Owner managers using own savings to support their business

At some point, your business will require finance. You may need finance to start up your business, to support your growth plans, succession or just to keep your business afloat. Whatever the reason, dipping your hand into your own personal savings isn’t always the answer as it’s just not sustainable.

In a survey of 450 business owners conducted by Bibby Financial Services, it reveals business owners are opting to use their own personal savings rather than bank overdrafts or loans. This report also published that 66% of business owners had not even applied for external funding.

We really do understand that business owners may feel it’s a waste of their valuable time to apply for funding when there’s been so much negative press on banks failing to give loans but it is a more sustainable option for the success of your business.

So the golden question is - what’s the key to securing finance?

One of our partners, Simon Scott recently wrote about this in his blog on Raising money for your business  His advice is – ‘ be clear about what finance you need, make sure you have a great business plan and be realistic!.’

Having external support like CMC can also help to ensure you opt for the best finance option for your businesses requirements and goals. Over the last 20 years our partners have used their experience to guide thousands of business owners to achieving their business objectives. 

So don’t be disheartened as help is at hand.

Have a look at our case studies to see how we have helped other business owners

There’s no such thing as a quick exit strategy

The business that you’ve spent years growing and nurturing is extremely valuable to you and you would naturally think it’s valuable to others with a queue of potential buyers just waiting to buy your business. In reality, a successful exit whether being a trade sale, MBI, MBO or family succession takes years of preparing and planning.  

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Successful Exit Strategy planning Event, Oxford 10th May 2012

Your exit strategy should be one of the most important goals for building your wealth and a successful future for your business.

But why should you have an exit strategy?

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Would you like to sell your business but unsure how to go about it?

Selling your business is likely to be the largest and most important financial deal you will ever make. Like many people you may find selling the business you've spent years building up emotionally difficult; unless you've sold a business before you will have no experience to draw on and won't know what to expect.

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