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Forbes
3 days ago
- Business
- Forbes
Forbes Panel: What 2025 Means for Small Business Owners
Forbes small business panel participants Forbes Being a small business owner has never been easy. But with whipsaw tariff announcements from the Trump administration, a red-hot market for small business acquisitions, and major changes in Small Business Administration (SBA) lending rules, 2025 isn't business as usual. On May 28, Forbes hosted "How To Succeed As A Small Business Owner In 2025," an hour-long panel discussion featuring Kristin Bear, owner of lingerie brand Kilo Brava; Rand Larsen, CEO of Scalepath, a members-only community for small business owners; and Ray Drew, managing director for SBA loans at Truliant Federal Credit Union. The talk covered the impact of tariffs, trends in buying and selling businesses, including the anticipated "Silver Tsunami" of Baby Boomers retiring, and recent SBA lending rule changes. (Forbes members can access a recording of the conversation here.) Here's what the panelists had to say about each of these topics. Kristin Bear talked about how tariffs have hit her apparel business hard. With combined tariffs around 51% (at least for now), she explained that costs will inevitably trickle down to consumers. Small retailers are understandably cautious about stocking inventory that might suddenly become even more expensive. To cope, Bear is focusing more on private-label projects, giving her business some breathing room amid all the uncertainty. Rand Larsen shared that manufacturing businesses in his peer groups are mostly wrestling with supply chain headaches and delays. Companies are trying to stay flexible by stretching out payment terms, tweaking product designs, or grabbing smaller deals they would have overlooked before, just to keep money flowing. Still, Larsen said that despite all the ups and downs, manufacturers based in the U.S. remain generally upbeat about the future. From the lending side, Ray Drew explained that tariffs create a tough environment for evaluating business loans. Unpredictability makes it hard to measure risk, particularly when buying businesses heavily impacted by tariffs. Still, Drew pointed out that the acquisition market remains lively because plenty of buyers are eager to strike deals. The panel also covered recent shifts in SBA lending guidelines, aimed partly at addressing rising loan defaults. These updates include lower limits on small loans, tighter conditions on sellers staying involved after a sale, and new restrictions against refinancing certain high-interest loans like merchant cash advances. Drew framed these adjustments as a move back toward more conservative lending, which, while perhaps appropriate, might slow some business transactions. In the face of these hurdles, the panelists agreed that small business owners need resilience and flexibility to handle today's unpredictable business climate. Those who can quickly adjust, watch their cash flow carefully, and stay ready for change are most likely to come out ahead. The full discussion provides insights and strategies for small business success in the shifting landscape of 2025.
Forbes
19-05-2025
- Business
- Forbes
Members-Only Event: How To Succeed As A Small Business Owner In 2025
Starting June 1, new SBA rules will make it harder to get a loan just as aging boomers are expected to flood the market with businesses for sale. That could make it tougher for some owners to cash out, or a golden opportunity for millennial or Gen Z buyers. Add in on-again, off-again tariffs, and it's shaping up to be one of the most unpredictable times in recent memory for small business owners and anyone dreaming of being their own boss. Join us May 28th at 12 PM EST for a timely and thought-provoking panel with live audience Q&A on what's next for small businesses. Attend and learn all about: Brandon Kochkodin Brandon Kochkodin is a staff writer who covers all things small business strategy. Before joining Forbes Brandon worked as a reporter and editor at Bloomberg for seven years where he covered everything from sports to how negative rates impacted the Black-Scholes model. He joined Forbes in 2022 to cover financial markets. Forbes reporters follow company ethical guidelines that ensure the highest quality. Rand Larsen Rand Larsen is an acquisition entrepreneur and community builder. He launched SMB Community in 2023—an online peer network for small business owners—and completed his first acquisition in April 2025, acquiring another peer group called ScalePath. Today, he supports nearly 100 members, the majority of whom are entrepreneurs who have acquired their businesses. Kristin Bear Kristin Bear is the Founder and Creative Director of Kilo Brava, the #1 best-selling creative and sleepwear brand for boutiques across the U.S. Known for its bold prints and inclusive designs, Kilo Brava is carried by major retailers like Nordstrom, Anthropologie, and Free People, as well as hundreds of independent boutiques in the U.S. and Canada. Kristin also owns and operates Bambola, a Sarasota storefront featuring Kilo Brava and other women-owned lingerie and sleepwear brands. Ray Drew Ray Drew is a top-producing SBA Lender and the Host of #1 Podcast in the SBA Industry: The Art of SBA Lending. Ray has dedicated his entire professional career to helping small business owners level-up using SBA 7(a) loans. Ray is Managing Director of Truliant Federal Credit Union's national SBA 7a loan program.
