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Corey Rockafeler
67 followers -
Small Business Financing Executive & Family and Income Protection Specialist
Small Business Financing Executive & Family and Income Protection Specialist

67 followers
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Getting out of your intellectual comfort zone

By Corey Rockafeler

Knowledge is abundant but wisdom is scarce . The prominence of technology and social media has caused a form of intellectual inertia and social autism. People don’t engage like they should. Real conversation has become a lost art.

In today’s world of “opinions over facts ideology,” the truth becomes incidental . Many forget beliefs are often generational .They are passed on within a family. The problem however, is many of those beliefs are not vetted - just because you believe it , doesn’t make it true .

Nietzsche said it best : “beliefs and convictions are greater enemies of truth than lies .” Subject your beliefs and opinions to the fires of critical examination and evidentiary scrutiny . Have real conversations with people who are different from you . You grow by staying in a perpetual state of discomfort . Getting out of your intellectual comfort zone sharpens your business acumen and deepens your relationship building . Success in life and in business is often based on the ability to think critically and strategically . See what’s not there and free your mind.
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THE IMPORTANCE OF KEY PERSON INSURANCE FOR
START UPS

By Corey Rockafeler

Constant pivots, continual money raising and improvisation amid an ever-changing marketplace are the hallmarks of any start-up company. In these early make-or- break stages key partners and founding members are vital to success. Therefore, key person insurance is a cornerstone of any successful start-up financial plan.

A key person is defined as an employee, partner, or director whose services have a profound impact on the profitability of the company due to their technical proficiency, unique skill set, experience, or background. Key person insurance is protection coverage for that crucial to replace employee(s) whose loss would exert a devastating financial impact on the business.

The structure of key person insurance is straight forward. A company purchases a life insurance policy on a key employee (s), pays the premium, and is the beneficiary of the policy. If that person passes prematurely, the company receives the insurance death benefit. Key person insurance can also be extended to disability or incapacitation


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Is your business in a restricted industry?
By Corey Rockafeler



Confucius summed it up when he said: “everything has beauty, but not everyone sees it.” You may think of your business in marvelous unique way. Banks and other lenders however, may view your industry with an entirely different prism. While your business may be growing exponentially with dynamic forward looking prospects, it is the lending perception of your industry or sector that is as important.

There are many reasons lenders will either: not lend, lend only short term, or lend at higher rates than other industries, It could be:

• Poor historical performance of a particular industry in
a lending portfolio.
• Reputational Risk( think adult entertainment , pawn shops, check cashing etc..)
• Extreme cyclicality or undue speculation (tax preparation ,rehab & flips, residential construction).
• An industry too new to evaluate with any data-based depth.
• An industry with a specific technology or complexity you do not understand.
• Specific lender preference.


The major takeaway here is to ALWAYS ask upfront: “ is my sector or industry on your lending restricted list?” This simple question will allow you pivot to another lender and /or manage your small business lending options accordingly. I recently came across a great 18-year old bail bond company that was rejected for premium pricing and terms because the industry is on many lenders “ restricted list.” While I was able to secure well-priced capital for them, it was not their long term loan preference.



Forewarned is forearmed. Today's new era in small business lending is about being empowered with the right information to make the right decision.
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