{"id":182970,"date":"2020-03-26T16:26:42","date_gmt":"2020-03-26T20:26:42","guid":{"rendered":"https:\/\/dsma.com\/covid-19-7-strategies-to-unlock-cashflow-during-the-crisis\/"},"modified":"2020-03-26T16:26:42","modified_gmt":"2020-03-26T20:26:42","slug":"covid-19-7-strategies-to-unlock-cashflow-during-the-crisis","status":"publish","type":"post","link":"https:\/\/dsma.macroblu.com\/fr\/covid-19-7-strategies-to-unlock-cashflow-during-the-crisis\/","title":{"rendered":"COVID-19: 7 strategies to unlock cashflow during the crisis"},"content":{"rendered":"

At the time of this writing, it has now been 7 days of isolation and everything suggests that this is only the beginning of the crisis. The majority of dealers have either ceased operations completely or reduced their workforce by at least 75%. Demand is declining, showrooms are empty, and service for the most part is running out of steam. According to the most recent government announcements, dealers can be expected to either close or idle in April.<\/p>\n

This will put a lot of pressure on companies\u2019 liquidity. Unfortunately, this situation is happening when sales and profits should be flourishing with the coming spring.<\/p>\n

Fortunately, there are several options available to dealers in this time of crisis in order to replenish the coffers and in order to navigate the crisis.<\/p>\n

Here are the top 7 strategies in order of recommendation:<\/p>\n

1- Company cash and cash equivalents<\/strong><\/p>\n

It is vital to forecast requirements based on current cash levels. Many dealerships are planning their cash flow needs to get through the slower winter months, then to replenish the coffers when Spring arrives. This means that current cash levels at dealerships are usually at their lowest level annually due to operations\u2019 seasonality.<\/p>\n

However, some have short-term investments or deposits that can be converted to cash quickly and at no cost. The effective interest rate on these funds becomes the opportunity cost. For example, liquidating a Guaranteed Investment Certificate (GIC) that bears interest at 1.5% annually will allow you to finance your operations at an effective rate of 1.5% because you will forgo this return. This is without a doubt the lowest and most flexible cost of financing you can use.<\/p>\n

2- Increase \u201cfloorplan\u201d financing<\/strong><\/p>\n

Certain dealers may be in an equity position with their vehicle inventory (i.e. the value of their inventory is greater than the level of floorplan liability) and while respecting their finance source ratios, it may be possible to increase their financed inventory levels and free up cash. This is valid for both new and used vehicle inventory.<\/p>\n

The cost of this financing is usually lower than the other types of debts and loans offered by financial institutions. It is also very quick to obtain in the form of liquidity. This is the best financing to use to fill your shortage of liquidity in the short term if accessible.<\/p>\n

3- Line of credit<\/strong><\/p>\n

Most dealers already have lines of credit at relatively low rates. As these overdrafts are already in place and, previously negotiated and approved by the bank, you will be able to use them easily to meet short-term cash flow needs.<\/p>\n

A line of credit offers a lot of flexibility regarding terms and conditions as well as repayment terms which are entirely at the customer\u2019s discretion. Therefore, there is no long-term commitment or minimum usage level. Once the crisis ends, the line of credit can be refunded, and the interest charged will only be based on the utilized portion and its duration of use. Another major advantage is that no monthly payment results from it other than the interest payment unlike a term loan with monthly interest and principal repayments.<\/p>\n

4- Capital injection<\/strong><\/p>\n

Certain entrepreneurs who have accumulated cash reserves and liquid assets could benefit from them during the crisis. Often through other owned businesses, holding or investment companies, or on a personal level, business owners will be able to temporarily use these funds to finance the business.<\/p>\n

The opportunity cost is to be considered, since it must be foreseen that the sum that will be loaned\/invested in the dealership could be for a period of at least twelve months, possibly longer.<\/p>\n

It is possible to inject funds as a loan or equity into a business and it would be wise to consult a tax specialist to determine the best approach. However, in a context where the funds would be needed in the short or medium term, the loan would be much more flexible and simpler.<\/p>\n

