First Financial Coach

Article by Stan Prokop

Clients are always asking what extra steps or information they need to know to complete a successful acquisition a new or existing franchise. Buying a franchise, it goes to says, is clearly one of the largest decisions any entrepreneur might take. Of coruse there are a couple of different versions of the opportunity, as follows – Purchase of a new franchise – Purchase of an excising franchise that is for resale by current owner- Purchase of an additional unit in your chain when you own one alreadyAre there any special tips and critical pieces of information you need to know that will get you a leg up on a ‘ leg up ‘ in the area of franchise finance. Let’s share and discuss three critical points.1. Franchise Finance is a very specialized type of financing – financing options are available but not unlimited – you need to know what they are2. There is a chance for franchise financing failure if you do not have the proper fundamentals in place and are exploring numerous options at the same time – ‘flailing around is not good!3. You might significantly benefit by using the services of a franchise consultant in the area of business financing Lets review our point # 1 – Business financing in general has always been a challenge. Specialized financing in any area of business is a unique challenge because of limited options and a limited number of players. Players = lenders! If you accept business financing is difficult then you can imagine the severity of the challenge in the 20010 global economic crunches that we still seem to be in.So is it all negativity and bad news. Not necessarily of course if you are informed and prepared. Let’s unveil the mystery of franchise financing. How exactly are the majority of franchises financed in Canada? The options are exactly as follows:- A special Government programme called the BIL program under which the majority of franchises in Canada are financed- Owner equity – your own deposit into the deal- Equipment and asset financing- Working capital cash term loan – typically a 5 year payback- Vendor financing ( if available – more often than not it is not )- Revolving line of credit for ongoing operating needs and growth!With respect to the last point we would emphasize that while it is of course important to structure a proper financing around your franchise purchase many business owners forget to consider how they will finance the business on an ongoing basis, and more importantly, how growth options will be financed.It is critical for you to understand that it is very rare that any one option will get you the full financing you need. The reality is that it will be a select combo (and that’s the expertise you require) to fully finance your business with any number of the above options.We point out in our key point # 2 that you must be prepared. This is where many clients tell us they have failed in the past – they have not prepared a proper business plan and executive summary. We encourage you to prepare a proper business plan, understand what your opening balance sheet will look like, and most importantly, understand the cash flow needs of your business. For example, if you take the time to sit down and do all the numbers ( this is actually easier than you think ) you could find that in month one and 2 and 3 that you might be experiencing negative cash flow. If sales ramp up slowly and you have negative cash flow then clearly you will have problems which could accelerate and dampen the overall success of your business. Finally, consider using the services of an experience, credible and trusted franchise consultant that can guide you through the financing maze. Having that party properly prepare a business plan, opening cash flow, executive summary, and proper financial projections is worth a small fee you might be charged. Business financing in Canada dried up in 2008 and 2009 – franchise financing is still alive and well though. Many lenders view franchise financing even more positively than other types of businesses and industries – the reality being that there is a greater chance of success for a brand that is proven and known, and has a reliable business model of proven success.Know your franchise options, be prepared in executing on those options, and consider italicizing a franchise consultant to complete your franchise loan and overall funding. That’s a solid plan!

