NOTES. LOAN BROKERING Structured Settlements. Consulting For Profit. in the. Cash flow Industry

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1 NOTES Factoring Purchase Orders LOAN BROKERING Structured Settlements Consulting For Profit in the Cash flow Industry i

2 CONTENTS Introduction Chapter One Career Profile Life as a Commercial Finance Consultant. 3 Services in Demand.. 4 Challenges / Income... 5 Investment Opportunities... 6 Personal Qualifications.. 7 Ingredients for Success.. 8 Chapter Two Description of Products and Services Getting the Job Done..11 Commercial Factoring Purchase Order Finance. 13 Asset-Based Lending. 14 Equipment Leasing.15 Discount Mortgage Notes...16 Business Notes Structured Settlements Other Paper, products and Services Other Services and Products Chapter Three Setting Up Your Office Home Office.. 23 Commercial space. 24 Other Areas of Importance. 25 Image and Customer Perspective Chapter Four Marketing / Prospecting Direct Marketing & Networking 29 Relationships, List building & Database Management. 30 Prospecting, using the Internet & Your company Website 31 Promotional Workshops & Seminars.32 Chapter Five Getting Started Training with DataMax.. 35 Website Construction & Hosting Services 36 Questions & Answers Area ii

3 INTRODUCTION INTRODUCTION This guide is designed to provide you with a no-nonsense introduction to the business of consulting in alternative commercial finance or what is commonly referred to as the cash flow industry. It was written by industry professionals with many years of experience in the areas of product knowledge and training as well as marketing and prospecting methods utilized by seasoned industry business development personnel. Most importantly, Consulting for Profit in the Cash Flow Industry was written to address the myths and misconceptions about industry careers which are most commonly proliferated by late night business opportunity specialists and make-a-million-overnight training gurus. Whether you call it the alternative commercial finance, business paper, or cash flow, the business of becoming a highly compensated industry consultant is multi-faceted, demanding, and, at times, complex. It is a business of polish and sophistication certainly for which not all come prepared. It definitely is not, as the late night business opportunity maestros might tell you, a business that anyone can succeed at. Successful industry brokers and consultants are much sought after and very, very highly compensated. If success in the industry was easy to accomplish and something that anyone could attain, rest assured that everyone would be doing it. Most certainly, to enter the industry you will need to acquire a significant amount of knowledge about alternative commercial finance and its components such as accounts receivable factoring, purchase order finance, commercial contract finance, export-import trade finance, asset-based lending, and forfaiting. You may also wish to explore alternative consumer financing transactions such as seller carry-back mortgage notes, owner financed business notes, structured settlement liquidations, mobile home paper, tax certificates, and lottery / gaming annuities. To become successful, your ability to obtain considerable knowledge about these and many other areas of alternative commercial / consumer financing is essential. Paramount to your success, however, will be your ability to both market and prospect efficiently and competitively and to generate the sufficient leads, prospects, and ultimately clients which will generate your salary, consulting fees and commissions paid to you from financing sources. As a consultant, you will need to come prepared to network by joining referral organizations such as local Chambers of Commerce, trade organizations, and fraternal and charitable clubs. You will need to establish and implement productive lead-generating direct marketing campaigns and efficiently organize and manage each name / lead through the sales process. Most importantly, you must acquire expert prospecting skills to qualify leads that present quality client potential and to discard the time wasters and information seekers. There are many other facets of the industry that you need to become familiar with. This guide was created only to introduce you to the necessary concepts, marketing skills, and product knowledge that you must acquire to seriously enter the industry. It is designed to truthfully inform you about industry opportunities and to assist you in making the important career decisions necessary to successfully become a highly compensated consultant in commercial finance. Robert McMahon Founder and President Aegis Factors, Incorporated iii

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5 Experience knowledge business Sourcing new career challenge business growth entrepreneur New skills consulting income Highly compensated lucrative eginning your new career as a consultant in commercial finance commi will Downsi require a significant amount of zing fee study time and reasonable amount of startup capital. One of the most essential steps sourcing retrainexperience when beginning this or any new career is that you spend some time reflecting on knowledge your goals and the business challenges ahead. Sourcing Make sure you enter with the industry with the determination necessary to succeed new new career challenge and to see it through to the end. business growth entrepreneur New il professional income Highly compensated lucrative 2

