a commission rate should accomplish several things:

  • Create a profitable structure for the overall business
  • Enable the employee to earn fair wages
  • Incentivize exceptional performance by allowing the employee to earn well above standard compensation by greater performance potentially.

Instead of following the path of too many business owners, who insist that they cannot figure out a set commission ...

Continue Reading →

Buying Out A 50-50 Partner Fairly and Easily

Buying Out A 50-50 Partner Fairly and Easily

Most frequently, partners in a small business are very close friends, family, or long term trusted sweat equity business relationships. Perhaps one of the most difficult challenges confronting this relationship is how to break it up when the time is right. There are always many emotional issues which cannot easily be worked out, but the equalizer is found in how a buyout is accomplished and most important what the price and ...

Continue Reading →
Page 6 of 7 «...34567