Investing Business Finance

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What Is Investing? How Can You Start Investing?

mybb@mybb.ru (Ivan Inolin) — Fri, 16 Jul 2021 21:38:05 +0300

Ten top tips to improve your financial management
Guide
Effective financial management is vital for business survival and growth. It involves planning, organising, controlling and monitoring your financial resources in order to achieve your business objectives.

Good financial management will help your business to make effective use of resources, fulfil commitments to your stakeholders, gain competitive advantage and prepare for long-term financial stability.

Financial management should become part of the key processes within your business and be included in your ongoing planning.

You might feel that your finances are complicated and confusing but the following ten top tips should help you to gain control of them.

1. Have a clear business plan
A business plan will establish where you are and where you want to get to over the next few years. It should detail how you will finance your business and its activities, what money you will need and where it will come from - see write a business plan: step-by-step.

2. Monitor your financial position
You should regularly monitor the progress of your business. On a daily basis, you should know how much money you have in the bank, how many sales you're making and your stock levels. You should also review your position against the targets set in your business plan on a monthly basis - see cashflow management.

3. Ensure customers pay you on time
Businesses can run into major problems because of late customer payments. To reduce the risk of late or non-payment, you should make your credit terms and conditions obvious from the outset. You should also quickly issue invoices that are clear and accurate. Using a computerised credit management system will help you to keep track of customers' accounts - read ensure customers pay you on time.

4. Know your day-to-day costs
Even the most profitable of companies can face difficulties if there isn't enough cash to cover day-to-day costs such as rent and wages. You should be aware of the minimum your business needs to survive and ensure you do not go below this - see how to measure cash in your business.

5. Keep up-to-date accounting records
If your accounts are not kept up-to-date, you could risk losing money by failing to keep up with late customer payments or not realising when you have to pay your suppliers. Using a good record keeping system will help you to track expenses, debts and creditors, apply for additional funding and save time and accountancy costs - see financial and management accounts.

6. Meet tax deadlines
Failing to meet deadlines for filing tax returns and payments can incur fines and interest. These are unnecessary costs that can be avoided with some forward-planning. Keeping accurate records saves your business time and money and you can be confident that you're only paying the tax you owe. Therefore, it's important that you meet your obligations - see set up a basic record-keeping system.

7. Become more efficient and control overheads
Is your business operating at its most efficient? Saving energy and therefore money can happen by implementing changes in behaviour and using existing equipment more efficiently. It's one of the easiest ways to cut costs. Areas to look at in an average office include heating, lighting, office equipment and air conditioning - see save money by using energy more efficiently.

8. Control stock
Efficient stock control ensures you have the right amount of stock available at the right time so that your capital is not tied up unnecessarily. You should put systems in place to keep track of stock levels - taking control of this will allow you to free up cash, while also having the right amount of stock available - see common business mistakes: poor stock control.

9. Get the right funding
It is essential that you choose the right type of finance for your business - each type of finance is designed to meet different needs. Smaller businesses usually rely more on business overdrafts and personal funding but this might not be the best kind of funding for your company - read business financing options - an overview.

10. Tackle problems when they arise
It is always very stressful facing financial problems as a business, but there is help and advice available to help you tackle them before it gets too much to handle so seek professional advice as soon as possible. There are also some initial steps you can take to minimise the impact such as tackling priority debts first and assessing how you can improve your cashflow management - see business debt: help and advice.

The 8 Best Investment Banks of 2021

mybb@mybb.ru (Ivan Inolin) — Wed, 23 Jun 2021 23:29:14 +0300

The 8 Best Investment Banks of 2021
When you think of a bank, you may think of a place that takes deposits, maintains checking and savings accounts, and more. That�s true, but there�s another type of bank focused on stocks, bonds, and investment products.
These financial firms may be a part of a larger firm that also offers commercial banking services, but they occupy an important place in the financial system, which impacts the entire economy.

The best investment banks are large financial institutions that play an important role in facilitating money moving around the economy. Initial public offerings (IPOs), for instance, are an opportunity for investors to help a company raise money.
At the same time, they can also get a stake in the business.

Full-service investment banks offer a wide range of business and investment services. Many of them also own or affiliate with a consumer bank. Most regular consumers won�t need investment banking services,
but for growing businesses and high-net-worth individuals, this type of bank may offer unique financial products and services to meet their needs. Need some advice when it comes to finding one to use?
Take a look at our picks below for the best investment banks.

Best Overall: Goldman Sachs

Goldman Sachs is arguably the most prestigious investment bank. It is a public company that's more than 150 years old; it has more than $2 trillion in assets under supervision as of 2021.12
Many high-ranking government officials spent time at Goldman. They include U.S. Treasury secretaries, White House advisors, and leaders in central banks and governments around the world.
This makes it a major power hub on Wall Street.

The bank has endured its fair share of controversies, including a role in the 2008 financial crisis, but it also engages in a wide range of social initiatives.

Some major services and divisions include financial advisory and underwriting; its own investing and lending portfolios; institutional investor services;
investment management; and private equity.
Outside of investment banking, the firm operates Marcus, an online consumer bank.

Best From a Large Institution: JPMorgan Chase

JPMorgan Chase is one of the largest financial institutions in the world. This massive company is made up primarily of two divisions.
The Chase side of the company is a business and commercial bank. The JPMorgan brand is focused more on investments, including investment banking. The firm manages $2.7 trillion in assets.3

JPMorgan puts a big focus on mergers and acquisitions, a lucrative investment banking service. Other offerings include advisory services, capital raising, and risk management.

Like most large banks, JPMorgan Chase came together from a series of mergers and acquisitions of its own. Predecessors include Chase Manhattan Bank, Bank One, Bear Stearns, and Washington Mutual.
The oldest predecessor was the third-oldest bank in the country and 31st-oldest in the world. It was founded by Aaron Burr. (Yes, the same Aaron Burr of Hamilton infamy.)

Best in Europe: Barclays

Barclays may not be the biggest name on this side of the pond, but in the UK, everyone is familiar with Barclays. Headquartered in London, Barclays was founded in 1690 and holds £1.42 trillion in assets (around $1.94 trillion USD).56

Consumers in the U.S. may be familiar with Barclays credit cards, and a consumer banking service is also under development for the U.S. It has a major presence in New York and other world financial centers, both in and outside of Europe.

Barclays made a big leap into U.S. investment banking with the acquisition of Lehman Brothers in 2008. Another investment bank with a history of scandal, Barclays took criticism for its compliance in the Lehman acquisition and made headlines in 2012 for its role in the LIBOR scandal.78 Nonetheless, it remains a large and respected investment bank and holds a role as one of the biggest investment banks in the world.

Want to learn more? Check out our full review of Barclays.

Best Turnaround: Morgan Stanley

With roots going back to 1935, Morgan Stanley is another major investment bank in the U.S.9 While it doesn�t make it into the trillion-dollars-in-assets club, it holds a respectable $781 billion and falls squarely in the �too big to fail� banking stable.
The current Morgan Stanley operation came about in 1997 with a merger creating Morgan Stanley Dean Witter Discover & Co. The name went back to simply Morgan Stanley in 2001.

The international investment bank operates three main divisions: institutions securities, wealth management, and investment management. The wealth management division services individual investors.
Much of this division came from the acquisition of Smith Barney, which had previously acquired the famed investment bank Salomon Brothers.