Article by Richard Shaw

Shaw Capital Management and Financing tips on Why a Business Asset Based Loan Financing Is the Perfect Solution for Cash Flow in CanadaShaw Capital Management and Financing provide same-day-funding. We can help you meet your cash flow needs immediately without entering into a long term factoring relationship. The money you get for the freight bills we purchase is payment in full. You are a Canadian business owner and financial manager looking for info and guidance on a business asset based loan. What is asset based loan financing, sometimes called cash flow factoring – how does it work, and why could it be the best solution for your firm’s working capital challenges.Let’s cover off the basics and find out how you can benefit form this relatively speaking new form of asset financing in Canada.A good start is to always understand and cover off some basics around what this type of financing is. Simply speaking the facility is a loan arrangement that is drawn down and repaid regularly based on your receivables, inventory, and, if required, equipment and real estate should your firm possess those assets also.By collateralizing your assets you in effect create an ongoing borrowing base for all your assets – this feasibility then fluctuate on a daily basis based on invoices you generate, inventory you move, and cash you collect from customers. When you need more working capital you simply draw down on initial funds as covered under your asset base.Your probably can already see the advantage, which is simply that if you have assets you have cash. Your receivables and inventory, as they grow, in effect provide you with unlimited financing.Unlike a Canadian chartered bank financing your business asset based loan financing in effect has no cap. The alternative facility for this type of working capital financing is of course a Canadian chartered bank line of credit – that facility always comes with a cap and stringent requirements re your balance sheet and income statement quality and ratios, as well as performance covenants and personal guarantees and outside collateral. So there is a big difference in the non bank financing we have table for your consideration.Your asset based lender works with you to manage the facility – and you are required to regularly report on your levels of A/R and inventory, which are the prime underpinnings of the financing.Smaller firms use a particular subset of this financing, often called factoring or cash flow factoring. This specific type of financing is less transparent to your customers, as the cash flow factor might insist on verifying your invoices with customers, etc. A true asset based loan financing is usually transparent to your customers, which is the way you want it to be – You bill and collect our own invoices.If our facility provides you with unlimited working capital then why have you potentially not heard of it and why aren’t your competitors using it. Our clients always can be forgiven for asking that question. The reality is that in the U.S. this type of financing is a multi billion dollar industry; it has gained traction in Canada, even more so after the financial meltdown of 2008. Some of Canada’s largest corporations use the financing. And if your firm has working capital assets anywhere from 250k and up you are a candidate. Larger facilities are of course in the many millions of dollars.The Canadian asset based financing market is very fragmented and has a combo of U.S., international and Canadian asset finance lenders. They have varying appetites for deal size, how the facility works on a daily basis, and pricing, which can be competitive to banks or significantly higher.Speak to a trusted, credible and experienced business financing advisor and determine if the advantages of business asset based loan financing work for your firm. They have the potential of accelerating cash flow, giving you cash all the time when you need it ( assuming you have assets ) and essentially liquefying and monetizing your current assets to provide constant cash flow, and that’s what its all about. Stan Prokop is founder of 7 Park Avenue Financial – http://www.7parkavenuefinancial.com

Article by Personal Finance Guru

Finance consolidation is one of the strategies that you could use to resolve your debt problem. It may be a good idea to learn more about ways to settle your debts such as through finance consolidation before you allow your creditors to file a bankruptcy order against you.

Getting into debt is a lot easier nowadays especially if you have credit cards and had bought your own car and home through loan and mortgage. While it is common for us to be using our credit cards when we go shopping, it can easily get out of hand and before we know it, we are deep in debt with sky-high credit card bills. However, you should not despair. There have been instances where some people had more than 5 credit cards and had maxed out each card but were able to settle all the credit card debts within a certain time frame. While it sounds impossible, be sure that it can be done. All you need is a strong willpower, determination, wise budgeting and the right get-out-of debt strategy.

It may be wise to look at debt consolidation and see if it is right for your particular financial problem. Do you have a lot of unsecured debts like credit card debts and payday loans? If so, maybe it is a good idea that you consider consolidating all of the debts into one single account for easier debt management. After all, when you gather all your unsecured loans, which includes your credit card bills, into one single account, it makes it more convenient for you to repay. Instead of paying so many creditors, you need only concentrate on paying one creditor. Time will be saved and there is no worry of missing a payment because you forgot or accidentally left out a bill when repaying your debts each month.

There are several types of debt consolidation that you can look at. The first option is a debt consolidation loan that you could take up to pay down all your unsecured loans. After paying up all your unsecured loans with this single loan, you need only concentrate on paying this one loan. The advantage of this is that you may be able to cut down on the interest that you were paying for your unsecured loans. A debt consolidation loan’s interest rate may be lower compared to your unsecured loans especially your credit card debts.

The loans you can take can be a refinance loan which is secured to your home. This type of loan is available if you have home equity and a good credit score. The advantage of getting this loan to pay up your debts and consolidate it all into one is that it will have lower interest rates. This could actually save you from a few hundred dollars to a few thousands in interests. However, the loan is a long term one so you may need to take longer to repay it, possibly between 20 and 30 years.

If you do not relish the idea of taking a loan to settle all of your unsecured loans, there are also other options available. You may want to try debt management services and credit counseling services. These are some of the options that you could consider other than taking a consolidation loan to settle your debts. The above-mentioned methods all have their pros and cons but what you should be looking for is a single method that suits your financial situation.

