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Tax- Local & State (Outside Illinois)

4/24/2017

 
Typical Situation: Our client works in multiple states and may have issues with NOT collecting the appropriate taxes or filing the returns.
 
When you hear a business owner say:
·         “We are starting to do business in other states”
·         “We have construction contractor that work outside Illinois”
·         “The <Name a State> Department of Revenue is auditing my sales tax.”
·         “I got a letter from <another state>. Department of Revenue.”
 
SALT (State and Local Tax) Firms provide answers to questions about other states’ taxes. These issues are normally dealt with on a reactive basis, after notices are received.
 
How they Work Being proactive in the area on behalf of our clients make us more valued professional and solidifying our relationships. 
​
You can introduce them:
“It sounds like you are having an issue with taxes in a different state. I know someone that will work with you help solve your situation.”

​Matching Ideas with Resources:
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Banking- SBA Loans

4/17/2017

 
Typical Situation: Our client is looking to expand business by buying equipment. Maybe they are thinking of expanding their business, and/or build out a new building. Some might want to expand to underserved communities and create quality jobs.
 
When you hear a business owner say:
·         “I would like to expand but I my bank won’t lend the full amount I need”
·         “I just got declined for a loan from my bank to buy R/E, equipment, inventory, working capital”
·         “I want to buy out my partner (or purchase a business) but can’t get financing”
·         “My bank approved the equipment loan but they only gave me a 24 month term, I’m afraid of a payment that large.”
 
SBA (Small Business Administration) Bankers serve as a trusted banking solution. They Make $1MM-$5MM loans to small businesses.
 
How they Work They use Government loan programs, to businesses that meet SBA guidelines. They are  able to do this by treating the building acquisition as simply an extension of their existing business, rather than a new acquisition. 

Matching Ideas with Resources:
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       Specializes in Traditional Businesses           Specializes in Underserved Urban Communities

Receivables- Accounts Receivable Financing

4/17/2017

 
Typical Situation: Our client needs funding to pay bills on time. They have orders coming in, but are not getting paid on time or “in time” to pay bills. They could also be getting a large order, that may require up front funding to vendors.
 
When you hear a business owner say:
·         “My cash flow is poor”
·         “I've got good customers but they're paying my invoices slow/beyond terms”
·         “I received a large order but can't pay my supplier/s”
·         “I'm too new to get bank financing”
·         “My bank won't provide enough financing to meet my company's needs."
 
An Accounts Receivable Consultant provide strategic financing solutions for business to business companies.  Strategies include accounts receivable financing as well as purchase order financing, work-in-process financing and asset based loans.
How they Work The Consultant visits our client and conducts a comprehensive analysis of the client's situation as to the history of the business, opportunities and challenges, current financial condition and current financing, if any, as well as their financing needs.

Matching Ideas with Resources: 
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Human Resources- Professional Employer Organization (PEO)

4/3/2017

 
Typical Situation: Our client has had increase premiums over the last few years. Maybe thinking about either dropping shopping for new, more affordable health insurance. The new laws and the Affordable Care Act may be miss-understood.
 
When you hear a business owner say:
·         “These Health Insurance Premiums are so high.”
·         “I am spending too much time dealing with HR situations.”

PEO Provider will work with them help them with Cost Containment, HR Administrative Relief and risk management. They will help access their HR costs and provide a cost comparison to consolidate to one vendor. Our client will realize the economies of scale of joining a large organization and the ability to offer fortune 500 benefits.
 
How they Work The consultant will show group policy for health benefits (Since they are part of a group of over 250,000 lives, they can provide cost containment year after year. 2015 renewal rate was 1.4%). They can also look at a group policy for workers comp (possible reduced pricing and liability management). They will also help with HR since every client has their own dedicated HR Client Service Team.

Matching Ideas with Resources:
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    GLM's Blog

    In true blog fashion, the last parts are at the top of the page. Scroll all the way down and work your way back up to read them in order. 

    Tom Gosche

    Tom is the Business Development Manager for GLM. If you are interested in learning more about GLM's services, contact him:

    630-675-8971
    [email protected]
    View my profile on LinkedIn

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GLM, Inc.
 
300 N. Martingale Rd., Suite 750
Schaumburg, IL 60173-2097
 
Phone: (847) 884-1781
Fax: (847) 884-1830
E-mail: [email protected]
Website: www.goglm.com 

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