6 CAREER PROFILE ONGRATULATIONS! You are exploring the possibilities of a new career as a consultant in alternative commercial finance. Many begin seeking new careers as a result of corporate downsizing, lack of advancement potential, or simply job loss due to outsourcing. To be certain, much of the security that was once a benefit of being a productive team player for large domestic corporations is a thing of the past. More and more jobs are lost each and every day to outsourcing. In New America, even state sponsored service sector jobs are now dutifully handled by residents of India, Pakistan, and other areas of the Pacific Rim. Each year, more and more manufacturers find they must relocate production facilities to mainland China or face fierce and insurmountable competition from others that do. Even those companies that manage to remain competitive without relocation, do so only through downsizing, salary reductions, and employee benefits elimination. Whether you are acting reactively as a result of already experiencing some or all of the above or proactively because you can clearly see that the handwriting is on the wall, you are at the very least, exploring the possibilities of a career move that will allow you to build a lucrative consulting business, enjoy an upscale financially comfortable lifestyle, and take pride in a profession of prestige and distinction. A career as a consultant / broker in alternative commercial finance can provide a virtually unparalleled standard of living for those equipped for the task and driven by a need for success. Productive professionals will enjoy extraordinary income potential, inherent job security, and the exceptional freedom and flexibility that comes with being your own boss. As an industry consultant, the services you offer are constantly in demand by individuals, small business owners, and large corporations alike. 3

7 CAREER PROFILE Accounts receivable financing and accounts factoring are considered the crown jewels of commercial finance tools due to their flexibility and availability to small, newly formed small business owners that do not have access to traditional loans. YOUR SERVICES ARE IN DEMAND The career opportunity you are exploring, consulting, is one of the most rapidly expanding in business today. Your new area of expertise, however, is one in which few consultants practice. Consultants generally bring their training,, experience, and knowledge to bear to provide solutions to problems where in-house know-how is at a minimum or lacking entirely. For individuals and business owners alike, few areas provide greater mysteries and frustrations that those involving finance. As an alternative commercial finance consultant, companies and individuals may need your help to: plan a mortgage liquidation strategy that was necessary to effect the sale of a hard-to-sell home. provide financing strategies for an exceptionally large and unforeseen manufacturing order from a new client. arrange for letters-of-credit and purchase order finance for a company s first Pacific Rim manufacturing efforts. assist in liquidating a seller carry-back mortgage to help pay for pending medical bills. liquidate a structured settlement to generate cash for career re-training. provide accounts receivable financing to assist in a corporate restructuring. arrange for a lump sum payment on a gambling jackpot to purchase a new home. arrange an inventory revolving line of credit for a company s seasonal increases in production. liquidate a business note from the sale of a previous business to purchase a new one. create a commercial financing growth plan for a newly formed small disadvantaged business enterprise. source venture capital for the developer of a life saving medical process. This list represents only a small fraction of the feegenerating opportunities available to financial consultants. 4

8 INITIAL CHALLENGES As a new consultant you will face many challenges as you begin your new business venture. As we mentioned previously, if the industry was easy to successfully enter, everyone would be doing it. Below are just a few of the obstacles that you will face as you begin operating as an alternative commercial finance consultant: Setting up a productive office with the necessary equipment for operation. Generating your first leads through direct marketing and other lead-generating methods. Creating a professional web site to assist in your marketing and prospecting campaigns. CAREER PROFILE To succeed, you will need to acquire significant amounts of product knowledge in areas of commercial and consumer finance. Acquiring significant amounts of product knowledge in areas of commercial and consumer finance that are little known to others. Providing for living expenses while you bring in your first deals. Developing a state-of-the-art lead and prospect computer-based management system. Creating strategic alliances for lead referral through networking. INCOME POTENTIAL While there will be many challenges for those that chose to enter the industry, the reason that many attempt to do so is the attractiveness of the industry and its considerable income potential. Consider this: The average stockbroker must manage between $100 and $150 million dollars of investor money (and manage it well) to earn a six-figure income. The average commercial finance consultant must place only $5 million dollars of client accounts receivable with a commercial factor to earn the same amount of commission income or greater. And that s not all. In addition to the income potential from commission products, consultants often have opportunities to invest their own funds in exceptionally high yielding investment opportunities. 5

