When Was Business GPS Founded And Where Is The Business Based?
Business GPS was founded in 2013 and is based in offices around the Washington DC area.
What Led You To Create A Business Debt Mitigation Company That Operates On Contingency?
I thought about how I would want someone to help me if I was having trouble with my business. There are a lot of people who offer help, but they all ask for money no matter the outcome. How do you know who to trust? I believe that actions, not words, tell the truth – if someone believes they can help you, they should stand behind it with their actions. Not only that, our commitment to a contingency business model keeps our team highly motivated to make sure we do everything we can to help our clients. We truly have invested ourselves in every client.
With COVID-19, Many Businesses Are In Desperate Need Of Help. Can You Describe How Business GPS Is Helping Businesses In This Current Climate?
We have never seen such a wide variety of issues in our lifetime. Some clients were open, other businesses were closed and trying to reopen, and even more businesses were closed and waiting for the government to allow them to reopen. Every situation has been unique, so we start by simply trying to understand each situation and then look at what we need to do to help get the business and business owner through the week, and then through the month, step by step. In addition, our team has been helping a lot of our clients maximize the various Small Business Administration (SBA) programs that are available because a majority of business owners have not taken full advantage of the programs the government is offering.
What Business Sectors Represent The Majority Of Your Clientele?
We service all business sectors. While there are differences between a manufacturing company and one in biotech, the same principles of management, finance, and more will apply. Those principles are the foundation of the business, so if you fix them, you fix the business.
How Can Business GPS Afford To Do What It Does On A Contingency Model?
It was tough when we first started, but we felt that business owners would see the value of our services and that, in the long-term, our model would pay off. It has, and now we’re making a positive difference for the clients we work with.
Can You Share Some Specific Examples On How Business GPS Is Helping Distressed Businesses?
Of course! Our team had a tech client that was sued for $4.5 million by one of their lenders. We were able to negotiate with the client to have no payments for over a year and concluded a settlement for under $1m.
Another client owed the IRS over $2 million in payroll taxes and we were able to get the IRS to agree to a 20-year payment plan.
A manufacturing client had over $13 million in debt, with 24 lawsuits and two IRS audits when we started working with them in 2018. Since then, we have reduced their debt by over $3.5 million, resolved all of the lawsuits on terms that worked for our client, and handled both IRS audits with the IRS confirming our client’s information was accurate with no changes made. I’m proud to say that this client is thriving now, with revenue triple from what it was when we started.
To see more details of our past client progress, visit our Client Results page.
How Did Your Background In Business Prepare You To Create Business GPS?
I’ve been a business owner since I started my first business 30 years ago to pay for my college education. That’s a lot of experience with all of the good and the bad lessons that a business teaches an owner. Now that Business GPS has helped almost 2,000 businesses, we have experience with every issue a struggling business might face, too. It’s a unique experience that builds particular skills, which in turn allows us to better help our clients.
How Big Is The Business GPS Team? How Are You Able To Find Employees With The Right Mix Of Skills And Backgrounds?
Our team has about a dozen people and the average staff member has been with me for five years. Time and experience are the best way to find employees for Business GPS. Real-world business turnaround is not something that you learn from a textbook or from a certain degree. Being a great business consultant takes good people skills, intuition, financial understanding, creativity, and most importantly, the determination to not give up until the client gets the results needed. Our clients fight for survival every day, and they count on us to help!
What Are Your Top Goals For Business GPS In The Next Few Years?
Our primary goal is to help more businesses stay open because that is what really impacts people and families. We also seek to continue educating business owners so that they learn from their experiences and are better for it. As long as we do that and simply stay focused on the long-term success of our clients, everything will work out well for us and our clients.