Alternative Financing Isn’t The Gamble You Think : Real World Bank Alternatives In Canada For Business

Is Bank Spanking Really The Way To Achieve Business Financing Success ( EDITOR NOTE - GRAPHIC OF BANK SPANKING REMOVED RE:

OVERVIEW – Information on alternative financing mechanisms in Canada. What bank alternatives are available to the Canadian business owner /financial manager



Alternative financing in Canada is, in many ways, the new normal. Canadian business owners and financial managers are constantly seeking bank alternatives as they start and grow their businesses.

While large corporations have access to all sorts of capital, in some ways unlimited, businesses in the SME COMMERCIAL sector struggle to find options that make sense and are balanced against what is usually a higher cost. Let's dig in.

One author in the U.S. recently offered up that business owners must ' spank their banks ' when it comes to access to business capital. While we suppose there's a hundred reasons to ‘spank’ U.S. banks (anyone remember 2008), those reasons don't really exist in Canada, as we're known to have probably the strongest banking system in the world.

So our banks tend not to go bankrupt, they don't go to jail, they do provide safe investment vehicles... and they have all the capital in the world - IT'S JUST DIFFICULT TO ACCESS BUSINESS CAPITAL AND QUALIFY FOR FINANCING .

So what's our point? Simply that the owner/manager in SME start to look outside the box at non bank alternatives.

Those alternatives include:

Accounts Receivable Financing

Inventory Finance

Working Capital Term Loans

Equipment Financing

Sale/Leaseback / Bridge Loans

Franchise Loans

Tax Credit Financing - ( SR&ED & MEDIA Tax Credits

Asset Based Lines Of Credit



It's interesting to note that all of the above finance mechanisms are in fact available from Canadian chartered banks. But it will always come back to the criteria in place as to your ability to access the above solutions at low bank rates. The traditional prerequisites for accessing bank credit are length of time in business, balance sheets that reference positive equity, profit history, cash flow coverage, and owner personal credit history and collateral.


Absence of any one of those bank criteria can quickly derail

your bank application. We almost find it humorous that business owners or their financial managers go from bank to bank only to be told the same response.






Bank alternatives in Canada are offered by commercial finance firms. They might be small, large, Canadian, U.S. owned, and in some cases geographically focused. They provide all the solutions offered by banks, and typically have a much higher risk appetite as they are motivated by profit and growth also. Almost all firms only specialize in certain loan/finance segments, so it’s important to seek out an advisor who can help you navigate the waters and speak the lingo!

So, bottom line. The Canadian business owner / financial manager can spend all their time blaming (spanking) their bank or they can choose to seek out real world solutions that exist for the financing they need.

Seek out and speak to a trusted, credible and experienced Canadian business financing advisor who can assist you in evaluation alternative financing that will allow you to grow or start a business.


Stan Prokop - founder of 7 Park Avenue Financial –
http://www.7parkavenuefinancial.com
Originating business financing for Canadian companies , specializing in working capital, cash flow, asset based financing . In business 10 years - has completed in excess of 80 Million $$ of financing for Canadian corporations . Core competancies include receivables financing, asset based lending, working capital, equipment finance, franchise finance and tax credit financing.
Info re: Canadian business financing & contact details :



7 Park Avenue Financial = Canadian Financing Alternatives





Have A Question /Comment On Our Blog Or Canadian Business Financing Alternatives ?

CONTACT:

7 Park Avenue Financial

South Sheridan Executive Centre
2910 South Sheridan Way
Suite 301
Oakville, Ontario
L6J 7J8

Phone = 905 829 2653



Email = sprokop@7parkavenuefinancial.com


' Canadian Business Financing with the intelligent use of experience '

Stan Prokop

Canadian Film And SRED Tax Credits Aren’t Financed With Bitcoin : Here’s The Real Deal On Bridge Loan Financing For Your Tax Credit

The Scoop Behind Film & SR&ED Tax Credit Loans

OVERVIEW – Information on the Canadian SR&ED and Media tax credit bridge loan . Real funding, real financing for SRED and film tax credits in Canada



Canadian film and SR&ED tax credits are the ' real deal ' when it come to your ability to both access, and finance these two pre-eminent tax credits from Canadian federal and provincial governments .

