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Cash for Impact

Selling a Rental Property with Tenants 2

Posted on May 26, 2015 by Tiffany C. Wright


House occupied by tenant

Whether or not you sell with a tenant depends on who your intended buyer is, investor or occupant.

If selling as a rental, keep the tenants.

If you want to sell a rental property as rental, you should definitely sell it with the tenant in the property, preferably with at least six more months before the lease ends. Because a long-term tenant ensures that the new landlord does not have to immediately tend to a vacant property and search for tenants, you will sell your property sooner. This, of course, assumes that you have a good tenant who pays rent timely and takes care of the property.

If selling to a homeowner, have the tenants move.

If, instead, you intend to sell to an owner-occupant, you should take immediate steps to get your tenant to move. The fastest way to do this is to ask the tenant to move out so you can move in. In some jurisdictions, you must actually move in (partially is fine) or your former tenant can accuse you of fraud. Typically, you’ll need to clean, paint, etc. to restore the home to its full glory as a primary residence.

Determine who your target buyer is, in advance.

Because of the distinct differences between selling to a landlord and selling to an owner-occupant in how you approach a sale, you must determine who your target is in advance, based on the market information, and act accordingly. Does the area have a high number of renters or does the house produce above market rental income? Sell to a landlord. Is the rent you command low or is your home the only or one of few rentals in the area? Sell to an owner-occupant.

Encourage your tenant to cooperate.

To get your tenant to cooperate: If you have a great tenant, offer to extend the lease at the same rent for a few months, offer to provide something for free that the tenant has requested in the past, offer free lawn care or a housekeeping service for 2-3 months. Be creative and provide solutions to your tenant’s concerns that get you what you want – in other words, a win-win situation.

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Small Business Secrets: Practices that Aid Personal Finances 0

Posted on May 20, 2015 by Tiffany C. Wright
Financial management is financial health

Managing your money like a successful small business owner can enhance your financial health.

There are a number of activities that small business owners routinely engage in out of necessity. For example, for successful small businesses, cash is king. You can be profitable yet have very poor cash flow because you did not structure the timing of your inflows to exceed your outflows. Most ongoing successful business owners have developed the ability to forecast and manage cash. Learning to do this and other activities bodes well for individuals and improving both their personal financial management capabilities and their actual personal finances.

Managing Cash Flow

I plan out my cash flows 12 weeks in advance. If I see that I’ll have a large outflow in a given week, I’ll make adjustments in other weeks to ensure I have the cash or I’ll use our credit cards or line of credit. But I make sure that I can pay these down within 1-2 months. In addition, I plan out capital expenditures 1-2 years in advance. That way, I can explore ways to fund those expenditures in advance such as a lease, term loan or (more rarely) one or more investors.

People can use this same planning and discipline to manage their personal finances. Treat those major vacations and large purchases like capital expenditures. Know your personal inflows and outflows and timing and only use your credit cards to cover the gaps or to allow time for more cash to come in before you pay out (i.e., you delay the cash outflow by 25 or more days by putting it on the credit card).

Poor financial management

Poor financial management is evidenced by overdue bills, maxed out credit cards and little cash.

No Reliance on One Income Source

Another thing is, as a business owner, I try not to place more than 5-10% of my business with any one customer. Sometimes a customer may jump to a much higher percentage (which is usually great!), but then I focus on expanding customers or the business to again lower that percentage. Most non-investors and non-business owners have one or two sources of income – their own and that of their spouse, if they’re married. To generate cash from other sources, you can invest in real estate, invest in bonds, invest in stocks that pay dividends, freelance, have a part-time job,… The point is to reduce your reliance on your paycheck through multiple methods so you don’t experience a massive shock if you lose that paycheck.

Periodically Extract Money and Invest

Finally, I am currently growing my business. However, with previous businesses, I pulled money out of the business periodically and invested in other assets – other businesses, stocks, and real estate. I want to build the value of my business by retaining some profits but I need to reduce the risk of a negative impact on my personal finances if something unexpected happens and adversely slams my business. You can benefit from doing the same personally. Take money from your paycheck and invest it in something, preferably, multiple assets that you know and are comfortable with. You increase your net worth over time and reduce the likelihood that one asset will collapse and wipe you out financially.

