We are seeking to secure a 50K interest only loan with an eighteen-month term and a balloon payment in month nineteen. This loan will be secured through a collateral assignment in a viatical life settlement insurance policy owned by the company, River Financial, LLC. River Financial, LLC. is the owner as well as the beneficiary of the life policy. The viatical life insurance policy has a face value of 250k and has an insured individual for the policy affected by a terminal illness. We would like a no prepayment penalty loan as it is highly likely that the policy will pay out at some point in the eighteen-month loan term. When this happens, the loan would be fully paid off at that point through the collateral assignment. We understand that with a no prepayment penalty the investment firm may require a minimum amount of interest to be paid. We are open to this discussion.
Scott Tansill is the founder and manager of River Financial, LLC. Mr. Tansill will lead and manage the startup, development, and day to day growth and expansion of the insurance agency. Mr. Tansill has twenty six years of experience in successfully founding, owning, and operating different businesses in several different industries. Mr. Tansill is well equipped and capable of managing to success this project and we feel confident in appointing him in the lead for this new business venture. We have included a business resume for Mr. Tansill below. River Financial, LLC. under the management of Mr. Tansill will use the 50k loan to start a multi-state insurance agency with a focus in final expense, annuities, supplemental Medicare coverage, and ACA health plans.
Below is a list of expenses that will be covered with the requested loan. We have worked hard in putting this budget and expected startup expenditure together. We feel the amount requested in the loan contains adequate funding to get the new business to a point of sustainable profitability within four to six months of starting the insurance agency.
Education and Licensing:
- Obtain the necessary education and training to meet the identified state's insurance licensing requirements. This will involve pre-licensing courses and exam fees.
- Cost varies by state and licensing type. We will begin with a life and health license in SC, NC, GA, FL, AL, TN, and VA.
Legal Structure:
- We will create a new LLC for the formation of the insurance agency.
Business Name and Registration:
- Filing and proper formation fees for a new entity.
Home Office:
- Computers, office furniture, and office supplies.
- Phone and headset.
- Camera and microphone to conduct high end online sales calls.
- Necessary programs and subscriptions to run a high volume of online prospect meetings daily.
- Business high speed internet connection.
- DSL line or comparable phone system for high volume of calls daily inbound and outbound.
Insurance:
- Purchase insurance coverage for agency, including errors and omissions (E&O) insurance and general liability insurance.
Staffing:
- Monthly recoverable draw paid to Mr. Tansill. The company expects that a monthly draw will only be needed in the first three to four months of operation in the business. Full operation will begin after state license has been attained and after carriers have been contracted.
- Virtual assistant as call and lead volume increase over the first two to three months to intake and qualify leads as well as setting appointments for Mr. Tansill.
Marketing and Advertising:
- Develop a marketing plan and budget for advertising. This will include website development, social media creation and development, and other promotional activities.
- We intend to spend $1,000 - $1,500 per week in marketing and lead generation to adequately and quickly grow agency over the first three to six months.
Licensing and Carrier Contract:
- Apply for and attain contracts with insurance carriers and brokers when needed to sell their insurance products.
Software and Technology:
- Invest in agency management software, customer relationship management (CRM) software, and other technology tools.
Regulatory Compliance:
- Ensure that the agency complies with all state and federal regulations related to insurance sales.
Operating Expenses:
- Budget for day-to-day operating expenses, including rent, utilities, office supplies, and other overhead costs not already outlined.
Continuing Education:
- Ongoing expenses for license renewals and continuing education.
Scott Tansill Business Resume:
Scott B. Tansill
| Business Founder | Marketer | Sales Manager | Presenter |
Motivated, goal-oriented candidate with twenty-six years in managing all facets of being a self-employed entrepreneur. Experience, drive, determination, and intense work ethic to help grow your business to levels that you have set as company goals and beyond. Out-of-the-box thinker in all aspects of business, sales creation, and growth.
Selected Highlights:
· Founded and created success through several successful businesses across multiple industries in the past 26 years.
· Purchased failing and struggling businesses and grew sales to make them the most successful in their networks/industries.
· Created a foundation to provide financial assistance to terminally ill clients by accessing funds through their life insurance policies.
· Always seeking ways to give back through local and national charities and foundations.