Like other major investment banks, Morgan Stanley offers a suite of services for large businesses, including mergers and acquisitions, advising, IPOs, restructurings, and lending.
The firm struggled during the 2008 financial crisis and was among the largest recipients of TARP (Troubled Asset Relief Program) funds from the government during that tumultuous era for financial companies.
It turned itself around after 2008 and today lives up to the long history as a leader in corporate buyouts.

Best for Innovation: Bank of America Merrill Lynch

The investment banking arm of Bank of America, this investment bank came about through a long chain of mergers, most recently Bank of America�s acquisition of the major investment bank Merrill Lynch
during the financial crisis of 2008.12 It operates around the world with major centers in Hong Kong, London, and New York. Bank of America is the second-biggest U.S. bank, with $2.2 trillion in assets.13

Bank of America Merrill Lynch investment banking offerings include mergers and acquisitions, debt and equity offerings, lending, trading, risk management, and other services. The old Merrill Lynch wealth
advising division lives on as Merrill Lynch, also owned by Bank of America but with separate operations.

Like other investment banks, the advisory services of Bank of America Merrill Lynch are important for companies looking to raise funds in public markets. When going public, investment bankers help to
determine the initial share price while balancing liquidity and demand. They also help companies sell bonds, another major way to raise capital.

Best for Recession Proofing: Credit Suisse

Investors around the world often look to the Swiss currency as a safe haven when the U.S. dollar appears unstable. Swiss banks also have a reputation for professionalism and privacy when handling large financial transactions.
One leader among Swiss banks is Credit Suisse, tracing its roots back to 1856.14

Credit Suisse came under fire from U.S. regulators for allowing its well-known client confidentiality to help others avoid paying taxes. Credit Suisse has CHF 1.48 trillion in assets, equivalent to about $1.67 trillion USD.
The company has a major U.S. presence and operates in major financial centers around the world.

Best in Germany: Deutsche Bank

Based in Frankfurt, Deutsche Bank holds about 1.3 trillion euros in assets, making it one of the 10 biggest investment banks in Europe.16 Founded in 1870, Deutsche Bank is a full-service financial institution.
It has a powerful and influential investment banking division.17

Deutsche Bank is a major operator in the U.S. and around the world. It made a noteworthy contribution to the 2008 financial crisis through its work in the mortgage securities market, leading to a $7.2 billion fine in 2017.

The bank has endured a series of controversies over the last few years, including doing business with sanctioned countries, money laundering, and the 2015 LIBOR scandal.
It also became wrapped up in the Mueller investigation of former President Donald Trump, due to its strong lending relationship with Trump�s businesses.20

But much of its business has little to no controversy. Its Corporate & Investment Bank includes divisions working on M&A and advising; securities sales and trading;
risk management and securities issues; international commercial banking and trade; and research and analysis.

Best in Canada: RBC Capital Markets

RBC Capital Markets is the investment bank of RBC, based in Toronto, Canada. With offices in the U.S. and other countries, this major bank ranks as one of the largest in North America and the world. Royal Bank of Canada,
better known as RBC, holds CAD $1.62 trillion in assets and has roots going back to 1869.2122

RBC serves clients in 36 countries.23 One interesting aspect for a non-U.S. firm is its focus in U.S. municipal finance (muni bonds). The bank also works in traditional investment banking services like M&A and equity and debt market issues.

RBC sits in a sweet spot with easy access to the U.S. and an international focus. When you put it all together, that makes RBC a competitive international bank. In 2017, RBC joined the list of globally important banks, or the �too big to fail� list.

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10 of the Best Small Town Business Ideas

mybb@mybb.ru (Mila Viliani) — Sat, 27 Mar 2021 23:58:08 +0300

10 of the Best Small Town Business Ideas

Before starting a small business, it�s important to understand how your location can impact your success.

Although being based in a city might feel like an obvious choice to maximize profits, the truth is that small towns have needs that are often being unmet, leaving potentially lucrative opportunities for many business owners.

If you�re an aspiring entrepreneur who enjoys the laid-back country lifestyle, wants to raise your kids outside a metropolis or simply wants to help improve your community, consider these 10 best small town business ideas.

Our List of 10 Best Business Ideas for Small Towns
Whether you�re looking to start a successful small business out of a home office, open a brick-and-mortar storefront or offer services on a traveling basis, here are some of the best business ideas for small towns.

1. Home Cleaning Services
Successful small town businesses don�t necessarily need to shoulder huge operational costs. You could easily start your home cleaning business without renting out an office space or other facility.

If hiring employees isn�t attainable at this point in your entrepreneurial career, it is possible to make a solid living on your own. After all, cleaning businesses are no small matter: Market research suggests that the global cleaning industry will likely reach an impressive $74 million by 2022.

Job search website Glassdoor notes house cleaners earn an average base salary of slightly more than $24,000, as of late January 2021.

2. Pet Store and Grooming
Pets make more than just furry friends. They also present several business ideas for small towns. For example, veterinary services are typically in demand, although creating a vet clinic involves lots of education, a well-trained staff and possibly prohibitive costs. However, vet fees are far from the only expense that owners are willing to shell out for their pets.

Americans spend $1,201 on average each year on their dogs and $687 a year on their cats, according to TD Ameritrade�s Pets & Finances Survey conducted in 2020.

Consider opening a pet store where you sell products and offer dog grooming and training services. Or perhaps start a grooming-only business, either mobile, from your home or at a storefront location. Either of these could be small town businesses that work.

According to ZipRecruiter, the national average salary for pet shop owners is $49,174, while the salary for groomers averages about $33,800, as of Feb. 2021.

3. Liquor Store
While operating a business that sells alcohol has different licensing requirements among states, a liquor store is another viable small town business idea. Liquor has always been a lucrative industry, and the pandemic has seen a skyrocket in alcohol sales.

The earnings you could make from running a liquor store could range from around $28,000 to almost $43,000,735 on average, according to ZipRecruiter.

4. Resale or Thrift Store
The second-hand retail market is set to be worth an astonishing $64 billion by 2024. Consignment, thrift and resale stores can lower overhead costs for owners since oftentimes the products come to you. You may receive donations or customers might come to you with a product they want you to buy from them or sell in your store.

The benefits of thrift stores often expand to the community. On top of having an environmental upside, second-hand goods can offer low-income and local residents the opportunity to purchase clothing, furniture, housewares and school supplies for affordable prices.

According to Jan. 2021 data from PayScale, consignment store managers average a little more than $49,000 annually.

5. IT Services
Information technology (IT) may not initially seem like the best small business idea for a small town, but in an age of data breaches, IT professionals are in demand. According to the U.S. Bureau of Labor Statistics, computer support specialists, information security analysts and system analyst jobs are expected to grow at a faster-than-average pace from 2019-2029.

If you choose to take your IT business to a small town, your customer base could include local governments, school boards, colleges and vocational schools, hospitals and clinics, other small businesses and even individuals. You also could seek clients in nearby towns.

IT service technicians earn nearly $37,500 on average, based on Feb. 2021 data from Glassdoor.

6. Car Repair Services
Arguably an essential business for small towns is a car repair service. One of the reasons this business idea makes our list is because rural populations are typically more dependent on personal vehicles than in cities. Convenient public transportation is often lacking in small towns.

The national median salary for automotive mechanics is just shy of $40,200, according to Salary.com from January 2021.

7. Laundromat or Dry Cleaner
Oftentimes, small town businesses that thrive are ones that offer services people need. Many Americans depend on dry cleaners and laundromats to clean clothes, bedding and area rugs. Many dry cleaners also offer alteration and tailoring services, which could be needed in a small town.

