Franchising

Rollover for Business Startup, or ROBS, plan benefits:

-Allows for an investment of retirement funds into your own business tax-deferred and penalty-free.

-Accelerates profitability by eliminating or reducing interest or debt.

-You can secure funding fast, typically in a few weeks

-It's not dependent on your credit score

-It can be used as a cash injection(down payment) for your SBA loan.

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Self-funding allows you to assume no debt or interest by tapping into your savings or even 401k, and maybe even friends and family.

Pros: no debt, no interest, and not beholden to your lender.

Cons: often times this will not be enough to support the business, and you weaken your own personal cash position. Next, we'll explore a better option, the Rollover for Business Startup plan!

Conventional loans can be provided by banks or non-bank lenders but are not guaranteed by the SBA or other government entities. Your credit rating and business revenues will determine the amount, interest rate, and term length of your loan.

Pros: shorter closing times than SBA loans typically and easier to get than increased or renewed.

Cons: require collateral and a personal guarantee from the business owner; shorter repayment times than SBA and potential prepayment penalties.

Want to buy a business but don't know how to pay for it? Over the next few days, I'll share some information from my friends from @Benetrends to help you understand some of your options. Of course, I'd highly recommend speaking to them so they can work with your individual needs. Items to consider:
-Are you buying an existing franchise or staring from scratch?
-Do you have the necessary cash to cover the down payment?

If you want to buy a business, let a professional help you!

While the corporate world typically slows it's hiring down in the first quarter of the year, franchisors are looking for talented individuals to turn their employee status into ownership status. Many will take that year end bonus and utilize it to pay their franchise fee and begin their venture into becoming their own boss. Others will be frustrated by no year end bonus or raise. Wondering what to do next. There are franchise opportunities for most everyone. Let's chat!

The opportunities to become a franchise owner are endless. What interests you most about becoming a business owner and what’s holding you back?