The U.S. Small Business Administration created the SBA Franchise Directory to try and streamline the process for entrepreneurs looking to access capital.
According to SBA Associate Administrator Willam Manger, “It’s a one stop shop to check the growing list of eligible brands for SBA financing. Since its establishment, the Directory and new procedures have received extremely positive feedback from the stakeholders participating in the process."
A business owner’s estate plan, no matter how complex, can be implemented any time before death, so long as the testator is still legally competent ("sound minded", including that they understand the nature of making a will, the extent of his/her property, and know who would be considered the natural object of his/her bounty, etc.). Regardless, it's still a good idea to begin planning in advance, since time of need planning may not be possible.
If you are an owner of a business or a professional practice, it is even more important that your estate planning begin soon. Since it's quite likely that a significant portion of your wealth, and your family's source of income after your death, is tied up in the business. In that situation, the success of your estate plan is likely dependent on the business being transitioned to the next generation or sold to a 3rd party for a reasonable price. Both of those results may take years of planning and preparation to be successful.
Excerpt: "Without a clear focus, it’s too easy to buckle under to distractions. Set targets for every day beforehand. Decide what you’ll do; then do it.
We often discuss our goals as if they're nothing but dreams. Actually, we can accomplish goals on a daily basis. Daily goals contribute to weekly goals. Weekly goals add to monthly goals. Monthly goals add to--you guessed it--yearly goals. With some preparation and planning, our goals can be something we accomplish day in and day out. Here's how to begin"
Excerpt: "So here’s rule number one. If you have a great premium product, don't be afraid to bump the price up. You do not by any means have to beat a competitors price to be competitive, in fact, by putting your price up, it's quite possible that you'll outsell your cheaper competition. Why? Simple. Because a higher price screams quality. Don't for one moment believe you have to have the best price to make any sales. That's just not true, you just have to have the best sales system, and of course a premium product if you really ever want anyone to buy from you again."
Many investors, eager to get started and get their company moving, will agree to terms that are not good business in the long run. It is understandable, and I have a client and friend that is fond of saying "we hope that is a problem" because if it is then the deal has probably been successful. Unfortunately, because of the inequity some deals will get sideways almost immediately and never reach their potential (or even launch).