Starting A New Business

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Starting A New Business

Oftentimes tough economic situations create opportunities for our clients. Sometimes they find themselves unemployed or totally separated from service due to permanent work force reductions. Because of their age, finding economically attractive job offers are few and far between. Purchasing or starting a business is a legitimate alternative, or at least opportunity that should be explored.

One of our favorite examples of how Griggs CPA helped someone was in the late 1990’s. This client approached us and had a familiar story. He was well educated, help a masters in chemistry, but because of ethnicity was unable to break into a tough labor market. We created a business plan for his SBA Loan application. While his personal net worth was actually negative (clearly not the ideal situation), his business plan was strong and the proposed equipment use of funds had high loan values.

We were able to help him buy a building in an economic development zone and fully fund his equipment need. After closing, as we left the attorney’s office downtown, he literally leaped into my arms and gave me a true “Jerry Maquire “I love you man” hug. It was a moment we’ll never forget.