The loan term is the length of time you will borrow money from your lender. Your loan agreement will have a fixed date in the future for complete repayment of the outstanding principal plus any accrued interest and fees. The maturity date is a key milestone in your loan agreement. Make sure you negotiate enough time for the loan collateral to appreciate or for completion of project development. The collateral should, in theory, grow in value during the loan term if your strategic plan is accurate and executed correctly. Be ready with a source of take-out financing on the maturity date. The maturity date refinancing should provide for enough excess loan funds to pay for closing costs. Strategically plan loan maturity dates to avoid having too much debt roll in a single year.

Your loan may contain extensions beyond the maturity date. Extensions are common in floating rate loans. You may be entitled to several one-year or multi-year extensions after you achieve certain hurdles. Extensions are important to ensure there is enough loan term to complete development and income stabilization of your project. Each extension usually requires an extension fee expressed as a percentage of the loan amount being extended.

Interim achievement dates establish certain financial or non-monetary performance benchmarks. The bank may require a financial or restrictive consequence for failure to meet the interim achievement hurdle. A loan re-margin or principal reduction is one of the remedies lenders use to enforce compliance with the milestone covenants. Get the right to re-margin the loan to a level that meets the test instead of a full loan repayment. The lender imposes these benchmarks to get comfort that their loan security value is improving. Loan covenants can work to your advantage too. You might negotiate an interest rate or spread reduction upon achievement of a certain financial or non-monetary hurdle. The repayment guaranty may also be reduced on a certain date and with collateral conditions. Keep track of these important dates in your loan servicing calendar to capture every available financial benefit in the loan agreement.

Fixed rate loans can be amortized, or repaid, over any period agreed to by the lender and borrower. Typical amortization periods are 15 to 30 years. Amortization comes from the Latin word meaning to put to death. Essentially the borrower retires or puts to death the principal balance of the loan over time. A longer amortization period has lower periodic loan payments which increases your business cash flow because less money is going to pay monthly debt service. Lenders often require shorter amortization periods for riskier borrowers and collateral because they want to get paid back sooner. Credit cycles also play a role in the lending standard for amortization with financial market crises driving amortization toward shorter periods. Some lenders are willing to write loans that have all or part of the loan term on an interest-only basis so ask for this provision.

Your loan may have restrictions on when prepayment is allowed and the associated penalty. A loan may be locked out entirely to prepayment for the first few years of the loan term and then be open with a prepayment penalty based on yield maintenance or defeasance. The prepayment provisions are designed to preserve the lender’s yield on its investment in your loan. The prepayment restrictions will hinder your business flexibility if you need to pivot quickly out of the loan. Try to negotiate an open prepayment period without a penalty at the end of the loan term. Three to six-month open prepayment windows are common in commercial loan agreements. Also, be sure your prepayment penalty calculation excludes any open prepayment period in the loan agreement. You shouldn’t pay a penalty on the period where you wouldn’t otherwise be charged a premium.

These are just a few of the key dates in a commercial loan agreement. Make a loan servicing calendar so you can track these dates and avoid a covenant compliance oversight which could result in a loan default and financial penalties.

Michael Shelton is President and CEO of Shelton Business Services which provides executive coaching, management consulting and financial services. Call 602.463.1199, email clientcare@sheltonbusinessservices.com or visit sheltonbusinessservices.com Advance your business ability with our proven executive coaching, objective management consulting and dependable financial services.

The Collateral Shackle: Lenders want to have as much security as possible for a loan because it reduces their repayment risk. Borrowers are too eager to give up loan collateral out of ignorance or ambivalence. Lenders often require security beyond the asset being financed and sometimes require cash deposits as additional collateral. What is the appropriate risk adjusted rate of return for the lender if they have cash or near cash collateral securing the loan? Closer to Zero %?

Limit the pledged collateral to the asset being financed especially if it generates sufficient cash flow to cover debt service. Avoid cross-collateral arrangements where an unrelated asset is pledged as security. If you default on the loan you may lose both assets. Watch for spreader clauses that automatically capture new borrower property as it is acquired. Negotiate specific collateral release provisions if you need to sell or otherwise remove the debt on part of the security during the loan term.

