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|Articles - May 2011|
|Wednesday, April 20, 2011|
Hard-money lending can be a hazardous occupation in the best of times. In the worst of times — say, 2008-2010 — it can be a nightmare. Everybody got hurt when property values plummeted and default rates soared during the recession, but few industries took as big a hit as did hard-money lending, the risky act of funneling loans into troubled businesses at high interest rates, using property as collateral.
Fairway America president Matt Burk heard from plenty of potential customers during the worst of the recession, desperate small-business owners looking for capital while struggling with everything from back taxes to plunging sales to employee theft. Unfortunately, he says, “By the time they’d come see us, it would be too late. If they had done some things differently, they could have avoided the situation they got into.” But they didn’t — often because they lacked expertise or were stretched too thin to pay attention to important details.
After years of finding loans for companies in poor financial shape, Burk felt he had a good understanding of the problems that get small businesses into trouble, and how to avoid them. So rather than trudge on in a market upended by bankruptcy and foreclosure, he has moved his company into the consulting arena. Fairway’s new “finance coach” service offers financial guidance to companies for annual subscription fees with lots of nines and sevens: $997, $1,997 or $11,997 per year. Participating businesses need to provide tax returns, loan documents and financial statements. In return they get a report highlighting strengths and weaknesses and recommended strategies for recovery and/or growth.
Burk says he’s expanding his 13-employee operation to offer an old-school banking service that is more “entrepreneurial and flexible” than what banks can provide, and a lot cheaper than what accountants provide. Oh, and he can help you get a loan if you need one. An early list of clients includes Everett Street Autoworks in Portland, the Oregon City Golf Club, Renaissance Homes in Lake Oswego and Nossa Familia Coffee in Portland.
Thursday, July 10, 2014
BY TOM COX | OB BLOGGER
Tom Cox interviews Dr. Mark Goulston, author of Just Listen, Discover the Secret to Getting Through to Absolutely Anyone.
Thursday, June 05, 2014
BY HANNAH WALLACE | OB BLOGGER
What does it take to launch and run one of these mobile food businesses?
Monday, July 14, 2014
BY VIVIAN MCINERNY | OB BLOGGER
Some people think Amazon’s winking eye logo is starting to look like a hoodwink.
Thursday, June 26, 2014
BY ERIC FRUTS | OB BLOGGER
Last year, the housing market in Oregon—and the U.S. as a whole—was blasting off. The Case-Shiller index of home prices ended the year 13% higher than at the beginning of the year. But, was last year a blip, or a trend?
Tuesday, July 01, 2014
BY HANNAH WALLACE | OB BLOGGER
Demand for organic food continues to soar: Last year, sales of organic food rose to $32.3 billion — up 10% from 2012. In Oregon, organic produce wholesaler Organically Grown Co. has been championing organic growing methods for four decades.
Friday, July 18, 2014
BY JASON NORRIS | OB GUEST CONTRIBUTOR
Back in May, we shared a common Wall Street quote about investing, “Sell in May and go away.” Fast forward to July and the most common question we have been getting from clients is, “When is the market pullback going to occur?”
Wednesday, July 09, 2014
BY LINDA BAKER | OB EDITOR
Scott Kveton, the CEO of Urban Airship is taking a leave of absence from the company. As the story continues to unfold, here’s our perspective on a few of the key players.
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Forest Grove sees growth in the burgeoning food and beverage scene.
Lane Powell Shareholder Susan K. Eggum has been elected as vice chair of programs and projects for the International Association of Defense Counsel’s (IADC’s) Employment Law Committee.
Geffen Mesher is saddened to announce the passing of long-time shareholder, Tom “Mike” Anderson, who died on July 10, 2014, from liver disease diagnosed after recent heart surgery. He was 55 years old.
Fifteen Lane Powell attorneys have been named 2014 “Oregon Super Lawyers,” and another five attorneys have been named as “Oregon Rising Stars” by Super Lawyers magazine.