First Bank of the Lake is deeply committed to serving the financial needs of veterans, recognizing their unique contributions to our economy. We go the extra mile to...

The concept of business succession is having a unique moment of public interest thanks to the popular television series. But if you run a business, the need for a succession plan is very real and very important. Taking steps today to put a succession plan into place won’t just prevent drama — it’ll ensure that your business is continually run by people who want it to succeed as much as you do and have the skills to make it happen.

It shouldn’t come as a huge surprise, but getting a business acquisition loan is a somewhat lengthier and more involved process compared to other types of financing. Your lender needs to evaluate more than just you; they also need to assess the business you plan on buying. At First Bank of the Lake, we also always recommend consulting with professional advisors early in the process such as an attorney or CPA.

With that in mind, having some of these items prepared in advance can help your lender deliver a faster, more reliable loan decision. We have put together a quick list of items to consider early in the process. This is not an official or comprehensive list, but it covers some of the most important and time-sensitive items needed in the loan process, meaning that you can get a quicker loan approval and close your loan faster. 

As an entrepreneur, an employee stock ownership plan can be an appealing way to give your employees an ownership stake in the business via stocks. This investment vehicle empowers your workers to invest tax-free money directly in your company and cash out their funds when they reach retirement age. But the benefits of an ESOP go beyond perks for your crew — investing in your own employee stock ownership plan comes with its own tax benefits. Here’s a look at how investing in your ESOP can benefit you.