Core Competencies
Business Ownership | Customer Service | Marketing | Sales | Presenting | Business Radio Show Host | Staff Hiring, Development, & Training | Attaining Sales Goals | Innovating Current Structure to Create Higher Sales & Production |
Professional Experience
Coastal Capital Finding, Virgina Beach, VA 2023 – Current
National Account Manager
· Expanded the customer base and reach from a focus of just local in Virgina Beach to having contacts and potential clients in NC, SC, GA, FL, and TX.
· Transformed the focus of gaining one investor at a time through local meetup groups to working with realtors and large GUNC builders who in some cases have a qualified investor data base of 1,500+ and are processing 150-200 sales per year most of which need financing.
· Built a database of potential clients from zero to 789 contacts, most of which work with multiple investors.
· Worked with the owner to set up weekly training sessions for the sales team where information can be shared as to what is working and what is not working in the sales cycle making the entire team better in a more streamline way.
BIN BOUNCE LIQUIDATION, Methuen, MA 2019 – 2021
Founder / CEO
· Founded a liquidation business that purchased truckloads of surplus and return merchandise from Target, Amazon, Walgreens, and other large retailers for sale through an online store and a weekly five-day sale to ensure profits and financial success.
· Operated an online store presence to sell high-end merchandise received.
· Achieved week-over-week sales through excellent business strategies and competitive prices.
· Increased brand awareness by developing and executing multiple marketing initiatives.
WAVEMAX LAUNDRY FRANCHISE NEW ENGLAND TERRITORY, Marblehead, MA 2018 – 2021
Founder / CEO
· Purchased a laundry mat franchise development opportunity in the New England territory to launch the company WaveMAX Laundry.
· Provided excellent laundry and customer services to clients to achieve high customer satisfaction.
· Built and opened a location in Rhode Island.
· Maintaining contact with the Franchisor to resolve misleading and fraudulent information received from them in the purchase by reaching a settlement through close collaboration with an attorney.
RIVER WEALTH SOLUTIONS, LLC, Cornelius, NC 2016 – 2018
Founder / Manager
· Founded a broker life settlement business to support multiple terminally ill individuals and families with mounting debt and financial needs due to their illnesses by offering tailored solutions to the sick individuals’ situations.
· Secured financial assistance by leveraging clients’ life insurance policies to ensure financial comfort and stability for the remainder of their life.
· Conducted yearly check-ups until clients passed away to promote continued satisfaction and stability.
HAMPTON FINANCIAL, LLC, Cornelius, NC 2009 – 2014
Founder / Manager
· Purchased Online Trading Academy franchise for the NC and SC territory and recovered the company from near financial collapse via successful business, marketing, and management strategies.
· Achieved a top-three spot in the franchise network for five consecutive years for the North Carolina and South Carolina franchise.
· Built the company’s value through enhanced financial performance resulting in a successful sale in 2014.
Piedmont Holdings Group, INC, Cornelius, NC 1997 – 2014
Founder / Manager
· Opened retail locations in malls through leasing kiosk space available in the highest traffic areas for each property.
· Managed all aspects of the business from lease negotiation, human resources, bookkeeping, inventory, and others.
· Managed growth in this business from one location in NC to twenty-five locations over five different states (NC, SC, GA, FL, TN).
· Developed and implemented different retail products and concepts including sunglasses, jewelry, potpourri, Christmas ornaments, perfumes and body fragrances, shoes, and summer sandals.
Additional Credentials
Honors & Awards: Marketer of the Year – Online Training Academy (2012) | Top Franchise by Sales (2009 – 2014) – Online Training Academy | Top Purchaser & Distributor of Rainbow Sandals Nation Wide (2006 – 2010)
Community Engagement: Financial Contributions – Elevation Church, Branch Church, Take Heart Church, St. Jude’s, Shriner’s Hospital | Terminal Illness Grant Program Creation & Funding – River Wealth Solutions
Interests: Travel, Family Time, Bible Study, Serving Community Organizations
Conclusion:
Mr. Tansill has a vast life journey of business success and experience to effectively manage the outlined plan of founding, creating, and executing fully and effectively on our proposed strategy of starting an insurance agency. The final piece we are missing is the right funding partner. We have worked hard to include all the information a funding partner would need to feel comfortable and secure in this business startup investment. With that said, we are open to additional questions, conversation, input, and adjustment of our business plan through suggestions from potential investment firms. We look forward to discussing this further with you and we look forward to working with you.