In This Episode
Most business owners can relate to what it feels like to have debt in your business. Unfortunately, not too many owners are aware of how to get all that debt paid off. In fact, it seems too many business owners have come to the conclusion that it’s just the way things are when it comes to having debt. Well, it doesn’t have to be that way.
Debt in and of itself isn’t good or bad. It can be the result of rapid growth, tough times, or anything in between. But if you’re not comfortable carrying around a debt load in your business, there are ways to get yourself out of debt. It starts with a cash forecast. More specifically with a 90-day cash forecast. Are you able to forecast positive cash for the next 90 days?
One of the things we work with all of our clients on is helping them better understand their numbers. As you might imagine, it’s pretty difficult to to pull together a plan to get out of debt if you don’t understand your numbers. During the show today we shared some stories and insights for how to go about getting out of debt. It can include everything from negotiating to selling the business and everything in between.
People, Companies and Resources We Mentioned in the Show
- Tony Montana in Scarface (https://en.wikipedia.org/wiki/Tony_Montana)
- Lisa Holly DSSB interview (https://dirtysecretsofsmallbusiness.com/episode/lisa-holly-president-ceo-of-berea-moving-and-storage/)
- Berea Moving & Storage (https://www.bereamoving.com)
- Ken Fanger DSSB interview (https://dirtysecretsofsmallbusiness.com/episode/how-do-i-reinvent-my-business-ken-fanger-of-on-technology-partners/)
- On Technology Partners (https://ontechnologypartners.com)
- How Did Jack Buy His First Company Cleveland Armature from the IRS? (https://dirtysecretsofsmallbusiness.com/episode/how-did-jack-buy-his-first-company/)
- Hans and Franz on Saturday Night Live (https://en.wikipedia.org/wiki/Hans_and_Franz)
- PPP Loans (https://www.sba.gov/funding-programs/loans/covid-19-relief-options/paycheck-protection-program)
- Ohio Bureau of Worker’s Compensation (https://info.bwc.ohio.gov)
- Employee Tax Credits (https://www.irs.gov/newsroom/faqs-employee-retention-credit-under-the-cares-act)