The Reserves Straight Jacket: Loan reserves are an especially insidious way lenders control borrowers. Reserves for capital improvements, operating expenditures, insurance and taxes are common in many loans. The borrower is forced to go through time consuming requests for the release of reserve funds for reimbursement of costs already paid. This creates an additional cash requirement that may be difficult to source. The lender sometimes requires the reserves to be on deposit at their bank which increases fee and interest income. The reserve deposits are hard cash that is additional security for the loan. Try to eliminate reserve requirements whenever possible. Negotiate the right to receive interest on your reserve deposits. Capital market conditions, lender competition, sponsor quality and the loan collateral all determine what reserves and funding levels are required.

Cash Management Cuffs: A lender fastens metal bracelets through the control of cash into and out of the borrower. Cash management provisions give the lender an additional source of security. A typical cash management agreement may have multiple levels in the sweep account structure, defined cash waterfall buckets and triggers for even more borrower restrictions. Be aware of any cash trap trigger events and make sure you have sufficient cushion before these would come into play. Negotiate the use of your existing cash management account structure to avoid opening new deposit accounts which cost your company time and money. Limit restrictions on borrower distributions of cash whenever possible.

Prepayment Prison: The lender looks for a guaranteed yield on its investment in your loan. A prepayment causes the lender to redeploy its cash into new loans which may have a lower yield depending on market conditions. The prepayment penalty creates a disincentive for the borrower to pay off the loan early. Penalties come in several popular flavors including a yield maintenance premium and defeasance.

Yield maintenance is a predefined formula in the fixed rate loan agreement which uses the current bond market yields to discount the remaining loan payments in the term. If current market interest rates are lower than your loan interest rate then the yield maintenance premium will be positive. If market rates are higher than your loan interest rate then the formula returns a zero premium. However, the lender usually writes a second test with a fixed percentage of the outstanding loan balance so it ends up with a premium in its pocket anyway. Floating rate loans can have spread maintenance premiums and both types of loans can have prepayment lock out periods where any prepayment is prohibited.

Commercial mortgage backed securities (CMBS) typically use a defeasance calculation which allows for replacement collateral in the form of notes and bonds to be purchased and pledged. The future payments from the securities closely match the future loan payments to make the lender or investors whole. Experienced capital markets advisory firms are available to assist with a defeasance transaction.

Avoid the biggest restrictions found in many commercial loans. You want to operate your business with minimal interference from the lender. Make sure you hire an experienced attorney for your loan transaction team with the goal of preserving your business operating freedom.

Michael Shelton is President and CEO of Shelton Business Services which provides executive coaching, management consulting and financial services. Call 602.463.1199, email clientcare@sheltonbusinessservices.com or visit sheltonbusinessservices.com Advance your business ability with our proven executive coaching, objective management consulting and dependable financial services.

There are three primary methods of evaluating the financial return of a capital investment. You can look at a static or pro forma return on investment (ROI), an internal rate of return (IRR) or the net present value (NPV) of an investment. Actually, you can use all three methods to have a more complete financial picture. There are other less useful but widely used methods to evaluate the return on an investment such as calculating the payback period. This article will look at the three most useful methods previously mentioned.

The easiest and most common method to evaluate a business investment is by calculating a static pro forma return on investment (ROI). The word pro forma comes from the sixteenth century Latin word meaning as a matter of form. The pro forma return calculation looks at what will be when the investment is fully operational or stabilized. This calculation ignores the planned ramp up period for the strategic investment but takes into account any operating capacity slack at stabilization. Time value of money is not a consideration in the pro forma ROI calculation. In other words, if it takes several years after you make the investment to begin generating profit there is no discount for the delay in investment return. Time value of money is a financial principle that a dollar today is worth more than a dollar tomorrow due to expected or realized inflation. To calculate a static ROI simply take the expected stabilized net operating income divided by the expected costs to acquire and improve the investment. You can evaluate competing capital investment opportunities using ROI because all the calculations are made using dollars at today’s value.

The Internal Rate of Return (IRR) calculation takes into account the time value of money. As mentioned above, time value of money is a financial principle that a dollar today is worth more than a dollar tomorrow due to expected or realized inflation. In other words the longer you have to wait for an investment to return a dollar the less it is worth to you today. The IRR calculation takes a series of investment inflows and capital outflows and returns the average annual rate of return over the investment period to yield a zero net present value (NPV, see below). For example, an investment that has a ten-year time horizon might return a 10% IRR which is the average annual return of the investment. Some years the return will be higher and some years it will be lower. IRR is useful for comparing strategic investments that have the same time horizon but different planned cash flow streams. It also provides clarity because it discounts future cash flow.