If your town doesn�t have a coin laundromat or dry cleaner and you find there�s a need in your community, this could be a good fit for you. The average salary in the dry cleaning industry is roughly $42,400, according to December 2020 data from PayScale.

8. Personal Care Services
While the U.S. Bureau of Labor Statistics, anticipates job growth for hairdressers to decline, it does forecast growth for other beauty care sectors.

If you have a background working in the beauty and wellness industry, you might be interested in opening a spa or salon in a small town. If you prefer, you could offer services out of your home or travel to your clients� homes.

Services could include waxing or make-up for special events. Manicures and pedicures are another option. If you�re training in massage therapy, you might offer that as well, along with aromatherapy sessions.

According to ZipRecruiter data from late Jan. 2021, salon owners average about $47,250 annually.

9. Child-Care Services
Most parents of infants and young children have to work. There�s no exception in a small town.

When kids aren�t old enough to attend school, where can they go? Unless a parent can rely on a close family member or friend, chances are, they�re going to need help.

You could offer babysitting services, operate a daycare out of your home or open a small facility in town. Once you gain a few clients, all it may take is a few referrals to get your business off the ground.

PayScale notes a child-care provider averages $32,000 annually.

10. Bakery
Bakeries are often reliable, profitable businesses for small towns. They can be great businesses for creating personal relationships with customers and developing a base of loyal regulars.

Even if your small town has an existing bakery, chances are you�ll get business too. Anyone with a sweet tooth is usually drawn to trying new treats.

When compared to restaurants, bakeries can have better hours of operation, fewer menu items and more pre-orders. That said, consider approaching established local restaurants to see if they�d be open to selling your baked goods.

You could start your baking business from home, work out of a mobile food truck or rent a brick-and-mortar shop.

According to February 2021 data from PayScale, the average annual salary for bakers is about $32,200.

Launch a Small Town Business That Thrives
Do Your Research
The most effective way to find profitable small town business ideas is to do a little research. If you have a particular town in mind, focus on targeted market research that seeks to answer what your specific community needs and could benefit from. Learn who your customers would be and what influences their buying behavior.

Find Service Gaps
A good idea isn�t enough to get a successful business off the ground. With small, tight-knit communities, if there is already a business providing the same services as yours, you might be unable to compete against a loyal customer base.

Instead, your best bet is to identify services that are in demand but aren�t being satisfied by existing established businesses.

Know Your Competitors
Keep an eye out on businesses already operating in your chosen town. Carry out a competitive analysis to get a better idea of what you�re up against.

Ask yourself what these businesses aren�t doing � are there relevant services they don�t provide, for example? Is the business keeping up with consumer trends?

Be aware of the prices these businesses charge too. Find out their availability throughout the year and what their relationships with their customers are like.

What Do You Need to Run a Successful Small Business?
Depending on what kind of business you�re pursuing, the needs you have to fulfill will vary. The qualifications needed to start a business are different across various industries, but permits, licenses, training and education requirements might be necessary going forward.

Perhaps even more importantly, however, are the specific skills and attributes needed to succeed as a business owner.

These core leadership traits include:

Effective communication skills
Collaborative abilities
Delegation skills
Dependability
Time management
Desire to learn and improve
Positive attitude
Look into funding opportunities to cover startup costs and get your small business idea off the ground. No amount of leadership skill is enough to capitalize on a successful idea. Rather, startup financial and human capital are both necessary ingredients.

Finding the Small Town Business That Works for You
Ultimately, there�s an endless number of small town business ideas that present an exciting opportunity to make money and improve communities. When considering what you can bring to a small town, think about your own goals, skills and background.

Whether you want to turn your love of animals into a successful pet store or use your culinary skills to start a restaurant, there�s no limit to how successful your small business could be.

MCB Finance: Investing Core Profits In New Opportunities

mybb@mybb.ru (Mila Viliani) — Sat, 27 Mar 2021 23:49:42 +0300

Core Earnings
By WILL KENTON Updated Jun 11, 2020
What Are Core Earnings?
Core earnings are the profits derived from a company's main or principal business, which does not take into consideration some of the expenses related to the main activities, as well as nonrecurring income or expense items that lie outside of the normal business.

Core earnings as an earnings measure are not recognized as a generally accepted accounting principle (GAAP) concept; instead, it is used by management and investors to ascertain the profitability of the underlying business and to help identify opportunities to minimize or shed non-core activities of the business.

KEY TAKEAWAYS
Core earnings are the profits derived for the primary business of a company. It excludes nonrecurring income and expense items, as well as subtracting certain expenses related to the primary business.
Generally accepted accounting principle (GAAP) rules do not take into consideration core earnings as a reportable metric.
The purpose of evaluating core earnings is for management and investors to determine the profitability of a company's main business and to divest of any non-essential activities and to find related opportunities.
In 2002, Standard and Poor's (S&P) defined what items should be included and excluded from core earnings and took steps to report it for companies in its equity indexes.
Understanding Core Earnings
Accounting statements contain earnings associated with normal business activities, as well as those associated with nonrecurring or side items. Core earnings eliminate noise in the profit and loss (P&L) statement by removing line items such as extraordinary gains or losses during a period, restructuring charges, write-downs for impairments, income, or losses from equity-accounted investments, and charges for discontinued operations.

By taking out these nonrecurring items, a cleaner look at the underlying business is produced for all interested parties. For management, keeping track of core earnings can illuminate areas that add some volatility to reported numbers.

The company could take action to dampen the volatility by, for example, getting rid of an asset that has caused an impairment loss or a restructuring charge. For investors, seeing core earnings enhances their capacity for valuation analysis and relative value analysis of core earnings of companies in the same sector.

Core earnings will also help investors make adjustments to price multiples such as price-to-earnings ratio (P/E), price-to-forward earnings (Forward P/E), price-to-cash flow ratio (P/CF), and others, but instead of "P/E," for instance, "Core P/E" will become the metric of focus.

Standard & Poor's Core Earnings
In 2002, Standard & Poor's (S&P) introduced a new definition of core earnings that was intended to define operating earnings from primary business activities in a consistent form for companies. The goal was to improve the consistency of financial reporting and to make earnings reports easier to understand for investment analysts.

S&P laid out the following items to be included or excluded from core earnings reporting:

Included:

Employee stock option grant expenses
Restructuring charges from ongoing operations
Write-downs of depreciable or amortizing operating assets
Pension costs
Purchased research and development (R&D) expenses

Excluded:

Goodwill impairment charges
Gains/losses from asset sales
Pension gains
Unrealized gains/losses from hedging activities
Merger/acquisition related expenses
Litigation or insurance settlements and proceeds1
The S&P announced that it would publish core earnings for all of the companies in the S&P equity indexes, including the S&P 500, and that core earnings will be used in the analysis of its debt rating activities.

Real World Example
One of the first numbers an investor pays attention to is earnings per share (EPS). At first glance, The Procter & Gamble Company (PG) may have alarmed investors that it earned only $0.93 per share in the second quarter of its 2018 fiscal year. However, core EPS was $1.19 as it "excludes non-core restructuring charges and U.S. Tax Act transitional impacts," according to the company statement.

The latter involved a revaluation of a net deferred liability position associated with a repatriation tax charge on earnings abroad. This was a one-off item that would not recur. Procter & Gamble in the same press release continued the differentiation between core earnings and GAAP earnings by providing forward guidance of EPS for both. This type of guidance that separates the two types of EPS numbers helps to provide a clearer picture of the company's core business.

