Repossessing a Privately Purchased Vehicle

It is always a gamble when you agree to finance a vehicle for someone else’s purchase, which is called seller financing. When you finance through a dealership, they have more recourse and more resources when it comes to customers who do not pay their car notes, but when you are a private seller and you have to repossess, it can become more complicated. Below are some tips for repossessing a privately purchased vehicle.

Repossessing a Privately Purchased Vehicle: Check Your Paperwork

Hopefully, you and the buyer of your vehicle signed a contract or agreement stating the terms of the vehicle financing. If not, you could find yourself in hot water. Look over your contract or agreement and make sure that you are legally entitled to repossess the vehicle. If not, you could go to jail for auto theft.

Repossessing a Privately Purchased Vehicle: Send Notice

Most states require that you notify the buyer before you make any attempt to repossess the vehicle. This gives them the opportunity to either make a payment or to turn over the car. Some states require that notice be given at least twice before you make your first repossession attempt, so be sure to check with your state’s laws regarding repossessing a privately purchased vehicle.

Repossessing a Privately Purchased Vehicle: Decide Who Does It

You have two choices when it comes to the repossession of a privately purchased vehicle: (1) Repossession it yourself; and (2) Hiring a repo company to do it for you. Most people choose the second option because repossession can be difficult and, if you aren’t trained in skip tracing, it can be next to impossible. Not only that, but you might unwittingly break a few laws.

Repossessing a Privately Purchased Vehicle: Understand How it Works

Repossessing a vehicle means finding the vehicle where it is parked and retaking possession of it. This happens when a buyer defaults on the loan for the vehicle or otherwise violates his or her contract. When skip tracing and repossession firms repossess vehicles, they use several tools to find the car, and then employ various tactics in taking it back. It can be very dangerous work when buyers get angry, and might take an inordinate amount of finesse. And unless you have a set of keys to the vehicle, you will need a way to tow the vehicle away.

You cannot break any laws during the repossession of a privately purchased vehicle. This means that if the car is garaged at a private residence, you cannot break into the garage to take it away. This is called “breaching the peace” and could earn you a criminal charge. The best way to repossess a privately purchased vehicle is to hire a company to do it for you.


Top 10 Financial Experts You Should Be Following on Twitter

  1. @CrownUpdates (Crown Financial Ministries)

Crown Financial Ministries is a Christian ministry that teaches financial principles based on the Bible. Follow these tweets for biblically based financial advice.

  1. @theRealKiyosaki (Robert Kiyosaki)

Robert Kiyosaki is the bestselling author of the Rich Dad Poor Dad series. He is also an investor, entrepreneur, and financial education advocate. He tweets about financial advice and great quotes.

  1. @SuzeOrmanShow (Suze Orman)

Suze Orman is a financial advisor, motivational speaker, tv host, and bestselling author. She seems to respond to a lot of questions on Twitter.

  1. @CheapTweet (Cheap Tweet)

Cheap Tweet searches Twitter for deals and coupons and lists some of these deals in their Twitter feed. Their profile claims to have links to over 9 million deals on their website.

  1. @ramseyshow (Dave Ramsey Show)

Dave Ramsey is a Christian financial author, radio host, tv personality and motivational speaker. Follow this feed for financial updates from his show.

  1. @thomasjstanley (Thomas J. Stanley)

Thomas J. Stanley is the bestselling author of The Millionaire Next Door and The Millionaire Mind. His Twitter updates include links to current events in the financial world.

  1. @wisebread (Wise Bread)

Wise Bread is a personal finance and frugal living portal. This Twitter account is updated frequently with advice on living frugally and on a small budget.

  1. @MoneyHappiness (Laura Rowley)

Laura Rowley is an author and journalist that writes a weekly column for Yahoo! Finance. Her Twitter feed includes links to her blog posts.

  1. @FortuneMagazine (Fortune Magazine)

Fortune Magazine is a global business magazine. Follow this Twitter account for real-time analysis from the best in the business.

  1. @Hip2Save (Collin/Hip2Save)

This Twitter account is a personal favorite. It is run by a young mother who links her tweets to updates on her website. You can find information about budgeting, frugal shopping, and more.

Tips on Paying for College

Going to college can be one of the most financially significant events in an individual’s life. While on the positive side it does wonders to increase the pay scale of your chosen career, on the negative it can stack up such a high debt that it will take a chunk out of many future checks. Because of the importance of going to college and the high cost, it is important to do everything you can to lower the cost of college so that the benefits stay just as good but the cost can be reduced.

