UGANDA: Your critics are your best friends
Exactly 10yrs ago, I was working on buying a business.
I prepared a 55 page Business Plan. Submitted it to 3 banks. They all liked it but told me that I had to come up with 25% of the loan I was asking for.
I was asking for $3mln. I needed the lender to give me 90% of the money.
So, I couried a copy of my Business Plan to a long time friend who is a partner in a VC (Venture Capital) whose company only lends a minimum of $30mln. Naturally, his company was not gonna fund me.
Doug sent me back my Business Plan. It had red ink on pretty every paragraph. He enclosed a page “Martha, as your friend, your Business Plan is very bad, rewrite it”.
I was devastated beyond belief. I still even have the scars.
EXCEPT, how many of us have friends who own companies that trade on the TSX / TSE whom we can send Business Plans to review for us????
I ended up not buying that business but learned very tough lessons of what lenders, VC, banks look at before they lend you money.
MARTHA LEAH NANGALAMA
I am a Businese Plan Advisor
—— AUTO – GENERATED; Published (Halifax Canada Time AST) on: October 23, 2019 at 05:57PM