banking

Acquisitions | Banking | Financial Management | Growing Your Business | Profitability Coaching | Uncategorized

16 Years of Helping Business Owners Thrive—And a Second Act Worth Considering
ByBill McDermott March 25, 2025March 25, 2025

Sixteen years ago, I was a 54-year-old banker, laid off in the middle of the Great Recession. Like many business owners I’ve worked with since, I faced uncertainty. But out of that challenge came an opportunity—a second career that turned confusion into clarity, both for me and for the hundreds of business owners I’ve had…

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Growing Your Business | Podcasts | Profitability Coaching

ProfitSense Episode 57: Bob King, First Horizon Bank; Erik Christensen, Bulldog Movers; & Danny Vander Maten, Cresa Atlanta
ByBill McDermott April 29, 2024April 29, 2024

This episode of ProfitSense features discussions on business banking, building a moving and storage company, and tenant representation in real estate. Bob King, First Horizon Bank, explains the nuances of borrowing for businesses and the significance of choosing the right bank. Eric Christensen from Bulldog Movers shares insights on building a reputable moving service and the importance…

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Financial Management | Financing | Profitability Coaching | Uncategorized

Business Owners Beware of These Red Light Words
ByBill McDermott December 12, 2022December 12, 2022

Recessions are stressful and challenging for any business owner. Even more so when you don’t know if the decisions you’re making are helping or hurting. Every business owner deserves to have a company with a strong financial future. All recessions have their own unique twist; however, they all follow a pattern. Revenue goes down, there…

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Financial Management | Growing Your Business | Profitability Coaching | Uncategorized

Line of Credit = Sleep Insurance in a Recession
ByBill McDermott November 28, 2022November 28, 2022

Recessions are stressful and challenging for any business owner. Whether it’s your first recession or your second, third, or so on, it’s hard to know how to prepare for the worst and whether the plans you’ve made will help or hurt. Every business owner deserves to have a company with a strong financial future. In…

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Banking | Financial Management | Uncategorized

Do Your Sources & Use of Funds Match?
ByBill McDermott May 24, 2021December 10, 2021

I have a confession to make. During COVID, I did my share of stress eating. Pizza, potato chips and dip, fast food with fries. They don’t call it comfort food for nothing. Of course, it wasn’t one single meal or circumstance that led to my weight gain over the last year. It was probably 100…

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Banking | Financial Management | Financing | Uncategorized

How Much Debt Is Too Much?
ByBill McDermott May 3, 2021December 10, 2021

Recently, we talked about obtaining a line of credit as “sleep insurance” when growing your business and how to make sure you’re bankable and bank-ready when requesting a loan. Some people are risk takers and don’t mind going into debt. Some are totally debt averse and don’t borrow at all. But how much debt is…

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Banking | Financing | Uncategorized

2 Questions You Need to Answer Before You Talk to a Bank
ByBill McDermott April 26, 2021December 10, 2021

Every business owner wants abundant cash flow in their business. It’s emotional and practical. Cash is like oxygen. Your business can’t function without it. When cash is in short supply, owners become lightheaded, then despondent, then desperate. Cash represents success and lack of it, failure. It’s not a question of “if” cash is in short supply,…

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Banking | Financial Management | Financing | Uncategorized

Are You Losing Sleep Over Business Cash Flow?
ByBill McDermott April 12, 2021December 10, 2021

In your business, money has a way of going out just as fast as it comes in. When cash is tight (and it almost always is), many business owners go home at night worrying about lack of cash in their bank account. In fact, 54% of business owners in a recent Forbes survey are losing…

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Banking | Financing | Uncategorized

It’s Not What You Know, It’s Who You Know
ByBill McDermott April 5, 2021December 10, 2021

People do business with people they know and trust. But here’s an interesting fact: 8 out of 10 business owners that I talk to have a bank, but not a banker. So, if they don’t know or trust their banker, how do they borrow money? More often than not, they’re starting from scratch, trying to…

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Banking | Financing

3 Deal-Breakers to Start-Up Financing
ByBill McDermott February 23, 2021December 10, 2021

When business owners want to obtain a loan, it’s overwhelming to know where to start or what to do. It breaks my heart to see a business owner apply for a startup loan when many banks don’t even make them. But why don’t banks loan to startups? All banks follow a guideline that bankers call…

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