20 Tips on How to Expand Your Business

mybb@mybb.ru (Ivan Inolin) — Sat, 27 Mar 2021 23:21:47 +0300

11. Form Strategic Partnerships
When you’re considering ideas to expand your business, think about aligning yourself with a company that complements your own.

Creating informal partnerships with businesses that cater to similar clientele can offer benefits to both businesses. Send business their way, while they send business to you. Entice clients and build your brand by offering discounts or promotions when they buy from both of you.

For instance, if you run a catering business, you could team up with a DJ. This would be a great way to get dual business when people are hiring for a special event, such as a milestone birthday party or a wedding.

12. Network
Another way to expand your reach is to network with other business professionals and potential clients. Attend in-person networking events, maintain relationships with former colleagues and make contacts at social gatherings. Not only can you expand your business, but you can gain valuable insight from other professionals, particularly if they’ve had success with their own business expansion plan.

13. Contemplate Franchising
If you have a recognized brand that’s been successful and are looking to expand your business, franchising can come with advantages.

You can continue growing your brand by licensing your trade name and benefiting from franchise fees and royalties. Provide your franchisees with established business resources you’ve put in place to grow. Then they’re responsible for their everyday operations, all while building your brand name.

14. Be the Go-to Business for a Key Good
Have you noticed that one product or service you offer outperforms all others? If so, consider focusing on that niche.

Your customers are loyal and you know they’ll keep coming back. Let them know to spread the word that you’re the go-to resource in your community for that good or service. Plus, focusing on your top-seller can reduce costs involved with maintaining non-performing inventory.

15. Employ the Right Talent
There’s only so much time in a day and only so many things you can tackle at once. Maintain high customer service and business standards with the right group by your side.

Having knowledgeable, trusted employees who can support your goals when you aren’t there is vital, whether they’re entrusted with leading a new location or maintaining the same level of success with another team.

16. Consider Hiring Additional Staff
If you’re looking to expand, hiring more staff might make sense. For instance, if you’re currently unable to meet demand and there’s simply too much to get done in the time you and your customers expect, additional employees can help your business improve response time and customer deliverables.

When Hiring More Staff Could Make Sense
Let’s say you operate a flower shop and are planning business expansion into new territory. If you’re intent on offering expedited delivery, you’re going to need to hire more people and potentially add additional vehicles.

On top of the additions to equipment and employees, your logistics and inventory demands will be expanded, too.

17. Contemplate a New Space
The most basic requirement of a business expansion can sometimes come down to one simple question: do we have enough space? If your office has each co-worker stacked on top of each other or your store is bursting at the seams, expanding to a larger space may be your next step.

You also might consider expanding your business to another city or location. Keep in mind, this is a major move that requires planning as well as an analysis of your business and budget. Research all the additional costs involved, such as leases, business licenses, payroll and advertising before making a decision.

18. Manage Your Cash Flow
Funding business expansion is a capital-intensive process. Before you consider expanding, make sure you’re currently being paid on time, even if your business is experiencing an uptick in sales. You want to make sure you’re maintaining a steady cash flow.

Also, be sure to forecast your short- and long-term cash flow in terms of your business’s expansion efforts.

Once you begin expanding, analyze your cash flow throughout each step of your business’s expansion. Identify and address any potential problem areas.

19. Get the Right Financing
When you’re looking for the best way to expand business operations, sometimes you need capital. However, it can be challenging to know what type of financing is right for your company. If your funding needs are short-term, for instance, a long-term loan likely wouldn’t make the most sense because you’d be on the hook for years for an expense that ran just a few months.

When weighing lenders and loan types, determine what factors matter most to you. For instance, are you looking for one lump sum of funds or do you need flexible funding? Are you looking for the highest loan amount, or are you seeking the lowest interest rate? Once you’ve assessed your priorities, find a lender who will work with you to get you the financing you need.

20. Be Patient
Patience is a virtue. This wisdom applies to business as well. If you’ve only just begun experiencing success that outpaces your revenue forecasting goals, you’d be wise to tamper your ideas of global domination. However, if your profits have steadily increased year over year, you’ve likely found a winning formula worth testing in other markets.

A Final Word on Business Expansion
At its core, expansion involves a series of decisions designed to bring about change. While it’s a calculated risk, moving your business forward is one many entrepreneurs have done before and will do in the future.

To determine the best approach for you, identify the procedures and activities that you need to address to be successful.

Keep in mind, expanding a small business takes a considerable amount of effort, time, planning and working capital, but the rewards can be quite fruitful. Be sure to take a hard look at your business’s past and present, as well as what opportunities may await you with the right decision-making.

How Amalgamation Can Work for Your Business

mybb@mybb.ru (Ivan Inolin) — Sat, 27 Mar 2021 23:15:05 +0300

How Amalgamation Can Work for Your Business

Amalgamation refers to the process of 2 or more companies becoming 1 entirely new entity. This is a different type of business combination than mergers and acquisitions, though there are some similarities.

If you�re in a position where you have to deal with business acquisitions and associated financial issues, it�s important to understand the differences. Here�s a closer look at what business amalgamation is, how the process works, how it impacts business capital and when it makes sense to amalgamate.

What Is Amalgamation?
Amalgamation, often referred to as consolidation in an accounting context, is a type of business combination where companies join to form a new legal entity.

Informally, 3 different types of combinations may loosely be referred to as amalgamations. It�s helpful to distinguish between amalgamations proper and similar types of business combinations, known as mergers and acquisitions:

Amalgamation (No Survivors)
In amalgamations, properly speaking, all of the companies involved in the transaction become part of an entirely new company.

The companies transferring their assets into the new entity are called the transferors, while the new company receiving the assets is called the transferee. As a result of this transfer, original companies cease to exist, leaving no survivors predating the formation of the new company.

One of the most famous amalgamations of all time was the 1999 combination of the Exxon and Mobil oil companies into one new company, ExxonMobil.

Merger (1 Survivor)
In a merger, the purchasing company buys all assets of the company being purchased. In this case, the company being purchased ceases to exist, and only the purchasing company survives.

For example, when Charter Communications acquired Time Warner Cable in 2016, Charter paid $78.7 billion for Time Warner Cable�s assets, and Time Warner Cable ceased to exist.

Acquisition (2 or More Survivors)
In an acquisition, a company, known as the parent company, purchases 50% percent or more shares of interest in 1 or more smaller companies, known as subsidiary companies. In this case, the parent company assumes ownership of the subsidiary company, and all companies survive the transaction.

An example of an acquisition is Disney�s acquirement of Marvel Entertainment in 2009, which left Marvel intact as a subsidiary of Disney.

Why Make the Distinction
It is useful to keep these conceptual distinctions in mind when talking about business combination deals so that you�re clear on exactly what type of transaction is involved, how many surviving companies there are and other related details, such as how managerial control and assets are being transferred.

It�s also important to realize that these terms are sometimes used loosely or interchangeably in informal conversation or writing, so you can�t always assume the person you�re talking to or the document you�re reading is using a term in a consistent way.

When you�re not sure exactly what type of combination is being referenced, be sure to seek clarification by asking questions or rereading carefully.

Different Types of Amalgamation
Business amalgamation usually begins with an analysis by investment bankers and lawyers to determine what combination would be most financially advantageous for the companies involved.

After a proposal for amalgamation is made, it must be approved by the board of directors of each company involved, along with any applicable regulatory bodies.

Once approval is given, there are 2 different types of amalgamation. The procedure of amalgamation affects business capital differently depending on which method is used.

Amalgamation in the Nature of Merger
In amalgamation resembling a merger, all shareholder interests, assets and liabilities of the transferor companies are pooled together and transferred to the transferee company.

