jimmydubya started this topic @ 11:10 on 05/11/2004
Hi Everyone
1st post so be gentle. I'm looking for a hands-on business angel, someone who wants to get involved in my business, someone who can bring some skills to the table which supplement mine, someone who's prepared to roll their sleeves up and get stuck in. The traditional Business Angel channels (i.e. NBAN etc) seem only to deal with low-profile, silent investors who just want to sit back and realise their investment (that's after fleecing you for £250 for registering). I need someone with a skillset to supplement mine. Does anyone know the best way to identify and make contact with these elusive people?
Help much appreciated.
Jim
P.S. The business is an online recruitment portal, run solely by me, which is getting out of control (i.e. Too big for one person to manage!)
RE: RE: Hands-on Business Angels
Ian J | 05/11/2004 04:43 PM
Put simply, instead of waiting weeks to be paid a factoring company will advance up to 80% of the invoice value straight away. They will maintain a sales ledger on your behalf and chase up any overdue debtors. The customer pays them instead of you and when they are paid they will hand over the remaining 20% less their charges.
It is a huge industry now with over 37,000 companies in the UK factoring their invoices and is especially applicable to fast growing companies as the volume of finance keeps pace with sales and also to the type of companies who's major asset is the outstanding debts - temping agencies being the prime example.
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Ian
Factoring ,
Invoice Discounting ,
Trade Finance and
Asset Finance specialist broker.
Founder member of
Independent Factoring Brokers Association
RE: RE: Hands-on Business Angels
James Smith | 05/11/2004 04:55 PM
...........but watch out for those charges. Factoring can be very expensive and I would consider it suitable only in emergency cash flow situations.
Ian will of course disagree (we had this discussion a few weeks back so I will leave it at that, a serach on factoring will bring up the disucssion)
From posts in other forums the original poster isnt after cash, its help he really needs which suggest they want a business partner not a 'business angel' which tends to be more cash than advice based, although many business angels will provide advice too.
The reason there is generally a charge is simply to stop time wasters applying, these companies are deluged with half baked plans and they are trying to filter out the poor quality applications with good old hard cash.
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James Smith
Chartered Accountant
www.jamesesmith.co.uk
01235 536 773
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