The En Factor Podcast features conversations with entrepreneurs who have started, stumbled and succeeded.
In this newest episode of the En Factor, we are thrilled to be joined by Tampa native Lauren Fernandez, who is the Tampa Bay Market Executive of the Bank of Central Florida. Lauren has extensive experience within the banking world, as she started her career in banking right out of college, working across countless different industries and with all sorts of different businesses and entrepreneurs. Throughout today’s conversation, Lauren and Dr. Rebecca White take a deep dive into the world of banking and continuously emphasize the importance of preparation, organization, and understanding the impacts that financing can have on your business in order to increase the bankability of your business. No matter what stage you are at as an entrepreneur and business, you will want to tune in to this episode filled with advice and positive practices relating to the necessity of building mutual relationships with trusted advisors, the significance of structured business plans and models with clear goals, and the risks that can potentially hurt you and your business by not staying organized and consistently planning.
Key Words – Banking, Finance
Chapters
00:00 • Introduction: Welcome to the En Factor!
01:00 • Root Causes of Business Failures and Finding the Right Funding
03:43 • Introducing Today’s Guest: Lauren Fernandez
06:16 • Lauren’s Background and Community Banking
08:45 • Building a Bankable Business
11:40 • First Steps to Take For Funding Inquiries
21:00 • Personal Finances and Business Health
23:10 • Understanding the Perspectives of Bankers and Investors
27:40 • Succession Planning and Risk Management
30:51 • Key Man Life Insurance and the Process of Loan Structuring
31:40 • The Role of Relationship Managers in Community Banking
35:17 • Documentation and Financial Statements for Loans
39:30 • Navigating SBA Loans and Early-Stage Financing as a Startup
42:59 • Comparing Financing Options: Bank Loans vs. Personal Loans
48:48 • The Importance of Trusted Advisors and Clean Financing
49:30 • Lauren’s Final Piece of Advice for Entrepreneurs and Closing Thoughts
Episode takeaways
- Always be prepared with financial documents before seeking funding.
- Business owners often underestimate the importance of financial health.
- Building relationships with advisors is crucial for business success.
- Personal finances impact business bankability significantly.
- Understanding debt management is key to business growth.
- A solid business plan can facilitate funding opportunities.
- SBA loans provide flexibility for startups and young businesses.
- Community banks can offer personalized support for business owners.
- Informal financing can lead to complications and risks.
The En Factor® Podcast
Conversations with Entrepreneurs
Hosted by Dr. Rebecca White
Our audience of aspiring and established entrepreneurs are inspired to persevere throughout their entrepreneurial journey. You will hear first-hand stories of success, resilience through failure, and how to become a master in your field.