9 CAREER PROFILE Yields in excess of 50% for those armed with the knowledge to structure these common transactions. OPPORTUNITIES for INVESTMENT Without question, alternative commercial finance consulting offers opportunities that few other vocations can match. Income potential from commissions and consulting fees in excess of $100,000 annually is not out of the norm. Additionally, however, the industry can often provide its savvy members with exciting opportunities for personal investment and profit. These include unique real estate purchase opportunities, the availability of high yield mortgage notes, commercial invoice purchases with yields in excess of 50%, and fast turnaround payment guarantee purchase order transactions. Among others, typical consultant investment opportunities include: Factoring.the ability to purchase invoices from small business owners that are payable by their customers in 30 /60/ or 90 days but where immediate capital is required for payroll or other urgent needs. Yields often exceed 50%. Seller Carry-Back Mortgage Notes.usually offering double digit yields and collateralized by improved real estate or raw land, these longer-term investments can be used as a key component to any investment portfolio where moderate risk with commensurately high returns are appropriate. Purchase Order Finance.(usually performed in conjunction with factoring) by advancing funds for verifiable purchase orders when vendors are short of cash and can t take advantage of unforeseen sales opportunities. Yields can often exceed 50% for those armed with the knowledge to structure these common transactions. Letter of Credit Guarantees.no, you don t have to be a bank to provide a letter of credit to a business owner. Private letter of credit transactions are becoming common in small business circles and can provide significant yield enhancements to stock, bond, and other more traditional investment portfolios. The knowledge necessary to structure and benefit from these and other unique investment opportunities is a bi-product of consulting in alternative commercial finance. Many enter the industry for these investment opportunities alone. 6

10 PERSONAL QUALIFICATIONS Because many individuals make the decision to enter the industry as the result of seeing a middle-of-the-night infomercial from a home business opportunity guru or after attending a free seminar, the failure rate for those that subsequently sample the business is extremely high. We would guess in the 90%+ range. And, for the third time, we will tell you, if it were easy, everyone would be doing it. It takes a special person with unique entrepreneurial characteristics, commitment, and qualifications to succeed as a consultant. It takes a very special person equipped with an exceptionally unique compliment of skills, marketing savvy, and product knowledge to succeed as an alternative commercial finance consultant. Before you leap into the industry, consider the following: A great deal of your time will be spent networking. You should be comfortable around others and have the time and financial capability to join multiple organizations that include bankers, lawyers, real estate professionals and others that can refer business to you. CAREER PROFILE It often takes months to begin generating significant amounts of income. Make sure that you have an adequate amount of startup capital to carry you through the first lean months. It often takes many months to begin generating any significant amounts of income. Before entering the industry, make sure your finances are in order. Be sure that you have the ability to stick with it for at least 6 months with little or no significant income. Even if you work from home, you will have office expenses. Including a computer, you should allocate a minimum of $3,000 for office setup essentials during the startup period. While you must obtain considerable amounts of product knowledge, your livelihood will depend on your marketing and prospecting capabilities. You will need a reasonable marketing budget of $500 to $1,000 each month just for the essentials. One of the best methods of developing new accounts is through workshops and seminars. You should feel comfortable speaking in front of groups of twenty or more people. This is a very prestigious business and you will need to look and dress the part. This includes suits and ties for men, business suits for women and a late model, dependable vehicle. 7

11 CAREER PROFILE Do you have a good command of the English language with diction that is easily understood by all? INGREDIENTS FOR SUCCESS One major difference between a corporate 9-5 job and a career in consulting is that the business is YOU. Your success or failure, your self esteem, your personal self worth and your level of income all depend on your performance. If you fail, it is all on your shoulders. In the end, there is no one to blame but YOU. Therefore, before embarking on this career path, inventory your personal assets to better determine your chances at success. Do you have the capital required to start a new business and to provide for you and your family for 6-12 months during the start-up phase? Do you have the drive and mental toughness that it requires to be independent and fully on your own? Do you have the computer skills necessary to run the business, keep records, track marketing campaigns and organize leads and prospects? Do you have the networking skills and time necessary to join fraternal, business, and trade organizations and develop referral relationships? Do you have a good command of the English language with diction that is easily understood by all? Do you have good telephone skills that can assist you in your marketing efforts? Do you enjoy being the center of attention and a problem solver? Do you capabilities to operate your business during normal 9-5 operating hours? Do you understand direct marketing and have you any experience in telephone prospecting and cold call canvassing? Do you have clear cut financial and career goals? Do you have a space available to create a home office work area or the excess capital for commercial executive office space? 8

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13 Purchase order finance invoice Business notes factoring Structured settlements deed Asset-based lending Accounts receivable hard money forfaiting Lottery gaming annuities ne of the first tasks you must perform when entering the alternative commercial finance industry is to Purchase order finance become completely familiar with a vast array of financial products that may be completely unknown to you. Many will Business notes have terminologies or jargon that you must become familiar with so that you are invoice factoring Structured comfortable when settlements speaking with funding sources and their representatives. deed Asset-based lending hard money Accounts receivable forfaiting Lottery Factoring gaming annuities purchase orders 10