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Best Business Tip: Play to Your Strengths 0

Posted on April 24, 2015 by Tiffany C. Wright
Develop strengths, not weaknesses

A quote that illustrates my point.

The best business tip I received was, “Play to your strengths, not your weaknesses , however, anything can be learned.” This came a little later in my career, after getting my MBA, when I had some experience under my belt. The person was telling me that anything I would need to know, I could learn. However, instead of using a great deal of effort to learn something I’ll rarely use or that I strongly dislike doing, focus on learning to enhance my strengths. Those strengths include what I like because when you (or I) are passionate about something, you embrace it and learn faster…and want to know more.

So often we try to strengthen our weaknesses. I do think it is very important to understand what your weaknesses are. You need to know your weaknesses in order to delegate and partner effectively. However, playing to your strengths is what builds personal and business competitive advantages. And those strengths can be further enhanced through education – experiential, online, in class, reading, or more. This one tip really helped me to focus. It also helped me know that, although I may not be fully capable of doing something at this moment, I can learn how to do it at some future moment.

What was your best business tip and why? Please share and comment below.

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PEO Benefits and Business Funding 0

Posted on April 08, 2015 by Tiffany C. Wright
People working on laptops.

PEOs enable you to onboard employees without all the administrative headaches.

Venture capitalists like PEOs.

Venture capitalists like PEOs, the acronym used for personnel employment organizations. Why is this? Because PEOs enable rapidly growing enterprises to ramp up their hiring without getting bogged down in all the administrative tasks related to onboarding new employees. VCs like founders and co-founders to focus, focus, focus on running their start-ups.  Focus onn what, pray tell? On products, production, services, customer service, sales, and marketing.

PEOs handle hiring-related administrative details.

PEOs handle all the administrative details related to hiring. They provide interview forms, interview guidelines (what not to do), I-9 and W-4 forms, ready-made templates, and HR and related training. The list goes on. PEOs also provide benefits and benefits administration, which are key to enticing new employees. Through PEOs small businesses gain access to 401K plans and health care benefits at large company, group rate pricing because the PEO combines employees from all the companies it contracts with.

PEOs help companies hire fast.

In addition, when a company is growing rapidly, it’s doing all it can to hire people fast enough to cover demand. If the management team had to focus on more of the human resource activities than recruiting, interviewing and ensuring a good fit, how could the management team be sure they focused properly on the other areas necessary to support rapid expansion? Answer: They could not.

To read more on the subject, read the article Benefits of Personnel Employment Organizations (PEOs) .

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Controls and Customs for Petty Cash 0

Posted on April 02, 2015 by Tiffany C. Wright
Small U.S. bills

This is what petty cash looks like. Yours may include coinage.

In years past, the petty cash box or drawer was very important for businesses. Two decades ago, some companies would keep as much as $5,000 in their petty cash stashes to pay for small or immediate need-purchases. However, with the advent and subsequent increase in usage of business and vendor credit cards and charge cards, the need for petty cash accounts dropped significantly. In recent years the need has plummeted even more due to the rise in the use of online payment options such as Paypal. Despite this, some companies still maintain petty cash accounts for incidentals, including pizza for the staff or flowers for the receptionist.

Usage and Management

Companies often spend more time and effort on tracking their petty cash cachets than on tracking their company credit card transactions! Perhaps this has to do with having actual cash on the premises and the fact that you won’t receive a call from the bank regarding fraudulent activity in your petty cash account! Petty cash accounts lend themselves well to control and tracking mechanisms. Business must define and track the usage (drawing down) and replenishment of the petty cash account using customs/systems and procedures that work best for that firm.


Most companies rarely keep this level of petty cash on hand.

What Is Petty Cash?

No, it’s not the cash that’s so minor, it’s not worth worrying about! Officially, petty cash is the cash that businesses keep on site to meet incidental and other small expenses or pay for very minor purchases. Most companies secure the funds in a locked drawer, such as a desk or file drawer, of keep it locked in a small safe or file cabinet. What if you receive a package C.O.D.? You would use petty cash to pay for it!

