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Ralph Tommaso: Managing Debt
Manage episode 429316908 series 3430754
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About Ralph Tommaso: Ralph Tommaso is an expert in business debt management and currently serves as the Vice President of Marketing at First Choice Debt Solutions. With a career dedicated to helping business owners reduce and restructure merchant cash advances, vendor, and credit card debt, Ralph's expertise spans cash flow forecasting, debt negotiation, loan modifications, and credit repair. Based in Somerville, New Jersey, he leads businesses toward financial stability through strategic debt management solutions.
In this episode, Ryan and Ralph Tommaso discuss:
- Financial challenges for small businesses
- Strategies for managing business debt
- Importance of creditworthiness and financing options
- Technological advancements in business operations
Key Takeaways:
- Small businesses often face financial challenges due to high-interest merchant cash advances, which can create a cycle of debt that requires careful management and negotiation with lenders to ensure sustainable repayment terms.
- Knowing your numbers is crucial; business owners must understand their profit margins and overall financial health to avoid selling more receivables than they can afford and to communicate effectively with creditors.
- Improving creditworthiness is essential for qualifying for traditional financing; this involves addressing underlying issues that prevent access to better financial products like business lines of credit or SBA loans.
- Leveraging technology and AI models can provide new opportunities for business growth and efficiency, helping businesses navigate the constantly evolving market landscape.
"Failure is usually just a good way of learning some lessons of not to do again." — Ralph Tommaso
Connect with Ralph Tommaso:
Website: https://firstchoicedebtsolutions.org/
Email: ralph@firstchoicedebtsolutions.org
LinkedIn: https://www.linkedin.com/in/ralphtommaso/
Schedule your free 1:1 Profit Breakthrough Session with Ryan here: https://go.oncehub.com/profit
Connect with Ryan Kimler:
Net Profit CFO Home Page: www.netprofitcfo.com
Email: ryan@netprofitcfo.com
Facebook: www.facebook.com/rkimler
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Show notes by Podcastologist Andy Santiago
Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.
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