Oh and by the way, they have nothing to do with 'BITCOIN ‘, the internets newest peer to peer electric money system which we're quite frankly still trying to understand! So trust us on this one, financing your SRED or Media credit is done with real money! Let's dig in.

Let's take a look at film and media type credits first. These credits, at the provincial level, provide producers and project owners with a valuable form of funding that makes their projects, from a financial perspective more achievable.

And make no mistake about it, there’s a very strong competition among the provinces to have your project fall into their hands. Using British Columbia as an example that province in recent years has provided tax credits to the tune of close to 300 million dollars. As an example BC offers a 33% refund of legitimate labor expenses. Ontario and Quebec predominantly compete with BC, and as am example the tax credit for production costs is 25% in Ontario.

While the tax credit isn’t the only reason a film, television, or media production goes to any one province (geography, talent, and production facilities are other reasons) Canadian film tax credits do nevertheless play a huge part in the overall financing model of any project.

Not known to everyone, but certain qualifying foreign productions of non Canadian content can also qualify for refundable tax credit programs. These typically are known as 'co-ventures'. These co ventures musts still have a Canadian producer, and certain 'points' around areas of content must be met.

Let's move on to our ' scoop ' on SRED tax credits. This funding program allows companies to access valuable tax credits after they have spent capital on R&D.

And no, it’s not a grant, you spend the money first and they claim your credit, which as we have noted, can also be financed if you want to bridge the timing gap in the whole process.

Maximum success in the area of SR&ED typically comes when you have a SRED consultant, sometimes known as a ' SRED engineer' prepares your claim. The majority of these folks seem to work on contingency, meaning they are willing, at their time and risk, to prepare your claim in an effort to share in the proceeds.

In recent times the SR&ED consultants have come under attach for aggressiveness in claim amounts, as well as having their own fees determined to be somewhat aggressive also! We won’t weigh in on the merits or non merit of SRED consultants, we will simply say that as a business owner involved in R&D you're entitled to your share of the 3-4 Billion dollars every year doled out in this longstanding program.

So, if your business or project accesses Canadian film or SRED tax credits consider this - your claims can also be financed. Bridge loans for SRED or media credits are typically 70% loan to value , no payments are made during the duration of the loan, and you receive the final 30%, less financing costs when your credit is adjudicated by the feds and provinces . That can take weeks, months, or a year depending on various factors, so the appeal of financing via bridge loan can be very attractive.

Seek out and speak to a trusted, credible and experienced Canadian business financing advisor who can assist you with the real scoop on accessing financing for SR&ED and Media projects.



Stan Prokop - founder of 7 Park Avenue Financial

http://www.7parkavenuefinancial.com
Originating business financing for Canadian companies , specializing in working capital, cash flow, asset based financing . In business 10 years - has completed in excess of 80 Million $$ of financing for Canadian corporations . Core competancies include receivables financing, asset based lending, working capital, equipment finance, franchise finance and tax credit financing.

Info re: Canadian business financing & contact details :



7 Park Avenue Financial = Canadian Tax Credit Financing Expertise




Have A Question /Comment On Our Blog Or Canadian Business Financing Alternatives ?

CONTACT:

7 Park Avenue Financial
South Sheridan Executive Centre
2910 South Sheridan Way
Suite 301
Oakville, Ontario
L6J 7J8

Phone = 905 829 2653



Email = sprokop@7parkavenuefinancial.com

' Canadian Business Financing with the intelligent use of experience '

























Stan Prokop

Business Cash Flow Is A Cause For Alarm ? Here’s One Solution In Addition To Bank And Finance Companies Alternatives

Separating The Wheat From The Chaff In Cash Flow Financing alternatives

Information on 2 kinds of business cash flow solutions. Finance companies and banks , and your own management can accelerate working capital inflows






BUSINESS CASH FLOW or the lack thereof can provide some hard lessons for the Canadian business owner / financial manager. How does the owner/manager separate the ' wheat from the chaff ' when it comes to solutions offered by finance companies and banks. What other solution can be addressed, outside of seeking external financing? Let's dig in.

You won't find too many business people disagreeing with the fact that cash flow and access to working capital is important. It's easy to see the cash going out, it's more challenging to manage the cash coming in.