Additionally, the transferor�s profit and loss gets combined with that of the transferee or transferred to the general reserve if applicable. Reserves are adjusted to reflect differences between amounts recorded as share capital issued, along with consideration of cash or other assets on one side and share capital of the transferor company on the other.

Shareholders of the transferor entities holding at least 90% face value of equity shares become shareholders in the new company. No adjustments to book values are made in this process.

Amalgamation in the Nature of Acquisition
In amalgamation resembling an acquisition, shareholders of the transferor company do not gain a proportionate shareholding interest in the equity of the new company.

The transferee company may incorporate the assets and liabilities of the transferor companies by their existing carrying amounts, or by allocating evaluation to individual assets and liabilities of the transferors based on their fair values at the time of amalgamation.

Reserves from the transferor companies, other than statutory reserves, are not counted in the transferee�s financial statements.

Purchase consideration that exceeds net asset value is recorded as goodwill, while that which falls short is credited to capital reserve. Non-cash elements can be considered at fair value.

After each type of amalgamation, shares of the newly formed company are distributed to shareholders of the transferor company. The transferor company is then liquidated, and the transferee company takes over the transferor�s assets and liabilities.

Understanding the Importance of Amalgamation: When It Makes Strategic Sense
There are several advantages of amalgamation, particularly if you�re interested in:

Eliminating competitors
Acquiring cash assets
Promoting growth
Increasing shareholder value
Lowering financing needs
Saving on taxes
Reducing risk through diversification
Streamlining management for operational efficiency
Entering new markets
Expanding research and production capability
Amalgamation also has disadvantages::

Combining liabilities of companies may increase debt
Brand identity marketing benefits may be lost
Eliminating competitors may promote monopoly, artificially inflating pricing and reducing selection for consumers, thereby increasing dissatisfaction
Combining workforces may force layoffs
An informed decision about amalgamation should be made in consultation with your accounting and legal teams before starting the process for your business.

How to Find Investors for Your Business

mybb@mybb.ru (Ivan Inolin) — Sat, 27 Mar 2021 23:13:09 +0300

2. Go to Your Network
A simple way to find investors for your small business is to tap your existing connections.

Ask other business owners you know if they can introduce you to an investor they know or have worked with. Many angel investors will trust the word of someone they’ve worked with successfully, increasing the likelihood of a deal for your small business.

If you went to college, see if any alumni are able to help. Many are loyal to their school and fellow alums. They may help you find a business partner or investor when you need one.

Some colleges have created their own startup incubators and accelerators, designed to create a network of investors to help small businesses like yours find funding.

Your local chamber of commerce, industry organizations and Small Business Development Centers (SBDCs) all have connections. They may be a great resource to find investors looking specifically for businesses in your area or industry.

A small business owner chats with a potential investor.
3. Explore New Connections
Sometimes you have to take matters into your own hands to find investors for a business.

There’s no guarantee, but you can find potential investors through cold-calling, emails or on social media sites such as LinkedIn.

If you know an investor’s background and what they’re looking for, you can narrow your search and improve your odds of finding success. Be personal and appeal to their sensibilities.

4. Use Online Resources
Crowdfunding
Online crowdfunding sites such as Kickstarter offer a way to fund smaller projects and fill in funding gaps that other investors haven’t.

Kickstarter is product-driven, which allows you to offer the product itself as a reward for investing. This keeps the equity of your business in your hands.

Angel Investors and Syndicates
Other sites, such as AngelList Syndicates and FundersClub, allow you to find angel investors online.

Investors may act themselves or pool their money like a venture firm, having one lead take control of what’s called a “syndicate.”

Usually, these groups will want to meet with you in person at least once to vet your business. It’s common for them to offer convertible or SAFE notes when working with startups.

Franchising vs. Licensing: Which One Is Right for You?

mybb@mybb.ru (Ivan Inolin) — Sat, 27 Mar 2021 23:07:36 +0300

The Cost of Licensing vs. Franchising
The costs of licensing and franchising vary widely depending on many factors.

According to the Small Business Administration, franchising fees typically range from $20,000-$50,000. You may be able to get started for less with some lesser-known brand or a home-based business model. On the other hand, expect to pay more to purchase a business franchise venture from a well-established brand or one that requires a large physical location, such as a hotel and full-service restaurant.

You’ll need to pay a monthly royalty fee, which is typically around 4% -12% of your revenue. You also may incur other franchising fees. For example, some franchisors may charge a marketing fee.

Besides, franchisors usually have minimum financial requirements for candidates. These often include your liquidity and net worth to make sure that you can stay afloat during the initial ramp-up phase until you’re able to turn a profit.

Brand licensing costs mostly involve paying royalties, which are usage-based payments made to brand owners for the ongoing use of their IP or assets. Sometimes licensees may pay an “all-in” cost to purchase a brand’s IP or assets instead of cutting royalty checks every month. This arrangement is less common but can benefit the licensee if the product turns out to be successful.

You should budget for hiring an in-house licensing department or external consultants to help you navigate the legalities of the licensing agreement and negotiate licensing fees. Unlike franchising, negotiation is critical because there’s no set royalty rate.

You also may need to commit to a minimum guarantee, which is the amount you’d pay the licensor regardless of the sales volume. It’s calculated based on predicted sales so it’s important that you project your sales accurately. Most licensors will ask for an advance of about 25%.

Franchising vs. Licensing: Which One is Right For You?
Both licensing and franchising have their pros and cons, so which one is better for small business owners and entrepreneurs?

Franchising: Get Started Without Reinventing the Wheel
Franchising is right for you if you want a “plug-and-play” business model with a proven record of success. You can expect more assistance in setting up the business and more ongoing support, such as training, product development and business system upgrade from a franchiser so you can focus on running your business. Some franchises even have a sales team to acquire clients and send them to franchisees.

If you’re new to running a business, franchising can give you the opportunities to learn the ropes without having to reinvent the wheel. You may also get an added sense of security as the franchisor makes all the corporate decisions and pays for expenses like accounting, marketing, advertising, etc.

Licensing: More Flexibility For Experienced Business Owners
However, franchising can be a long process and the typical franchise structure offers less flexibility. If you prefer a greater degree of control over your business, licensing may be a better option. The legalities of licensing are often less complex and have fewer requirements so you can get up and running faster.

If you have some experience setting up and running a business, licensing can give you more flexibility and room for creativity. The looser terms in a licensing agreement make it easier, quicker and less expensive to set up a business as a licensee. It’s also less cumbersome to terminate a licensing agreement if things don’t go as planned.

Choose an Option That Works For You
Other considerations include your personality and management style, how involved you want to be in the day-to-day management and operation of the business, your confidence in taking care of tasks such as marketing, as well as upfront investment and ongoing payments.

Whether you decide to enter a licensing agreement or purchase a franchise opportunity, make sure to do your research. Select a brand with a good reputation that can stand the test of time and a business approach that’s similar to yours. Also, do your due diligence to ensure that you understand the legalities of the agreement and get your funding lined up so you don’t have to worry about the deal falling through at the 11th hour.

Easily Calculate Business Loan ROI

mybb@mybb.ru (Ivan Inolin) — Sat, 27 Mar 2021 22:59:37 +0300

Easily Calculate Business Loan ROI

Aloan can be a valuable investment for your business. By using financing responsibly, you can help your company maintain its competitiveness and grow.

But how do you determine what kind of return you could see on your investment (ROI)? We�re letting you in on what you need to know.