Getting scholarships is one of the best ways to reduce the cost of college. There are scholarships that can be awarded to almost anyone. Scholarships are a great way for companies and schools to invest in the school and the country’s future. Scholarships are as simple as getting money taken off of your tuition or getting money in the bank for expenses. These don’t have to be paid back and should be pursued the hardest out of all the financial aids.

Cutting expenses is also a huge part of saving money to pay for college. You can really reduce the debt you accrue if you try to make the college life as simple as possible. Taking steps such as leaving your car off campus eliminate gas prices and can save a lot of money and reduce the debt the have after college. Shopping websites for books early, buying the bare minimum laptop and shopping for cell phone plans are all great ways to reduce the cost of college thus lowering debt.

It is most likely that going to college will require getting loans. There really isn’t very much you can do to get a better deal on loans, the only way to prevent paying a lot of interest is to get a smaller loan. This is where saving comes in of course, the more you save the less loan money you have to get. Having money from working during high school or even just the summer before college can prevent a lot of interest.

College can be very expensive but these tips can help you spend less and owe less. Cutting costs and increasing scholarships and grants can change your college loans from being a crippling debt for years to a small payment. Try and do everything you can to take some weight off of your future finances by cutting costs, and saving money.

Get the Best Mortgage Rate in Missouri

One way to get a good rate is to establish a bank account with a local bank. One local bank here in the Southeast area of Missouri is First State Community Bank, which is based in Farmington, MO. If you work with a local bank that knows you, when it comes down to buying a house or refinancing, you will get extra help from that bank. Small banks want to keep their customers and will give extra attention and spend more time walking you through getting the best rate and/or financial product. They will keep in mind your banking history and be more willing to give in house loans for smaller mortgages and work with you in providing you the best deal. In Missouri, one time to get a really good rate through a local bank is during the winter. This is a time when business tends to be down and people aren’t buying very many houses. Avoid the commonly moving time right before school time because the bank will be overwhelmed by mortgage applications. A local bank will have less time for you and personal attention is the most important aspect of getting a good loan from a local bank.

If you follow the advice given by the Missouri Division of Finance, a website of the Missouri State Government, then you need to shop for the best loan, and not the best bank. They also suggest avoiding mortgage brokers and go right to the source in terms of lenders. However, this website admits that the credibility of the bank does matter, no matter what terms they offer, especially in light of financial problems that occurred with risky loans in the last few years. An important question to ask when trying to get the best mortgage is what the best loan origination fees and closing costs will be. You need to figure this information against the proposed rate to make the best decision.

Another way you can get the best rate is through This site is touted by many business magazines as being objective and not just directing you to certain mortgage companies. It allows you to search by area, letting you compare the rates in your area-this can in fact be helpful information to bring to your local bank or to apply somewhere else. But remember when you are using this resource that there are many factors that are involved in getting a certain rate, including your credit history, your down payment, whether you are a first time home buyer, and what type of loan you qualify for. You also have to keep in mind that the overall mortgage rate might not mean as much practically as the monthly payment. Luckily, this site is a great resource for helping you calculate this and help you determine what the best loan is. Getting the best rate means having the best credit possible, so you have to be careful about getting your credit pulled when applying or looking into mortgages. Using this site helps you find background information without committing to an application and having your credit report blemished in the process.

Virtual Assisting Benefits Small Businesses: Why Outsourcing Makes Sense

Hiring a virtual assistant seems like an extravagance to many small business owners, yet outsourcing promotes small business growth. Here’s why hiring a virtual assistant makes sense.

Virtual Assistants Help a Small Business During Peak Periods

Many small businesses have seasonal or cyclical upticks in volume. The small business owner who tries to manage the increased demand during these times without outsourcing any work can be overwhelmed and unable to keep up. Client orders could be missed, the business owner may become ill due to stress, and important shipment details might get overlooked. An assistant can be hired to help handle customer orders or assist with the small business accounting during peak periods, allowing the small business owner to focus on the increased demand for products and services.

Outsourcing Allows the Small Business Owner to Focus on Bringing in Revenue

Tasks like managing the small business payroll or installing small business software must get done for a business to operate, but these types of activities can eat up a large percentage of a business owner’s time. If these duties are outsourced to a virtual assistant, the small business owner is free to devote attention to things like product development and creation, which can have a direct impact on the growth and profitability of a small business.

Virtual Assistants Help Small Businesses with Special Projects

Whether it’s a global launch for a how-to-make-money-online membership site or a social media promotion for a new blog, virtual assistants keep things running smoothly during special events. The assistant may be hired to manage behind-the-scenes tasks related to the special event or might handle duties normally performed by the owner, such as keeping the small business accounting system up to date. Either way, outsourcing work allows the business owner to realize the greatest growth potential from a special event or project.

