The Limos.com Forum Has Moved!!!

Anyone heard of Allied Busoiness Solutions? They do startups. The only people who made any sense and would work with me and I STRONGLY recommend them.

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Originally posted by Karl:
Very good points, Maureen. They should be considered not only by startups, but also by those looking to step up and expand.

Thank you, Karl. I agree; many of the points apply to any business entity seeking financing. You don't need an MBA in finance or economics or business to understand and obtain appropriate financing, but you do need to take the time to educate yourself, understand your credit, and exercise common sense. If you don't, I guarantee only 2 things will happen: you'll never get financed or if you do, it will be with a ruthless company willing to prey on your ignorance and lousy credit history. Also, here's another one of my ideas: why not ask for references? We ask for references when we contract work all the time, right? If you hired a plumber or a carpenter, wouldn't you ask for a reference? When you seek financing, don't just take the reference of the salesman (he may have a vested interest in the referral), but ask for a list of owner/operators who you can call to ask them questions about the broker and company your working with re: your loan. I think this is very, very important. Maureen

Very good points, Maureen. They should be considered not only by startups, but also by those looking to step up and expand.

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Originally posted by Dean Schuler:
Post the website address for Allied Business Solutions, please.[QUOTE]Originally posted by limofinance:
[QUOTE]Originally posted by limogal:
Anyone heard of Allied Busoiness Solutions? They do startups. The only people who made any sense and would work with me and I STRONGLY recommend them.

Sorry, website is being constructed; biz
has exploded by word of mouth alone so haven't felt compelled to develop a web presence but thought I'd finally get to it... one of the web gurus in one of my affiliate offices is working on it now.
Allied Business Solutions, Inc.
Maureen Gill, Founder and President
limofinance@live.com

quote:

Originally posted by Dean Schuler:
Post the website address for Allied Business Solutions, please.

quote:

Originally posted by limofinance:

quote:

Originally posted by limogal:
Anyone heard of Allied Busoiness Solutions? They do startups. The only people who made any sense and would work with me and I STRONGLY recommend them.

Very interesting.., Yes, Limogal, I have heard of ABSI 'cuz I own it. Thank you immensely. I can't figure out who you are so please call & let me know. Maureen

Allied Business Solutions, Inc.
Maureen Gill, Founder and President
limofinance@live.com

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Originally posted by LimoNewbie:
Have not heard of them, but just make sure you do your homework when looking for financing for start-ups! BUYER BEWARE! Many other companies are out there, you just have to look, don't always go to the first that says yes, if you do, read the fine print, make sure this company would be the best one for your company, and that you won't be "taken for a ride".

