LPL Financial Registered Principal, CA Insurance
David saw his missionary parents experience financial abuse while they were in the field, and determined that he would ensure others wouldn’t fall victim to similar schemes.
David received a settlement from an auto accident in 2000, and worked with Ron Gray, a financial planner, to invest the money. He later took an entry level job where Ron worked as soon as he graduated from Simpson University. The two opened a new investment office together in 2004, with Ron’s intent to eventually turn it over to David, since he helped build it. Gradually, David took more and more responsibility, as Ron transitioned into retirement he took every Friday, then Monday, off.
They had the business evaluated and negotiated David’s purchase to include a 10% down payment, but lenders would only offer short term, variable rate loans, which didn’t fit David’s conservative nature or cash flow projections.
Ron, a former SCED board member, suggested David give us a try since we aren’t a bank or ‘traditional’ financial institution. SCED was able to offer the long term, fixed rate loan that David needed.
“I knew SCED was working for my success, not just their own bottom line,” David says. “I would definitely use them again.”
He encourages other business owners, and potential business owners, to think outside the box and to focus on deals that work for the buyer and seller, not the attorneys, and, of course: “don’t leverage yourself to the max.”
In an industry with an expected 20% attrition rate when purchasing a book of business, David’s rate remains near 0%, making it clear he has indeed found his calling.
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