General Ledger Balance

One internal control feature that exists within petty cash is the recordation and maintenance of the general ledger balance. When a company creates a petty cash fund, it creates the fund and records the amount put into the fund in the general ledger. One company may use $50.00; another may create the fund with $250. The amount varies according to a company’s needs. Once established, companies rarely change their petty cash general ledger balance. Instead, businesses spend down the cash and replenish, over and over. To ensure that a company’s actual petty cash account equals its general ledger balance, the company must always maintain the petty cash amount in actual cash or the equivalent in receipts.

Restricted Access and Sign-outs

Companies restrict access to petty cash accounts to prevent theft. Therefore, they

Picture of a safe

If you need to put your company’s cash in a safe, it is no longer “petty cash”!

typically identify one or two people whom they make responsible for tracking and oversight of the petty cash fund. In addition, most firms keep a sign-out book with the cash for easy recordation. Each person who withdraws funds from the account must record the date, amount and her name. She must submit a receipt as soon as she obtains one. Typically, the responsible party will initial next to the fund withdrawal once she receives the receipt.


Another internal control feature of petty cash is the use of checks to replenish the fund amount. For example, a company has a $200 petty cash fund and spends down $150. The petty cash overseer must obtain a check for $150 to replenish the fund. Usually she must submit receipts equaling $150 to accounting to obtain a check for that amount made out to cash. Once she cashes the check, she deposits the cash back into the petty cash drawer. This system of replenishment acts as an excellent internal control.

Set Up

When companies set up a petty cash fund, they usually put the cash in a location that only a select few can access. For example, firms often place the cash in a large envelope or cash drawer then insert the container inside a locked file drawer or safe. The amount a company puts into its petty cash fund depends on the firm’s needs. Some may place $100 while others may place $300. As part of the set up, companies assign responsibility to one or two people and refer to this person as the cash custodian. Typically this person works in the finance or accounting department. Companies may also establish specific rules for the fund’s use and notify applicable employees.


Companies regularly replenish the cash in the petty cash fund when the amount gets low or drops to or below a predetermined amount. Typically, at that time the cash custodian requests a check in the amount of the cash that has been expended. The custodian cashes the check and puts that cash back into the cash drawer. A company usually keeps the amount in the petty cash fund stable to avoid altering the dollar value reported in its general ledger account.

Picture of checkbook and calculator

You can use a regular checkbook to track your company’s petty cash or a sign in/sign out sheet.


Companies must monitor the amount of cash that goes into and out of its petty cash fund to prevent theft and fraud. An easy way to do this is to require all employees withdrawing money to sign out funds and provide their name, date, and the funds’ purpose. Employees must then obtain and submit receipts as soon they can. Employees should return any unused cash to ensure that the cash taken exactly equals the amount shown on the receipt. Companies can then periodically audit these transactions by confirming that receipts exist for the cash removed.





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Pitching Your Business to Different Audiences 0

Posted on March 24, 2015 by Tiffany C. Wright
Business people presenting

Your presentation may be formal or informal, depending on your audience.

Pitching to different groups requires a different focus.

Pitching to different groups (potential investors, interested buyers, or prospective customers) requires similar skills. However, the actual pitch requires a completely different focus and packaging. Sometimes it’s difficult for me to convey this difference to business owners who are consummate sales people. These sales-savvy owners insist they know what they’re doing and don’t need input on crafting an investor pitch, although they’ve never done one before. Then they pitch and do not get the feedback they anticipated. I do say, “I told you so!”, then I have them accompany me to an angel group presentation or to a venture conference.

Pitching to investors and prospective buyers is similar but different.

Pitching to investors and prospective buyers are the most similar. However, with investors, the focus is on what can your business do for them in the next 3-5 years and how you are positioned to do this. However, the focus for prospective buyers is on what have you done/accomplished in the past 2-3 years and how does that translate into the business being valuable enough without you to pay your price.

Steve Carrell in The Office

Who is driving your business matters to both investors and buyers.

Both are interested in the management team.

Both investors and buyers are keenly interested in the management team; for investors, this includes you and any co-founders / co-owners. Both investors and buyers believe a great management team can take a ho-hum company and really make it valuable and that a mediocre management team can run a great company into the ground.

But differences remain.