Net Present Value (NPV) is the cousin of IRR. The differences are with IRR you solve for the average annual return to get a zero NPV while the NPV calculation shows the value in today’s dollars from a series of future investment flows. You need to determine the annual discount rate to solve for the net present value for your investment opportunity. This involves substantial guesswork and is prone to error so be careful when selecting the discount rate to apply to future cash flows.

The last word is about positive and negative leverage. You should evaluate an investment on an un-leveraged basis first, that is before considering any debt financing. Loans add an extra layer of complexity with multiple variables subject to market forces outside of your control. An investment that has a rate of return greater than the expected loan interest rate generates positive leverage. If the return on investment is less than the loan rate then you have a negative leverage situation. Leverage is a double-edged sword with a positive edge that will help you conquer your business goals and a negative edge that will hack your company to pieces.

Choose carefully from among your investment options during your financial planning process. You have a finite amount of disposable cash for growth opportunities. Your strategic investment plan should include a calculation of return on investment (ROI), net present value (NPV), and internal rate of return (IRR) for each business opportunity.

Michael Shelton is President and CEO of Shelton Business Services which provides executive coaching, management consulting and financial services. Call 602.463.1199, email clientcare@sheltonbusinessservices.com or visit sheltonbusinessservices.com Advance your business ability with our proven executive coaching, objective management consulting and dependable financial services.

Running a business is like driving a high performance sports car. The person behind the wheel needs to scan and react to the dashboard instruments. Imagine you are driving your company down a beautiful country road and admiring the majestic lending trees, hypnotic marketing vistas and ethereal information technology clouds. But you are unaware that the company financial engine is overheating because you did not watch the instruments on your data dashboard. The breakdown could have been avoided by scanning, evaluating and responding to changes in the primary financial indicators.

The most important indicators on the financial dashboard are operating ratios. The ability to turn fixed assets, raw materials and inventory into cash is reflected in various indicators including the inventory turnover, sales-to-assets and accounts receivable ratios. These are top line indicators that reveal the general operating strength of your company. These ratios show how much revenue you generate relative to your assets, how quickly you convert assets into sales and how soon those sales are turned into cash.

Liquidity ratios are another important set of financial indicators. Every company needs the ability to pay bills as they become due. A company that does not have enough liquid assets to pay current liabilities will quickly find financial trouble. Suppliers will demand quicker payment and deny credit that can be company lifeblood. The current ratio indicator shows how many times the company can cover or pay the bills that are coming due within the next year. Current assets such as cash, short term investments and sometimes inventory can be quickly converted to cash for bill payment. Generally, current liabilities are those due within the next twelve months. The quick ratio only looks at assets that are cash or nearly cash and how many times that amount can cover bills that are immediately due. Both of these ratios should be greater than one-to-one or you may soon find yourself unable to pay your bills.

The next set of indicators tell us how much money your investment in company assets is returning. Generally people start or buy a business to make a profit. The return on assets indicator shows the amount of net profit on each dollar of assets. Some of those assets are purchased with equity and debt so the return on equity ratio reveals how much positive leverage the company is generating with borrowed funds. The goal is to generate a high enough return on the investment in the company to compensate for the risk and to match or beat the return of your industry competitors.

The last major category of performance indicators is leverage ratios. Debt can be a powerful tool to grow a business and create positive leverage. But debt used incorrectly can put your company into an unrecoverable skid. Stay away from credit crises. Keep a close eye on your leverage by using debt-to-equity, debt-to-capital and debt service coverage ratios. Your ability to comfortably service debt depends on the result of operations and liquidity. Closely monitor the change in your leverage ratios to make smart debt capital choices.

After you have calculated your operating, liquidity, profitability and leverage ratios the next step is to track your results across time periods and against industry competitors. Time-series analysis looks at the changes in financial indicators across similar time periods. Compare a month, quarter or fiscal year to the same period earlier. Cross-sectional analysis compares your financial indicators with industry competitors. Private companies tend to be secretive with their financial data for obvious reasons so it might be impossible to compare results. Instead, find the publicly traded company that leads your industry and evaluate their financial results for a general idea of the industry standard.

