Episode 109: How to Become Your Business’ Line of Credit (and Beat your Competition) with Scott Plamondon

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In this episode, we ask:

Has your crystal ball come in the mail yet?
Do you have a line of credit?
Do you have a business collateralized loan?
Who is Scott Plamondon?
Have you heard the Grandma’s Wealth Wisdom podcast with Brandon and Amanda Neely?
When did Scott join the Air Force?
When did Scott start as an accountant?
When did Scott move to California?
Are most business loans rejected?
Why do so many businesses fail?
How did Scott start working with business owners?
What is the client’s story with the line of credit?
What’s Brandon and Amanda’s story?
How does this client use a Bank on Yourself type whole life insurance policy to create a line of credit for the business?
How did Brandon and Amanda use their Bank on Yourself type policy to deal with a flood at their business?
How did Brandon and Amanda use their Bank on Yourself type policy to sell their business?
What did Scott’s client want?
What was the result?
How are policy loans more graceful than bank lines of credit?
What about when business isn’t great?
What about when business is thriving?
How does this strategy affect retirement?
Who will be the most resilient when the economy turns?
How could this client interact with his competitors?
Can this client take a break from repaying the loan if his business hits a rough patch?
How much control do you have?
What is the spiraling cycle?
What is a daily interest loan?
What about paying excess interest?
Why do business owners love to reinvest in their own business?
Did Scott get any pushback from other CPAs or accountants?
What opportunities have Scott’s clients been able to take up?
What’s bigger than a rate of return?
What other things should be factored in?
How might you take advantage of opportunities?
What opportunities emerge from downturns?
Are you already in the banking business?
Which side of the banker’s table are you sitting on?
Who is Nelson Nash? Have you heard Episode 95 and Episode 96?
What is the average age of an entrepreneur?
What if you never had to depend on banks?
What if you do decide you want to start your own business in the future?
How can you work with Scott Plamondon?
Do you know someone who has been burned by the banks?
What percentage of businesses have their loan requests rejected?
How many receive a loan?
What can the bank do?
What happens when a bank calls the loan?
Is it about the internal rate of return?
Does opportunity seek out those who have liquidity?

For over 28 years Scott Plamondon has been successfully helping people plan for retirement. He uses his accounting and investment background combined with a deep understanding of his client’s financial needs, to offer the best possible strategies.

Scott earned a Bachelor of Science degree in Business Administration from New Hampshire College. He is a Chartered Life Underwriter (CLU) and he has a Personal Financial Planning Certificate (PFP) from the University of California, Irvine. He is fully licensed in life and disability insurance, and annuities.

Scott served in the US Air Force from 1984 to 1987. He is married with two daughters and resides in Mission Viejo, California where he is an active member of the community.