When it comes to financing solutions to address our subject manner they are more numerous than you might think. Canadian commercial finance companies offer a plethora of solutions outside of bank finance. They include:

Receivable financing

Inventory Financing

PO/Supply chain financing

SR&ED Tax credit bridge loans

Asset based lines of credit

Mezzanine financing

Royalty financing


Generally non bank solutions cost more, but it can also be quite easily said they are more attainable than Canadian commercial bank approval for your financing needs. Borrowers in the SME (small to medium enterprise) commercial finance sector must have a least a couple years of business success when it comes to accessing bank credit.

If your company can demonstrate it has real financial statements, profits, some equity in the business, and reasonable personal credit histories of the owners ... well... from the banks perspective... You're in. Bank credit lines are great solutions for the proverbial ' overdraft '.

So we have tabled two external paths in financing cash flow. But wait! There's More! as our favourite K-TEL announcer used to say. In reality if you are growing at a modest rate your access to cash flow can easily come from within.

From within? Simply speaking it’s about focusing on better asset turnover in the areas of inventory and accounts receivable. Putting a simple system in place to verify and manage your day’s sales outstanding in A/R, or your inventory turnover will allow you to bring cash in more quickly.

We referenced your business growing at a ' modest rate'. In reality if you are in high growth mode, or have large , perhaps seasonal , bulges in your business you will most likely be forced to address external financing , no matter how well you manger current assets. That’s simply because sales growth is hungry, it eats cash as you build up A/R an inventory and wait for clients to pay.

Often the best solution for a company that can’t access bank credit but has solid growth possibilities is in fact asset based lending. This solution, typically via commercial finance companies, margins inventory and A/R on an ongoing basis, giving you all the business cash flow you need.

If you business is asset intensive it's important also to consider asset financing solutions that won't deplete working capital. That typically involves looking at a lease financing or sale leaseback solution.

If you're looking to separate wheat from chaff in business cash flow alternatives seek out and speak to a trusted, credible and experienced Canadian business financing advisor who can assist you with your firms growth needs.



Stan Prokop -

founder of 7 Park Avenue Financial

http://www.7parkavenuefinancial.com

Originating business financing for Canadian companies , specializing in working capital, cash flow, asset based financing . In business 10 years - has completed in excess of 80 Million $$ of financing for Canadian corporations . Core competancies include receivables financing, asset based lending, working capital, equipment finance, franchise finance and tax credit financing.

Info re: Canadian business financing & contact details :


7 Park Avenue Financial = Business Cash Flow Financing Expertise






Have A Question /Comment On Our Blog Or Canadian Business Financing Alternatives ?


CONTACT:


7 Park Avenue Financial
South Sheridan Executive Centre
2910 South Sheridan Way
Suite 301
Oakville, Ontario
L6J 7J8
Phone = 905 829 2653

Fax = 905 829 2653

Email = sprokop@7parkavenuefinancial.com


' Canadian Business Financing with the intelligent use of experience '

Stan Prokop

Business Credit Line Financing Options : How To Get Good At Bank And ABL Option Choices

Business Credit Lines – Which One Of These Is Right For Your Company

OVERVIEW – Information on business credit line facilities in Canada. Which Financing options make sense for the Canadian business owner . Two key choices are bank vs. ABL solutions



Business credit line choices in Canada generally come under two categories. Which of these cash flow / working capital options is right for your firm? Does the ' relatively ' newer ' ABL' option make sense to investigate? It just might, so let's dig in.

While a corporate credit line is pretty well a must for any growing business (we’ll talk about why later) Canadian business owners feel somewhat stifled when it comes to the creativity and innovation that comes with a flexible business credit facility.

While these types of facilities allow you to operate on a daily basis they can also be used to finance the growth the entrepreneur envisions, including by the way, having the ability to acquire another business.

Management can even use this type of financing to acquire the company they are working for. However this typically necessitates additional financing required to round out the transaction.

As we have noted, two distinct choices are available for revolving credit facilities. It's essentially a simply choice:

1. Traditional Canadian chartered bank commercial credit lines (Both secured and unsecured)

2. ABL (asset based lending) facilities that focus on the pool of assets you have in the ' CURRENT ASSET ' part of your balance sheet - namely receivables and inventories. By the way things get really creative when the ABL facility is sometimes structured to allow you to borrow against fixed assets and purchase orders/contracts)

A/R and inventory are any firms ' self liquidating ' assets. In the course of your business operating cycle they liquidate themselves on an ongoing basis... everyday. The key issue is simply the TIMING around that liquidation, which necessitate the financing options we're talking about.