You can learn to calculate and understand basic financial statement indicators including operating, liquidity, profitability and leverage ratios. Monitor your financial engine across time periods and against competitors as you safely navigate the twists and turns of the roads in your industry.

Michael Shelton is President and CEO of Shelton Business Services which provides executive coaching, management consulting and financial services. Call 602.463.1199, email clientcare@sheltonbusinessservices.com or visit sheltonbusinessservices.com Advance your business ability with our proven executive coaching, objective management consulting and dependable financial services.

In a securities context, the Blue Sky Laws seek to prevent speculation and vanishing thin air promises.
Securities “backed by nothing but the blue skies of Kansas” were as frightening in 1910 as they are now. After Kansas passed their statute other states began to follow suit. In 1917 the U. S Supreme Court addressed the constitutionality of state securities laws Hall v. Geiger-Jones Co. The court held that each state had the power to regulate the offer, sale, and purchase of securities. While many of the statutes and securities laws pertain to the federal level, state laws that govern the issuance and trading of securities are known as the “Blue Sky Laws”. It is the requirements of the individual state that you must adhere to for blue sky securities filing.

Investors may need to get help with their states Reg D Securities filing and Blue Sky Requirements.
It is not unusual for business owners to require state-by-state help to make sure they are complying with every aspect of legally accepting capital. Services like Reg D Fast are designed to help with state filing requirements quickly. Using a service is one way to significantly simplify the process while gaining the peace of mind of knowing you are being thorough with the legalities of securities filings. They locate the forms you need to file (for multiple states if necessary) and send them back to you to review and approve.

You can avoid using an expensive attorney for Blue Sky Filings.
Paying an attorney to help with the documents and filing processes for accepting business capital under Regulation D can be extremely cost-prohibitive. An online service that offers live help and networking, as well as research for the forms and states you need to file within can save a new business thousands of dollars.

Written by Mike Regd
“http://www.regdfast.com”

Styles range from easy fold up designs to styles that roll up in the base container and are pulled up to install. Some banners are made like fabric balloons, full of air and moving around at your show. There are 3 dimensional banners, rotational banners, and even wearable styles that can be worn or carried around the trade show on the backs of workers who distribute company literature and direct visitors to your booth.

The way to pick the right banner depends a lot on your marketing budget and how you intend to make use of the banner stand. Economy styles can cost less than $200, and are perfect for small and medium-sized businesses to use. Since the determining factor of which banner stand to buy often is dependent upon the price, banner stands are sold as sets of 2 or 3 units, and also as individual units. Even in sets, they normally are one of the least expensive display items for trade shows, so they are often a wise choice for exhibitors with budget constraints.

Companies that buy banners in sets of 2 or 3 units have the option to group the banners together, creating a graphic wall that makes an impressive look and can help draw visitors to their display booths. At the same time, using just one or two banner stands can be an effective choice for start-ups who only enter one or two trade shows a year, and also for sales people that are making lots of presentations to small groups of people.

Retractable or pull up styles: for a convenient option, some economy styles can be found in retracting designs that store the banner inside the tube section of the stand. This protects the banner graphic, keeping it clean and unsoiled, and still takes up almost no space, so that the banner stands are convenient to store from year to year. Other banners feature quick change banner graphics that simply slip onto the stand like a pillow case or are attached with a hook at the very top and bottom.

This easy-change feature saves money when a different graphic needs to be advertised at the following show because different banners may be employed on the same stand and swapped back and forth, again and again. For such a little investment, banner stands supply a lot of style and a professional technique to get advertising for your company and product at the trade show.

Banners are available made from vinyl or fabric, and both substrates have their pros and cons. Fabric styles cost more and are believed to be an upgrade from vinyl, but vinyl is shiny and tends to be better to see in a busy convention center than fabric. The drawback to vinyl is that the lines where it was folded can stay in the vinyl and once it is creased, the crease lines are hard to remove. Vinyl banners can sometimes curl a bit on the edges, too, while fabric banners do not curl.

It is a matter of personal preference when selecting vinyl or fabric for your banner stand. Some people simply prefer one type over the other, and so they order the material that they like best. Others make their selection primarily based on price, and generally select vinyl banners for that reason.

The bottom line is that banner stands are a small budget, inexpensive display tool, with a variety of options. Using banner stands normally is effective way for smaller firms to put together a useful graphic display with a low investment.

