The Uniform Commercial Code protects the Lender with form UCC1 & UCC3 Here's what happens in most cases when the principal dies: The bank says: • We don't owe who pays the loan. • We need it to pay off now, or we will seize cash assets with us. • We will seize other company assets and force a business closure. • Full payment will be: • Demanded – 30 days, maybe 60 days required, or actions threatened. • Enforcement of the loan. • Public actions will destroy the confidence in employees and customers. • "In Life, Be Prepared – "**%* Happens and There's Nothing You Can Do to Prevent It. • If the owner had the money, he or she would not have needed the bank. • If the family had the money, they wouldn't have needed the bank. • If the company had the money, they wouldn't have needed the bank. The Dilemma of Capital What Should be the Real Capital for most businesses? I have discovered over the years of working with business owners that the majority businesses have no way of tracking or communicating with existing customers. Most businesses have no way of attracting new customers to their business, and this is tragic and awfully expensive.
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