14 PRODUCTS & SERVICES f you are still reading this guide, that means that you believe you have the necessary qualities to pursue a career as a consultant / broker in alternative commercial finance and are ready to explore the types of products and services that you can offer. We will briefly describe a few of the major products and service areas in this chapter. Keep in mind that new areas emerge literally daily. There are also many tangents available to specialize in as you become proficient in many forms of financing. After providing factoring and purchase order finance for several years to manufacturing clients, for example, one consultant found that she could additional act as a representative between product manufacturers wanting to contract manufacture with Chinese factories, and the factory representatives that arranged such manufacturing facilities. This took no special talent, no additional knowledge other than simply knowing where to go to get the job done. (Huge consulting fees involved by the way.) A key ingredient to this unique consulting business is, in fact, just that..knowing where to go to get the job done. It is important, for example, that you know the difference between a purchase order and an invoice so that you can contact the appropriate capital source when you are arranging such financing. When dealing in mortgages, you must be aware of the terms of a mortgage..first mortgage, second mortgage, balloon, etc. so you can present paper for sale and structure transactions professionally and confidently. How you obtain the necessary product knowledge is another subject. With the continued growth of the internet, virtually everything is available on one web site or another. The key is to know what you are looking for. The topics presented on the following pages are brief introductions to sometimes very complex transactions. To be taking seriously by those that will refer business to you, (bank loan officers, attorneys, CPAs, and other professionals) you must know your business inside out. Professionals such as the above will not risk their reputations on someone that is of questionable authority. As you first build your business, you will need to seek expert training and consultation to avoid making critical mistakes that are sometimes impossible to correct. As it is often said, you have only one opportunity to make a first impression. Since a great deal of your business will be the result of building referral relationships through networking, make sure your credentials and base of knowledge are in place and valid. 11

15 PRODUCTS & SERVICES COMMERCIAL FACTORING For brokers and consultants, commercial factoring often forms the key component of their product mix. This is because of its broad appeal as a financial problem solver to small and midsize business owners. Factoring is defined as the process of purchasing invoices from a seller (known as the client) by a buyer (known as the factor). These invoices are purchased at a discount from their face value with an initial advance (usually percent) and upon the ultimate payment of the invoice by the client s customer, the balance of the value not initially advanced is then rebated to the client minus the factor s fee. By referring only 4-5 million dollars in client invoices to factors, a broker will typically earn in excess of $100,000 per year. Factoring is one of the most powerful financial tools available to small business. While a financial accommodation, its real value is as a growth engine to companies unable to arrange for more typical business loans from commercial banks. Those businesses that employ factoring are able to accept orders for goods or services from larger customers that demand 40, 50 even 60 or 90 day terms of payment upon invoices. With the money from advances upon purchased invoices, clients that utilize factoring can provide for weekly payroll, pay their suppliers timely, make tax payments, or satisfy a host of other financial needs. They are not credit bound while waiting for slow paying customers to remit payment. Because of this flexibility, they can attract very large commercial clients and grow their businesses quickly and efficiently. COMMISSIONS At any given time there are about 1,000 commercial factors operating domestically. Virtually all factors enjoy working with independent brokers that source business for them. One of the strongest features of factoring from the consultant s standpoint is the standard commission fee structure paid for referrals. Most commonly, factors pay 10% of their earned fees to the broker / consultant that sourced the client. This fee is paid monthly and for the life of the account. Very typically, business owners that choose factoring to finance the growth of their company do so for a period of many years. This means the broker that generated the client can expect a monthly check for 24, 36, 48 months or even longer. By referring only 4-5 million dollars in client invoices to factors, a broker will typically earn in excess of $100,000 per year. 12