Small Business Owners Control the Virtual Assistant Service

There are virtual assistants specializing in most anything a small business owner could ask for. Many assistants bill by the hour and some will bill by the minute, so the small business owner can contract for the specific needs of the business.

Hiring a virtual assistant allows the small business owner to focus on activities that will grow the business. Whether helping out during peak periods or performing tasks such as small business payroll, virtual assistants provide exactly the type of help that is needed for the exact period of time they are needed.

What is the Solution to Finance Inventory for Canadian Business?

Canadian business owners and finance mangers are continually challenged to finance inventory as a component of their overall business financing and cash flow needs. There are solutions to this challenge and we’ll discuss and review some critical factors around inventory finance in Canada.

Inventory financing is the collateralizing of your inventory for financing purposes .Where it gets trick is that it has to work for all parties, yourself, and the lender, when you in fact have existing financing arrangements in place re your overall business finance strategy.

Working capital in Canada generally consists of receivables and inventory – if your sales are growing , and you are collecting receivables and turning over inventory you have a continuous need for more working capital as those two ‘ current assets ‘ grow .

The key to facilitating a solid inventory financing, or purchase order financing in Canada is to help your lender get the feeling they will never have to realize on that inventory to collect their loan or financing proceeds! You want to be able to demonstrate that your inventory is marketable, and that you have the ability to control and count the inventory. A perpetual inventory accounting systems helps a lot in that process – so investigate that with your accountant.

Similar to inventory financing a purchase order financing solution is very complimentary in nature. It is a case of your firm having product to ship but are in effect lacking in your ability to replenish inventory and fulfill orders and contracts.

When clients ask us what can go wrong in an inventory financing scenario we often simply state that you must be in a position to be able to turn inventory over and demonstrate your products are marketable in a worst case scenario .

Inventory and purchase order financing in Canada is specialized – seek out the services of a trusted, credible, and experienced business financing advisor who will be in a position to present your overall financial situation and prospects in the best light – this will include an overview of your current financial position, most importantly also your prospects, and the ability to define a facility based on the overall market value of your particular inventory.

We talked earlier about the challenge of managing through an inventory financing facility based on your current borrowing arrangements. In a perfect world (we know it’s not a perfect world!) you secure both inventory and A/R financing via a chartered bank. The alternative to this is an asset based lending facility, or what is known as an ABL line of credit. This facility margins inventory and receivables to the maximum value, which great increases your ability to draw down on cash flow needs.

In a working capital or asset based line of credit situation you will usually have a larger drawdown on receivable, but a proper inventory financing scenario can easily secure 60-80% of your overall inventory values – that is a lot of additional cash flow if you need to draw down on it.

The key benefits of a properly structured inventory financing facility are that it supplements your overall working capital needs. The facility should revolve, and you should only be paying for what you use. You should also have defined borrowing limits on inventory, and the ability to repay, or draw more financing at your option.

Your best inventory financing ability will ultimately come from your ability, as we said, for you to demonstrate proper accounting and reporting of inventory, as well as information on customer prospects, contracts, etc.

If you structure a proper inventory finance facility you will have access to significantly more working capital , inventory will easily be replenish able, and you should have additional purchasing power based on increased access to cash . Pricing on inventory and purchase order financing varies with the size of the facility, lenders interpretation of the marketability of your product, and your ability to turnover inventory at equal to or better than industry standards based on your own business model.

A proper inventory finance application should be no different that any other type of financing you apply for, so don’t view it as a mysterious type of business financing. Focus on demonstrating clearly how inventory financing will grow your sales and profits, that’s a win win situation for you and your inventory lender.

Finding Small Business Clients for Very Targeted Marketing

Creating a strong marketing plan is just Step One of many for small business owners in finding prospective clients. Some trying to build their businesses from the ground, up build very targeted marketing plans, but then are not sure where to find those that will be most in need of the services or products they provide; so they either misdirect their hard work by networking with the wrong prospects, or get frustrated and stop focusing on marketing altogether.

Any small business owner that knows the benefits of the products or services he/she is offering inside and out and has been able to construct marketing materials and a message that reflect this unique offering has already completed one of the hardest parts of filling up the sales funnel with new prospects. The next step in finding prospective clients is locating the places where targeted marketing efforts will be most effective.

The following are some ways for small business owners to find potential clients that will be most likely to want, need and be able to afford services or products being offered.

