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Compass F inan ce
There comes a point in time when an experienced attorney considers
breaking out on their own or with partners. This can be an exciting yet
daunting decision. Surrounding yourself with a team of trusted advisors,
creating a detailed business plan and budget, as well as obtaining
adequate financing are important steps that will help pave the road
to success. As you begin the process, be prepared to answer some key
questions: Have I created an accurate budget detailing start-up and
operating cost? Do I have sufficient capital saved for equity needs?
Can I sustain my lifestyle as I wait for operations to ramp up without
a paycheck? In order to provide adequate cashflow for your practice,
carefully discuss financing options available to you with your banker. The
following financial information should be readily available: a business
plan, including expenses and revenues forecasts; current personal
financial statements; 3 years of personal tax returns; and depending on
the type of law you practice, an aging of accounts receivable or a case
list may be needed. At Sabadell, we’ve been assisting attorneys establish
and enlarge their firms for over 35 years. Using a holistic approach to
analyzing each client’s unique financial situation, including trust & estate
planning, wealth management and private banking, we’re able to craft
customized lending solutions, making us a key player in the local market.
ABOUT THE AUTHOR
Mey-Ling Perez is Sr. VP, Private
Banking & Wealth Management
at Sabadell United Bank. She’s
responsible for assisting clients
with their private and commercial
banking needs, as well as
investment and trust services;
36 PURCHASE PLANS
Great works of literature tell us that for every occasion,
there’s a season, and large, costly items are no different.
Below are the prime times to make big buys.
TEX T BY RYAN JARRELL
The statistical analysts at
CheapAir.com have indisputably
determined the best time to
book airline tickets is 47 days in
advance. Uber-planners and ultra-
procrastinator’s beware, too early or too late and you risk
shelling out an extra $150+ in fees.
Looking to undercut The 305’s
exorbitant insurance premiums?
Buying a bicycle in the (relatively)
cold months of January and
February can save you up to 50%
as shops make way for newer models.
GEM OF A DEAL
May is the perfect month to buy
jewelry. Sales typically follow tax
return season. But don’t be fooled
by Cupid’s Bow; while stores might
have Valentine’s Day sales, they
typically jack up prices beforehand.