Posts in Category: Finance

How to Find an Excellent Business Broker in Colorado

The search for a dependable and skilled business broker in Colorado can be tedious and lengthy, especially if you’ve never sold a business before. Fortunately, lack of experience doesn’t mean you can’t get quality support, especially in a place like Denver.

The steps needed to locate the best Colorado business brokers and compare them to find the one that will provide you with ideal services can be taken quite swiftly, and they will lead you precisely where you need to be.

Where to Start Looking

Business brokers can be harder to find if you don’t know the area. However, with Denver growing larger on a continuous basis, it won’t take long before you find a few dependable brokers who will be friendly and helpful enough to talk to you about your requirements.

The best place to start is your sphere of influence or business network. Talk to business partners that you trust and look for people who have recently sold their businesses successfully. Even if you don’t know them so well, the simple fact that you can get one of your trusted partners to recommend them will be enough to make their words carry a lot of weight.

A more subtle approach is to check to see who is currently listing businesses for sale in the Denver area and check their qualifications discretely with the help of your local industry contacts. Although this method doesn’t always work out, you can still get a lead or two that will help you put together a list of possible candidates for company brokers who can and are willing to assist you with your own business.

Colorado busines brokers

How to Talk to a Business Broker

Once you get a few recommendations regarding Colorado business brokers that might be suitable for you, it’s time to do a quick background check on them to see which ones might be the best to call on. Once you narrow down your list, it’s time to contact them and schedule an appointment to see if you’re able to get them to represent you.

Be prepared to fight for your case and prove that your business is worth good money. Although some brokers will be more accepting than others, it’s always a good idea to work on preparing yourself for greater scrutiny, especially if you plan to hire the very best business brokers in Denver. Most of them are highly sought after, and they don’t commit to every business, so that they won’t spread themselves too thin. As such, you’ll be the one who has to prove that your business is worth the extra work hours and manpower that they will be investing into selling it.

Keep your goal in mind but be diplomatic and courteous, and above all, prepare to present your business in such a way that the benefits of selling it will be clear to the business brokers you talk to. With this approach, you’ll be able to find perfect Colorado business brokers without too much effort, and your business will likely fetch an excellent sum as a result.

Are Credit Unions Only Available to Members?

The short answer to the question in the title is yes, credit unions offer their products and services only to their members. Here is how these financial institutions work and what to expect if you are eligible to join a credit union.

Castle Rock credit union

What Are Credit Unions

Credit unions are special types of financial institutions called cooperatives formed by people who share some sort of affiliation or interest, for example, they belong to the same community, they have the same profession or they work for the same employer – that shared feature is considered to be a guarantee that all the members of the union have the union’s best interest at heart. The people who form the credit union are called members and they are also the owners of the credit union. Like any founder of an organization, credit union members also have the right to know how their organization is performing, therefore every credit union organizes an annual general meeting, where the union’s results are presented and the attending members can participate in discussions regarding important decisions to make for the future.

The income of credit unions comes from members lending money with interest rates to other members. Credit unions are not-for-profit organizations, which means that any profit made during the financial year goes toward improving the union’s products and services and towards annual dividend payments made to the members.

How to Become a Credit Union Member

The affiliation or features shared by the members of a credit union is called the common bond – anyone who shares that bond can become a member. Most credit unions require aspiring adult members to provide a proof if identity through a photo ID, such as a driving license or passport and proof of address with a utility bill or a bank statement that is not older than 6 months. Many credit unions have children’s accounts as well – anyone who wants to open an account for a child needs to provide the child’s birth certificate or passport and the photo ID and proof address of the adult who is opening the account for the child, usually a parent or a guardian.

How to Save Money with Your Credit Union Account

Most credit unions provide members with multiple options to put money into their accounts. Some of the most popular options include online transfers from accounts held in other financial institutions, such as a bank and wages sent directly to the credit union account.

The Services Provided by Credit Unions

A trustworthy Castle Rock credit union offers many financial products that are very similar to the products offered by banks. The range includes deposit accounts, credits and many other services. What makes credit unions such great options is that the interest rates and the other conditions they practice on their loans are much more favorable than the conditions offered by banks. Credit unions also offer a much more personal approach to handling the member’s financing, with personal contact between the union’s consultant and the member and with financial education involved as well.

What is General Liability Insurance?

General liability is the name of one of the insurances available for your business. It is important to have one because it covers property damage, bodily injury and other claims such as advertising, protecting your budget. If you do not purchase this type of coverage, you will have to pay the costs of the claims with money from your pocket, with personal assets and even with your own business.

Nowadays, the number of business lawsuits increases every day, so you should consider protecting yourself with general liability insurance even if it is not required by law.

What costs are covered by this insurance?

  • Bodily injury (people injured on your business property that make a claim against your business for their accident).
  • Third party property damage (another property is damaged accidentally by the activity carried by your employees)
  • Advertising injury (your advertising practices may be infringing on other business, because of copyright issues)
  • Reputation Harm (other businesses may consider that you attacked their reputation if you publicly talk about them in unflattering ways) and they can make a claim of libel and slander against you.

With general liability insurance you can cover costs for legal teams to represent you, evidence costs, witness fees, as well as judgments or settlements.

 What is not covered?

This type of insurance does not cover work accidents, occupational diseases, or damage to your business property. For such incidents, you must have workers’ comp and commercial property insurance.

General Liability Insurance is not required by law, but unless you are financially prepared to survive large liability claims, you should purchase it. According to statistics, 25% of small businesses will experience a claim in the next decade and liability claims are the most common. They are also very expensive; for example, Reputation harm claim costs $50,000 on average.

