Tom Goldblatt

ISM Services numbers came out today in the U.S., below how the picture looks like: - June ISM Services printed at 48.8, below consensus 52.5 and prior reading of 53.8. ISM services now back in contraction territory. - New orders fell to 47.3 from 54.1 in May, while business activity index registered 49.6 in June, falling from 61.2 in May (first month of contraction since May-20). Prices paid index fell m/m to 56.3 (was 58.1). - Employment index contracted for the sixth time in seven months coming in at 46.1, down from 47.1 in May. - Survey respondents generally reported business was flat or lower, and although inflation was easing, some commodities had significantly higher costs. - Elsewhere, final June S&P PMI services came in at 55.3, ahead of consensus 54.0. PMI composite posted 54.8 in June vs consensus 53.0. - Report noted sharper increases in activity and new orders, employment returning to growth, and easing inflationary pressures. - Finally, May durable goods (final) headline reading was 0.07% vs consensus 0.10%. Data source: FactSet

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We’ve started a new series of FLT Explainer videos focused on the issues raised in our Primary Market Education Series - this one is on one of the most important protections for lenders, the conditions that borrowers must meet to access the Restricted Payments builder basket. If just few words had been different in Altice’s docs, they wouldn’t have been able to transfer such significant assets to Unrestricted Subsidiaries - so it’s definitely worth 15 minutes of your time to hear me explain how they work! To find out more about our online, on-demand legal education platform, visit us at www.foxlegaltraining.com and become empowered with legal knowledge today! #onlinelearning #legaleducation #covenants

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Seller financing and working capital — These two aspects are some of the most talked about deal components in online circles… If the transaction involves seller financing, it’s prudent to show the full purchase price of the business on the settlement statement. "But, Scott... the seller isn't getting the full purchase price at closing!" You're right, but keep reading... The seller won’t get the full price shown, and this is later demonstrated by including the seller note amount as a credit to purchaser. See? Told you so... A disbursing agent might overlook the details and indicate the purchase price as what the seller is getting at close (price less seller note). This is an issue. The statement needs to be clear and demonstrate the purchase price amount in alignment with the loan approval. In the end, disbursing agents sometimes run the figures and have a bottom line saying “cash to borrower.” This should typically be 0’ed out and moved up as a line item for working capital to the borrower (assuming there’s working capital in the deal). The settlement statement should be clear, balanced, and give everyone (including an auditor) a comprehensive view of the deal. Once approved, the statement should be signed by all borrower(s) and seller(s), with evidence of all disbursements provided to the lender once released. If you're having a third party disburse, whether it's a title company or another type of disbursement agent, it is critical that they understand the nuances of the SBA program and the "why" behind what they are showing on the settlement statement. Knowing the “why” is critical for a lot of areas within the SBA programs, and by understanding it… Whether you’re a borrower, attorney, lender, etc… will make the closing process much smoother.

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Alternative lenders offer unconventional lending options that allow businesses to leverage assets like their accounts receivable or credit card sales, rather than borrowing on credit #alternativelending #fundingsolutions #businessdevelopment #tipsandadvice

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Omni Agent Solutions presents: The Weekend Breakdown, November 3rd, 2024 Click this link to get the full story and more. https://bit.ly/3LOrUgl ·        The Container Store could file bankruptcy if Beyond equity deal fails ·        Super Micro shares plunge 33% as auditor resigns ·        Dropbox slashes 20% of global workforce ·        Consensys to slash 20% of workforce ·         #business #debt #finance #bankruptcy #corporate #corporatebankruptcy #layoffs #economy #thecontainerstore #bedbathbeyond #supermicro #hardware #servers #datastorage #dropbox #cloudstorage #consensys #crypto #cryptocurrency #blockchain #fintech #metamask 

