What do business owners need to be aware of when getting a business loan?
Lisa Forrest is the Co-Director of Sponsored and Search Fund Lending at Live Oak Bank. Business loans are a hot topic right now. Many business owners are thinking about leveraging debt to grow or acquire a business, but is this option right for you? In this episode, Lisa shares what you need to know about these two types of loans and when it makes sense for you to take leverage out based on your situation.
Key Takeaways:
[1:50] What’s the difference between an SBA loan, sponsored, and search fund?
[7:55] A little bit about Lisa and her background in financing.
[14:00] What types of people are applying for these kinds of loans?
[17:20] Lisa shares what you should look out for and risks to consider before you take out a loan.
[20:40] When you have a potential business buyer, what happens next?
[24:25] How much equity should an entrepreneur/business owner be thinking about?
[26:45] How do Lisa and her team help business owners with their loans?
[29:00] Lisa shares her wisdom and what some common mistakes are out there to avoid.
[30:50] Finding that perfect business is a grind. You need to get to as many transaction reviews as you can.
Mentioned in This Episode:
Email Todd: Todd@Dynastylc.com
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