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Interview With Stan Prokop #2

Guest post by: Evan Carmichael

Article Overview: Stan Prokop is the founder of 7 Park Avenue Financial. The firm specializes in business financing for Canadian companies in the areas of working capital, asset based lending, SR & ED tax credit financing, equipment financing, and banking. Stan has been a top author for my site and I decided to ask him a few questions to learn more about him and how he helps entrepreneurs grow their businesses.

Interview With Stan Prokop #2

Why is there so much frustration between entrepreneurs and investors / lenders?

I think it’s a combination of unreasonable expectations and unreasonable demands – by that I mean that many clients we meet simply aren’t prepared for the types of debt or equity financing they are seeking, which is compounded by the general conservative stance taken in Canadian business financing lending practices.

What are the most critical mistakes entrepreneurs make in their business plan from an investor's point of view?

A common mistake we see often is simply ‘ not having one’! My own personal view of business plans in the small/medium sized marketplace is simply that too much focus is placed on ego/unrealistic forecasts, while not attending to simple financial elements such as proper cash flow modeling that’s realistic.

What mistakes do entrepreneurs make that keep them from obtaining capital?

That’s an issue we try and address everyday. The simple answer is being aware of alternatives, and ensuring that business owners understand how to position their overall credit quality relative to the financing they are seeking. Unrealistic expectations often lead to disappointed entrepreneurs. As a quick example we work with many firms who are placed in ‘ SPECIAL LOANS ‘ by their banks. (Trust us it’s not really a ‘ special ‘ feeling!) Exiting a special loans environment is not necessarily the challenge, but understanding that your firm is in a transition period re borrowing costs, facility size, etc., becomes key.

Should an entrepreneur hire an intermediary or a finder?

We strongly believe that utilizing an intermediary can be a major benefit – we preface that by saying that you should focus on finding a party that has experience, credentials, and exhibits an element of trust – as you are providing that person with the keys to your business finances, so to speak.

Where is the financing industry going?

Financing in Canada has been turned upside down in the last few years. Traditional (aka ‘ bank ‘) financing has become more challenging. U.S. finance firms are again re – entering the Canadian marketplace. Equipment financing is back with a vengeance, and many types of previously unheard of financing solutions are gaining ground everyday – i.e. purchase order financing, Confidential Invoice Financing, Asset based lending, etc. The bottom line – its both an exciting time and a complex one where solid info and relationships are critical.

What are some creative ways to gain financing for an entrepreneur?

We spend a lot of time on ‘ creative financing ‘ and consider ourselves experts in this area. Many forms of previously unheard of methods of financing your business gain more traction everyday in Canada. Our own track record in Asset based revolvers, Confidential invoice discounting, purchase order financing, bridge loans on assets, and tax credit financing in film and SR&ED are evidence of that trend. Alternative is the new traditional!

What would you say are the greatest financial problems entrepreneurs face and why?

A recent National Post article I blogged about indicated that while Canadian business owners were generally optimistic again, at the same time over 70% felt that access to capital was still a challenge. Growing your business, buying a business, or fixing your business is a challenge without proper access to capital/funding.

Working with various companies - would you be able to give us an example of a profitable small business idea that could succeed financially?

That’s a fairly general question, but we do a tremendous amount of work in the franchise area, having completed over 25 Million dollars of financing in that segment. Franchising is ‘ in ‘, if it’s done properly, so aligning yourself with the proper franchisor from a reputation and success point of view is not a bad idea! And call us for the financing on that...Please!

You can check out Stan's Articles here.

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