You wanted to open your own business, but you didn’t have quite enough saved to make your dream a reality.
Enter your family (or friends) with a loan that will allow you to open your business.
A year goes by, and while you’re making money, it’s not a lot, so the loan from well-meaning family goes unpaid.
And now…it’s the holidays. There’s tension at the table, which can come from either side of the loan. Ill will due to a loan is not a new issue – even Shakespeare wrote of it in Hamlet.
So why can loans from family and friends become an issue?
In order to avoid being ostracized at the next family outing, you need to look for funding options that will allow you to keep relationships intact, while still being able to fund your business. You may already have the funds, but never knew it was an option.
If you have retirement funds, you can use those funds to buy a business. Known as a ROBS (Rollover as Business Startups), you can rollover the retirement funds into your own qualified plan, buy stock in your company, and use the funds to get your business running. Below is a short video explaining the four-step process.
Benetrends is the pioneer of ROBS, (known as the Rainmaker Plan®), and for over 35 years has helped thousands of entrepreneurs successfully launch their businesses. A safe and proven plan, based on long-standing IRS provisions, the four-step process will allow you access to your funds, tax-deferred and penalty-free. Schedule a consultation to learn more.
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Our mission is to make every Benetrends client our champion. For over 35 years, our Rainmaker Plan® has been tested and proven to work, providing a means for more than 17,000 entrepreneurs to achieve their dreams of business ownership, creating both jobs and prosperity. We are so confident in the Rainmaker Plan design that we stand fully behind our work, backing every client with our Rainmaker Guarantee.
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