In this podcast episode, the host Paul Neal interviews guests Bethany and Ross McClellan about their business of writing business plans. Ross explains that the purpose of a business plan is to assure the bank that they will get their money back at the end of the day. They create a comprehensive plan including a strong executive summary, ownership structure section, key demographics, location, facilities, sources and uses of the loan, and 36 months of monthly profit and loss, balance sheet and cash flow projections. They do it quickly, within four business days, and provide coaching to help their clients understand the plan and prepare them to get their loan.
Bethany adds that they work with a variety of interesting clients who make money in different clever ways. They include an hour of coaching on the business plan or feasibility study to help their clients understand the sales plan, metrics, and goals to make sure they are paying back their loan. Paul asks about their process and Ross explains that they start with a 30-minute discovery call with the client to ask them questions about their business. They provide a questionnaire to complete, ask for any documentation they need, and provide an organized email to the client with all the details. The turnaround time is four business days.
Paul asks if the process is a boilerplate template or if it is custom for every client. Bethany explains that they include the same sections for every business plan, but they customize it for each client. They have streamlined certain sections to be the most effective to present to the bank. However, the plan is custom for each client, and they try to keep it concise and effective.
Overall, their process seems simple and effective, and their clients have been happy with the results. They offer their service at a reasonable price, and they aim to help their clients understand their business plan and get their loan.
"Not everyone has that fiduciary backbone. And so we actually, with all of our business plans that we do, we include an hour of coaching on the business plan or an hour of coaching on the feasibility study." Bethany McClellan
Connect with Bethany & Ross McClellan:
Visit their website: https://rapidbusinessplans.com/
Connect with Bethany on LinkedIn: https://www.linkedin.com/in/bethany-mcclellan-rapid/
Connect with Ross on LinkedIn: https://www.linkedin.com/in/ross-mcclellan-304922a5/
Meet the Host:
Paul Neal is the founder and Principal Funding Strategist at Vantage Point Commercial Capital, a firm that focuses on helping entrepreneurs, businesses, and real estate investors win by funding their growth and dreams in nontraditional ways.
Paul’s unique perspective has been honed over 30 years as an entrepreneur, financial strategist, professional speaker, and executive coach. He took the road less traveled choosing to leave engineering right out of college to become a serial entrepreneur. From great early successes in the 90s and 2000s, to completely losing his primary business in the Great Recession of 2008, to bouncing back and just recently selling another business for a healthy 7-figure sum…he’s experienced it all. Paul offers a wealth of experience and passion to the entrepreneurial community in an engaging, upbeat, encouraging, and witty way. He can carry the conversation easily wherever it goes, and your guests will remain engaged and will walk away with valuable and practical insight and advice.
Connect with Paul:
Visit his website: https://paulneal.net
Connect with him on LinkedIn: https://www.linkedin.com/in/paul-neal-47b8478
Vantage Point Commercial Capital: https://vpc.capital
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