Articles by Steve Finn

“If you're looking to sell your business, one of the things that might pop in your mind, if you've got a lease on your premises is what do I do if my lease is running out. Okay so that gets tackled a couple of different ways so I guess if you're in a situation where your lease is critical to the operation of your business, well really what you want to do is you want to make sure that for a new owner that they've got some tenure so the lease for years going to really have an impact on them wanting to buy it, but mainly on them actually getting financed to be able to buy the business because generally the bank will only fund a loan for them over the over the risk period of how long that lease is. So that's something that's important now you don't necessarily need to go and renew the lease yourself and extend that out but what you do want to do is maybe have an understanding with the landlord that when somebody else comes along that might say you've got a year left or something that the landlord's happy to then give them a further extension and you might look at that and ask them to maybe try to get at the moment on your lease, you might try to get it further option to renew. Or for yourself depending on the situation if you don't want to commit to that extra lease from you or yourself you might ask a landlord if you go on a month by month for a while so there's a couple of ways you can look at it you've just got to really wipe out the risk because if you go month by month that's landlord month by month too, they can you win a month and you can you can boot them in a month, so that's the sort of stuff that you need to take into account if your businesses if your business is critical to that location month by month can be risky because if they get a better offer…you're out, then you've got nothing to sell so these are sort of things you've got to work.” Transcribed from Steve Finnhttps://youtu.be/d-mHWoNWeAk    

\"I want to give you some tips today if you're looking at selling your business and you've still got a loan on that business, you might have some equipment finance or something like that, so here's what help actually works, here some tips around some of the different scenarios that might actually affect you so when you sell the business you've got the chunk that you owe the bank basically hopefully you sell the business for more than that, when the buyer pays you that goes to your solicitor or your settlement agents trust account held and dispersed funds and part of that will be the bold then give you know, that chunk of money to your bank to pay them out and then whatever is left then goes to you. That's how that works sometimes you might be in a situation where you actually owe more on the business than what you sell business for so if that's the case look it's a real challenge because when you sell the business it's generally and sell for what it's worth for in the open market, unfortunately there are cases where people may have bought a business and they're now the business when they sell it's not going to sell for the same amount or it's going to sell for less than what they want to pay for it or what it costs them to set it up. So in those cases basically what you've got to do is if you've decided that you are going to sell, what you've got to do is you've just got to say okay, well it is what it is and whatever we get so $500,000 on the business, if you're going to get $300,000, you get that $300K you pay it off you're left with the balance of $200K and you've really just got to move on to the next venture and then just sort of sale took one or two steps back will now got a move forward and try to catch that up if we can that's just really how it is. If you're in a situation where you've got some equipment finance, for example in your business generally what will happen is for some parts of that finance it might be worth actually just paying it out and the new owner will take over and they'll refinance at equipment themselves however they want to but in some cases you might be on like say a rental lease or something of some equipment and the payout might be revived or they're just going to finance the same way anyway, so in that case what'll happen is normally it'll just it can be like an assignment they still need to do their own loan application, you'll end your loan with that provider, but basically what the provider will do is effectively they'll shift the loan that's there the weekly or monthly financial cost of the buyer person is buying business so it’ll pretty much sort of help out work, so if you owe some money on the business, you'll get selling it's fine it's all part of what's normal probably most of people would deal with do have a loan on their business it's just a matter of how you then decide to deal with it.\" Transcribed from Steve Finnhttps://youtu.be/ZiqxZK5LN9E