Strengthening Your Succession Plan With Knowledge of Business Loan Options

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In this episode of the Prime Partners Podcast, Jordan Cordero of Live Oak Bank shares the importance of strategic succession planning for small business owners and how leveraging business loan options can facilitate the smooth transfer of business ownership.

The conversation highlights key insights into how proper financial planning and understanding different loan structures can significantly broaden potential buyer pools, making the transition more manageable for sellers and buyers. Whether you’re currently contemplating the future sale of your business or just want to be prepared for when the day arrives, learn how staying on top of business loan options can position you to one day make a smooth exit from your business.

Key Takeaways

  • Succession planning is crucial for business owners to transition their business to the next generation successfully.
  • Understanding loan options is critical for business owners to open up their pool of potential buyers and facilitate a smooth transition of ownership.
  • The rise in interest rates has affected the price and amount of debt that buyers can take on when acquiring a business.
  • Working with a bank specializing in small business financing and with industry-specific expertise can alleviate contractor pain points when obtaining business loans.
  • It is never too early to start planning for succession and involving a bank to understand the loan options available.

Time Stamps

  • 00:00 – Introduction and background on Alec Stevanovski
  • 07:00 – Impact of the economy on the home service industry
  • 17:50 – Changes with private equity over the last year
  • 29:15 – Increasing role and opportunity of technology in the trades
  • 38:40 – About Homepros

About Jordan Cordero

Jordan Cordero is a loan officer on the service contractors lending team, which dedicates itself to contractors in the HVAC, plumbing, and electrical industries. He focuses on providing business loans to these industries for acquisitions, succession plans, and commercial mortgages to help with new owners looking to acquire a business and existing owners looking to expand their business. Jordan has been with the bank since 2016 and has been a part of the service contractors team since inception.

Contact Information

Live Oak Bank

jordan.cordero@liveoak.bank
(910) 358-4588
Time Zone: EST

ABOUT THE PRIME PARTNERS PODCAST

BDR’s Prime Partners Podcast host, Tyler Gunhus, is BDR’s Senior Marketing Communications Specialist. He has over ten years of communications experience spanning print, broadcast, and product marketing. After graduating from Biola University with a Communication and Media Arts degree, Tyler joined a large media company, coordinating content creation, social media, and promotions. He joined the BDR team in 2020, helping lead the marketing strategy and execution, focusing on brand development.

In 2024, he took on the role as host of the Prime Partners Podcast, which delivers insight on services, resources, and business practices that can help your company succeed – faster.

Each episode features a BDR partner company or client who shares ways you can take your company forward.

Want to learn more about one of BDR’s SAI partners, who is highlighted in this episode? Reach out to BDR’s Client Experience Coordinator, Samantha Minnar, or go to: https://www.bdrco.com/partners/

Listen HERE for more podcast episodes from BDR.

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