Lakeshore Garden Space

Joseph Lampen, Advisor

Over the last several years as a commercial lender I’ve had the pleasure of helping many individuals obtain financing for their investments or businesses. I have heard many of the same things over and over to the point it’s a comedy when the words come out of a borrower’s mouth. There’s nothing inherently wrong with making these statements, its not like you’ll be denied if you catch yourself saying them. There are just some better ways to present yourself and your proposal when meeting with a banker. Here are some of my favorite comments and suggested alternative advice:

1. “These projections are really conservative.” Yep, I know. They always are because everyone is conservative. Is it because we live in West Michigan? The reality is, though, that you shouldn’t have to be ‘conservative’ or ‘liberal’, just rational. If you’ve done your homework, you should be able to project your revenues and expenses fairly accurately in a base case. From there you can prepare an upside surprise or a downside shock to evaluate the different effects certain events might have on the operational cash flow of your business. Read the rest of this entry »

SHAWN PACANOWSKI, ADVISOR

According to a recent survey, more Americans believe it is harder to start planning for their retirement (30% surveyed) than it is to begin a diet (28% surveyed). For many small business owners and entrepreneurs this finding has held true. In the midst of financial strain and other associated stresses of launching a new business enterprise or keeping a current business viable, future financial independence is easily overlooked. The next best invention or business idea is the foundation for future retirement income—or so the thought goes. Seldom do most consider or believe they can save a little each year in a traditional investment account. Simply put: Saving isn’t easy. It takes discipline and knowledge.

Some statistics have stated a meager 23% of Americans age 55 or older have accumulated retirement assets of at least $250,000. That means 77% of Americans approaching retirement have failed to consider funding their retirement years beyond a Social Security check. That is a sobering thought. Read the rest of this entry »