DRDA, P.C. Helps entrepreneurs use pension fund to buy start-ups

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DRDA, P.C. Helps entrepreneurs use pension fund to buy start-ups

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Houston, TX (openPR) 4 December 2008

DRDA, PC announces a free webinar on 9 December, organized by the accounting firm Senior Partner, Douglas A. Dickey, CPA, explained the BORSA ™. The early educational webinar to help budding entrepreneurs learn to use their personal pension plans to open a shop to tighten bank lending role credit standards and make fewer loans in the current credit crisis.

The Small Business Administration recently reported that the number of 7 (a) loans – most often accessed the SBA loan – 30% fell in the year ended 30 September. The decrease in SBA loan at a time when many business owners like to start or buy businesses because they happen to start a second career after leaving the company’s workforce.

credit tight, many companies looking for alternative funding sources and look beyond conventional SBA lender. For many small businesses are the main source of financing comes from personal savings or refinancing your personal residence with a home equity line of credit. Others are external sources like friends and family, capital markets and private equity groups. However, the financing from third parties prove undesirable because external sources usually expect a lion’s share of the economy in return for equity financing. And home equity loans can get as heavy as a traditional small business loan in today’s lending environment.

A growing number of entrepreneurs choosing a little-known qualified plan to use so-called Business Owners Retirement Savings Account: BORSA ™. A BORSA ™ allows entrepreneurs to purchase or renovation of a franchise fund, starting a business, assistance or business assets their investments in a “qualified plan” – a 401 (a) a pension, 401 (k) profit sharing plan, 403 (b) 457 , or IRA rollover. By using the BORSA ™ purchases are without distributions, taxes, penalties, or the use of the retirement plan loans. be

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DRDA, PC, an accounting firm that designed BORSA ™ start in 2005 as a result of extensive research for a tax-and penalty-free solution for customers with the need to access their retirement accounts on a company. They analyzed the provisions of the Internal Revenue Code (IRC) and the Employee Retirement Income Security Act (ERISA), as well as trade publications and court proceedings that they felt were relevant. In addition, DRDA sought the expertise of a nationally recognized ERISA attorney to solidify the legality of such a solution. Today is the Borsa ™ and is recognized in all 50 States.

There are three basic requirements for setting up a BORSA ™ for a company. First, the entrepreneur must have an existing retirement account such as an IRA or another of the above accounts and have the option to transfer or rollover of funds in the Borsao. Second, the company eligible “active trade or business secrets,” which will have at least one employee. Third, individuals familiar with Borsao professionals to work rules and applicable law.

To clarify, a BORSA ™ is not a loan, nor a self-directed IRA. A direct investment in an “active business” by a self-directed IRA is prohibited. The Federal Government recognizes the use of money from a 401 (k) plan as an investment manager. In fact, the Small Business Administration SOP 50-10 (5) published on 1 August 2008 provides SBA will not require a 401 (k) plan, which guarantee more than 20% or more of a company loan. What is more, in contrast to other funding sources such as credit, SBA loans or asset-backed Borsa ™ Plan does not create additional debt for the entrepreneur.

For more information about the BORSA ™, call 281-954-6040 and visit http://www.borsaplan.com.

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Successful entrepreneurs should avoid these mistakes

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There are many reasons why people start their own businesses. Some successful entrepreneurs start own businesses in order to escape from a bad boss. That 95 percent of all entrepreneurs fail is not a secret according to a report by eMarketer from 2010. This begs one to ask the question, why do entrepreneurs fail to realize their business dreams? Although there is no simple answer to this question, it all boils down to discipline. In this post, I am going to discuss some of the most common pitfalls made by starting entrepreneurs.

successful entrepreneur

Common entrepreneur mistakes

1. Some entrepreneurs are not good communicators. Most of us are in business because we have a talent in our field, but that doesnt mean that we are capable managers. Good communication with employees and customers is essential for any successful start up. It is no secret that some business owners shout at their employees when blunders happen. I would suggest that you pull an offending employee aside to discuss what went wrong instead of shouting!

2. I know a lot of us entrepreneurs, including myself, run our own places/businesses with an emotional attachment to them. It is a pipe dream to expect employees to share that same perspective with us especially when they are poorly paid. To avoid this problem, compensate your employees adequately and congratulate/promote then when milestones/ achievements are exceeded. This is one strategy that will make you successful entrepreneurs.

3. Failing to check for competence. It is a common mistake that is made by a lot of start-up companies/entrepreneurs. Make sure that new hires can demonstrate competence before letting them into your business. This will avoid potential future misunderstandings and save your business potential costs of mistakes made by incompetent workers.                    4. Transparency and truth. I know a some of us entrepreneurs do not like to accept the truth. If a deal with a business partner has gone awry beyond repair, there is no point of giving hope when you know clearly there is no transaction. Save each other’s time.  Of course you should not confuse my words with pessimism which is a taboo word for any successful entrepreneurs. Be straight forward in your communication with business partners (including employees), tell them the bitter truth. It might be awkward to deliver bad news, but be honest and let the truth save you nasty rumours.                                                                                                                                                                                                                              5. Trusting anyone blindly. One of the biggest mistake made by many entrepreneurs is to assume that their professional norms are everyone else professional norms. To avoid dissapppointments, I would suggest that you define in writing the kind of behaviour that is allowed at the workplace. Besides entrepreneurs should not make too many assumptions – make your hands dirty through digging deep into the fine details of a project. If you do not have the right kind of details, do not be surprised when a project fails catastrophically. Do not confuse my words for neither overhandedness behaviour nor paranoia!                                                                                                                                                            6. Giving mixed signals. You should be a role model for your employees. Do not preach water and drink wine! I know applying this point to yourself as a business owner might be a long short. Nevertheless give it a try. Employees look to us for cues on how to behave. Of course there are exceptions to the rule, as at the end of the day, you are still the BOSS!
I hope my tips on how to become a successful entrepreneur will help make you a better entrepreneur for the year 2011.

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