We've focused on differentiating the traditional bank line of credit from the Asset Based Lender offering. But it's important to note that some subsets of ABL can provide many firms with the capital they need. Separately they include:


A/R Financing
Inventory financing
PO / Contract financing
Tax Credit Monetization (‘SR&ED"

The above 4 subsets of ABL are often used by start up and high growth firms who cannot meet the stringent criteria of our banks in Canada.

The real purpose of any credit line is to fund the time between production and collection from your clients ABL lending has a higher cost typically, but if your business can turn its assets, and grow revenues its a very realistic and accessible option .

If you're looking for a business credit line that meets your needs consider discussing ABL or bank financing options with a trusted, credible and experienced Canadian business financing advisor . You’re in a position to get good at choosing finance solutions that meet your requirements.


Stan Prokop - founder of 7 Park Avenue Financial

http://www.7parkavenuefinancial.com

Originating business financing for Canadian companies , specializing in working capital, cash flow, asset based financing . In business 10 years - has completed in excess of 80 Million $$ of financing for Canadian corporations . Core competancies include receivables financing, asset based lending, working capital, equipment finance, franchise finance and tax credit financing.
Info re: Canadian business financing & contact details :

http://www.7parkavenuefinancial.com/business-credit-line-financing-options-abl.html






Have A Question /Comment On Our Blog Or Canadian Business Financing Alternatives ?

CONTACT:

7 Park Avenue Financial
South Sheridan Executive Centre
2910 South Sheridan Way
Suite 301
Oakville, Ontario
L6J 7J8

Phone = 905 829 2653



Email = sprokop@7parkavenuefinancial.com

Stan Prokop

Franchise Loans In Canada : Answers To Your Questions On Franchise Costs Financing

Sources Familiar With The Matter Say Franchise Financing Loans Are .. Available In Canada!

OVERVIEW – Information on franchise loans in Canada . Franchisees have numerous questions on franchise costs financing and here’s some answers


Franchise loans in Canada are, unfortunately still a bit of a conundrum to many entrepreneurs contemplating franchise costs financing alternatives and ' best practices'. We were watching the news the other night and heard the phrase: ' Sources familiar with the matter ...' and couldn’t help but think many of our franchisees wouldn’t mind talking to those ' informed sources ' on the challenges they face in financing their business purchase. Let's dig in.

It's important to understand the types of financing that are required for purchasing a franchise. Predominantly that’s a term loan, but depending on the type of franchise and industry you have chosen it's important to give thought to working capital issues around receivables and inventory, as well as the ability to finance future equipment and leasehold needs to stay competitive.

While the franchisee must be in a position to commit some level of personal capital to the business that typically comes only at the initial purchase stage, As your business is established, has credible financials and cash flow history finance alternatives not requiring additional capital become available .

While the amount of capital from your personal investment will be different for every franchise what makes that amount necessary typically revolves around size of the franchise, franchise quality and reputation, and financing breakdown.

Service franchises always are going to have a lower total financing cost because they are not capital intensive. That's great right? Not necessarily though because service franchises are difficult to finance for the same reasons, there are no tangible significant assets.

We deal with numerous clients that have in fact ‘paid cash ' for the entire costs of a turnkey franchising operation. Guess what though? As sales and revenue projections (dreams?!) don't materialize fast enough the business runs out of working capital. So the franchisee finds themselves asset rich and cash poor.

Fortunately there are effective strategies available to refinance the business and often save it.

Repayment is a concern, mostly for your lender or lenders! So it's critical to spend the right amount of time and access the right expertise in a proper business plan and cash flow. The key things you need to address are realistic sales projections, as well as understanding that in the cases of selling on credit sales does not equal cash. Naturally the amount of sales and profits you need to at a minimum break even are important... although hopefully no business owner enters into business with the goal of only breaking even.

If you're looking for those ' Sources familiar with the matter ' when it comes to franchise loans in Canada seek out and speak to a trusted, credible and experienced Canadian business financing advisor who can assist you in addressing franchise costs financing in a manner that suits your needs.


