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401(k) small business financing made the Small Business section of the New York Times today (see Betting Your Retirement on Your Startup). Although we do think the title is a bit misleading (you are always betting something on your startup - whether it is your life savings, your home or your familial connections), we do see this article as a great resource for anyone looking to start or purchase a business.
And prominantly featured in this story is Guidant's own client George Richards, owner of Darwin Liquors with his wife Marlies. George has been a Guidant client since 2006 and is still happy he decided to use retirement money to finance his own business. As he told the New York Times, "I would bet on myself and my abilities any day,” he said. “I don’t know who I’d rather bet on than me.”
We know that right now is perhaps the most unstable time in the history of the American economy. With that comes uncertainty about all things financial. The New York Times recongnized that and sought us out for examples of people who used our 401(k) small business financing solutions to invest in themselves (and not the CRAZY stock market) and to side-step the volitile lending environment (at least partly).
Even though you may be seriously reconsidering your entrepreneurial goals, know that Guidant has options for you that could not only provide you with the capital you need for your business, but that could provide you with a way to invest in something you have control over - your own business.
And prominantly featured in this story is Guidant's own client George Richards, owner of Darwin Liquors with his wife Marlies. George has been a Guidant client since 2006 and is still happy he decided to use retirement money to finance his own business. As he told the New York Times, "I would bet on myself and my abilities any day,” he said. “I don’t know who I’d rather bet on than me.”
We know that right now is perhaps the most unstable time in the history of the American economy. With that comes uncertainty about all things financial. The New York Times recongnized that and sought us out for examples of people who used our 401(k) small business financing solutions to invest in themselves (and not the CRAZY stock market) and to side-step the volitile lending environment (at least partly).
Even though you may be seriously reconsidering your entrepreneurial goals, know that Guidant has options for you that could not only provide you with the capital you need for your business, but that could provide you with a way to invest in something you have control over - your own business.
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5 comments:
I had a guy tell me the other day he was taking out all of his 401(k) money to pay off his credit card debt. I told him I did not think this was a very iwse idea.
By taking his 401(k) funds as a distribution, your acquaintance could see huge distribution penalties and taxes. Many financial advisors would agree that people should only take their retirement funds as a distribution as a very last resort (unless they are retiring, of course). Guidant's 401(k) small business financing actually enables small business owners to access the capital in their 401(k)s without taking costly distributions, and without losing the tax deferred advantages of their accounts.
I am looking to purchase a restaurant and want to use my 401K fund without having to pay the penalty and the taxt. From reading the Guidant 401K information, it seems that I have to create a Corporation which I do not want to. Is there a way around this?
There is no way around using a corporation. The exemption necessary for this investment vehicle to work, require the retirement fund to purchase STOCK. LLC's have members units and S Corps only allow "human beings" as shareholders - so - by default you have to use a C Corp.
I recently came across your post and have been reading along. I thought I would leave my first comment. I don't know what to say except that it caught my interest and you've provided informative points. I will visit this blog often.
Thank you,
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