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Understanding Control in Irrevocable Trusts in Michigan: Key to Asset Protection and Estate Planning When it comes to estate planning, irrevocable trusts offer unparalleled benefits in asset protection and tax planning. However, the effectiveness of an irrevocable trust largely depends on how control is managed. By relinquishing control over assets, an irrevocable trust can shield your property from creditors and minimize estate taxes more effectively than a revocable trust. Here are essential considerations for setting up an irrevocable trust: Choice of Trustee: The trustee's powers, whether for managing assets or distributing them, crucially impact the trust’s asset protection capabilities. Opting for an independent trustee rather than managing the trust yourself can significantly fortify the trust’s defense against creditors. Funding the Trust: Properly transferring assets into the trust is critical. Transfers must be done in compliance with laws to avoid being overturned as fraudulent. Legal Compliance: Ensuring that the trust adheres to both federal and state laws where the trust is formed and where the trust maker resides is essential for its validity and effectiveness. Creating an irrevocable trust involves complex decisions about relinquishing control to achieve greater protection. This process requires careful planning and professional guidance to ensure that your estate planning goals are met while complying with legal standards. 📞 For sound legal advice on setting up an irrevocable trust tailored to your needs, contact John Dresser at Dresser Law PLLC at (269) 689-8527. #EstatePlanning #IrrevocableTrusts #AssetProtection #TaxPlanning #Trusts

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If you own stock that is QSBS, you are probably aware that you may be eligible to receive a significant exclusion on capital gains taxes when you sell your company. What founders do not often know is that they can multiply this exemption using certain types of trusts. Pillsbury's Avigail Goldglancz and Drew Reitz explore the options when planning with Qualified Small Business Stock (QSBS) in the latest article of their Estate Planning for Founders series. Read More: https://lnkd.in/e9r-qZmz #QSBS #EstatePlanning

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If you own stock that is QSBS, you are probably aware that you may be eligible to receive a significant exclusion on capital gains taxes when you sell your company. What founders do not often know is that they can multiply this exemption using certain types of trusts. Pillsbury's Avigail Goldglancz and Drew Reitz explore the options when planning with Qualified Small Business Stock (QSBS) in the latest article of their Estate Planning for Founders series. Read More: https://lnkd.in/gkQrPjfJ #QSBS #EstatePlanning

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This article reveals a common mistake that can mess up your business sale timeline. https://zurl.co/5NAN #mergersandacquisitions #sellingyourbusiness #businessowners #manufacturers #expertadvice #commonmistakes #adviceoftheday

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With U.S. franchising on the rise, more investors are exploring franchise opportunities as an alternative to the stock market. But what should you consider before investing in a franchise? Partner Mark Kirsch shared his insights in a U.S. News & World Report article titled "Franchise Investing: Get Your Hands Dirty, or Take a Passive Approach?" Mark unpacks the different ways that franchise investing takes place - as single-unit franchisees, multi-unit franchisees, or ownership at the franchisor level. To learn more about franchise investing and ownership, read the full article here: https://bit.ly/3T5zV4a #FranchiseInvesting #FranchiseLaw

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The vast majority of our business clients have SBA debt issues, which we can address both inside and outside of Chapter 11 bankruptcy. The objective of a "workout" with SBA outside of Chapter 11 bankruptcy is, primarily, to avoid litigation, foreclosure, and the ultimate loss of business operations and associated livelihoods and capital investments. A workout outside of Chapter 11 bankruptcy may be preferred where the business does not have any other debts it needs to reorganize in bankruptcy, or no ongoing operations capable of supporting a bankruptcy reorganization. SBA lenders must make a good faith effort to negotiate a workout on an SBA loan that is delinquent or has been designated in "liquidation" status. These efforts must comply with SBA's "Standard Operating Procedures" (SOPs). This means that the process of negotiating with a SBA lender is structured and follows a certain workflow per the SOPs. The first step in a SBA workout is for the business and for its guarantors to provide the SBA lender with financials and to sign a sworn statement, under penalty of perjury, that these financials are accurate (these disclosures are strikingly similar to the disclosures made in a Chapter 11 bankruptcy). Once the SBA lender has reviewed all relevant financials, a determination will be made whether a workout is feasible, or whether the business is a "lost cause" from a workout perspective. If a workout is not feasible, the SBA lender must move to enforce its debt through litigation and foreclosure on all collateral, including the personal guarantees given by the business' owners. If a workout is deemed feasible, the SBA lender only has sixty (60) days to get a plan in place before the lender must resort to enforcement of its debt through litigation and foreclosure. The most common end results of SBA loan workouts include forbearance, deferment, modification of repayment terms of note, and voluntary sale of collateral. For businesses that have the means to reorganize through Chapter 11 bankruptcy, especially those with more than just the SBA debt to address, a Chapter 11 bankruptcy offers many advantages to the workout workflow required under the SBA's SOPs.

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Want to increase conversion and client satisfaction at your #lawfirm? Think quality over quantity. Watch our on-demand webinar to learn how to automate your processes and ditch the leads that won’t serve your sales pipeline justice.

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