Murray Beaulieu served in the army for five years and boasts a significant career spanning 35 years in corporate finance and manufacturing for renowned Fortune 500 companies. Although he was a finance expert in these large corporations, he admits he had no inkling about the intricacies of business credit, differentiating personal credit, and the unique challenges small business owners face in securing funding until later in his career.
His website: https://www.trebuchetsolutions.com/
Summary:
In this insightful episode of the Blue Crocus experience, host Lewis sits down with finance veteran Murray, who sheds light on the often -overlooked yet crucial topic of business credit. The conversation dives deep into the untapped potential of building solid business credit and the leverage it provides any business owner, large or small. Murray’s expertise unravels the complexities of credit scores, lending, and strategically positioning a business for financial success without risking personal assets.
Key Takeaways:
-Business credit requires an intentional approach, as it’s not automatically reported like personal credit. Strategically building your business credit apart from personal credit is crucial.
-Securing business funds without a personal guarantee is possible and essential to protect personal assets.
-Consistency in business data across all platforms is critical for fundability and credibility to financial institutions and credit bureaus.
-Access to the right funding can exponentially propel a business’s growth by enabling strategic investments.
-Business credit, when built correctly, can enhance the value of a business, making it more attractive to buyers or transferrable to family without financial encumbrance.
Quotes:
“Every business needs access to money at some point” – Murray highlights the universal need for financial leverage in businesses.
“You never want to commingle business and personal finances” – Murray on the importance of maintaining separate financial entities to avoid personal liabilities.
“It’s massively unfair and very stressful” – Murray expressing the pitfalls of personal guarantees on loans.
“You could be paying off a loan or paying off a credit card, thinking you’re building a credit, and if I pay this early or pay it on time, it’s going to make me look good. But there’s a 90% chance that, that the recording of that transaction isn’t going anywhere” – Murray on the lack of automatic business credit reporting.
“The bear was in the woods walking in a ten by ten circle… most business owners have been conditioned to operate with blinders on” – Murray metaphorically discusses the limited perspective that hinders business owners without proper credit strategies.
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About the Show:
Welcome to our podcast for contractors and business owners, hosted by Lewis Vandervalk of Blue Crocus Solutions. Our #1 goal is to connect with and learn from business owners, thought leaders, and coaches. We talk about their stories, where they have come from, where they are going, and their wins and lessons.
If you want to be a guest on the podcast, email Lewis@bluecrocus.ca, and we can arrange a time if you are a good fit! We are especially interested in chatting with contractors and business owners who have fought through adversity and have the scars, experience, and insights to share from those times.
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