Even if math isn�t your strong suit, find out how to calculate business loan ROI in a few simple steps.

How to Calculate ROI in Business When Taking Out a Loan
When you�re looking to calculate the ROI from a business loan, you�ll need to know the financing costs, such as interest rate and lender fees. You�ll also need to know the profits you�ll get from the investment, in this case, the loan. Understanding your expected ROI can help you decide if it makes sense to get financing.

Here�s the formula for calculating ROI:

(Net Profit / Investment) x 100 = ROI

Net profit refers to the profits you expect to get from your loan proceeds minus financing fees.

Investment refers to the loan amount, including interest and fees.

What Is the Average Credit Score for Small Business Owners?

mybb@mybb.ru (Ivan Inolin) — Sat, 27 Mar 2021 22:56:15 +0300

Get Access to Cash for Your Business with a Higher Credit Score
What’s an average credit score have to do with your business’s success? It may not be obvious until you stop and think about it. Yet, a high personal credit score implies countless benefits for your business.

As with any huge undertaking, moving forward with financial security is crucial. That’s where having a higher credit score comes in.

How Much Working Capital Does Your Business Need?

mybb@mybb.ru (Ivan Inolin) — Sat, 27 Mar 2021 22:52:05 +0300

How to Generate Ongoing Working Capital
Raising the amount of working capital you need requires you to first calculate it, then plan for it. Here’s a breakdown of the steps you should take:

1. Set Your Goals for Growth
Set measurable goals for growth, such as expanding to a new location, rolling out a new product or seeing a specific increase in sales. Depending on the growth you want to see in your current operating cycle, you’ll require a different amount of capital to cover expenses.

For example, seeing more sales will require more spending on advertising. On the other hand, the goal to update the technology your staff uses, will require a different investment. Doing your research on the costs to meet your goals is a key part of calculating the working capital you need.

2. Take Out a Line of Credit
Having a company credit card in your arsenal can give you short-term cash when you need a safety net. Once you know the amount of credit you’re eligible for, you can better determine your short-term budget available for spending on advertising and operations.

If you fall short of funding required to operate and advertise, your growth will slow and financial problems can snowball. That’s why it’s better to have a longer line of credit than you need, as opposed to not having enough.

3. Allow Room for Change
Calculate the working capital to keep your business open or to see it grow, and then add additional funds to it. The extra working capital is to account for any unexpected costs that may come up.

For example, unanticipated legal fees, equipment failures or theft-related losses. Take at least five percent of your working capital amount and add the dollar amount to your working capital for cushion. Whether you need to spend less cash, raise more or both, it’s important to have a little more than just what you need to get by.

4. Spend Your Working Capital
Spend your working capital by wisely re-investing it into your business. While extra working capital is never a bad thing, you still want to spend most of it because working capital fuels growth.

When you’re investing in advertising, marketing and sales or in expanding your product line, the money comes back to you. In turn, this creates more working capital, which can fuel your next stage of growth. Particularly if you’ve taken out a business loan, it’s important to generate cash flow from it as soon as you can by spending the loan on your business investments.

The Working Capital Needs of a Growing Small Business
Strategic growth in your business means understanding the working capital required to meet your growth goals, and raising it.

Whereas larger companies can fall back on larger credit lines, small businesses need to keep income and expenses balanced in a way that favors upward growth.

How to Invest in a Small Business for Long-Term Revenue Growth

mybb@mybb.ru (Ivan Inolin) — Sat, 27 Mar 2021 22:48:19 +0300

Small Businesses Investors Should Avoid
Knowing how to invest in business requires knowing where and when not to invest, too. As some industries are far less likely to generate a substantial profit, you must stay clear of investing in specific sectors.

Some of the worst industries to currently invest in include:

Oil-and-gas extraction
Beverage manufacturing
Mining support services

Piggy bank attached to hot air balloon
Positioning Your Small Business Investment Strategy for Growth
Sometimes it isn’t enough to start your own small business and build it from scratch. Between time constraints, capital constraints, and opportunity costs, there’s a lot that can get in the way of successfully building a small business to generate high, long-term profits.

This is why it’s so important to channel your entrepreneurial vision into a sound investment strategy. When you buy into a small business, in the form of a debt or equity investment, you can share the rewards of a company’s success without having to invest in the serious time and energy commitment of managing it.

Granted, small business investments can be risky, and no one business can guarantee consistently high revenue or capital gains. But the market does tend to reward those who invest in a diverse portfolio of small, growth-oriented companies.

Next Steps
If you think investing in a small business sounds enticing, the first thing to do is to assess the situation.

Baker and Nofsinger, Socially Responsible Finance And Investing

mybb@mybb.ru (Ivan Inolin) — Sat, 27 Mar 2021 22:19:26 +0300

Baker and Nofsinger, Socially Responsible Finance And Investing

The most recent addition to the Robert W. Kolb Series in Finance�Socially Responsible Finance and Investing: Financial Institutions, Corporations, Investors, and Activists, edited by H. Kent Baker and John R. Nofsinger (Wiley, 2012)�follows the series� familiar format, drawing on the expertise of academics and practitioners from around the world to survey and synthesize vast quantities of research. Its twenty-four chapters, spanning about 500 pages, cover such general topics as finance and society, corporate engagement, and socially responsible investing.

Let�s start with the least socially responsible question: how do socially responsible investing mutual funds stack up against conventional mutual funds? Well, what answer would you like to have? �Several studies report little evidence of a difference in risk-adjusted returns between ethical and conventional funds. However, other studies find that SRI funds can be a valuable source of portfolio risk reduction, even for investors who are not driven by social values. On the other hand, some researchers report a statistically significant cost associated with socially responsible mutual fund investing.� (p. 439) Select your methodology and time period and get your favorite answer.

One of the chapters that particularly appealed to me was �International and Cultural Views� by Astrid Juliane Salzmann (RWTH Aachen University). A couple of takeaways from this study. First, she looks at the law and finance theory, which is based on the differences between British common law and French civil law. �The British common law developed to protect owners of private property against the crown, whereas the French civil law evolved to strengthen state power against a corrupt judiciary. The resultant emphasis of private property rights by the common law tradition supports financial development, and countries that have adopted the common law system generally exhibit better developed financial markets than countries with a civil law tradition.� (pp. 89-90) Common law countries also seem to foster developments in socially responsible finance and investing.

The economic consequences of religion are far from settled. Scholars can�t even document a strong link between religiousness and ethical behavior. For instance, according to studies, atheists are the least likely to engage in insider trading, agnostics the most likely (a rather bizarre finding that almost seems as if it came from a sample of nine traders), and religious commitment appears to be negatively associated with environmentalism. Protestant and Buddhist countries report above-average ethical behavior; Hindu, Orthodox, and Muslim countries exhibit less interest in ethical issues.

Socially Responsible Finance and Investing covers a wide range of topics, from (one of my favorite subheads) �A Palsy in the Invisible Hand: Distorted Consumer Finance Markets� and the use and misuse of financial secrecy in global banking to corporate philanthropy and institutional investor activism, from managerial compensation and social entrepreneurship to green real estate and trust issues in business. It�s not one of those books you read curled up in front of the fire, but it�s a very useful resource for anyone interested in the growing field of socially responsible finance and investing.

Investing In Gold Vs. Gold Investing

mybb@mybb.ru (Ivan Inolin) — Sat, 27 Mar 2021 22:17:56 +0300

Investing In Gold Vs. Gold Investing
Why Do People Buy Gold?
Investors face a challenging environment. Decades of falling interest rates force them to choose between earning poor returns in bonds and speculating on asset prices. Retirees may not be able to sustain their lifestyle. Institutions may not be able to remain solvent. In addition, debt levels have skyrocketed, and there is a growing risk of default.