16 PURCHASE ORDER FINANCE Commercial purchase order finance literally goes handin-hand with factoring. In fact, the vast majority of purchase order finance transactions subsequently result in the creation of a factoring transaction. (earning a double commission for the lucky sourcing consultant) PRODUCTS & SERVICES Purchase order transactions are very similar to factoring transactions. In the case of the purchase order transaction, however, the product or service has not actually been received by the customer yet and an invoice cannot be forwarded for payment. The funds advanced from the purchase order finance company are designated to get the product or service delivered so that it may be invoiced for payment and completed. Most typically, purchase order transactions involve export-import trade. A contract manufacturer in the U.S. that uses a Chinese factory to produce its product, for example, must pay that foreign factory prior to shipping the goods to its customer. Since the customer does not yet have the goods, an invoice cannot be generated for payment yet. To finance this transaction, a purchase order finance company will first verify the validity of the purchase order. It will then issue a letter-of-credit guaranteeing payment for the goods after manufactured. Upon notification of the completion of the order by the factory, it will inspect the goods manufactured to be certain they meet specifications. Upon delivery of the goods to a freight forwarder (shipping company), the purchase order financier will then advance funds upon the purchase order directly to the foreign factory s bank. COMMISSIONS As previously mentioned, most purchase order financing ultimately also involves a factoring transaction. When the goods arrive in the U.S. and are delivered to the client s customer, an invoice can be generated. If the customer was granted 45, 60, or 90 day terms of payment from the time of the order s receipt, a factor will take out the purchase order finance company and finance the transaction for the balance of the time until final payment by the customer. This results in a double commission being paid to the sourcing broker. If the customer was granted 45,60,90 day terms of payment from the time of the order s receipt, a factor will take out the purchase order finance company and finance the transaction until final payment by the customer. This results in a double commission being paid to the sourcing broker. Like factors, purchase order finance companies typically pay 10% of their earned fees as a commission. This amount is paid monthly and for the life of the account. 13

17 PRODUCTS & SERVICES Asset-based loans are most often found in the form of revolving lines of credit or as it is commonly termed a revolver ASSET-BASED LENDING As opposed to factoring, asset-based lending is provided as a loan to clients against accounts receivable rather than their actual purchase. Additionally, asset-based loans provide financing for inventory and work in process. Asset-based lending implies a loan that is simply made which is backed by an asset of a business such as equipment (as opposed to a non-collateralized signature loan). This, however, is not the case. Asset-based loans are those loans made to a business which are collateralized only by accounts receivable and inventories (to include work in process). As opposed to factoring arrangements which can be granted to small businesses with as little as $10,000 to $20,000 in accounts receivable, asset-based credit arrangements usually involve much greater amounts with $1,000,000 or more being more the norm. Because asset-based lenders do not actually purchase the accounts like a factor, the credit of the borrower must be stellar. Asset-based loans, therefore, are only granted to those companies with profitable operational histories and impeccable credit. Asset-based loans are most often found in the form of revolving lines of credit or as it is commonly termed, a revolver. They will include funds for accounts finance, the purchase of inventory, letter of credit transactions, etc. Funds will be withdrawn from the credit line as needed and then re-deposited as accounts are paid and inventories depleted. The borrower generally pays interest only on the funds withdrawn for use with a small fee paid overall for the credit facility s availability. COMMISSIONS As opposed to the recurring and trailing monthly commissions paid for factoring and purchase order transactions, asset-based lenders will typically pay a one time fee for client referral. This generally ranges form 1/4% of the loan amount to perhaps 1/2% for very small loans (under $500,000). Still, even at such low fee rates, a $5,000,000 credit facility granted to a client can often amount to a $25,000 to $35,000 fee to the sourcing agent. Typically, alternative commercial finance consultants tend to focus their marketing efforts more in the area of factoring, purchase order finance and export-import trade finance where the commission streams are for longer periods of time. The occasional asset-based loan is look upon as a bonus when discovered. 14

18 PRODUCTS & SERVICES EQUIPMENT LEASING Another opportunity for commission income available to consultants is in area of equipment leasing. Equipment leasing is simply a method of acquiring equipment on a time installment basis rather than purchasing it outright. One of the most important components to any leasing decision are the tax consequences to the business. Generally speaking, the decision to lease equipment rather than purchase directly will be made by a companies tax advisor. Additional considerations can involve a company s current financial health and how its existing credit arrangements are structured. When providing advise on equipment leasing, consultants will most often work closely with a lease broker or syndicator. Simply put, professional lease brokers match up prospective lessees with lease investors. They will formulate the basic structure of the lease, lay out the terms to the lessee and package the deal. If the lessee finds the package acceptable the broker will then shop the deal to lease investors. Some brokers will actively finalize the leasing arrangement through the documentation stage and shepherd the transaction. Others will turn the transaction over to the lease investment company and step out altogether. At this point you may be asking whether you, as a financial consultant can act as the broker and earn the entire fee? The answer is...absolutely. It is usually better, however, to learn the ropes from a professional lease broker before you attempt to go it on your own. One of the lease broker s qualifications is having an expansive knowledge of the leasing industry. He/she must have an expansive database of lease purchasing companies and know their underwriting guidelines and purchasing parameters. COMMISSIONS For his/her services, a lease broker typically will earn 1-8% of the cost of the leased equipment which is paid for by the lease investment company upon closing. As a sourcing agent to the broker, a consultant will typically earn 35-50% of the lease broker s commission. For his/her services, a lease broker typically will earn 1-8% of the cost of the leased equipment which is paid for by the lease investment company upon closing. As a sourcing agent to the broker, a consultant will typically earn 35-50% of the lease broker s commission. While usually acting only as an agent, lease brokers occasionally invest some of their own funds in the equipment along with the lease investor. By doing so, the broker can add credibility to the overall transaction and earn a handsome return on his/her own investment capital. 15

