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, managing your money can be challenging. It’s essential to understand the basics of finance and develop good financial habits to set yourself up for success. In this guide, we’ll explore some general money management tips for first-time entrepreneurs that can help you navigate the financial side of running a business.

Incorporation is a serious step, and it comes with major implications for every aspect of your business — including the taxes you pay. Here’s a closer look at the tax rules and requirements you’ll need to know about once your business becomes a corporation.

Your financial institution is one of the safest places to store your hard-earned cash. The best part? All you have to do is open an account. 

There are two organizations, both backed by the United States government, that insure your money at participating institutions. The FDIC (Federal Deposit Insurance Corporation) provides coverage for banks and the NCUA (National Credit Union Administration) does the same for credit unions. These organizations both function as safety nets for your deposits.

When you’re building a business, having the right people on your team is critical. Being able to recruit rising stars and retain them necessitates providing incentives that keep your business competitive, including retirement plans, health insurance, and flexible work arrangements. Employee stock ownership plans and profit-sharing are also great ways to build loyalty among your employees — but is either a good fit for your business?

When your employees are experiencing burnout on the job, it’s not just a problem for them — it has the potential to negatively affect your entire business. To promote your business’s success and protect the well-being of your workers, it’s vital to recognize the key signs of burnout and know how to address them. Even more importantly, your company should also consider strategies and policies to keep burnout from occurring in the first place.

As implied by their names, the main difference between short-term and long-term loans is how long your business has to repay them. Depending on the lender, short-term loans may last from a few months to a year, while long-term loans can last for a much longer period. When determining what type of loan is better for your business, you need to consider a variety of factors, including the amount you need to borrow, the available lenders, how soon you need the money, the collateral you can provide, and your business’s financial health.

Every entrepreneur wants their business to flourish — and to achieve that goal, it’s important to be aware of the signs that your company is struggling. Here’s a look at four factors that indicate your company has to address some issues before it can thrive.

The Section 179 tax deduction is an important tool for small businesses. Instead of buying eligible business equipment and spreading out tax deductions for it over a period of years based on depreciation, business owners can use Section 179 to write off the full value of that purchase for the current year’s taxes. When used properly, this deduction can promote growth by lowering tax bills and helping small businesses afford needed investments.

Managing your company’s debt can quickly become complicated. One way to simplify the process is to consolidate your business debt. However, like many other parts of entrepreneurship, this decision comes with a unique set of benefits and drawbacks. Here’s a look at some of the potential pros and cons to consider before you consolidate your business debt.