To address these challenges, many people look for safety by buying gold, or other hard assets. They think that by making a dollar profit on their gold investment they are “investing” and protecting their portfolio.

However, this way of thinking about gold confuses investing in gold with gold investing. Below we explain the traditional approach of Investing in Gold and then introduce something new: Gold Investing.

Investing In Gold
Investing in gold usually refers to buying the metal. However, buying gold is unlike any other kind of investment. Once purchased, the metal just sits in a vault. Warren Buffet humorously described this:

Gold gets dug out of the ground in Africa, or someplace. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head.

The purpose of buying gold is to wait for its price to rise. Investopedia argues this in Investing in Gold:

Gold has underperformed compared to the S&P 500 in the 10-year period ending Jan. 26, 2018… however, gold trounced the S&P 500 in the 10-year period from November 2002 to October 2012, with a total price appreciation of 441.5%, or 18.4% annually.

Each new gold buyer hopes that gold will go up. Armed with fresh capital and patience, he takes over the same gold trade from the seller. The previous investor is getting out because gold has gone up enough, gone down too much, or hasn’t gone anywhere. It’s an endless cycle of churn, each investor buying gold to try to make a buck.

In Monetary Metals’ view, this is perverse. And it gets worse. Gold speculation is a bet on the decline of the official currency. Some gold analysts go so far as to cheer for each potential new calamity in the news, Headlines have shouted how a US government debt default or North Korea war would be “good for gold.”

Most people don’t want to bet on the price action, much less see a collapse. This is why investing in gold is not popular in the mainstream.

In any case, this is not really investing. Investing finances a productive activity. By contrast, gold trading is just speculating. It finances nothing, and the profit comes from the capital of the next speculator. Speculation is a zero-sum game, a process of conversion of one party’s capital to another’s income. Central-bank fueled speculation is really a process of capital consumption.

Gold Investing
Investment, however, enriches everyone. The entrepreneur uses the capital to grow a profitable business. The investor earns a return on his money. And the consumer benefits from new goods and services.

Gold investing is not about selling one’s gold, any more than conventional dollar investing is about selling one’s dollars.

Like conventional dollar investing, gold investing deploys capital into a business to increase production and grow profits. The difference is that the capital is gold, kept on the books and payable to the investor in gold.

The amount of gold paid to the investor is determined based on the amount of gold invested and the agreed rate of return. For example, a 100oz investment at 3% yields three ounces of gold per year. The payment does not depend on the price of gold. It is not a set dollar amount, and the enterprise is not merely buying gold.

One advantage to the investor is that the yield on gold investments is not subject to any government interest-rate manipulation. When governments drive their respective currency to near zero interest rates, this affects the yield of every dollar-denominated investment but not the yield on gold-denominated investments.

This is because of a key difference between the dollar and gold. The dollar is a credit, not a positive value. A dollar is not a thing. To own a dollar is to be a lender to a central bank. You are enabling the central bank to bid up the price of the bond, which pushes down the rate of interest.

A dollar does not enable hoarding (this is no accident). Gold does. Gold offers everyone a real choice whether to invest or to hoard. People do not invest gold for zero interest. The interest rate in gold is set in a market, by people who are free to take their gold home. Gold interest is not subject to monetary policy.

Gold investors are getting a fair rate set in a free market, unlike dollar investors who may get little return for the risks.

The Solution
We believe that everyone should hold some gold coins as insurance against unexpected events or expenses (similar to holding physical cash). However, gold held at home does not grow. It is not a long-term wealth accumulation strategy. Gold is money, and you cannot become rich by merely holding the money you already have.

Monetary Metals� offers gold investments, that is, products which provide a Yield on Gold, Paid in Gold�.

Those who invest in gold look at the price, which is how many dollars they will be paid to get rid of their gold. Whereas gold investors look at the interest rate, which is how much their gold will grow every year. Any bullion dealer can exchange your 100oz of gold for $131,000*. Monetary Metals’ gold fixed income investments can give you 2.5oz of gold interest.**

We also have a hedge fund that provides uncapped potential returns (but also the risk of loss). It is for accredited investors only.

The History of Investment Banking

mybb@mybb.ru (Ivan Inolin) — Sat, 27 Mar 2021 22:01:38 +0300

The History of Investment Banking

Undoubtedly, investment banking as an industry in the United States has come a long way since its beginnings. Below is a brief review of the history

1896-1929
Prior to the great depression, investment banking was in its golden era, with the industry in a prolonged bull market. JP Morgan and National City Bank were the market leaders, often stepping in to influence and sustain the financial system. JP Morgan (the man) is personally credited with saving the country from a calamitous panic in 1907. Excess market speculation, especially by banks using Federal Reserve loans to bolster the markets, resulted in the market crash of 1929, sparking the great depression.

1929-1970
During the Great Depression, the nation�s banking system was in shambles, with 40% of banks either failing or forced to merge. The Glass-Steagall Act (or more specifically, the Bank Act of 1933) was enacted by the government with the intent of rehabilitating the banking industry by erecting a wall between commercial banking and investment banking. Additionally, the government sought to provide the separation between investment bankers and brokerage services in order to avoid the conflict of interest between the desire to win investment banking business and duty to provide fair and objective brokerage services (i.e., to prevent the temptation by an investment bank to knowingly peddle a client company�s overvalued securities to the investing public in order to ensure that the client company uses the investment bank for its future underwriting and advisory needs). The regulations against such behavior became known as the �Chinese Wall.�

1970-1980
In light of the repeal of negotiated rates in 1975, trading commissions collapsed and trading profitability declined. Research-focused boutiques were squeezed out and the trend of an integrated investment bank, providing sales, trading, research, and investment banking under one roof began to take root. In the late 70�s and early 80�s saw the rise of a number of financial products such as derivatives, high yield an structured products, which provided lucrative returns for investment banks. Also in the late 1970s, the facilitation of corporate mergers was being hailed as the last gold mine by investment bankers who assumed that Glass-Steagall would some day collapse and lead to a securities business overrun by commercial banks. Eventually, Glass-Steagall did crumble, but not until 1999. And the results weren�t nearly as disastrous as once speculated.

1980-2007
In the 1980s, investment bankers had shed their stodgy image. In its place was a reputation for power and flair, which was enhanced by a torrent of mega-deals during wildly prosperous times. The exploits of investment bankers lived large even in the popular media, where author Tom Wolfe in �Bonfire of the Vanities� and movie-maker Oliver Stone in �Wall Street� focused on investment banking for their social commentary.

Finally, as the 1990s wound down, an IPO boom dominated the perception of investment bankers. In 1999, an eye-popping 548 IPO deals were done � among the most ever in a single year � with most going public in the internet sector.

The enactment of the Gramm-Leach-Bliley Act (GLBA) in November 1999 effectively repealed the long-standing prohibitions on the mixing of banking with securities or insurance businesses under the Glass-Steagall Act and thus permitted �broad banking.� Since the barriers that separated banking from other financial activities had been crumbling for some time, GLBA is better viewed as ratifying, rather than revolutionizing, the practice of banking.

The World's Top 10 Investment Banks

mybb@mybb.ru (Ivan Inolin) — Sat, 27 Mar 2021 21:59:28 +0300

Working at an investment bank
The top investment banks are the powerhouses of the financial industry. The investment bankers that push these banks forward work extremely long hours, often day and night, to secure whatever it is that their clients demand of them. If choosing to go down this career path, you should expect very long hours.