Forbes
12-05-2025
- Business
- Forbes
Small Businesses Say China Trade Deal Doesn't Go Far Enough
Treasury Secretary Scott Bessent says the U.S. is strategically decoupling from China. Small business owners aren't convinced there's a real plan. (AP Photo/Jose Luis Magana) The U.S. and China reached a new temporary trade deal. Tariffs are coming down for 90 days and talks are back on. That's good news for markets and a small break for businesses. But for small firms that rely on Chinese manufacturing, the uncertainty hasn't gone away. The agreement, announced Monday, cuts tariffs between the two countries from 125 percent to 10 percent. A separate 20% tariff on Chinese goods imposed over what President Trump says is the country's role in the fentanyl crisis stays in place, keeping the total U.S. rate at 30%. The 90-day deal came after weekend talks in Switzerland. The S&P 500 jumped about 3% on the news. But that rally didn't do much to calm small business owners facing long lead times and thin margins. The way small business owners see it, the agreement is a step in the right direction. But 30% is still a heavy lift. And 90 days isn't long enough to make meaningful plans. Many are asking for help. A little more time, a little more clarity, maybe some support for U.S. businesses trying to find their footing while the rules keep changing. Kristin Bear runs Kilo Brava, a lingerie company based in Sarasota, Florida. She's 40 and built the business from scratch beginning in 2019. It now brings in about $1 million a year in revenue. Bear says she still feels stuck and her immediate reaction to the announcement was frustration. 'There has been irreversible damage caused by the tariff policies to my business and there is no easy way out,' she says. Orders are down. Retailers are spooked. Without enough demand, she can't meet factory minimums. If she skips the fall and winter lines, there's no new revenue. If she places the order anyway, she could be stuck with overstock she can't sell. And maybe that conundrum explains why small business hiring is down across the board. New data analyzed by the Joint Economic Committee, a bipartisan group in Congress that studies economic trends, shows that businesses with fewer than 10 employees have cut more than 366,000 jobs since President Trump took office. That's a decline of 3%. Bear's not just speaking out. She's also taking the fight to court. She's one of several business owners suing the Trump administration. The case, filed by the New Civil Liberties Alliance, a nonprofit legal group focused on challenging executive overreach, argues the tariffs are illegal and asks the courts to throw them out. For Bear, the outcome can't come soon enough: '2025 will be a horrible year for us and I will have to do an enormous amount of work to build my company back up and to keep it open.' Lisa Lane, age 59, is in a similar spot. She runs Rinseroo, a New Jersey company that makes hose attachments for bathing pets and cleaning showers. Her company, which secured a deal from Lori Greiner on Shark Tank, has about $5 million a year in revenue and manufactures everything in China. 'I'm certainly more comfortable with a 30% tariff than the 80% we feared coming out of Switzerland, though I wouldn't say I'm thrilled,' she says. Her factory has already issued marching orders. Ship all completed goods now. Place new orders right away to cover sales through early next year. That might buy time to find new suppliers, but it's far from given. Lane says pulling that off will take cash she doesn't have lying around. It's better than nothing. But the pressure hasn't let up. 'We will need to come up with a lot of cash up front to pay for goods months before they sell,' Lane said. 'Not fun!' More From Forbes