When the time comes for you to talk with a financial professional, you should approach the conversation as you would an interview. In order for a financial professional to be able to calculate a proper investing strategy for you, they will ask certain questions such as your current financial situation and your goals and future plans. To ensure the professional that you are talking with is capable of overseeing your finances, you should have a few questions of your own to ask. You should look at choosing a financial advisor, much like you would look at purchasing a new car. If you were going to make the substantial investment of buying a vehicle, you would test drive a number of models at a number of dealerships. Similarly, you should not settle on the first financial advisor that you speak to. Instead, you should conduct an interview with each advisor that you are considering, and ensure that their ideas, qualifications, skills, and objectives, are compatible with yours. It is impossible to predict the stock market’s future gains or losses, but you can ensure that you employ an experienced, qualified financial advisor. Before choosing a financial advisor, it’s very important to know what you want to do in your future. You need to know what you want out of life after working hard to support your family and lifestyle over the years. You can set your goals to any level you choose. You can decide to travel after you retire, or perhaps something sooner like plan to purchase a new car in the next couple of years. In order for a financial advisor to provide you with a plan you are happy with and suitable to your needs, they need to know what your future goals are. Go in armed with questions you want to ask. Encourage the professional you’re interviewing to answer thoroughly. Take notes as they answer so that when you get home and are trying to evaluate and select, you can remember what was said. If you’re not sure what to ask, consider using some of these questions.

- What services do you offer?

- Please tell me about your qualifications and licenses that you have?

- What are your methods to preparing my financial plan?

- Once you have formulated my financial plan, what ongoing services will you provide?

- Can you share some information with me about what your general client profile looks like, and how your advice and planning has impacted their finances?

- How do you calculate your fees?

I hope by using these questions, you will be able to get a better idea whether the advisor is suitable for your needs or not. Keep an eye out for a perfect fit, but keep in mind the more services they offer, the more they will charge.

Finance industry was hit by recession that created negative impact on the jobs but now situation is far better and many financial service companies are now offering finance advisor jobs, mortgage consultant jobs and financial sales jobs with great packages.

Roles and Responsibilities involve in financial advisor jobs or mortgage consultant jobs would be:

The financial wing of the company remains the best source for grabbing more customers to the different packages launched. The packages are set after carrying out thorough research and survey mainly about consumer requirements and ensure that the released service would be well accepted by the customers globally. After the product is released in the market, financial advisor would have to keep track of the sales for the same and generate a report every month to analysis the progress of the sales and in case if he feels that more promotion is required to the product would definitely suggest the company to do the same to boost up the sales.

Earlier the role of a financial advisor was limited to investments i.e. mortgage related products, but the competition in this arena has enforced him to be part of other products including retirement planning, insurance and much more.  The main responsibility of the advisor or consultant would be to understand the risks involved and brief the customer about the same in detail mentioning the high returns that he is expected to receive for the money invested for the package.

Qualification and Eligibility criteria required for Mortgage adviser jobs or financial services jobs are:

Financial services jobs require a bachelor’s degree in finance for an individual to be hired and chances of getting promoted in to higher level  becomes easier , if a candidate has master’s degree in finance and marketingas their specialization.Apart from qualification, one need to have good communication and written skills to express his views in detail in form of reports to client and physically presentation would be a tool to really impress your company.

Many consultancies are handed over the responsibility of hiring candidates as part of financial adviser recruitment process by financial companies.

The amount of money one decides to earn is based on the money you spend. One is expected to face trouble if his expenses are more than his earnings. There are financial advisors who may advice to get into any kind of job and not to care about its nature unless and until it provides sufficient income. One can put the savings part in one word which is called budgeting. We may have attended a class conducted on the subject budgeting. The applying of the theory in the practical way is difficult. A person always want to have freedom in his way of spending money. One also has to look at the finance aspect before getting inspired through these quotes.

There should be some sort of control on the money we spend.As much as we have the rights to right defend how we made it and nobody has any business on telling you how to spend it, you need to start putting control and check on how you spend it.May be you are Thrifty Traveler who love going place or you are obsessed with something like gambling, The consequence of you spending will not be shared with anybody but you alone. One has to keep financial advisors supporting them while they are making good money. All of us tends to be short sighted and some of us have a large amount of money.The future is no longer a problem to worry about, which is good and whenever they think about the future, they never imagine of any eventualities. Its really important that people maintain their financial status because if they lose it once, it becomes really difficult to earn it back.