5- Finance equity on real estate<\/strong><\/p>\n

The majority of car dealership owners also own their real estate. In the event that your mortgage balance is lower than the value of the property, you have equity in your property. It is possible to monetize this equity with mortgage financing. Mortgage financing is very advantageous due to its low interest rates because the bank will use the real estate asset as collateral.<\/p>\n

The process can, however, be relatively long because it will require a real estate appraisal, except in cases where a recent appraisal is available. The resulting reimbursements are usually fixed monthly and can be amortized over a very long period, which considerably reduces payments.<\/p>\n

In today\u2019s environment, banks are flexible, and some will even let you finance up to 80% of the value of your property. It is also advisable to negotiate early repayment clauses allowing you to repay this debt in the shorter term without penalty. This way you can repay down the loan once things are back to normal if you do not need the extra cash anymore.<\/p>\n

6- Short term loan<\/strong><\/p>\n

Short term loans are not secured against specific assets but rather based on the ability of the business to generate cash flow in the future to repay the loan. These take longer to negotiate and will necessarily lead to a more rigorous analysis in order to demonstrate the ability of the dealership to repay the debt.<\/p>\n

It is also to be expected that the financial ratios required by the banks for this type of loan will be more restrictive, since there is no specific guarantee. Often, a personal guarantee will be required on this type of loan.<\/p>\n

In Canada, BDC offers \u201d Support for entrepreneurs impacted by the coronavirus COVID-19 \u201c. Given that BDC\u2019s mandate is to support entrepreneurship, the Canadian government greatly supports BDC in helping businesses get through the current crisis.<\/p>\n

\u201cCompanies that need support through the Business Credit Program (BCP) should first contact their financial institutions to assess their situation.<\/p>\n

Financial institutions will recommend their existing clients to BDC and EDC when their needs are greater than what is available in the private sector only. \u201d<\/p>\n

More information is available at\u00a0www.bdc.ca<\/a>.<\/p>\n

In the US, the Small Business Administration (SBA), under the new government stimulus package, will distribute $350 billion to small businesses that can be partially forgiven if the companies meet certain requirements. The loans will be available to companies with 500 or fewer employees.<\/p>\n

\u201cThe SBA loans strike a balance between loans on favorable terms and grants by providing forgiveness to firms that use loaned funds for payroll, rent, mortgage interest, and utility payments,\u201d said Garrett Watson, senior policy analyst at the Tax Foundation, a Washington, D.C.-based think tank.<\/p>\n

Businesses can receive loans up to $10 million, based on how much the company paid its employees between Jan. 1 and Feb. 29. The loans will carry an interest rate up to 4%. The stimulus package provides for an expedited origination process.<\/p>\n

If the business uses the loan funds for the approved purposes and maintains the average size of its full-time workforce based on when it received the loan, the principal of the loan will be forgiven, meaning the company will only need to pay back the interest accrued.<\/p>\n

For more information about the SBA\u2019s disaster relief loans, visit\u00a0https:\/\/disasterloan.sba.gov\/ela\/<\/a>.<\/p>\n

7- Search for partnership, merger or sale<\/strong><\/p>\n

For most entrepreneurs, this would probably be the last option considered. In a context where the entrepreneur\u2019s objective is to remain in the industry for the long term and retain the company\u2019s shareholding, this option should only be considered if none of the previous solutions allows to stay afloat during crisis.<\/p>\n

Those who need an external partner or sell the business will need to do so in a structured manner. It is essential, in the current context, to organize the transaction strategically and to have an approach that will allow to achieve the desired objective.<\/p>\n

An agreement with a partner may seem very simple on the surface, but it is a very binding commitment between the parties. There may be sensitive clauses to negotiate and the main issues will be the dilution of the shareholders and the value of the company. It will take a rigorous assessment of the business and a tight negotiation in order to reach an agreement that makes sense for all parties.<\/p>\n

Finally, in some cases the only solution would be to sell the business. There currently remains in the market, buyers who will be ready to make acquisitions. However, a more focused approach is required, and expectations are different considering a more volatile environment.<\/p>\n

