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Yes, Virginia, there is financing available

In these trying times, there are several steps family business owners can take to find a stable lender and to ensure they obtain the financing they seek.

By Glenn Gray

Despite the barrage of recession-related doom-and-gloom stories, financing is still available for family-owned businesses. Many healthy banks are hungry to lend to the right clients. Even in these trying times, business owners who do their homework can find a stable lender that understands their industry.

Leaders of family firms should be aware, though, that prospective lenders know the family dynamic can pre-sent a unique set of challenges. When making a decision about financing, lenders will do more than just review the company’s past achievements. They will also look for evidence that a solid succession plan is in place, and that the … Read more

Matchmaker, matchmaker

I often receive calls from family business owners seeking referrals to an adviser who can help them resolve a nettlesome issue (usually, though not always, related to succession).

This request in some ways is analogous to asking a matchmaker to find you a spouse. You'll receive a list of names, but you need to spend time with the candidates to find the one who's right for you. If you're going to share sensitive information about your family relationships with an outsider, the chemistry between you must be right. And, just as in the dating scene, you must understand that there are bad … Read more