If you are still in doubt about purchasing general liability insurance for your business, here is another good reason to do it: some companies (large companies mostly) may refuse to work with you if you do not carry insurance. That`s because they realize that a liability claim against you may get you out of business if you are not insured, and they prefer having this guarantee that you are able to complete your work.

On the other hand, you should also know that this type of warranty will not protect you if you act irresponsibly, you are professionally negligent, or you mix your business expenses with personal expenses.

general liability insurance

General liability insurance is not the same thing with Professional liability insurance

Many people make this confusion, but these two types of insurance are different. We already detailed the concept of general liability insurance; professional liability, on the other hand, covers the costs related to committing errors in the provided services and products, failure to uphold contractor duties, performing incomplete work, making mistakes and omissions, misrepresentation, inaccurate advice as well as violation of good faith. It is also known as Malpractice insurance and is more specific than general liability insurance.

Everything You Ever Wanted to Know About Commercial Fleet Financing

Although the platforms in place work well when it comes to commercial fleet financing, startup businesses might require an update on the importance of this concept and what it can offer you. When you want to get a commercial fleet of vehicles, fleet financing gives you the option to ensure superior quality and avoid the mistake of overspending in an industry where managing your costs and expenses can be crucial to your bottom line.

What Is Commercial Fleet Financing All About?

The financing of a fleet of vehicles is no easy task. You need to make sure that you are covered regarding all the potential problems you might encounter and even those that are not really likely to occur any time soon.

Have you had trouble gathering the capital for your commercial vehicles as of late? Is your business stagnating, or are the debts you’re paying for your commercial vehicles too high? Regardless of what the problem is, a dependable commercial financing company is all that you need to help you:

  • Manage your finances better
  • Improve your knowledge and ability to make sound decisions on future financing
  • Get the most out of the vehicles you aim to buy
  • Find and purchase reliable tow trucks, trailers and equipment for your small business at a lower cost
  • Avoid long-term debts that numb your business profits, and extend your ROI more than ever for the future.

These are only a few of the benefits that a dependable commercial vehicle financing service can cover. Moreover, many of the best vehicle financing companies will also help you with sound advice and recommendations regarding your financing decisions and what you should know before you invest a lot of money into a fleet of vehicles.

How Can You Enjoy the Best Financing Services on the Market?

explain the whys printed on book with calculator and pen

Commercial financing can have a lot of undesirable “side effects,” depending on the vehicles you choose. Consider the following scenario: you might start out with a sizable budget, get additional financing to invest in a fleet of vehicles for your transportation service, then end up spending huge amounts of money on repairs and maintenance, since the vehicles you bought offered lower than average value at a higher cost.

You can avoid such issues, if you contact a responsible vehicle financing company. The best experts in your local area can advise you on all the potential benefits and drawbacks of buying a larger array of vehicles.

A few tips to make your experience even better should include the following:

  • Ask the company to provide you with financing comparisons, so you can make an informed choice.
  • Do a background check to make sure their affairs are transparent and that they offer ideal solutions for all their clients.
  • Ask them to recommend truck leasing, auto leasing companies and reliable repair shops that can provide you with quality services at a discount.

If you follow all these recommendations, you’ll have no trouble managing your costs and making sure all your vehicles can provide you with the best quality on the market. So contact your local commercial fleet financing services today for a great offer!

How to Go About Your Timeshare Cancellation in the Easiest Way Possible

Timeshare cancellation doesn’t have to be as hard as a lot of people make it out to be. In most cases, you’ll hear experts talking about the necessity to pay unreasonable amounts to get your timeshare company to consider canceling your timeshare. However, as long as you have the right knowledge, this course of action will not necessarily be the norm.

But with so many companies offering to help you cancel your timeshare, which one should you use? Should you even consider one of these services? And what are the deeper, underlying details that nobody tells you about upfront. We’ll be delving deep into these and many other issues in the following.

Should You Choose a Company to Cancel Your Timeshare?

That’s a good question. With so many services out there promising to help you do just about anything, what’s the real benefit behind choosing a company for timeshare cancellation, instead of aiming to do all the work yourself?

It has to be said, first of all, that there are a lot of companies out there promising not only to cancel, but also to resell or redeem your property. These organizations aren’t always interested in helping you out, and in many cases, they’ll just promise success and then ask for a lot of fees. Redemption is not necessarily a guarantee when it comes to cancellation, and depending on the volatile market at the time, your interest may not be as significant as you’d think.

At the same time, most redemption and cancellation companies will typically just connect with the developer and aim to negotiate a fair deal. However, seeing as the contract you signed with the developer is legally binding, the company you’re asking help from can typically only offer you support through informal relations with resort companies. If you’re lucky enough to find someone who is close to the manager of your resort company, you might get a fair deal, however, it’s still a big gamble.

So What’s Left to Be Done?

know your rights

Fortunately, the outlook when it comes to cancellation is not all that bleak. As said earlier, the contract you signed is legally binding, which means that the resort company has to play by the rules when faced with legal action. So, should you consider actually going to a lawyer for help?

The advantages of contacting a licensed attorney in this case are quite invaluable. Your lawyer will only be interested in serving you – his/her client – and you can rely on that loyalty, since his/her paycheck will depend on it. Also, a reliable local attorney will already know all about the most typical timeshare contracts that are around, and has likely dealt with plenty of similar cases in the past.

Basically, contacting a licensed, legal professional is your absolute best bet when it comes to canceling your timeshare. With the help of one of the best attorneys in your local area, timeshare cancellation won’t take too long, and you can be back to enjoying your life and managing your finances without the threat of your resort company bearing down on you.