In This Episode

One of the biggest black holes as a business owner typically comes when dealing with your banker.  In fact, we tell most business bankers we meet that their customers are afraid of them. The biggest thing a business owner is typically afraid of is saying the wrong things to their banker.  Nearly every banker we let in on this secret is shocked to learn their customers are afraid of them.

It doesn’t have to be that way!  But, it’s incumbent on the business owner to get a better understanding of what the banker is looking for when it comes to making a decision to loan you money.  During tonight’s show we shared several things that are important including things like collateral and cash flow, but we also honed in on the importance of Presenting your company.  What does a good Presentation look and sound like?

We shared several stories of clients of ours who have had successes and challenges with getting loans from the banks with everything from lines of credit to equipment loans and loans to fund the buy out of a business and everything in between.  If you’re looking to get money from your bank, you’re going to want to listen to this show and have your notebook handy!

People, Companies and Resources We Mentioned in the Show

Goldman Sachs 10,000 Small Business Program (https://www.goldmansachs.com/citizenship/10000-small-businesses/US/)

Dodgeball The Movie (https://en.m.wikipedia.org/wiki/DodgeBall:_A_True_Underdog_Story)

7 Keys To Success (http://maximumvp.com/7-keys-to-success/)

Yes Man (https://www.imdb.com/title/tt1068680/)

It’s A Wonderful Life (https://www.imdb.com/title/tt0038650/)

The post How Do I Get A Loan From The Bank As A Small Business Owner? appeared first on Dirty Secrets of Small Business.

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In This Episode

If it hasn’t happened to you yet, it will.  At some point in your life of owning a business there will be periods when it feels like no matter what you do everything seems to be going negative.  It could be personal things like health (yours, family, friends) or spouse or kids relationship issues. On the business front it can cover anything from the overall economy going up or down, your particular industry experiencing consolidation or dealing with additional regulations, customers terminating a contract or refusing to pay, vendors not delivering on promises or pressuring you for payment, a key member of your team leaving, or a new competitor coming to town who is well funded and aggressively growing.

It’s suffocating just thinking about all of these things.  Things can get dark really quick in your mind as the owner.  Some panic might set in. Even some depression. So what do you do?

Well, you could always quit the business and just walk away.  But assuming you don’t want to do that, you’ve got to get focused.  Especially on the short-term so you can make some changes and some decisions.  During the show tonight we shared several stories of clients we’ve helped through some of these dark times and how they did it.  So if you’re in a dark place right now, don’t give up quite yet. Take a listen to tonight’s show and get yourself righted and moving in a better direction for you and your business!

People, Companies and Resources We Mentioned in the Show

Swingers (https://en.m.wikipedia.org/wiki/Swingers_(1996_film))

Pickleball (https://en.m.wikipedia.org/wiki/Pickleball)

Netflix (www.netflix.com)

The post How Do I Stay Focused When The World Around Me Is Crumbling? appeared first on Dirty Secrets of Small Business.

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In This Episode

During tonight’s show we were joined by Andrew Rainey, owner of Randy’s Pickles (https://randyspickles.com) which is a Cleveland-based manufacturer of gourmet pickles.  Andrew shared several stories from starting the business in his grandmother’s kitchen in North Ridgeville to his appearance as a contestant on the LeBron James show Cleveland Hustles (https://randyspickles.com/pages/press).

In addition, Andrew also talked about some of his keys to growing the business which started with just getting out there and talking to people to sell their product and do whatever it took to deliver the goods.  He also shared some Dirty Secrets about how they became the bank for some of their distributors.

He is also a graduate of the Goldman Sachs 10,000 Small Business Program (https://www.goldmansachs.com/citizenship/10000-small-businesses/US/) and he shared with us some of his key takeaways from that program in our monthly Goldman 10 for 10 segment.  One of his key takeaways was the comradery of being with other like minded business owners as well as the networking opportunities that have helped get Randy’s Pickles to where they are today.

People, Companies and Resources We Mentioned in the Show

Randy’s Pickles (https://randyspickles.com)

Goldman Sachs 10,000 Small Business Program (https://www.goldmansachs.com/citizenship/10000-small-businesses/US/)

Cleveland Hustles (https://www.imdb.com/title/tt6049784/)

Warren Buffet (https://en.m.wikipedia.org/wiki/Warren_Buffett)

Sir Richard Branson (https://en.m.wikipedia.org/wiki/Richard_Branson)

The post Andrew Rainey of Randy’s Pickles appeared first on Dirty Secrets of Small Business.

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In This Episode

So are you ready?  How do you know? One of the biggest life decisions for any business owner is deciding when is the right time to sell the business.  We talk often about how lonely it is to be the owner of a business. Perhaps at no time is this more true than when you as the owner are contemplating selling your business.

One of the big reasons for this loneliness is that most people on the planet have never been through the process of selling (or buying) a business.  And while the nuts and bolts are important, things like the price, the financial performance of your business, and finding the right buyer, the emotional pieces are usually what makes a deal happen or kills it.  It’s the never ending battle of the head vs. the heart in business and this is like the final exam for the business owner.

We’ve been involved in hundreds of business transactions when it comes to buying and selling companies.  We’ve advised hundreds of people on this front, but perhaps more importantly, we both have personal experience with the range of emotions that come with selling your company.  During tonight’s show we share lots of examples from our personal experience as well as those of our clients. We talked a lot about more of the emotional issues. Some of the deeper questions like, what will I do next?  Can I really work for someone else if I sell to an outsider? What’s going to happen to my team after the sale? Am I selling too early? Too late? We addressed these questions and many more on tonight’s show. Enjoy!

People, Companies and Resources We Mentioned in the Show

Dr. Evil (https://en.m.wikipedia.org/wiki/Dr._Evil)

Dick Clark (https://en.m.wikipedia.org/wiki/Dick_Clark)

Richard Simmons (https://en.m.wikipedia.org/wiki/Richard_Simmons)

The post How Do I Know I’m Ready To Sell My Business? appeared first on Dirty Secrets of Small Business.

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