Aug 10, 2022
This week on Grow Money Business, distinguished guest Rick Dennen joins us. Rick is Chief Corporate Banking Officer at First Financial Bank and the founder of Oak Street Funding. Having evaluated hundreds of business deals over his decades-long career, Rick has a lot of knowledge and experience in venture capital. In today’s episode, we dive into what business owners should keep in mind when funding their business ventures with debt or equity.
[02:49] Rick’s Story - We start the discussion with a brief look at Rick’s career and how he started Oak Street Funding.
[07:52] Working with Banks – When Rick started his firm in the early 2000’s, banks were reluctant to lend to service-based businesses even though they had positive cashflows. We dive into the reasons behind this behavior and how things have changed after two decades.
[11:35] Recent Market Shifts – Rick shares his thoughts on how the M&A market is responding to the recent changes in the economy.
[15:28] Debt vs. Equity – Rick explains what business owners need to consider when deciding between taking on debt and looking for an equity partner.
[21:29] Lessons for Businesses – Rick shares some key takeaways about funding and the growth of a business.
[24:48] Evaluating Businesses – How Rick approaches evaluating a new business idea and the metrics used for measuring performance.
[27:15] Business & Parenting – Rick is the father of three children in their early 20s. We talk about how they are involved in business and why Rick approaches business-related conversations with his children.
[34:48] What’s Next for Rick – We talk about Rick’s area of focus and future plans for his new role at the bank.
Resources
Connect with Rick LinkedIn: linkedin.com/in/rick-dennen-721b363
Website: www.oakstreetfunding.com www.firstfranchisecapital.com www.bankatfirst.com