For an investor, you and your team are the ones that will execute the strategy to achieve the company’s goals, which will drive the investor’s exit and the sought after return the investor seeks. In contrast, a buyer is betting on her ability or her team’s ability to execute. A buyer is also concerned that there is sufficient infrastructure to support that execution; that “infrastructure” includes any senior management who remains with the company after you sell it.


Remember. The focus for investors is on the following: management team, size of the market opportunity (i.e., Is the opportunity sufficiently large for the company to grow and produce the investor’s expected ROI?), accomplishments to date (i.e., proof of the ability to execute), and exit strategy (i.e., How will you monetize the investor’s return so he can extract it from the company?). The focus for buyers is on the following: non-ownership management team, market opportunity, past performance (revenue, profits, cash flow), and existing infrastructure.


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3 Ways More Women Can Access Venture Capital 0

Posted on March 12, 2015 by Tiffany C. Wright
Confident business woman seeking funds

Women must believe in their business’ success and make the ask.

I responded to a quote request from a journalist regarding women, women-owned businesses and venture capital. Here is my full response:


Women cannot shun the ask. Prepare your elevator speech and know it inside and out. You never know who you may be speaking to or who may be able to help you. Therefore, graciously let everyone know that you’re looking; do this by sharing your 45-90 second elevator speech whenever anyone asks what you do. Share this with your business network and at business networking events, but also with church groups, exercise groups, your hairdresser, whomever. Do not self-select! I have a former mentor whose friend’s father was a janitor for a Fortune 500 president. The janitor shared my mentor’s resume with the president and my mentor got a meeting!

In addition, begin attending angel network group meetings and venture conferences. At these events you will meet the individuals that can directly connect you.

Degrees of separation

Start with who you know and branch out from there.

Prepare a one-page investment profile.

I also highly recommend that women (everyone, actually) prepare a one-pager that succinctly states the funding need, market opportunity, money injected thus far, risks and opportunities, and exit strategy for the business. This can be handed out, or better yet, emailed to others. If those individuals are not personally interested but know of someone else who may be, they will gladly forward it on. Why? Because anyone can scan a one-pager! In addition, investors, including venture capitalists,  often have specific interest areas in which they invest but their network includes investors who invest in other areas. By sharing potential investment opportunities, investors support and build their networks.

Furthermore, the one-page investment profile sheet often leads to a request for an executive summary. This can then lead to a request for a meeting or presentation.

Start with who you know.

Finally, start with who you know and ask for introductions. Keep going from there. Remember the six degrees of separation? If you truly have no connections, find similarities between you and the venture capitalists you’re pursuing. I once sought $7 million in private equity funding, which I ultimately obtained, by emailing a number of funds with Wharton grads as partners. I used the headline “Wharton graduates seek $7 million for $2.8mil. EBITDA firm acquisition”, and championed our alumni affiliation in the body of the email. Of the 26 firms I emailed, all but one personally responded.

Women must remember that their women-owned businesses are valuable. Women must treat their businesses as such and have confidence in the business’ ability to generate value for both them and their investors.

Do you have any experiences you’d like to share? I’d love to hear them! Please share them below.

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Get Enough Money to Fund Marketing and Meet Payroll 0

Posted on February 27, 2015 by Tiffany C. Wright
3 employees at work

You want to have the money (well in advance!) to meet payroll and pay your valuable employee.

A big issue for many small business owners and entrepreneurs is finding the funds for marketing. Many business owners treat marketing as a variable expense (which, technically, it is). However, marketing should be viewed as an investment, which is required to meet certain standards in terms of return on investment (ROI) and effectiveness. When you think of marketing as an investment, you can begin to creatively approach the financing of that investment. In the new free ebook, “5 Ways to Get Enough Money to Market Effectively and Meet Payroll: Have Cash, Not Just Paper, Profits“, I discuss 5 ways to creatively finance your marketing and access the cash you need to pay your employees – and to know where that cash is coming from well in advance of the pay date!

Below is an excerpt, method # 2, from the ebook:

2. Form marketing partnerships.

Sales and marketing are how you grow your business. Your marketing must be effective, otherwise highly ineffective marketing can become a money pit. You must clearly identify your target customers and determine what marketing works best for your company and your staff. One way to drastically reduce or even eliminate your out-of-pocket marketing expenses AND significantly increase the effectiveness of your marketing is to enter into marketing partnerships.

