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Sky Helps Experienced CEO Save Jobs of Over 100 Employees

 

When it comes to owning a business, every day brings its unique set of challenges. For Skip, an experienced CEO who had recently acquired a new company, the unexpected hurdles came fast and furious. In a matter of months, he found himself in a cash flow predicament that threatened to destroy his business and his employees’ financial livelihood.

 

How It Began

Skip purchased an established business less than a year ago and things were going well – until one day, with $1.5 million in receivables pending, he received a notification that the payment terms for these receivables had been unilaterally changed from “15 days Net 1%” to a daunting “60 days.”

With payroll looming and cash reserves dwindling, Skip did what any responsible business owner would do – he turned to his bank. Unfortunately, the bank’s response wasn’t the lifeline he’d hoped for. They were unable to help him, as he hadn’t yet held ownership of the business for a year.

 

Merchant Cash Advances and High Interest Loans

Skip realized he was running out of time and options to meet payroll. “When you look at payroll coming down the pipeline, and you don’t have the money, it’s like the end of the world is coming,” Skip shared with us. He felt his only choice was to take out multiple expensive merchant cash advance loans which would ultimately cost him $70,000 to repay within a very short period. And payroll was due again in another week.

 

Enter Sky Business Credit

As Skip continued to explore other financing options, including additional MCA loans, he was approached by Donna of Sky Business Credit. According to Skip, “Donna wasn’t pushy. She was very respectful. Her attitude was, can we help you?” And the truth was, he really didn’t want to deal with pushy people to save his business. But sometimes, he explained, you feel like you have to in order to survive.

With another payroll rapidly approaching, Skip decided to move forward with two financing options: a competitor and his factoring application with Sky. He directed both with the statement, “The first one who can fund me is the one who will work with me.”

It was at this point he was introduced to Gail, President of Sky, and Beverly, Vice President of Operations. Skip recalled the impression Gail made on him: “She’s blunt, she’s straightforward, and she’s honest. And I like those three things, because that’s how I like to do business.” And of Beverly, he shared, “Once I met Beverly, I realized there was something about all three that made me feel like I was dealing with honest people, not sharks, in suits people who talk out of both sides of their mouth. And if I’m going to go down, I’d rather be with them than with people who are dishonest.”

Sky funded Skip’s business in four days, saving the jobs of over 100 employees.

 

A Relationship Rooted in Service and Trust

Skip could have solely focused on price when selecting a financing partner. But what truly mattered to him was trust and integrity. He found that in Sky. Sky’s commitment to honesty and straightforwardness, in not just words but also in their actions, meant more to Skip than just business transactions. And, powerfully, Skip shared that it was Gail’s trust in Skip as a businessperson that made an overwhelming difference to him. In the end, both parties trusted that the other would deliver on their promises when they said they would.

In the complex, emotional, and sometimes confusing landscape of business financing, it’s not always about the numbers. Sky Business Credit delivered working capital in the moment Skip and his business needed it, while also reinforcing to him that, despite the situation he found himself in, he is a good and capable businessman deserving of trust.

Have an urgent cash flow need? Please reach out to learn more about factoring and discuss if this financing is a good fit for your business.

Don't Wait to Get Paid. Factoring Helps Businesses Fast!

 

Factoring is a cash flow tool that can assist you with sales growth. It can provide you with immediate access to cash rather than having to wait 30, 45, or 60+ days for customer payments.

 

Sky Business Credit can boost the cash flow of almost any business that sells a product or service to another business. We have the same goal: to fund your business quickly and painlessly so your company can grow.

  • Pay payroll on time
  • Pay supplier and vendor payments on time
  • Take advantage of quick pay discounts
  • Pay taxes on time
  • Pay bills on time
  • Extend payment terms to customers that weren’t previously possible
  • Fund business growth
  • Credit and collections assistance (saves administrative costs)
  • Buy new equipment
  • Increase inventory
  • New marketing initiatives

 

We can work fast. Most deals are funded within 2-4 days from receipt of a package and document signing. Get started today!

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