Such unfortunate event can be avoided if you let a financial advisor be part of your life. There are few things to know about a financial advisor if you are against them.A financial advisor is not there to take control of your finances.He is there to help you understand all the alternative opportunities you have, a side your own ambitions, for you to invest your money. He keeps you reminding about things which expects you to be ready in any situation. One has to take help of a financial advisor if he need to survive a crisis or become a rich man. One need to have a financial advisor who would support him in taking right decisions and come out of debts. One shouldn’t look at the amount of money he earns as everyone needs a financial advisor.

Through vastly encompassing and common method financial services are explained as any service, line of work, association or office that administers finance or aids, various lines of work, companies, corporations, non-earning or private persons that handles or puts in their finances. This can consist of different types of monetary assistance banks, insurance corporations, credit concern, mortgage business, investment agents and associations on the home front, nationwide or globally.

Normally anybody can get into financial services to have an appreciation of how most utilize their finances by employing one of the various financial services open in many districts. A lot of individuals see banks as the primary source of data about financial services, but other organizations such as investment corporations, stockbroker companies and even specific venture business that perform only as consultant mode consortium may likewise be a model choice depending on your monetary standing, your credit reputation and record, and how big an outlay you want to partake. All categories of financial handlings may also comprise in this title including credit supervision services, credit coverage and credit merger and administration of debt groups and conglomerates.

Asset administration is a main factor of most financial handlings. Asset administration entails exploiting the prospective income of assets stock market dealing, money market or international market. This practice, relying on the stage and category of venture may be moderately safe or may be exceedingly risky, so the dealers in the monetary business can make recommendations and give a list on the expected income and dangers of the deal. Utilizing any category of financial or business service does have perils, but with calculated choices of business or investments and a good perception of market states, a lot of earnings can be done. The top seven asset administration monetary handlings are in the United States.

The entire monetary handlings in the United States must adhere to procedures and rules established by the House Financial Services Committee of the US government. Such procedures and rules are done to aid in protecting investors and guarantee that all financial handlings are completed within the bounds of law and ethics. Some of the Acts and laws that the House Financial Committee administers are the US Housing Act, The Truth in Lending Act, Fair Credit Reporting Act and the Federal Reserve Bank and Federal Deposit Insurance Corporation. The Committee likewise examines international businesses and ventures within the United States from alien businessmen. This cautious checking and re-evaluation aids monetary services have an excellent, most safe and reasonable prospects for venture on any range.

There are a lot of times that you might require financial assistance and services. It is important that you are aware about the options you have regarding Monterey Financial Services so that you can evaluate them and take the right decision whenever the time comes. There are services such as personal loans, commercial loans, debt recovery, loan servicing and a lot more that you can avail from a good Monterey financial services company. However you should first learn about the services provided as well as the options you have with a Monterey Financial Services company.

The company should be able to give you a responsive and timely service so that your need for the finances is met at the right time. Moreover you need the company to give you the financial services at an affordable rate so that you do not have to dig a hole in your pocket trying to get funds during a financial turmoil. Also make sure that the paperwork is clear and not confusing. You need Monterey Financial Services to help you simplify the current financial mess up rather than trying to dig you into a further hole.

There are good chances that you can find the required company on the Internet with searches for stuff like Monterey financial services on a popular search engine like Google. See that the company is offering you a wide range of services and try to pick up the one that you need. You can also seek the advice of the experts at Monterey Financial Services Company so that you can get a clear picture of what you can expect from the financial help and aid provided to you.

It is important that you can also sort out stuff about the repayment of the loan while you are searching for the right options. In this way you will not be falling into a vicious debt cycle and be able to take control of your financial situation in time. With the above things considered you can go ahead with a Monterey Financial Services company as you will be on a safer side once all the above mentioned aspects are taken into account.

We get check ups on our cars, our houses, our bodies and even our pets. However, what about getting an annual financial check up on our life?

We all have dreams and goals. However, certain financial obstacles may put a dent or act as a stop sign against our plans to achieve those goals.

There are many financial changes that can typically occur in any given 12 month period- being laid off of a job, retirement, a natural disaster, a major purchase, an illness, the birth of a child, a marriage, a divorce, a death, cost of college, providing care for an elderly parent and so forth.          

