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Financial Management for the Closely-Held Business Seminar

November 17 - November 18

When:

Tuesday, November 17, 2009:   8:00 am - 5:00 pm
Wednesday, November 18, 2009:   8:00 am - 5:00 pm

Where:

Ogden-Eccles Conference Center
2415 Washington Boulevard,  Ogden

Who:

Kyle Enger, founder of Business and Banking Institute *BBI Financial* - This is a stub, please edit

With the tight credit market putting the squeeze on businesses, improving cash flow is vital for survival. Advice on cash budgeting and planning is just one of the important topics discussed in an upcoming seminar, “Financial Management for the Closely- Held Business,” sponsored by Bank of Utah, November 17 and 18, 8 a.m. – 5 p.m., at the Ogden-Eccles Conference Center.

 

Kyle Enger, nationally recognized expert on financial management for small businesses, is the featured presenter.  He is an owner of a closely-held business and a former bank vice president.  This past experience gives him a unique perspective on the issues that small business owners face. Enger is a founding partner and principal of Business and Banking Institute, BBI Financial LLC, a corporate advisory firm headquartered in Bellevue, Washington. Enger and his team work with closely-held companies in the area of financial management, valuation and preparation for sale.  They have helped businesses improve their current liquidity position and increase long-term valuation by an average of 40 percent.

 

A snapshot from the seminar includes Enger’s advice for business owners and managers to immediately enhance financial statements: 

 

  • Do not lose sight of nickels and dimes.  Use the mirror technique to control expenses.  Carefully examine sales growth or decline over a specific period and adjust operating expenses accordingly. If a company’s sales were to decrease by 25 percent during the projected period, operating expenses should also decrease by 25 percent. 

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  • Balance accounts payable and receivable activity.  Control the speed with which receivables are collected and vendors are paid to increase cash. Offering early payment incentives for receivables and delaying payment to vendors will shorten the working capital cycle, ultimately improving the financial viability of a company.   

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  • Watch out for inventory creep.  Driven by revenue growth, business owners can easily lose sight of gradual inventory increases that can impair a company’s cash position. A business owner should take a detailed look at inventory and determine how to increase sales of the available products. Consider offering special discounts or unique package deals to move inventory and generate revenue.  

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    Match credit terms appropriately.  The effects of improper debt structure can be debilitating to a business.   Purchasing equipment and other fixed assets with a short-term line of credit, drains the cash out of the business and tightens the timeframe the asset has to pay for itself.  Instead, a business owner should work with a banker to match credit terms to the asset.  By doing this, the owner can free up a line of credit for seasonal working capital needs.

     

    Additional topics presented in the “Financial Management for the Closely- Held Business,” seminar include: Understanding Why Companies Fail; Financing Your Business In Today’s Banking Environment; What You Need to Know About Selling Your Business;  Effective Use of Financial Statements; Financial Forecasting; and Valuing Your Company.

     

    Cost is $325 per person for the two-day seminar. 



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