Advertising lists provide easy access to future customers:

Advertising lists are good, inexpensive ways to find concentrated groups of possible customers. Compiler companies like Zap Data ( and InfoUSA provide lists to small business owners of clients to help streamline the process of customer acquisition. Other similar services can usually be found through local business groups as well as in newspapers or journals. These types of list services have search features that can help narrow down the field of small business clients to only those that would fit a very specific profile, eliminating the need to question, “Does this person care what I have to offer?”

Finding out where great clients hang out and being there is a great networking opportunity:

Creating a profile of the “ideal” client and doing a little research can produce important information about where ideal clients regularly go. It is in these places that targeted marketing efforts will be most successful. For example, a small business owner selling a product or service that a lot of attorneys use can look around the community for business groups to which attorneys belong and get involved. They should go to meetings and conferences when appropriate and sign up for trade shows, volunteer to be panelists at events or write articles for industry publications. This type of networking can provide a slew of appropriate, highly-relevant places for small business owners to get to know potential clients personally, showcase their products and expertise and be part of a well-rounded marketing plan.

Less is always more:

Once a small business owner unlocks the many doors that lead to where clients are, they need to be gentle and smart about finding prospective clients. No one should join more than a few networking organizations or spam mailing lists with e-mails or direct mail, even if they represent very targeted efforts. Marketing is easy to overdo. Above all, it is an evolutionary process that takes time to develop and get right, so patience is necessary. Small business owners should build efforts slowly over a few months and continue to save time for actually focusing on providing the services and products that will best fulfill the needs of their clients.

Finding prospective clients is obviously critical to building a solid business foundation. Getting active and out there in the appropriate marketplace, networking in diverse environments that will be receptive to the specific company’s mission is a huge part of targeted marketing that can produce great referrals and build a company’s roster exponentially.

How to Finance Your Franchise Investment

You have made the decision to purchase a new or existing franchise then quickly realize that basic question – How do you finance your franchise investment.

Money or funding as quickly becomes a top priority and your ability to successfully finance your investment in your new business will ultimately play a large part in your success or failure in your new role as a Canadian entrepreneur.

For non- financial people, those not trained or comfortable in finance that challenge suddenly looms large – at the same time you have read in the papers that business financing continues to be difficult as Canada comes out of the global financial meltdown of 2008-2009.

So how can you be successful then and finance your franchise investment in a manner that allows you to take advantage of your independent business opportunity. The reality is as follows – franchise financing is available in Canada today – it is some what of a custom made financing, and the three largest assets you can bring to the table to succeed are the ability to seek out a trusted and experienced franchise financing advisor, as well as your own business and credit experience, coupled with a relatively reasonable down payment.

The true secret to your overall franchise financing success is the ability to put together a solid, slick proposal that at a high level demonstrates your ability to run the business, the potential financial success of the business, and then presenting that information to sources of franchise financing in Canada.

A key ingredient in all of your planning should be a carefully tailored business plan that highlights the basics we have discussed – this would include a summary of your business experience (and why you will make the business successful), some key financial such as, at least, your sales and profit projections for one to perhaps 3 years. And equally as important in this data is carefull documentation of your costs and expenses.

So let’s assume you have that completed – you now have to present it to a franchise financing and funding source, and ensure you have properly describe the amount of equity of personal funds you will put into the business, as well as the debt component, or total borrowed funds. The magic relationship of the right amount of debt and equity in your business will leave you, as the financial textbooks describe, as ‘properly leveraged’. By that we mean simply that it is probably very wrong to purchase your business with all cash, and equally or moreso as wrong to assume you can or will borrow all the funds needed. Either of those strategies is not recommended!

How are franchises funded in Canada asking our clients? In our experience they are financed mostly by the government sponsored Small Business Loan. In addition that is supplemented by equipment financing where applicable, as well as your own personal investment in the business. Two other sources of financing sometimes come into play; they are a vendor take back on part of the financing, either by the franchisor or the franchisee you might be buying an existing franchise from. Also available in certain cases is the ability to negotiate a cash working capital term loan from the one institution we are aware of that provides that type of financing.

The proper mix of all of the above components of franchise financing will should in fact allow you to successful complete your acquisition.

Small Business Business Plan: Business Planning Software Simplifies Start-up for Small Businesses

Any business operation operates more smoothly with a plan. Many small business owners are unaware that crafting a comprehensive business plan can improve their operation, or are intimidated by the process. Business planning software works to streamline the process of creating a business plan for inexperienced business owners, helping them to create marketing plans, and improve financial planning.

Planning For Small Business

Small businesses are particularly vulnerable to changes in the economy. When times are good, business owners are too busy to make plans. When times are slow, owners seldom think to work on business plans. Many aspects of business are forgotten, due to the lack of administrative experience. Less obvious expenses, such as equipment depreciation, are seldom added to financial calculations, and marketing strategies aren’t fully thought out. Business planning software can simplify the process for small business owners.

