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Business Owners – You NEED a Succession Plan

Time passes so quickly. It won’t be long before many of us “baby boomers’ will have to consider the next transition in our careers. In the world of business financing, this is a particularly important topic for many of my customers who are the owners of privately held companies. Whether it’s planning a transition to family members or a sale of the company, your exit strategy should be defined and planned well in advance. There are many things to consider when planning your transition. Here is a quick review of the key things you should consider.

Why is a…


Get Organized! A Checklist for HR Professionals

It’s easy for HR professionals to get caught up in managing the day-to-day action items and overlook some of the routine maintenance necessary. Over time, policies and processes get “dusty” as regulations change, staff turns over and technology is updated. Consider tackling this list once a year to get organized and get rid of unnecessary clutter at the office.

Tidy up personnel files

Go through the personnel files and purge the ones that no longer belong in the current file, ensure they are all in alphabetical order, spot check for misplaced documents and replace any folders that have become tattered or…


Could Asset-Based Lending Be Right for Your Business?

Asset-based lending, commonly referred to as ABL, is a commercial lending discipline whereby a line of credit is structured with a formula percentage advance rate against a borrower’s working capital assets comprised of accounts receivable, and inventory, where applicable. Companies use asset-based financing to create vital working capital liquidity that replenishes liquidity consumed in their cash cycle, (i.e., the timing difference between the funding of operating costs and expenses and the ultimate collection of accounts receivable generated from sales). This is called the working capital cycle and it varies with each business.

Asset-based credit lines are secured by a lien…


Using Culture to Drive Business Success

At Univest, we highly value our culture and truly believe it drives performance. We also realize that culture isn’t something that just happens – it has to be defined and cultivated.

Last year, we introduced “The Univest Way” – the brand for our cultural fundamentals. The Univest Way consists of 18 fundamentals that describe the daily principles and practices that make our five core values come to life and truly serves as the foundation of our culture. By incorporating The Univest Way into our daily business practices, we are cultivating a high-performing culture that drives performance and encourages our employees…


The Evolution of Human Resources

The function of Human Resources has changed drastically over the past 10 years. Most people think HR is just hiring and firing, but having been in the HR arena for 25+ years, I can safely say it’s a lot more than that.

What is Human Resource Management (HRM)?

It is the process of managing employees in a company and it can involve recruitment, hiring, firing, training, performance management, benefits and motivating employees. The Society of Human Resource Management (SHRM) breaks it down to these 6 components:

  1. Business Management & Strategy
  2. Workplace Planning & Employment
  3. Human…

Construction Financing for your Business

Are you considering building your own building or doing a major renovation to your current building? If so, this article provides insight on the process of working with a bank to fund your project.

When providing funds to support construction financing, the bank assumes the risk associated with the customer’s ability to successfully complete a proposed project on time and within budget. To monitor each project’s progress, costs and loan disbursements, the bank has an established construction loan administration process. This process is essential to effectively controlling construction risk and providing the client, contractor and bank with a predictable and…


Protecting Your Assets

You have worked hard building your business into the success it is today. Unfortunately, there are fraudsters and criminals working just as hard to take what you have earned away from you. Thankfully, your bank can assist you in understanding how your business is at risk and the services that can help protect you and your business.

Four major areas that pose significant risk are:

  • Wire Transfers
  • Email and Network Security
  • Check Fraud
  • Internal Fraud

Wire transfers are a common target for potential fraud. As such, they are closely monitored by regulation. In…


Risky Business – Does Your Broker Speak Straight?

For 15 years, I was the president and owner of a gourmet dog treat manufacturing company. I know firsthand that the demands of running a business can make dealing with insurance low on the list of priorities. While businesses know it is a necessity, most do not spend much time on securing business insurance. I know for me, when it was time for my annual review it was often difficult to even locate a copy of my policy.

My experience as a business owner has been very helpful in dealing with my current clients and prospects. The mistakes I made…


Foreign Exchange 101

For many, Foreign Exchange is, well, foreign to them. Foreign Exchange, also referred to as Forex or FX, is the exchange or the conversion of one currency to another. Given the globalization of the economy, Forex transactions total more than $5 trillion daily making the Forex Market the most liquid in the world.  The U.S. Dollar (USD) is the most widely traded currency followed by the Euro, the Yen and the British Pound.  Forex rates are used to convert one currency to another and create parity between the currencies.

How Does Forex Work?
Let’s start with a simple example of a…


Tips to Improve Employee Retention

According to a 2018 report from the U.S. Bureau of Labor Statistics, employees are quitting their jobs in record numbers, reaching levels that we haven’t seen since 2001. This should make it clear that retaining talented and skilled employees should be one of your company’s TOP priorities.

Studies on the cost of employee turnover are all over the board. Some studies (such as SHRM) predict that every time a business replaces a salaried employee it costs six to nine months’ salary. For a manager making $40,000 a year, that’s $20,000 to $30,000 in recruiting and training expenses.

Another interesting statistic –…

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