What does it mean to get an Annual Financial Check up?
Simply put, it is an annual review of your financial status. Typically, Financial Planners will collect a client’s data (check stubs, checking & credit statements, titles for homes, tax returns, insurance policies, etc.), prioritize their goals, examine resources, make recommendations and implement a plan according to the client’s needs and personal goals.

Whether you are single, married, or have a family, you should want to be in charge of your future. It’s vital to set both short and long-term financial goals. A Financial Planner can help you to achieve these long term goals. Regardless of what your financial situation is, there are Financial Planners who specialize in a variety of areas and cater to your financial needs.

How can you locate a Financial Planner and how do you know if you can trust them?     There are plenty of Financial Planners out there and the relationship you have with a Financial Planner will be very personal. So in addition, also be wary of people who call themselves Financial Planners. A genuine Financial Planner is a Certified Financial Planner (CFP®) that is regulated with the state, has an ethical obligation to act in your interest, has no ethical violations against them and follows a Code of Ethics, which consist of: Integrity, Objectivity, Competence, Fairness, Confidentiality, Professionalism and Diligence. The Financial Planner may work as a Sole Practitioner or with a company. The Financial Planning Association (FPA) and the Certified Financial Planner Board of Standards, Inc. (CFP) both provide listings of Certified Financial Planners throughout the United States. 

What can you expect from a Financial Planner?
You can expect them to review your current financial situation thoroughly and honestly. Additionally, they will provide a financial portfolio for you. Depending on your needs and wants, they will help you stretch out the money you already have and can even help you invest the money you are earning. A Financial Planner is interested in helping you meet your long term financial goals for the future.

Lastly, have more control of your financial future in this unpredictable world. And allow an annual financial check up to be apart of your future.

To search for Financial Planners in your area, view these two regulated resources
Certified Financial Planner Board of Standards, Inc.
1-800-487-1497
www.cfp.net 

Financial Planning Association
1-800-322-4237
www.plannersearch.org

In the modern world, personal finance is more important than ever.  A person’s entire life revolves around the decisions they make about their money.  The media would have one believe that big banks are what make the economy function or fail, but the truth is that individuals should be much more concerned about what they can control, namely their personal finances.

For many people, personal finance simply means keeping their checkbook balanced and having enough money in the account to pay the monthly bills.  This is a great start, but only a start.   Other important decisions affect a person’s financail well-being.  Everyone eventually have to rely on the decisions they made in the past to provide them with suitable income in their golden years.  Decisions like this are just as important as keeping the checkbook organized.

The old-fashioned bank is the financial institution most likely to play the greatest role in a person’s daily personal finance strategy.  Banks offer a variety of ways to help one manage their money.  Most people need only concern themselves with four main types of financial accounts.  The first two account types, checking and savings, shouldn’t be anything new to the average person living in the modern world.  Checking accounts offer the most convenience and easiest access to your money.  Savings account also allow you access, but are designed with long term savings in mind.  These accounts pay interest, but it’s usually very low and shouldn’t be viewed as an investment.  Money market accounts are similar to savings accounts but have a few restrictions.  In return for a higher interest rate, banks usually require a minimum deposit to open one of these accounts and the number of transactions that can be made on the account per month is limited.  Though not actually an account, certificates of deposit (CDs) offer some of the best returns on one’s money.  The longer one invests the money in the CD, the greater the return on one’s capital.

Before knowing the best account type or types to use in a personal finance strategy, a person first must analyze his or her own financial situation.  It is important to consider one’s sources of income as well as one’s personal liabilities such as mortgage, car payment, credit card bills, daily living expenses, etc.  Once all this information is gathered, a plan can be formulated.  If one discovers a budget surplus, this money can be invested in money market or CDs.  However, if the bills are barely being paid, it makes no sense to put money into a savings account just to have to remove it the following month.

The goal of all this information is not only to stay out of the red in your personal finances, but to also accrue a sizable savings surplus.  By examining one’s daily spending habits, extraneous expenses can be removed and more money can be saved.  The savings can then be put into money market or CD accounts and earn interest.  The old saying that a penny saved is a penny earned is somewhat misleading.  A penny saved and invested is can actually become several pennies if left alone over a period of time.

People who are really serious about getting their personal finance plan in order can take advantage of the services of a financial advisor who can help them make a long term plan.  Government tax rules can boggle the mind and professionals dedicate their lives to staying knowledgeable about these rules.  Professional advice along with personal discipline can lead to a life of financial security.