July 2016 Archives

Transferable value is essential for exit plan

Most business owners in Illinois plan to sell or transfer ownership of their company at some point in their lives. Whether they are planning to give up their leadership role when they retire or sell their business so that they can move on to other projects, they need to have an exit plan.

SBA loans can provide crucial financing

Securing the funding necessary to purchase much-needed equipment or expand their businesses is often a major challenge for entrepreneurs in Illinois and around the country, and it is often loan packages backed by the U.S. Small Business Administration that provide them with financing when banks or other conventional lenders are reluctant to extend credit. Banks that offer SBA-backed loans are generally less risk averse because they know that the federal agency guarantees that at least some of the money will be repaid.

Why Illinois startups need business plans

A business plan may not seem like a necessary item in today's lean startup world. However, without one, a company may not be able to fully create and articulate its vision. While investors may not demand to see such a plan, it helps that everyone is on the same page when it comes to what the company does and where it is headed in the long-term.

Developers may have issues securing financing soon

Owners of some types of commercial real estate in Illinois may face difficulty in 2017 with securing financing when their loans mature. Increased scrutiny by regulators on banks may pressure smaller banks to cut back on lending for multi-family properties and for malls that are of a lower quality.

Foreign buyers looking for properties in smaller cities

Foreign buyers are still interested in purchasing properties in the U.S., but they may be looking outside of major cities. According to an annual report from the National Association of Realtors, foreign investors are buying more properties in the U.S. but spending less money on them. Instead of buying real estate in expensive markets like San Francisco, Chicago and New York, foreign buyers are looking for real estate in smaller Midwest and Southeast cities.

New business pitfalls that entrepreneurs should avoid

Illinois residents who are thinking of going into business for themselves are sometimes put off by grim statistics that make their chances of achieving success seem remote. Entrepreneurs are generally highly motivated and work extremely hard, but effort and commitment are not enough to prevent about 80 percent of new ventures failing during their first 18 months. While figures like these may be sobering, entrepreneurs who are able to avoid common pitfalls may be able to buck the odds.

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