19 PRODUCTS & SERVICES There are literally billions of dollars of owner financed mortgage notes in existence at any given point in time. DISCOUNT MORTGAGE NOTES Discount mortgage notes are a commonly sought after product area by many consultants and can actually be looked at as a stand-alone business. Most often discount mortgages are referred to owner financed mortgages or seller carry-back mortgages. They are simply the paper result of a property owner deciding to finance a piece of real estate personally rather than requiring the buyer to seek funding from a more traditional source such as a bank or commercial real estate lender. Owner financed mortgage notes often come about when a piece of property is difficult to sell or when the buyer cannot qualify for financing. It may even be because the land is rural and out of the geographic preference area of lenders. There are literally billions of dollars of owner financed mortgage notes in existence at any given point in time. As interest rates rise and banks tighten credit policies, owner carryback mortgages begins to play a larger part in creative real estate financing. In periods of declining real estate values or bursting bubbles, owners use it as a sweetener to help sell their properties faster and at higher prices. Many home sellers keep these private mortgage notes due to the exceptional income that they provide. Others, however, find they must sell their mortgage notes for a variety of reasons. These include: Purchasing another new home. Paying for the education of children. Unforeseen medical needs. Other investment opportunities. Divorce or dissolution of partnerships. Taking exotic trips or vacations. Consolidation credit cards or other debts. COMMISSIONS Consultant fees in the area of mortgage notes are usually charged as a discount to the wholesale price offered for the note by a note buyer. For example, after submitting a $200,000 note for purchase to a buyer, you might receive a wholesale quote of 90 cents on the dollar or $180,000. As a broker, you simply subtract your fee of say, $10,000 from the wholesale bid and give the seller a retail bid of $170,000. If accepted, the buyer provides all of the closing documents. 16

20 BUSINESS NOTES Seller Financed Business Notes are very similar to Owner Financed Mortgage Notes except that the note is the result of a business owner selling his/her business rather than a homeowner selling a home. The creation of a business note is exceptionally common when selling a business due to the fact that many banks will only lend on hard assets such as real estate and buyers of businesses find it difficult to finance the intangible assets of a company. PRODUCTS & SERVICES According to the U.S. Small Business Administration (SBA), there are approximately 23 million small businesses in America at any point in time. Statistically, about 10% of these businesses are sold each year and a majority of these sales include some type of private business note to complete the transaction. Given these figures, there are over 2 million new prospective clients each year holding billions of dollars of new private paper. As a general rule, the previous owner of the business holding the note does not realize that there is a ready market available for liquidation. While not as expansive as the network of residential note buyers, business note buyers do exist and they are especially attracted to promissory notes which have a commercial real estate component incorporated. The purchase of business notes is far riskier than most other areas of the paper industry. This is primarily due to the high number of small businesses that fail each year as a result of poor management. While a previous owner of a restaurant, for example, may have been very successful, a new owner might fail miserably due to just small changes in menu items. From the note buyer s standpoint, these are risks which are hard to quantify and therefore bids on private business notes that do not have a real estate component carry very steep discounts. COMMISSIONS Commissions generated on Seller Financed Business Notes are generally calculated and created the same way as Owner Financed Mortgage Notes..that is, upon receiving a wholesale bid for the note, it is simply discounted further to represent the commission that the consultant wishes to earn. Due to the greater difficulty involved in sourcing a buyer, however, many consultants will charge motivated sellers a consulting fee upfront for their efforts. This is usually an hourly rate (ex. $50 per hour) for a guaranteed 10 or 20 hours of time spent in attempting to source the deal.. The purchase of a business note is far riskier than most other areas of the paper industry. This is primarily due to the high number of small businesses that fail each year as a result of being very poorly managed. 17

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