Stan Prokop - founder of 7 Park Avenue Financial

http://www.7parkavenuefinancial.com

Originating business financing for Canadian companies , specializing in working capital, cash flow, asset based financing . In business 10 years - has completed in excess of 80 Million $$ of financing for Canadian corporations . Core competancies include receivables financing, asset based lending, working capital, equipment finance, franchise finance and tax credit financing.

Info re: Canadian business financing & contact details :


7 Park Avenue Financial = Franchise Loan Expertise






Have A Question /Comment On Our Blog Or Canadian Business Financing Alternatives ?

CONTACT:

7 Park Avenue Financial
South Sheridan Executive Centre
2910 South Sheridan Way
Suite 301
Oakville, Ontario
L6J 7J8

Phone = 905 829 2653


Email = sprokop@7parkavenuefinancial.com


' Canadian Business Financing with the intelligent use of experience '

Stan Prokop

A Sred Bridge Loan Or Media Credits Tax Credit Loans Round Out Your Research And Project Success

The Problem Of Waiting For SR&ED And Film Tax Credits - Solved!

OVERVIEW – Information on the SRED bridge loand and tax credit loans for media credits in Canada . How to eliminate ' the wait'



SRED (SR&ED) R&D tax credits, as well as media credits for projects in film, television and animation play a special role in two key areas of business in Canada. As with any aspect of business there are downsides occasionally, and in this case it's all about ' waiting ' for your refund. Let's dig in.

A Sred bridge loan and tax credit loans for media credits alleviate ' waiting '. Let's take a look a how certain aspects of ' waiting' can be accelerated, turning your credits into valuable cash flow.

As we've said, we're talking about two of the most popular government programs in Canada, the SR&ED research program, as well as the Entertainment industry’s government tax incentives. They are different, and, guess what, they are similar. In fact you’d be surprised at many of the overlapping issues, similarities, etc.

Let's talk about SRED (‘Scientific Research & Experimental Development ' ) first. Your ability to prepare a quality claim will always accelerate both the approval, as well as the financing of your claim. The vast majority of SRED claims are prepared by a third party that clients engage - they are the infamous ' Consultant ‘with claim preparation expertise in (hopefully) your industry. Their ability to properly ' write up' and file your claim, while maintaining a good ' audit trail ' will always speed up due diligence by both the government as well as your SR&ED financier , the latter being of course involved when you choose to finance or ' cash flow' your claim.

In talking to clients we've financed claims for over the years it's clear that having filed once already simply builds on your expertise to file successfully again. But don't despair. First time claims, done properly, can be successful, and YES... They can be financed!

The whole process of SR&ED research credits revolves around how your company attempted to resolve ' uncertainty ' in your company and industries technology, processes, etc. But remember, there's no uncertainty in financing your claim - any claim that is either filed or in process is eligible for financing, accelerating your recovery of cash spent.

With due respect to research in Canadian industry it's safe to say ' HOLLYWOOD NORTH ' ,

aka Canada is a bit more of a seductive conversation when it comes to tax media credits that the federal and provincial government provides for projects in animation, software, film, and TV. These credits are for 100% Canadian projects, as well as projects, that must be pre approved, that have foreign ownership content... aka the Joint Venture... often with those Hollywood folks who find the appeal of our tax credits too irresistable to dismiss.

Producers/ project owners qualify for expenses occurred in key areas such as labor and services. The role of the claim preparation switches here to a tax credit accountant,

formal designation or otherwise, who takes over the same role we spoke about re the ' SRED Consultant'.

A few genres of ' content' aren't eligible for media credits - understandably they include ' adult content', sports events, and some others. Media credits in film, TV and the exploding world of animation involve complementary programs via federal govt and our Canadian provinces. When combined they can often provide, broadly speaking, anywhere from 30-50% of your entire budget. In fact provinces compete with each other vigorously to solicit projects and productions... Vancouver, Toronto and Montreal are epicenters of media projects.



When tax credit loans are desirable for your claims it's a simply process. Here's where a lot of the similarities kick in - Claims in SRED and Media are typically structured as bridge loans with no payments. They often provide a cash flow loan of up to 70% of the total value of your claim. Diligence is given to the amount of your claim, who prepared it, and first time claims are financeable, 2ND time claims even better!

If your firm has SR&ED or Media Credits to finance seek out and speak to a trusted, credible and experienced Canadian business financing advisor. It's all about cash flow, and eliminating the waiting!