American-Image.com, a 25 yr old trade show displays company, prides itself on providing trade show graphics and banner stands that may GRAB your clients attention; delivered faster than anybody.

What is true is that successful new business owners are smart people. They learn fast and they are willing to get their hands a little dirty in pursuit of their goals. Consummate “do it yourselfers” they are perfectly suited to the process of finding more affordable ways to do thing on the way towards building a thriving business. This journey weeds out and divides the survivors from the failures. When nearly half of new businesses will fail in their first two years, it becomes evident who was willing to endure and who languished in poor mismanagement, a lack of operations funding, and misguided motives.

So if you are new to Regulation D, private placement offerings, and venture capital resources, you probably abound in curiosity and questions about the rules for accepting capital and the forms for Reg D filing that are necessary. Reg D Fast, a web portal for entrepreneurs and business owners to access templates and forms for Reg D filing, Private Placement Memorandums, and other documents for venture capital resources shared a few of the most frequently asked questions on their site.

FAQs about private placement offerings and the resources for accepting venture capital:

What are the rules for accepting capital legally? You must have a prior relationship with your investor. This is known as a “substantive relationship” and means you know your investor from activities other than the private placement offering. Translation: if you want to accept venture capital, you must network!

What documents are necessary? A paper trail is vital. Also, keeping a professional and legal record of everything also communicates to your investor that you are serious and cautious (less of a risk). There is a litany of legal documents you will need to have on hand for business; it makes good sense to subscribe to a service that allows you easy access downloads to the forms and memorandums required for Reg D filing.

What is a PPM? A PPM is short for Private Placement Memorandum. This document includes your business plan all the information about your business potential investors would need to know. It is best to have this prepared in advance of any negotiation over terms.

Are Regulation D offerings available online? Yes. However, the SEC has rules about solicitation, barring broad-based advertising. This is most often adhered to with pre-existing, substantive relationships between an issuer and an offeree, a dance that can be difficult online simply due to the nature of the internet. Precautions are necessary and it is best to work through a networking service that pre-qualifies investors.

I see there are a few Reg D rules. Which one is best for me? Regulation D Offerings are regulated by state and federal governments. Since each Reg D offering must be filed with the SEC, and with each state regulator, the rules will always default to the state statutes. Since most of the states do not recognize Rule 504, and Rule 505 seems to be on its way out as well, we always recommend Rule 506.

99% of all Reg D Offerings can use Rule 506, no matter how much capital you’re raising. The SEC recognizes Rules 504 and 505, but since the states do not recognize them this could cost you a lot of money if an investor decides to pursue a lawsuit for securities violations.

Assume you will have questions and choose a private placement service that provides answers.

This process can seem complicated but it is conquerable, especially with guidance along the way. Many resourceful entrepreneurs just need to be pointed in the right direction; they have got curiosity, perseverance, intelligence, and creativity to get the job done. It is refreshing to discover you have options beyond traditional bank loans that are hard to receive or expensive attorneys holding all the knowledge. Private placement resources help you stay in control of your own business destiny.

Written by Mike Regd
“http://www.regdfast.com”

If your business ownership needs include limited liability for debts and other business obligations, perpetual ownership, an unlimited number of owners, the ability to pass business profits through to the owners individual tax returns and the elimination of mandatory annual meetings, you may be interested in forming an LLC. After determining that forming an LLC is the right way to incorporate your small business, the process of online LLC filing basically involves filling out a questionnaire and waiting. Experts are available online to answer your questions before, during and after the LLC filing.

Designed by professionals, the short filing questionnaire is a confidential, secure form that asks questions about you and your company. It typically takes only ten minutes to fill out and confirms that you are following the proper procedure to form an LLC. After you complete the questionnaire, experts will check your work and make sure they have the information needed to draft your Articles of Organization.

When approved and filed, this document legitimizes your business and should be kept in a safe, handy location. The Articles are then sent to the secretary of state for review and approval. During this time, the online LLC professionals will follow the process to ensure the state receives and processes them, and will be available to answer your questions regarding your LLC filing.

When the Articles and any other required forms have been accepted by the state, they are sent back to the experts, who forward them on to you after making sure everything is in order. At this time, you will also receive a completed Operating Agreement. This is a formal contract and must be signed by you immediately upon receipt. The Operating Agreement outlines the rules your LLC must follow regarding any required meetings and notices, and specifies duties any officeholders may be required to fulfill. If there are instructions from the Secretary of State or any additional forms required, they will be forwarded to you as well.

