Owner’s Quandary- Sell Your Business or Stay in Business?

Written by Gene Wright. Posted in COVID 19 Get Help for Small Businesses

Small business owners in Georgia have seen life as they know it change in ways they could have never imagined just six weeks ago. Even you own an “essential” business it’s far from business as usual. Employee work dilemmas, reduced operating hours and operating cash are top of mind for businesses still open. Others forced to close by state or municipal order for an undetermined time are in serious peril with no end in sight. Governor Kemp declared the state an economic disaster area in all counties in Georgia just last week, enabling the SBA to make available interim relief rough its Economic Injury Disaster Loan Declaration. Congress is working on additional economic assistance as well. Help is on the way.

But will help arrive in time? The current timeline for loan processing by the SBA is already 2-3 weeks, and the process for approval while easier than before is no walk though the park. You will need to provide personal and business historical financial information, authorization to past years’ tax returns and a good business case on your business impact thus far. And if you don’t have enough profitability to service new debt, its not clear you’ll get loan approval. We need additional financial options quickly.

For businesses operating profitably before the virus, falling revenue forecasts and no end in sight to COVID 19 will make dramatic changes necessary. Managing cash flow, employee safety and retention are prerequisites to survival until help arrives.

I believe we’ve already hit a tipping point in the fundamental way small businesses will operate going forward. Innovative use of video and telephony are keeping owners in touch with customers, and reduced hours could remain after the virus fades. We’re here to help you. We’re constantly looking for the BEST sources of operating capital for our clients while helping them find ways to reduce costs and optimize revenues.

If you are in need of help. please give us a call at 404-908-5561 or email me at ggwright@nstarconsulting.biz.

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