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Forum Newbie
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Last Login: 4/11/2007 1:15:37 PM
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| There is a section on the IFA website in the drop down menu that mentions IRS provisions that allow the funding of a franchise via 401k. However, the segment doesn't mention where to get this information. Where should I go to find out more? Thanks.
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Forum Member
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Last Login: 11/4/2010 10:12:57 PM
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| Good afternoon, The link on the IFA site for financial services is http://franchise.org/Search-Results-Supplier.aspx Companies like Benetrends and Guideant Financial Group as well as SD Cooper all have links on that page and will be able to get you started. There are many other sources also, but this is a begining. I hope it helps.
Succeed again in 2010! Christopher Simnick, CFE Managing Member - Synergy Franchise Group, LLC Synergy Franchise Group Network West Palm Beach, FL Cell: 561.385.3032 Office: 561.629.8121 chris@sfgnow.com www.sfgnow.com “Furthering Franchising Through Education & Communication ™ “
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Forum Newbie
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Last Login: 4/11/2007 1:15:37 PM
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| That's what I was looking for. Thanks!
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Forum Newbie
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Last Login: 9/26/2008 2:24:58 PM
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| I'd be happy to point you in the right direction. I know of two highly reputable organizations who show you how to use your 401K or IRA etc. to fund your franchise or business opportunity. These are tax, penalty and interest free. They charge a flat fee and administer the process for you. They also can talk to you about tax advantages. Call or email me anytime to discuss. Diana Hutcherson Franchise-Advisor - 877-264-7619
Diana Hutcherson
Franchise-Pro
303-751-2788
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Forum Newbie
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Last Login: 4/1/2008 10:45:17 AM
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| You can google BORSA (Business Owners Retirement Savings Plan) and get some results, probably from some legal firms in Houston TX. I called them and they were able to explain the workings.
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Forum Newbie
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Last Login: 8/23/2008 11:36:45 AM
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Many people use their retirement funds to buy a franchise. The companies listed are all very good. Just remember, when you are using your retirement funds to finance a business, if the business fails, no more retirement funds. Have you looked into other options? The most common option is an SBA guaranteed loan. The SBA will want to secure any real estate (like your home) you own.
Depending on the franchise concept and your financial situation, there are franchise lenders that will not secure your home or other assets unrelated to the business. These franchise options are very attractive. Although they may carry a higher rate of interest, they typically come out to be the same cost given the fees associated with an SBA guaranteed loan. There are other options, too, like unsecured lines of credit, but they are rather expensive.
Paula Serber
Business and Franchise Loans
619-793-5559
Paula Serber
Business and Franchise Loans
619-793-5559
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Forum Newbie
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Last Login: 4/29/2009 12:31:13 PM
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| A couple franchise options I've looked at require approx $700,000 liquid assets, $1.5 net worth....does this mean I must have $700,000 in cash on hand to even be considered? I have a potential partner, savings and some investments - but not nearly this much..... Help! I am very interested in franchisee opportunities; however, I am a little discouraged to even apply if I have to be RICH to invest. Thanks
Mz.Dunkin
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Forum Newbie
Group: Forum Members
Last Login: 4/29/2009 12:31:13 PM
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| A couple franchise options I've looked at require approx $700,000 liquid assets, $1.5 net worth....does this mean I must have $700,000 in cash on hand to even be considered? I have a potential partner, savings and some investments - but not nearly this much..... Help! I am very interested in franchisee opportunities; however, I am a little discouraged to even apply if I have to be RICH to invest. |
Mz.Dunkin
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