The optimal way to enter into the market or to drive an increase in sales in your market niche is to partner with a firm that already dominates your niche. Ask yourself: What companies reach your current or targeted customer base? Does your firm offer services or products targeting the same customer base that are complementary or supplementary to what these companies offer? (i.e., You want to avoid direct competitors.) Is the prospective customer sufficiently large to cover the additional marketing costs?

For example, you sell remote IT services to small businesses, nonprofits and local arms of larger companies. You could partner with a larger database maintenance firm or a software services provider. By adding your service to their general offering through a co-marketing arrangement, the database or software company appears to have a broader range of service offerings, which helps it further differentiate itself from its competitors. You get your marketing; your partner gets an additional competitive advantage. Win-win.

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Do you want to know what the other four ways are? Download the free ebook, “5 Ways to Get Enough Money to Market Effectively and Meet Payroll: Have Cash, Not Just Paper, Profits“.


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Happy Thanksgiving to All! 0

Posted on November 27, 2014 by Tiffany C. Wright
Enjoy your Thanksgiving!

Happy Thanksgiving!

Continually giving thanks for what you have is one way to help you obtain even more. Something about the feeling of gratitude that makes you feel content, peaceful, happy. When you have those feelings and focus on them, more of them seem to appear.  However, many of us forget to give thanks on a regular basis. Others of us do so as an automatic gesture, as in, “Thanks” to the grocery store clerk or an employee or when saying your blessings before eating (if you do that).  The blessing is more of a recital than a real thanks.

Today, take the opportunity to truly give thanks for all you have, no matter how little or how large. Appreciate it. Your favorite coat, your growing business, your wonderful employees, your awesome nephew, your amazing last vacation, the beautiful scenery, the fresh clean air. Whatever it is, revel in it, appreciate it. Say thank you for whatever good you have. And notice how you feel!

Happy Thanksgiving to All!

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Akron Author Launches Business Funding Book at Book Signing Event 1

Posted on November 13, 2014 by Tiffany C. Wright

The Funding Is Out There! book cover


Contact: Trevor Wright



Local Author Launches Business Funding Book at Book Signing Event

Author of the new business financing how-to, The Funding Is Out There! Access the Cash You Need to Impact Your Business, is bringing her message to the greater Akron, Ohio community through an area book signing. Stop by to meet her and discuss business funding concerns.

Tallmadge, OH – Local business and finance writer and entrepreneur Tiffany C. Wright of Tallmadge will debut her book, The Funding Is Out There! Access the Cash You Need to Impact Your Business, as part of a multi-author book signing event at Barnes and Noble in Akron at 4015 Medina Road on Saturday, November 22 from 1-4 pm.

Tiffany C. Wright, is the founder of The Resourceful CEO, which provides small and medium business owners with the productized services, training and tools they need to achieve higher business cash flow and profitability. In addition, she is a former business consultant and serial entrepreneur who has advised a number of businesses over the years. Tiffany has been featured on radio and podcasts and brings humor, passion, and creativity to her work.

Tiffany makes finance and financing easily understandable for the typical entrepreneur who focuses more on the actual product or service delivered, or on marketing and sales, and finds financing a necessary yet difficult evil. She has helped dozens of business owners who had difficulty locating and obtaining financing for their ventures find the solutions they needed to grow their businesses. According to Tiffany, “In, The Funding Is Out There! I discuss a number of business funding solutions that many business owners are not even aware exist…and how to obtain that funding. And I do this with a sense of fun and humor. Financing can be boring but when you think about what it can do for you, it becomes more exciting. This is what I convey.”

Tiffany continued, “I am excited to be launching The Funding Is Out There! at Barnes and Noble in Akron. I grew up in the Akron area so Akron will always be near and dear to my heart. I’d love for business owners and aspiring entrepreneurs to stop by and ask me any questions they may have regarding business funding. I love to help people achieve their dreams.” Tiffany will be available for book signings and questions from 1-4 pm on Saturday, November 22, at Barnes and Noble in Fairlawn.

Tiffany is available for interviews and appearances. For booking presentations, media appearances, interviews, and/or book-signings contact Trevor Wright at 404-642-0509 or .

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