To learn more about investment banking, check out our overview of what investment banks do and explore our Career Map to find the right path for you.

How to get a job at one of the top investment banks
If you’re looking to work at an investment bank, we’ve published the ultimate guide on how to get a job in investment banking. One of the best ways to break into the industry is to do as much networking as possible. Given the high volume of applicants banks get, it helps to know someone who’s already working at your target bank. Participating in the National Investment Banking Competition can be a great way to meet people in the industry and to add a little something extra to your resume.

More resources
Thanks for checking out CFI’s list of top investment banks and the largest 100 global banks. CFI is the official global provider of the Financial Modeling and Valuation Analyst (FMVA)™ certification, designed to transform anyone into a world-class financial analyst.

Check out these additional resources to help you in your investment banking job search:

List boutique investment banks
List of bulge bracket investment bank
List of private equity firms
List of target schools
How to get a job in investment banking
How to become a financial analyst

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Sales & Trading and Equity Research

mybb@mybb.ru (Ivan Inolin) — Sat, 27 Mar 2021 21:40:51 +0300

Sales & trading compensation
An average starting base salary at a major bank for a sales and trading analyst role is $85,000, with a $50,000-$80,000 bonus.

Career path and exit opportunities in sales & trading
The titles in sales & trading are similar to investment banking (from the top down):

Managing Director
Executive Director
Vice President
Associate
Analyst
Unlike investment banking which is very hierarchical, sales and trading has a very flat organizational structure. In sales and trading, you sit within your asset class and role. I sat beside my MDs and they knew what I ate for lunch, what I was working on, and which friends I was chatting to.

Investment banking generally has two separate streams with analysts being pre-MBA students and associates being post-MBA. In sales and trading, an MBA is generally not required and progressing from analyst to associate and then onto VP is quite common.

The same training used at top investment banks

mybb@mybb.ru (Ivan Inolin) — Sat, 27 Mar 2021 21:36:34 +0300

M&A advisory and other corporate reorganizations
View Courses
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Easy Real Estate Investing

mybb@mybb.ru (Ivan Inolin) — Sat, 27 Mar 2021 21:11:58 +0300

BostonHome,

When I started, I was self-employed. My business provided me a good income, but I had absolutely no retirement and I had to work to keep that money coming in (a lot like a job). I decided that I needed to change to something that would provide both a nice monthly income AND wealth for retirement. That's why I chose rental properties.

I have wholesaled a few properties, but only on those occassions when I had too many deals to do personally. I did not want to do wholesaling or rehabbing for the same reason that I needed to change my original business. Wholesaling and rehabbing do not provide wealth - only cash, and you have to continually work to earn the money. That's what I had before. While that's infinitely preferrable to working a 9-5 job, it did not provide the wealth for retirement that I wanted/needed.

So, I worked like a dog, phasing down my other business while working to build my rental property business. It was a huge amount of work and I didn't take a vacation (and hardly a day off) for over two years.

That's my story. Not very glamorous like the infomercials. No instant riches. I didn't need a trailer to haul all the cash to the bank. I still don't have a private jet or yacht. However, a lot of hard work has allowed me to build that retirement and have cash to live on. More importantly, I don't have to work as much as I did with my other business and I have a lot more freedom.

Mike

Investing made easy

mybb@mybb.ru (Ivan Inolin) — Sat, 27 Mar 2021 21:08:39 +0300

Passive real estate investing made super easy!
No tenants, toilets or trouble. Some investors are active and some are passive. I personally enjoy buying mortgage notes / trust deeds and holding the paper instead of the property as a passive investor. Acting as the bank and collecting interest leaves someone else in charge of the property management, vacancy and phone calls and possible lawsuits. Holding trust deeds / mortgage notes pays me 12% annually and there is no maintenance through the servicing center I use.

I was at a local NJ REIA meeting last week, there was a gentlemen (realtor), he was representing a investor that had a large portfolio of mortgage notes. After talking to him for a while he showed me a list of about 30 performing notes the investor was trying to liquidate. I don't have enough capital (yet) to invest in notes but it seems like a solid method of getting consist returns.

Syndication Investing During a Recession

mybb@mybb.ru (Ivan Inolin) — Sat, 27 Mar 2021 21:05:31 +0300

I have been in the business since 1997 and was heavy in real estate in 2009. I had several ground up projects I had just completed. I was in the process of converting the construction loans to perm financing and all lenders went dark. Not only did they go dark but they started calling the loans. I had $35 million in loans at 9% and close to $300k going out each month to keep the properties going. The Fed was nowhere to be found and there was no talk of forbearance. I was very fortunate as I had cash, great cashflow, I pulled all my equity out through the construction loans and all my loans were non-recourse and guaranteed by the entity holding the property so the lenders had to work with me. I funded all the deals on my own so no investors were at risk. Others were not so fortunate and the banks as you know were foreclosing on properties left and right. I finally persuaded the banks to extend the loans and sold through all my properties over the next two years so everything worked out but it was definitely a scary time and a great learning experience. I had never been through anything like that and didn't even know what a work out was prior to 2009. I continued to do deals and develop properties even during that period as I had cash and cashflow so even though these deals were technically in default and in work out a few other banks were still lending.

Fast forward to today. This is a very different environment mainly because of the moves on the part of the Fed and the Treasury. They are not going to let the banks, credit and debt markets collapse like they did last time. Especially given the fact that Neel Kashcari is largely influencing the policy makers as he had a front row see at the treasury in 2008-2009.

The only caveat is we do not know how long this is going to last and what the real and lasting effects will be on the consumer. The longer this goes the more likely things will take longer to recover. What we do know is there are always opportunities in every economic cycle. There will be opportunities in retail and office if you have the stomach and the capital. There will likely be several multifamily properties that will take a hit if the shutdown continues into June or July. Storage will most likely weather the storm and continue to perform however new developments may take much longer to fill so there may be some opportunities there. Mobile home parks are also very recession resistant and given the unemployment benefits the Fed is backing up the states with they should continue to perform. Industrial is booming right now due to the rise of e-commerce but you need to pick your spots as the old "build it and they will fill it" doesn't work everywhere when it comes to industrial.

Personally I am opportunistic so it's a bit too early for me to jump unless its a really compelling deal. Investors are eager. I get calls every day from people looking to deploy capital. These are relationships I've had for years and they have all been sitting on cash waiting for a time like this. What I have found is those in my network who are liquid (over $100 million) are not concerned and are ready to deploy but they are looking for much more yield than 2 months ago. I have also found that less sophisticated investors especially those who have not been through 2009 are much more conservative and are not comfortable investing in anything right now.

Multifamily investors: What has contributed to your growth?

mybb@mybb.ru (Ivan Inolin) — Sat, 27 Mar 2021 21:03:19 +0300

It's who, not how. Multifamily is a team sport and it takes a great team to get a 100+ unit across the finish line. It's just like any team sport, everyone needs to be on the same page for the team to shine. If you bring in good people with the right business plan, it's just a matter of executing at that point.

I invest in small multifamilies and learning to assess the mechanicals in any potential property has made a huge difference. Some of my most expensive lessons stemmed from overlooking concerns in the machines and pipework informing the utilities of the property.

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Sales & Trading and Equity Research

The same training used at top investment banks

Easy Real Estate Investing

Investing made easy

Syndication Investing During a Recession

Multifamily investors: What has contributed to your growth?

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