Its never been easier to incorporate a small business. Simply consult the online incorporation services, fill out the questionnaire, wait for the paperwork and you can form a Limited Liability Company online.

Mark Thomas has served in a wide variety of corporate and entrepreneurial roles and now enjoys mentoring those who want to start their own business by consulting on how to start a limited liability company or incorporate online. For more on these topics, visit us at EZonlineFiling.com

One advantage of such a structure is that a limited liability company has all the liability protection found at a corporation. The members of the company cannot be held liable for any debts unless a personal guarantee has been signed. This company structure can choose how to distribute profits. Most partnerships must distribute the profits in a 50-50 spilt, but an LLC has more flexibility on distributions.

Most corporations have to take records of the meeting minutes; this is not required of LLC. There are no corporate resolution records or minutes which makes operation much easier. There are also tax benefits to forming an LLC. All of the profits, expenses and business loses will go through the company and then to the individual members. Therefore members avoid double taxation, as they do not have to pay a corporate and individual tax.

There are a few disadvantages to an y LLC when compared to corporations and other business structures. The LLC dissolves when a member dies or becomes bankrupt. Other type of business structures, such as corporations can last forever. The Limited Liability Company is not necessarily the best choice if the company plans on going public or giving employees shares. The company can still go public but other structures may be easier.

It is possible to form an LLC in any of the 50 states. There are two main steps when forming an LLC: articles of organization and operating agreement. All Limited Liability Companies must file the companys articles of organization and pay the appropriate fees to the Secretary of State. Some, but not all states, will require an operating agreement. This is very similar to partnership agreements and will define the responsibilities, ownership, property sharing and ownership changes of the LLC. Each state will have different specifications as some require a public notification in the paper while other states will have limitation on the which types of companies can form an LLC. In North Dakota farming and banking businesses cannot be an LLC.

Mark Thomas has served in a wide variety of corporate and entrepreneurial roles and now enjoys mentoring those who want to start their own business by consulting on how to start a limited liability company or incorporate online. For more on these topics, visit us at EZonlineFiling.com

In this article, we look at how business golf can help you to find new markets in other towns, cities or even different countries.

Multitasking: Make Golf Dates While You’re In Town

If you’re going to be in a particular city or town on business anyway, whether it’s for a deal or a conference, then it may be a good idea to look up businesses that you feel could be beneficial to your company. Find out whether there’s any chance of meeting up with an executive on the course while you’re in town.

Having a set appointment for a golf date with a potential client, supplier or business associate when you are travelling for business is a great way to make the most of your down time, and it can make the trip that much more worthwhile.

Arrange With Fellow Delegates

If you’re travelling to a conference or seminar, and you know of someone from another company who will also be there, it’s a good idea to find out whether they would like to play a round with you while you’re both there.

In most cases, major trade shows, industry conferences and other events will be packed with people who are ideal business contacts, and since you’ll both be there, with time on your hands, it makes sense to make the most of the opportunity!

Do A Little Homework

If you can’t find any companies or people in the area you’re travelling to that could be useful to meet up with on the course, then you might still find that you can get some benefit out of business golf on the trip.

Most cities and towns have courses that are favoured by business people in the area, and if you do a little research, you should be able to find one in the city or town that you are visiting that fits the bill.

If you’re going to have some time on your hands anyway, it might just be worth spending it on the course, and in the club itself. You never know who you might meet on the course, who can either help your company directly, or who knows someone who can.

What to Do If You Strike It Lucky

In my own experience, whenever I’ve gone to the course with the dual purpose of a great round of golf, and to meet someone who can help my business, that’s just what I’ve done. It’s the mindset, I think, rather than luck.

Call it what you will, however, if and when it happens to you, it pays to know what to do! Make sure that you have business cards on hand, to give to your new contact, and find out if they travel to your area. If they do, try to arrange a follow up game.

More contact with people and businesses that can help your company to grow is the name of the business golf game, and you should always be ready to take advantage of any opportunities that come up!

Andrew McCombe is the owner of Activate Your Business Golf, a community of entrepreneurs passionate about Business and Golf whose purpose is to support it’s members to Get Paid To Play Golf. To get your FREE Make Money While You Play Golf report visit Activate Your Business Golf