have you looked at companies that specifically provide contract financing? I've known of some smaller manufacturers that have used contract specific loans for working capital to take jobs.
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Where Would I Have the Best Chance of Finding a Business Partner?
- Thread starter Shags
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ODT is definitely the best place to look, if you dont find it here it aint no where to be found!
I’ve been subbing out a lot of the work I get when I can. Biggest issue is I’ll need a warehouse and small office to start working for Dish, Verizon, AT&T, SBA, or Crown directly. My goal is to keep as little overhead as possible and expand little by little once I build up my professional relationship with the direct vendors.
Subs in the tower industry are beyond hit or miss. I had a sub crew that all would get hammered every night and take 3x-4x longer on site than necessary. Had another get an entire equipment add done in 8 hours total when the job should have taken 2 days at least.
I want to build 1-3 solid internal crews of guys I personally know that will get the work done. Last thing I want to do is put a sub on direct work and risk my contracts or professional reputation.
Sarcasm aside, ODT has been a wonderful community resource for me over the years. I’ve met guys with all kinds of backgrounds and knowledge that are more than willing to go out of their way for our little community. You never know who you could be talking to.
I've only researched it a little looking at account receivable loans for a couple of projects that had 90 day pay cycles that required almost all our capital. One of my sales guys utilized that type of financing at a previous employer and recommended it. We worked out a play that gave 5% discount for a 15 day payment which solved that problem. It was a few points cheaper than financing.
It seems very applicable to your situation, I can get the names tomorrow from the sales guy and pass along. The whole thing was very straightforward.
I would check local places as well, face to face for these types of things can be beneficial.
davidallencapital.com
If you are working hard and not seeing rewards then continuing to do what you are doing is going to keep getting you what you are getting. You need to figure out as another has said, “where the money suck is”. Either the business model is flawed, you aren’t managing correctly, you are being stolen blind by employees, your crews aren’t productive enough, you aren’t charging enough or you are so severely under capitalized that you aren’t going to ever be able to reach critical mass. You need to figure this out before you burn out and put your family in worse financial peril. Though there may be the rare exception out there most people aren’t looking for a partner, especially in a business that has volume, no assets and is bleeding cash. They will just go set up a similar business without the baggage. I have heard of SCORE but never had any dealings with them. It might be an avenue to get some advice, insights or at least someone to talk to that can help you figure this out. Best of luck, I was self employed most of my life, it’s great except when it’s not.
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have your wife own 51% of the business so she can qualify for all the minority owned business grants and loans etc .
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