About once a week I receive a call from someone who should be a brilliant strategy that is guaranteed to be selling assets in bonds has heard, so that they can continue the business, while convincing the bank and the SBA away and leave him alone . Although this strategy is not a new idea, the question is always: It is legal? How have lenders adhere to this strategy?
Before going in the way that a provider feels Asset Dump a purchase, here's how it a worksSummary:
Bob Baker has taken a loan of U.S. $ 500,000 Bank of Mula for the purchase of baked goods financing. After several years was in the early morning, late at night and on weekends countless Bob Baker still in the red numbers are not (ie, money) to earn. Having long and hard, Bob Baker decides that he can not support a loan of 500,000 U.S. dollars. She called the bank and said it will close its doors. In no time, the Bank isMethod of compensation, and immediately began the search for a buyer of the unit. Manage to find a buyer, who said getting a great deal Corp., which provides $ 10,000 for all business activities. Although the Bank is to take a bath, so that the hardware for only $ 10K, no real alternatives, and whether they will continue to sell the goods for a great deal Corp.
After the sale of the property, Bob Baker makes an offer-in-compromise with the Bank / SBA20,000 $ ( "That's all I have to offer," said the bank). The Bank / SBA accepted the offer, thinking that disputes could go nowhere.
Following are followed, the Bank / SBA, and focus their attention on other things, Bob Baker and the purchase of the goods back to get much Corp. for $ 30,000, and voila! Bob the banker has success with a loan of 500,000 U.S. dollars to 50,000 U.S. dollars and increased his business to keep. As promised, Bob was able to have their assetsDebt.
Well, some points for reflection:
- In this example, the bank was not aware they were the sale of assets to a third party that wants to sell the unit back to Bob Baker. In many cases, the Bank will not accept such an operation, how many banks to sell assets in private, if the buyer an unaffiliated third party (aka transaction arms length "). It is possible that some banks believe that fraud or understandings, if you have not informed theRelationship.
- To better understand the above, the SBA in the form of a compromise offer, it is said that one of the key elements of a valid bid was "no fraud of misrepresentation." I'm not necessarily saying to fraudulent claims and that the property was sold to omit, but at the same time, I would not be surprised if a bank or the SBA saw it differently.
- So far my examples have been the involvement of the private sales. In the situation where a public auctionanyone has the right to bid, also an entrepreneur. To my knowledge there is no way a person who holds or bids in an auction to avoid. But again, if the Bank determines that you can buy your own equipment again, have an impact if they have to create or continue under the terms of the warranty because (most likely right now, and could therefore an income, choose debt repay).
Overall, I agree with the theory that If you want to hide or omit facts, there is probably something you do. Of course, it could work, and they are back in business and no debt. On the other hand, if your bank or the SBA learns the details of the plan, you may be accused of fraud. Although they did not get away with it, I think that is a gray area to buy the drops in the area of morality. If the banks and the SBA agreed with this strategy, they would just write> Sales of loans (the SBA will almost certainly not).
I am sure that this strategy was successful, but that's not something that I never recommend to a customer. I consider my work to help entrepreneurs and put them to evil, and the last thing I want to happen is that a customer to move forward and ultimately, more worried that they have begun. Personal judgments and seizures are one thing, but when fraud occurs, the wordConversation, then you are on the lookout for potential criminals.
Yes, there is something of a purchase landfill win. On the other hand, if it were a possibility, negative effects, I recommend that you only go to someone else to buy used equipment. In this way, there is no gray area in terms of ethical or legal.
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