America’s Top CFOs Help Secure $251M in PPP Loans

America’s Top CFOs Help Secure $251M in PPP Loans

by | Aug 3, 2020 | B2B CFO® In The News, National Releases

MESA, Ariz., July 24, 2020 /PRNewswire-PRWeb/ — In the wake of COVID-19 dealing a hard blow to the economy, B2B CFO, a national firm dedicated to providing management advisory services to privately held companies, came forward to offer advice and Paycheck Protection Program (PPP) application assistance to privately held businesses across the country. A survey completed by B2B CFO partners indicated that they assisted 519 businesses to receive approximately $251 million in PPP loans during the first three months of the pandemic. “The PPP loans these companies received have kept about 25,000 people employed,” stated Jerry L. Mills, founder and CEO. “Not only have we helped those employees, but by extension their families.” For every job that was protected by PPP loans, there is a family that was able to continue putting food on the table, cover rent and utilities, or otherwise continue on without the uncertainty created by business closures and stay-at-home orders. While it is hard to know exactly how many lives were directly impacted by the loans, Mills says that estimating four people to a household means their work has kept life stable for approximately 100,000 during the pandemic. B2B CFO partners worked with business owners in one-on-one sessions designed to inform them about immediate actions, navigate the PPP loan application process, plan cash flow through closures, and provide valuable insights on how they could restart their businesses. But for the company, which has a history of working with business owners stricken by natural disasters, the consulting sessions were more than a bottom line – the overall impact on each business that received a loan allowed...
Understanding Concerns About Selling Your Business

Understanding Concerns About Selling Your Business

by | Mar 17, 2020 | B2B CFO® In The News

A survey was conducted by B2B CFO® at the 2019 Inc. 5000 Conference held in Phoenix B2B CFO,  an Inc. 5000 Conference sponsor and 4 time Inc. 5000 winner, is a national firm dedicated to providing management advisory services to privately held companies.  They conducted a survey at the 2019 Inc. 5000 Conference held in Phoenix, Arizona. The annual conference honors (and educates) the owners of the fastest growing private companies in America. Approximately 85% of the business owners surveyed were Inc. 5000 honorees.  The surveyed owners confidentially answered the questions below. For the final two questions, we compared the 2019 answers to the responses to the same questions from the B2B CFO survey conducted at the 2013 Inc. 5000 conference held in Washington, D.C. As you will see, there have been significant differences in the plans and concerns of today’s respondents as opposed to those surveyed six years ago.  “Each year business owners are faced with different issues that impact their thought process regarding the prospect of selling their company.   Understanding the driving concerns is key,”  said Jerry L. Mills, founder and CEO of B2B CFO. Original article posted March 12, 2020 at...
Leaving a Legacy: How Thoughtful Boomer Business Owners Are Retiring Without Burdening Their Employees or Their Communities

Leaving a Legacy: How Thoughtful Boomer Business Owners Are Retiring Without Burdening Their Employees or Their Communities

by | Jun 14, 2018 | B2B CFO® In The News

Source: http://seattlebusinessmag.com/business-operations/leaving-legacy-how-thoughtful-boomer-business-owners-are-retiring-without SEATTLE, WA – At 65, Charlie Lanasa has long grappled with how best to retire from BestWorth Rommel Inc., the Arlington-based sheet metal fabricator he acquired nearly two decades ago. After putting in 70-hour weeks for the company, which makes gas station canopies and custom siding for clients such as Krispy Kreme and Porsche Bellevue, he wasn’t sure he could let go. And, a couple of years back, he began to have another concern: “I started thinking, ‘What happens if I get hit by a truck?’” LaNasa says. “It would violate all my principles.” LaNasa has always taken pride in operating the business by three principles: Act ethically, provide good stewardship of the firm’s assets, and take care of his employees, customers, vendors and subcontractors. How could he find a new owner who shared his values and who would keep the business in Arlington and provide security for his 100 employees in a community of 19,000? LaNasa’s dilemma is one shared by many among the nation’s growing population of aging business owners. Project Equity, a Bay Area nonprofit, estimates baby boomers born between 1946 and 1964 own 2.34 million businesses across the country and have nearly 25 million workers on their payrolls. In 2017, owners 65 years or older accounted for 36 percent of all small businesses with annual revenue between $100,000 and $10 million, and 45 percent of midsize businesses with yearly revenue between $10 million and $100 million, according to Minneapolis-based Barlow Research Associates. In a 2015 U.S. Census Bureau survey of Washington state’s 183,000 employers, roughly half of the business owners who responded were 55...