Stan Prokop - founder of 7 Park Avenue Financial

http://www.7parkavenuefinancial.com

Originating business financing for Canadian companies , specializing in working capital, cash flow, asset based financing . In business 10 years - has completed in excess of 80 Million $$ of financing for Canadian corporations . Core competancies include receivables financing, asset based lending, working capital, equipment finance, franchise finance and tax credit financing.

Info re: Canadian business financing & contact details :

7 Park Avenue Financial = Tax Credit Financing Expertise




Have A Question /Comment On Our Blog Or Canadian Business Financing Alternatives ?

CONTACT:
7 Park Avenue Financial
South Sheridan Executive Centre
2910 South Sheridan Way
Suite 301
Oakville, Ontario
L6J 7J8
Phone = 905 829 2653


Email = sprokop@7parkavenuefinancial.com

Stan Prokop

Receivable Finance Options : It’s One Cash Flow Financing Entitlement You’ll Appreciate

Pleading Guilty On Understanding Receivable Finance Options ?

OVERVIEW – Information on receivable finance options for Canadian business. What solutions are offered in non bank cash flow financing



Are Receivable Finance Options and cash flow financing in Canada an entitlement? We're told of course that that term is a ' feeling or belief' by the business owner that they ' deserve to be given something such as a ' special privilege’ when it comes to understanding what their choices are in business financing. Let's dig in.

So when clients come to us looking for receivable finance options is all about really one of two choices - The Canadian chartered bank solution or the use of a non bank commercial finance firm that provides A/R financing services in a manner that the banks can't and don't.

But which one is for your firm.

If you of course can access bank financing it’s about 2 things - low cost, tempered with ability, or inability! to qualify for all the capital you need to operate, and grow your business.

Receivable finance via an invoice factoring/discount solution gives you unlimited access to cash flow financing, but has the business owner rationalizing costs and different procedures.

The essence of the whole debate revolves really around how the two different methods are documented. In the case of the bank it takes a general security agreement on your A/R and takes an assignment of all your present (and future) receivables. You then borrow up to 75% of your outstanding AR that is under 90 days old. The banks logic is that if your accounts are older than 90 days that's your problem, not theirs! By the way, we agree, as you ability to manage your credit granting to clients is one critical factor in business success. It's the cash flow!

A/R Invoice financing works differently. Under that mechanism, in our ' not a bank ' solution you have paperwork that allows the finance firm to, on an ongoing basis, ' buy' your receivables, typically at a 98 - 98.5% discount. That basically closes the transaction off. One way to look at it is that the finance firm takes a commission for allowing you to generate instant, same day cash flow.

Same day Service?

What do we mean by that ?Simply that when you are financing cash flow needs via receivable finance you have the ability to access working capital/cash flow at the same time you generate sales. You have turned your company into a cash flow machine. Congratulations on that!

Naturally you don't have to finance every sale you make, the prudent business owner and financial manager simply accesses cash as they need it as they sell products and services and grow their company.

One more tip. We strongly recommend CONFIDENTIAL A/R FINANCING, allowing the business owner to bill and collect all their accounts, finance them, without any knowledge of other parties such as suppliers, clients, etc. It's simply the bank alternative.

Looking for more info on AR financing? Seek out and speak to a trusted, credible and experienced Canadian business financing advisor who can assist you with your receivable finance options. Don't please guilty to being unable to access the business financing entitlement you deserve - choices!





Stan Prokop - founder of 7 Park Avenue Financial

http://www.7parkavenuefinancial.com

Originating business financing for Canadian companies , specializing in working capital, cash flow, asset based financing . In business 10 years - has completed in excess of 80 Million $$ of financing for Canadian corporations . Core competancies include receivables financing, asset based lending, working capital, equipment finance, franchise finance and tax credit financing.
Info re: Canadian business financing & contact details :


7 Park Avenue Financial = A/R FINANCING AND CASH FLOW FINANCE EXPERTISE





Have A Question /Comment On Our Blog Or Canadian Business Financing Alternatives ?

CONTACT:

7 Park Avenue Financial
South Sheridan Executive Centre
2910 South Sheridan Way
Suite 301
Oakville, Ontario
L6J 7J8
Phone = 905 829 2653


Email = sprokop@7parkavenuefinancial.com


' Canadian Business Financing With The Intelligent Use Of Experience '

Stan Prokop