Business Exit Plans: Why They're Crucial for Obtaining Capital

Marc Cove is the Chief Development Officer at First Resource Bank, a full-service financial institution serving small businesses, entrepreneurs, and individuals. As a seasoned business advisor and commercial business banker, he has over 30 years of experience in the banking industry, focusing on business strategy and optimizing debt and capital architecture. Before First Resource Bank, Marc served as one of the founding partners of Platinum Bank, which he helped scale to over $300 million in assets. In this episode… Most small-to medium-sized business owners need capital to either kickstart their ventures, expand their companies, or purchase another operation. Yet with so many capital options available, they struggle with the process. What documentation do you need to obtain capital? With a knack for formulating out-of-the-box ideas, seasoned business banker Marc Cove recommends building a network of professionals, like attorneys, bankers, and accountants, who can be honest with you about your situation and help you through the process. Additionally, you should begin developing a business exit plan upon launch to build intrinsic value and position the company as an attractive option for potential investors. When compiling documentation, include a transparent financial statement containing tax returns, mortgage information, and any past debts. In this episode of Destination Business Freedom, Marc Cove, the Chief Development Officer at First Resource Bank, joins Pat Mancuso to talk about obtaining capital for long-term business plans. Marc explains why you need to let others lead, how the new SBA loan requirements impact businesses, and the current and future capital market.