Disclaimer: I am not a lawyer. This is one of those topics that causes heart burn for individuals and businesses that may be unfamiliar with how banks and lenders operate. This topic is almost as bad as discussing bank fees – but not quite. What is a guarantee? A guarantee is an agreement that either you or your company is liable for a debt or obligation. There are 2 basic kinds of guarantees: personal and corporate. A personal guarantee means you are liable for a debt or obligation and a corporate guarantee means your company is liable for a debt or obligation. So what’s the big deal? Continue reading “Who owns a piece of you? (Understanding guarantees)”
This year 3 clients have contacted me in situations where they are out of money and things do not look promising. It is important to note that they are not new businesses and have been around for awhile, have a customer base and provide a product or service to the market. So how did they run out of money? Unforeseen circumstances (like not being paid on large invoices), unbudgeted costs (like a software fix), slow down in sales leading to cash flow gaps are all reasons and each of them are unique in their own right.
Continue reading “Pull off the band-aid and stop drinking the kool-aid”
I was on YouTube the other day watching Rick Warren speak at a conference for church leaders (as an aside, if you don’t know who Rick Warren is you might want to learn more. Rick Warren wrote The Purpose Driven Life – now titled What on Earth am I here for? – which became the bestselling hardback non-fiction book in history, and is the second most-translated book in the world, after the Bible) and as he was speaking I was struck by a comment he made that I think is applicable to business owners.
Continue reading “Risk taker, caretaker or undertaker”