\"7<\/p>\n

Other measures and conclusion<\/strong><\/p>\n

Times are difficult and you should anticipate that things could get worse before they improve. It is necessary to be proactive and put in place a contingency plan. Take the time to set up a budget reflecting different scenarios. Personally, I recommend working with a sensitivity analysis that provides 3 levels: pessimistic (or conservative), moderate, and optimistic. Currently, focusing on the pessimistic scenario and making sure you have enough liquidity to survive the most pessimistic of contingencies is essential in the current environment.<\/p>\n

Communicate with your suppliers and discuss the payment terms and the level of service required in the coming months. The auto industry is a big family and there are a lot of caring efforts currently ongoing.<\/p>\n

The good news is that the government is stepping in to support businesses and banks are pressed to be more flexible. Take the time to review the governmental measures that could help you such as the labor credit that will apply if you still have active employees. Contact your banker to review all the options available to you. If you have term loans with fixed repayment, most banks currently offer to pay the interest portion only. This can make all the difference in monthly payments.<\/p>\n

Our industry is very resilient. Together, we will overcome the current crisis and emerge stronger, ready for a return to normalcy.<\/p>\n","protected":false},"excerpt":{"rendered":"

At the time of this writing, it has now been 7 days of isolation and everything suggests that this is only the beginning of the crisis. The majority of dealers have either ceased operations completely or reduced their workforce by at least 75%. Demand is declining, showrooms are empty, and service for the most part […]<\/p>\n","protected":false},"author":6,"featured_media":182263,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_eb_attr":"","footnotes":""},"categories":[760],"tags":[],"coauthors":[772],"class_list":["post-182970","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industry-news-fr"],"acf":[],"yoast_head":"\nCOVID-19: 7 strategies to unlock cashflow during the crisis | DSMA<\/title>\n<meta name=\"description\" content=\"Demand is declining, showrooms are empty, and service for the most part is running out of steam. 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He served as a Senior Audit Consultant at KPMG Enterprises, an accounting firm of international stature. There, he managed audit files, reviewed missions and due diligence in various industries from private Canadian companies to larger publicly traded entities. Subsequently, Maxime worked for a publicly traded consolidator in the transportation Industry. This company which oversaw more than 100 entities was the largest player in Canada and growing its US operations. During his employment, he was involved in multiple acquisitions and business divestures totaling over $1,5 billion in less than 3 years. Specializing in business valuations, valuation models and sales & acquisitions, Maxime meets the highest standards in the industry. Maxime founded AutoCap, an M&A firm located in Montreal which later merged with DSMA in 2016. Since then DSMA has grown to be a leading M&A firm in North America. Maxime has been personally involved in more than 1,000 dealership evaluations and 300 M&A deals in the automotive industry. He is a true car enthusiast and is passionate about the automotive industry.","sameAs":["https:\/\/www.linkedin.com\/in\/maxime-thort-cpa-ca-2383b052\/"],"url":"https:\/\/dsma.macroblu.com\/fr\/associates\/maxime-theoret\/"}]}},"distributor_meta":false,"distributor_terms":false,"distributor_media":false,"distributor_original_site_name":"DSMA","distributor_original_site_url":"https:\/\/dsma.macroblu.com\/fr\/","push-errors":false,"_links":{"self":[{"href":"https:\/\/dsma.macroblu.com\/fr\/wp-json\/wp\/v2\/posts\/182970","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dsma.macroblu.com\/fr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dsma.macroblu.com\/fr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dsma.macroblu.com\/fr\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/dsma.macroblu.com\/fr\/wp-json\/wp\/v2\/comments?post=182970"}],"version-history":[{"count":0,"href":"https:\/\/dsma.macroblu.com\/fr\/wp-json\/wp\/v2\/posts\/182970\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dsma.macroblu.com\/fr\/wp-json\/wp\/v2\/media\/182263"}],"wp:attachment":[{"href":"https:\/\/dsma.macroblu.com\/fr\/wp-json\/wp\/v2\/media?parent=182970"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dsma.macroblu.com\/fr\/wp-json\/wp\/v2\/categories?post=182970"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dsma.macroblu.com\/fr\/wp-json\/wp\/v2\/tags?post=182970"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/dsma.macroblu.com\/fr\/wp-json\/wp\/v2\/coauthors?post=182970"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}