Business Planning Software Helps Small Business Owners Get Organized

Business planning software, such as Business Plan Pro, offers a small business owner the chance to create a business plan in a step-by-step format. Sample plans are available for virtually every industry, which simplifies the process even further. The business planning software walks business owners through the process of creating a business plan, including sections on marketing and financial planning.

A Small Business Marketing Plan is Necessary For Success

A marketing plan for small businesses is not just about advertising. Appropriate pricing of products and services is a critical part of creating a small business marketing plan. Conducting research about the industry, including competition and the positioning of the business, is also necessary to the success of a marketing plan. Due to the proliferation of information on the Internet, much of the necessary information can be gathered from online research.

Financial Planning Improves Income For Small Businesses

Most consumers know that a budget is the way to ensure financial health. Budgeting is also an important part of financial planning for small businesses. Profit and loss projections, as well as a break-even analysis are all necessary in the creation of a small business business plan. While these calculations are complex, business planning software automates the process.

Creating a business plan is a key to long-term success for small businesses. Many small business owners are unaware of the need for a business plan. Others are inexperienced, without the necessary knowledge to create such a complex document. Business planning software gives small business owners the opportunity to benefit from compiled knowledge and experience.

Buying a Franchise – 3 Things You Must Know About Franchise Finance and Franchise Loans

Clients are always asking what extra steps or information they need to know to complete a successful acquisition a new or existing franchise. Buying a franchise, it goes to says, is clearly one of the largest decisions any entrepreneur might take. Of coruse there are a couple of different versions of the opportunity, as follows

– Purchase of a new franchise

– Purchase of an excising franchise that is for resale by current owner

– Purchase of an additional unit in your chain when you own one already

Are there any special tips and critical pieces of information you need to know that will get you a leg up on a ‘ leg up ‘ in the area of franchise finance . Let’s share and discuss three critical points.

  1. Franchise Finance is a very specialized type of financing – financing options are available but not unlimited – you need to know what they are
  2. There is a chance for franchise financing failure if you do not have the proper fundamentals in place and are exploring numerous options at the same time – ‘flailing around is not good!
  3. You might significantly benefit by using the services of a franchise consultant in the area of business financing

Lets review our point # 1 – Business financing in general has always been a challenge. Specialized financing in any area of business is a unique challenge because of limited options and a limited number of players. Players = lenders! If you accept business financing is difficult then you can imagine the severity of the challenge in the 20010 global economic crunches that we still seem to be in.

So is it all negativity and bad news. Not necessarily of course if you are informed and prepared. Let’s unveil the mystery of franchise financing. How exactly are the majority of franchises financed in Canada?

The options are exactly as follows:

– A special Government programme called the BIL program under which the majority of franchises in Canada are financed

– Owner equity – your own deposit into the deal

– Equipment and asset financing

– Working capital cash term loan – typically a 5 year payback

– Vendor financing ( if available – more often than not it is not )

– Revolving line of credit for ongoing operating needs and growth!

With respect to the last point we would emphasize that while it is of course important to structure a proper financing around your franchise purchase many business owners forget to consider how they will finance the business on an ongoing basis , and more importantly, how growth options will be financed .

It is critical for you to understand that it is very rare that any one option will get you the full financing you need. The reality is that it will be a select combo (and that’s the expertise you require) to fully finance your business with any number of the above options.

We point out in our key point # 2 that you must be prepared. This is where many clients tell us they have failed in the past – they have not prepared a proper business plan and executive summary. We encourage you to prepare a proper business plan, understand what your opening balance sheet will look like, and most importantly, understand the cash flow needs of your business. For example, if you take the time to sit down and do all the numbers ( this is actually easier than you think ) you could find that in month one and 2 and 3 that you might be experiencing negative cash flow . If sales ramp up slowly and you have negative cash flow then clearly you will have problems which could accelerate and dampen the overall success of your business.

Finally, consider using the services of an experience, credible and trusted franchise consultant that can guide you through the financing maze. Having that party properly prepare a business plan, opening cash flow, executive summary, and proper financial projections is worth a small fee you might be charged . Business financing in Canada dried up in 2008 and 2009 – franchise financing is still alive and well though. Many lenders view franchise financing even more positively than other types of businesses and industries – the reality being that there is a greater chance of success for a brand that is proven and known, and has a reliable business model of proven success.

Know your franchise options, be prepared in executing on those options, and consider italicizing a franchise consultant to complete your franchise loan and overall funding. That’s a solid plan!