YES, YES, YES. Nicole, you're absolutely correct about exercising caution. The problem with start-ups is that by the time someone agrees to finance they've been all over the place and are pretty badly beaten up (and beaten down). It's like the ugly duckling who finally gets a date: so full of gratitude she might agree to anything! But start-ups need to know how to sell themselves and manage their hunt for funds. Start-ups need very good credit and I'm always amazed at how little people who want to start businesses actually know about credit; most don't even know their own FICO scores. Scores should be in the mid to high 600s -- or better -- because the criteria for a start up is very demanding. Also, FICO isn't everything: a HISTORY of successful borrowing is also very important(so if you've lived a life in the financial underground -- doing everything w/cash -- you're not going to have a solid borrowing history. Homeowners are preferred over renters, people who've paid off personal cars, etc., are preferred as well. Lots of credit cards are worrisome.) Pull your own reports BEFORE you shop for a loan and clean up any messes. It's important to demonstrate that you're in a solvent cash position: have good bank statements (even better if they're in the name of the company you want to operate -- just start out as a DBA and keep it simple; no need to get into any fancy legal entity to start). Those bank statements should show the money for the down (w/start-ups and new businesses it's almost always 20%), the upfront (2 monthly payments and a bank fee), and if there's a "cushion" -- all the better! (Lenders are more comfortable if they see you have enough "reserve" cash to make your payment even if the limo isn't making you money for awhile; lenders know it takes time to make money and start-ups "bleed" a lot of cash in the beginning with other expenses.) Also, the limo is important -- it can't be too old (5 years or older) or have very high mileage (should be <100K miles), and the builder is very important too. Banks prefer you buy a "meat & potatoes" car (sedan or 120") before you buy an SUV or some exotic monster because the smaller units are more flexible and will be on the street more often for more occasions. A business plan? Certainly a good thing for you but I've actually never seen a business plan make the difference: they're no substitute for (1) Good Fico, (2) Good Borrowing History, (3) Solid Financial Position (healthy bank accounts), and (4) Practical Equipment. Your regular bank in your hometown will ask for a biz plan but most banks and leasing companies who specialize in limousines don't require one (hint: your local bank will usually prove clueless about limos). I've always found a financial statement that demonstrates solid assets, cash or real estate, is much more compelling (when required) than any biz plan. And no one will be impressed that you've spent loads of money on a website; put your money into a business #, a fax line, and professional looking email. Know your area, your competition, and how you can affiliate with other companies. If you can say you've somehow been in the livery business, that helps. Additional advice: avoid any lease with a residual buy-out (no matter how tempting)and realize that as a start-up, in the eyes of a lender, you're just one more very, very high risk number in an industry flooded with other high risk numbers -- banks see low risk customers fail daily so imagine how they're gonna' feel about you, the new kid on the block, someone who STATISTICALLY has been proven over & over to be very risky? You're not doing the banks or leasing companies any favors: they're at risk and especially in this economic climate they have cold, beady, bottom-line eyes. Expect to pay a higher interest rate than an established business and understand commercial loans are always more expensive than personal loans (but your limo needs to be operated commercially so you will need a commercial loan AND (LET ME NOT FORGET THIS) COMMERCIAL INSURANCE -- which is another big expense. But if you prove yourself, you will one day be able to get 100% financing at the best rates. Oh: NEVER LET A LENDER REPO your limo -- it will be a PERMANENT KISS OF DEATH FOR ANY FUTURE EQUIPMENT LOANS. If you are in trouble, work it out voluntarily and amicably. Sell the limo yourself and payoff the loan -- that way you will live for another day of fun and hijinks in the Limo Financing Jungle. Maureen

Post the website address for Allied Business Solutions, please.

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Originally posted by limofinance:

quote:

Originally posted by limogal:
Anyone heard of Allied Busoiness Solutions? They do startups. The only people who made any sense and would work with me and I STRONGLY recommend them.

Very interesting.., Yes, Limogal, I have heard of ABSI 'cuz I own it. Thank you immensely. I can't figure out who you are so please call & let me know. Maureen

quote:

Originally posted by limogal:
Anyone heard of Allied Busoiness Solutions? They do startups. The only people who made any sense and would work with me and I STRONGLY recommend them.

Very interesting.., Yes, Limogal, I have heard of ABSI 'cuz I own it. Thank you immensely. I can't figure out who you are so please call & let me know. Maureen

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Originally posted by InTheLeftLane:
hmm... can you talk about how a loan vs. a private equity placement makes sense in a limo business?

Hi Steve; not sure what you're trying to compare. A "loan" (whether a straight finance or a lease, especially a lease to own w/$1 buyout) makes sense under the correct circumstances. Loans are nothing more than economic tools -- you just need to choose the right one to match the job. The problem is that most folks on the finance end don't take the time (or have the inclination) to figure out the right tool for your "job" (i.e., business). They're selling a product and are focused on the sale, not the practicality or end result to you. (If you had nice corporate sedan would you insist your corporate executive hire your 200" H2 for a run to the airport? Or, conversely cram a bride and her bridal party into a sedan?) A good financial person has to really understand your goals, the purpose for the loan, and your unique situation to determine the best vehicle for your financial ride. It ain't rocket science; it just takes a real interest in the customer and a load of common sense.
Maureen

hmm... can you talk about how a loan vs. a private equity placement makes sense in a limo business?

Have not heard of them, but just make sure you do your homework when looking for financing for start-ups! BUYER BEWARE! Many other companies are out there, you just have to look, don't always go to the first that says yes, if you do, read the fine print, make sure this company would be the best one for your company, and that you won't be "taken for a ride".