Mad Mike
Well-known member
Banks don't discriminate against small businesses owners that generate stable regular income.From what I read they are retiring but I have no way to verify that.
The family that previously owned Astlestines out in Blackstock struggled to find a buyer for years when their children didn’t want the family business. Now it’s Blackstock Motorsport. Again just what I was told by a friend of the family.
Not all businesses fail some just close up because things change.
I closed a profitable contracting business years ago because being self employed I couldn’t qualify for a mortgage on the house I wanted to buy.
I took a steady job making less money but on payroll and qualified for my house.
A few years later I bought a new truck while I still had credit then I quit my job the next day. Now I can’t borrow squat without claiming massive income for multiple years or paying higher interest than people with regular jobs. Owning a small business is not all roses. Good thing for me is I have enough debt and anything else I buy I will just pay for or live without. Sorry for the little off topic part
Small businesses owners often shift income around to avoid taxes by taking off books (cash) business, paying family members who dont work, disguising non qualifying expenses as write-off.
They can't have both - you can't explain cooked books to a lender.
