That's a great point, Vinny. It's also a good argument why everyone should try keeping their credit score high and spotless. Your comment also makes the case why people should try to build an ongoing relationship with a lender, like a bank, so you have history with them.

Angien, thanks for commenting. I'll keep this in mind. There's a feeling 2021 will bring an increase in bankruptcies. That's a grim thought.

Thanks for commenting, skinnVinny. Glad you found my article worthwhile.

SkinnVinny, thanks for commenting. You point out lots of red flags. Good point about "They left a competent accountant...there must be a reason." Like the part about overdraft charges, etc. Generally speaking, you don't want to take on another accountant's headache.

Mark, you make very good points. My point about buying a Municipal or Corporate Bond as an IPO is that it's pretty close to wholesale. If you can get them, it should be the same price as everyone else, until it breaks syndicate and the bonds trade in the secondary market.

You bring up a good point you can shop around for bonds in the secondary market. The challenge is, unlike stocks, very few are listed securities. They are bought through the trading desks and inventory held by financial services firms. The buyer of $ 25 million of a bond will get a better price (spread) than the buyer of $ 25,000 of a bond. Ideally, a financial advisor, working in their client's best interest, would seek to narrow the spread.

You bring up another point re: yield to maturity. I hesitated going there because it's a complex topic, probably beyond the scope of a basic article. When talking about municipal bonds, the issue is clouded by the portion of the return that's tax free (interest) and the portion that's taxable, ie: the discount to par value that contributes to the client's yield to maturity.

You have brought up important points people offering comprehensive advice on bonds needs to know.

BLTaxes, you make very good points. That's why ratings from rating agencies are important, although even that wasn't foolproof 10+ years ago when those mortgage backed bonds had serious problems. In many ways bonds are supposed to be a "shock absorber" in a balanced portfolio, to help smooth volatility. I see your point. Client should realize if something sounds too good to be true (yield) it's often a problem waiting to happen.

Michael, thanks for commenting. Your point is brilliant. Unfortunately, some business owners get themselves into trouble before they ask for help and advice. The lesson you are teaching (debt free, cash from growth to fund investments) becomes their goal in this situation.

Great points, Michael. Thanks for commenting. I think one of the greatest, if not the #1 fear of small business owners is coming to the attention of the IRS. "Criminal matter" can be very scary.

Thanks for commenting. I think my unspoken message is "almost everything on the list is critical." That's a good point about employee health insurance premiums.

Well done, Michael. I'm available if anything changes. You are being respectful of the current relationship which also offering yourself as an alternative.