There comes a time when every business owner is forced to figure out how to pay for new machinery and equipment or renovate or repair older models.
Even when money is plentiful, smart business owners are hesitant to tie up so much cash in large-ticket expenditures. Let’s say a construction business owner bought a new excavator by putting a large chunk of the company’s available cash down. Unfortunately, a week later, there’s an accident on a worksite and lawyers get involved—making it that much trickier to absorb legal expenses because cash is tied up in the excavator.
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