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Our client successfully operated their business for a number of years in one single location, and was looking to expand their business by opening and operating in a second location. An opportunity arose whereby the client was able to take over a similar business in another location.
The business they took over was under-funded and under-performing, and our client felt they could turn this second location into a very successful one. Our client required working capital to improve this business and get it to where they wanted it to be, and approached their bank for funding of $250,000, which they felt was the minimum amount of funding required to make the business work.
The bank said NO.
The client then approached us to assist in obtaining the required funding.
We analysed the business, and then took a 3 pronged approach:
- We prepared a comprehensive business plan, not only outlining what we were trying to achieve, but also how we were going to achieve it
- We prepared a cashflow projection taking into account the variables outlined in the business plan
- We undertook a relatively inexpensive demographic study, obtaining data for the location that our client wished to operate in, that supported both the cashflow projection and business plan
We then asked the bank for $550,000 in funding, and the bank said YES.
The moral of the story is that with some due diligence, a bit of planning, expert advice, and the right tools, you can often achieve much more.
We helped this client, and many others like them, understand not only the limitations of their approach but also the opportunities that existed. Isn’t this the kind of accountant you’ve always wanted?