The guest on the Wednesday Edition of Talk Business With Howard Radio (on Blog Talk Radio, April 10 at 11 AM/ET) is Chris Hurn. Chris is the CEO/Cofounder of Mercantile Capital Corporation. He is also the author of the bestselling business book, The Entrepreneur’s Secret To Creating Wealth: How The Smartest Business Owners Build Their Fortunes. To listen to the live broadcast of the radio show on Wednesday, April 10 at 11 AM/ET, click here. Or bookmark this page and return to listen to the replay of the show which will be featured at the top of this page. Chris, thank you for being a guest on the radio show and for writing the guest blog post. -Howard-
What Small Business Owners Often Overlook… by Chris Hurn
Most small business owners get to a point where they feel stuck in a rut — even the really successful ones. They see their businesses and their wealth begin to plateau, and they start to panic. A lot of books explain how to do better marketing, provide better customer service, have happier employees, and do other things to improve how a business operates, but there aren’t many that describe how to develop wealth outside the day-to-day operations of a business. That’s why I’ve written The Entrepreneur’s Secret to Creating Wealth, drawing on my years of experience working with small business owners as a small business lender as well as being a small business owner several times over.
One way for business owners to create real and lasting wealth for themselves (probably the best, in my opinion) is to own the commercial property their business occupies. Now, it doesn’t take a rocket scientist to figure that out — that’s why so many of us make the move to home ownership as soon as possible. The trick is to make the right decisions that allow you to get the most out of owning your commercial property. If done right, you can end up with a retirement asset that will generate income for years and years and years.
First, purchasing your commercial property can be a tricky and time-consuming thing; it’s not exactly the same as buying a home. I recommend building a team of trusted professionals to help you through the process — the right commercial real estate broker and the right commercial lender can make all the difference in your project. Asking the right questions up front is important so that you don’t waste time going down the wrong path with the wrong person.
Second, some of the decisions you make will very much affect the ROI of your project — the property you choose, who you work with in the process, the type of financing you choose, etc. If you’re not able to purchase the property you’re currently leasing, or if you’re looking for a new facility, there are additional costs to consider: new/different equipment, ease of access (for customers), more staff (if expanding), moving costs, and so on.
Is it possible to feel your way through purchasing commercial property without reading any books or consulting any experts about the best course? Sure. But nearly all of the small business owners I work with want to make sure that every dollar spent and invested in their businesses will get the highest and best return possible. That’s how I approach projects like this in my own businesses. If you feel the same way, I’d encourage you to pick up a copy of my book or seek out someone who has successfully purchased commercial property and/or could be considered an expert on the subject. In The Entrepreneur’s Secret to Creating Wealth, I’ve included detailed case studies of individual business owners who bought their commercial property — the good and the bad things they encountered — and I list some practical ways to find the right advisors to help you through the process. If my book helps at least one business owner create wealth in their business, that’s a mission accomplished.
Chris Hurn is the CEO/Cofounder of Mercantile Capital Corporation, a nationwide, commercial lending firm that specializes in providing smarter commercial property financing for business owners and entrepreneurs buying their commercial property. Chris has become well-known for his advocacy on behalf of small business owners. As a small business owner himself, he has a unique perspective on the commercial lending industry as well as a deep understanding of what it means to be a small business owner in America today.
Chris’ book — The Entrepreneur’s Secret to Creating Wealth: How the Smartest Business Owners Build Their Fortunes — is an Amazon Bestseller, cracking the Top 3 in three different sales categories. He has appeared on FOX Business News, and has been in such publications as the Wall Street Journal, Inc. magazine, Newsweek, USA Today, Bloomberg BusinessWeek, Los Angeles Times, Forbes, New York Times.