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BusinessWeek Article Endorses Factoring
A recent BusinessWeek article has some excellent tips for
small businesses about managing
cash flow.
One of the suggestions it makes: try factoring.
It features the following interesting case study about a
small Florida business explaining how factoring kept them
independent:
Broward Aviation Services of Pompano Beach, Fla., buys and
sells commercial airplane parts. So it needs plenty of ready
cash to buy before competitors do. That lets it get a better
price, too. "If you have cash, the deals come to you," says
Timothy Pine, vice-president and partner in the
nine-employee, $7.5 million company. When Pine co-founded
the company in 1999, cash was tight and banks turned down
his requests for credit. Broward sold its receivables to a
factor immediately receiving about 80% of their value and
the rest as [the factor] collected from Broward's customers.
Then Broward could forge ahead without taking on venture
capital. Plus, says Pine, "The banks won't lend to you until
you've built up a cash record. Factoring allowed us to stay
independent."
The staff here at Charter Capital can share similar
testimonials to the one contained in the BusinessWeek
article. They'd be happy to describe how they have helped
many small businesses get through cash crunches and go on to
additional successes. Just ask.
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