Linda Worton Jackson is featured in an article on AmericanExpress.com, providing her thoughts on planning cash flow and having a back-up plan.
This may be one of the most important strategies you can have when planning cash flow. What do you do when something goes wrong? Businesses that don’t have this figured out can really run into trouble when there’s a cash-flow crisis.
Linda Worton Jackson is a corporate and bankruptcy attorney and partner with Pardo Jackson Gainsburg, a business law firm in Miami, Florida.
She says that it would behoove every business owner to have the type of relationship with a lender so that if trouble comes, you already have approval for a loan. But that takes time.
“Don’t just run to the bank on the corner because it’s convenient,” she says. “Talk to your accountant or attorney about the type of loan that might be right for your business, taking into account the cash flow and nature of the business. Consider whether a term loan, line of credit, factoring arrangement, equity infusion or some combination of the above may be the right move.”
There are many types of lenders out there. It may be a good idea to find one that has experience lending to businesses in your industry, Jackson adds.