A revealing if overlong guide to helping small business owners grow their wealth.
Hurn’s book states that small business owners are better off if they own the commercial property in which they do business. Although purchasing commercial property is frequently prohibitively expensive for fledgling businesses, there is a little-known loan program from the Federal Small Business Administration—the SBA 504 loan—that can provide small business owners with advantageous financing. Author Hurn, who left a job at GE Capital to found a business that helps entrepreneurs finance the acquisition of commercial property, proves to be an engaging advocate, although he occasionally sounds like an infomercial for his company. After explaining his fascinating background in business and politics, Hurn argues for owning over renting, offers advice on finding the right property and the right commercial broker, and then gives tips for successfully applying for an appropriate loan. Each chapter closes with an engaging Q-and-A with a businessperson (and Hurn client) who discusses life as an entrepreneur, as well as the experience of purchasing commercial property. Although there are a number of useful technical points here, making the case for property ownership and putting a spotlight on SBA 504 loans doesn’t require a manuscript of this length, and the book feels drawn out and repetitious. For a casual reader, the meat is in the Q-and-As, where Hurn paints a portrait of contemporary entrepreneurship, as well as in the details of his own business career, which convincingly captures the excitement of a life in finance. Overall, Hurn’s engaging mix of clarity, enthusiasm and nuts-and-bolts humility mark him as an author to watch in the finance genre.
Useful if buying a building; highlights address the broader topic of contemporary entrepreneurship.