{"id":3785,"date":"2016-04-30T20:00:00","date_gmt":"2016-04-30T20:00:00","guid":{"rendered":"https:\/\/www.rbcwealthmanagement.com\/en-us\/insightsborrowing-from-your-business-without-borrowing-from-your-future\/"},"modified":"2023-11-01T11:05:47","modified_gmt":"2023-11-01T15:05:47","slug":"borrowing-from-your-business-without-borrowing-from-your-future","status":"publish","type":"post","link":"https:\/\/www.rbcwealthmanagement.com\/en-us\/insights\/borrowing-from-your-business-without-borrowing-from-your-future","title":{"rendered":"Borrowing from your business without borrowing from your future"},"content":{"rendered":"

Most entrepreneurs recognize that success is a byproduct of calculated risk and that building a successful small business requires a certain amount of agility. But they also realize it requires a lot of capital to retain that agility and seize strategic opportunities.<\/p>\n

According to Endurance International Group, more than half (57 percent) of U.S.-based small business owners planning to make investments in their businesses this year \u2013 ranging from product development to investing in real estate \u2013by, some will dig into their personal savings to fund those strategic opportunities.<\/p>\n

It\u2019s not uncommon; Inc. Magazine<\/em>\u2019s The State of Small Business survey<\/a> from 2015 found that over the past five years, 46 percent of entrepreneurs had tapped into their personal savings to fund their business.<\/p>\n

But is there a better way to borrow without disrupting your long-term goals?<\/p>\n

\u201cWe tend to find the families we work with try to shy away from accessing their personal wealth because they have so much other stuff going on \u2013 private investments, taxes, trusts, estate planning,\u201d says Michael Occhiuto, financial advisor and senior vice president at RBC Wealth Management\u2019s Midtown New York office. \u201cI view tapping into their personal wealth as a last resort if they ever come on dire straights and need help solidifying the business.\u201d<\/p>\n

His colleague, Scott Edwards, financial advisor and managing director at RBC Wealth Management\u2019s Midtown New York office says he agrees, pointing out that pulling money out of a personal investment vehicle can be a slippery slope.<\/p>\n

\u201cIf you miss just one year of investment return, even (in a conservative portfolio) at five percent it can really derail your portfolio in the long term,\u201d says Edwards. \u201cIf you\u2019re running a business, you\u2019re usually going to need money for more than one year.\u201d<\/p>\n

Instead, says Edwards, an entrepreneur can leverage the business and its assets to tap into funds for further growth. Here are some ways small business owners can borrow from their business without disrupting their long-term goals.<\/p>\n

Unsecured line of credit<\/h4>\n

\u201cUnsecured lines of credit are coming back, they\u2019ve been dead since 2008,\u201d says Edwards. \u201c(With unsecured LOCs) lenders basically look at the individual borrower, go over their liquidity profile and extend a line of credit just based on who they are,\u201d he says.<\/p>\n

Since no asset is acting as collateral and the LOC is borrowed against the possibility of future business returns, these sorts of credit vehicles can be highly risky for lenders and often come with higher interest rates.<\/p>\n

At quick glance, an unsecured loan may seem like a better option for a business but given that they are only given to well established, reputable businesses, a secured line of credit is more likely the route for small businesses starting out.<\/p>\n

Asset-based loans or lines of credits<\/h4>\n

As the name suggests, asset-based loans are structured around assets \u2013 typically accounts receivables and inventory, explains Dean Deutz, vice president of wealth initiatives and senior manager of the Wealth Solutions Group at RBC Wealth Management in Minneapolis. Asset-based loans can equate to around 70 or 80 per cent of a business\u2019 eligible receivables and 50 per cent of finished inventory.<\/p>\n

The credit grantor establishes a lien against an asset that belongs to the borrower and if the business owner defaults on repaying the loan or line of credit, the lender has a right to seize the collateral and liquidate it.<\/p>\n

\u201cThe reality is there’s a lot of businesses with assets that are either not strong enough or mature enough to fund the loan and the owners end up doing personal guarantees,\u201d says Deutz.<\/p>\n

Unfortunately, as businesses transition from the startup phase to standing on their own legs, sometimes owners forget their personal guarantee is still attached..<\/p>\n

\u201cYou have to continually review your (loan or line of credit) on a periodic basis,\u201d adds Deutz. \u201cWe see business owners not doing a periodic review of their debt and personal guarantees and they miss an opportunity to refinance or remove their personal guarantee from a business loan. The worst case is when they don\u2019t do a review and the business fails for some reason and their personal assets are at risk.\u201d<\/p>\n

Skip these woes by reviewing and where possible, re-financing.<\/p>\n

Securities-based lending<\/h4>\n

Securities-based lending is the process of pledging a portfolio of, say, blue chip equities or municipal bonds, as collateral to back up a loan of around 50 to 60 per cent of those assets\u2019 value. Loan-to-value rates can go lower for concentrated stock positions and higher for bond portfolios.<\/p>\n

\u201cYou’re not selling those stocks you\u2019re just borrowing against them so the stocks can still grow in your portfolio,\u201d says Edwards. This also lets the investor avoid a taxable event.<\/p>\n

\u201cIn terms of payback, you don\u2019t have a schedule where you need to pay back the principal every month or every quarter \u2013 you’re just responsible for the accrued interest every month,\u201d adds Occhiuto. \u201cSo the balance will actually grow over the length of the loan unless you decide to pay some of that down.\u201d<\/p>\n

While securities-based lending can provide liquidity for certain business or personal opportunities, there are some risks involved. Securities-based lending can come with restrictions on how one uses account proceeds. There\u2019s also the risk that an entrepreneur might have to provide additional funds or securities if their existing securities start slipping in value. Failing to do so, the bank can sell any assets in the collateral account at its discretion, seriously impacting a longer-term strategy.<\/p>\n

\u201cLook at the amount of market cycles we’ve been through since 2005\u2026 the amount of volatility,\u201d says Edwards. \u201cYou really have to focus on the market cycles and the macro level of things, the overall environment.\u201d<\/p>\n

He says he uses the same advice for entrepreneurs who find themselves nearing retirement with portfolios predominantly stacked with shares of their own company.<\/p>\n

\u201cWe have a CEO of a publicly-traded bio tech company whose own stock trades at $20 a share and he owns 1.5 million shares,\u201d says Occhiuto. \u201cWhen we sit down and go over his estate plan, asset allocation and how he’s diversified and protecting his personal wealth, he’s got a big problem on his hands because 98 per cent of his net worth is tied up in the company.\u201d<\/p>\n

The wealth management advisor says they\u2019ve been working with him to help him diversify,but like all entrepreneurs who\u2019ve built a company from the ground up; it can be a tough sell.<\/p>\n

\u201cYou never want to have all your eggs in one basket, this may be your baby but at the end of the day you\u2019re going to want to retire at some point and you want to have some security,\u201d he adds. \u201cNo one knows what tomorrow is going to bring so you want to be diversified\u2026 so that you can run your business and sleep at night knowing you\u2019re going to be financially secure.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

How entrepreneurs can borrow from their business without disrupting their long-term 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