Holly is the founder of Enterprise Transitions, LP where she helps business owners who want to grow their business, plan for its ownership transfer to family members, key employees or to an outside party, or who needs help when it’s time to sell.
Holly founded ExitPromise.com as well as StartupPromise.com and so far has answered more than 3,000 questions asked by business owners about starting, growing and selling a business.
Holly founded ExitPromise.com as well as StartupPromise.com and so far has answered more than 3,000 questions asked by business owners about starting, growing and selling a business.
Latest posts by Holly Magister, CPA, CFP (see all)
- Does the Stage of My Business Matter When It’s Valued? - April 28, 2022
- What the Great Resignation Means to Your Business - April 19, 2022
- What is Exit Planning? - November 22, 2021
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My friends keep advising me to just raise the money I need to start my business from a crowdfunding site instead of a bank.
I have really good credit (FICO score = 780). Is this important to bank or to the crowdfunding backers?
Hi Kendra,
Your personal credit score is always important when you start or expand your business because lenders and investors alike will consider your credit history carefully.
It’s tempting to jump on the crowdfunding sites without giving traditional bank lending a shot.
Trust me, I know it’s a pain to apply for a bank loan. That said, if you are able to start your business with your own capital and borrowed funds, you will retain all of the equity in your business. This is a very important consideration if you plan to grow your business into a valuable ‘investment’ for you and your family. Diluting capital from your business’ initial startup may not be what you want to do in the long term.
Just something to think about.
All the best to you Kendra!