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Forum nameFinancial Feast
Topic subjectRE: Looking for money sources
Topic URLhttps://www.businessownersideacafe.com/forums/dcboard.php?az=show_topic&forum=105&topic_id=656&mesg_id=671
671, RE: Looking for money sources
Posted by Phanntom, Mon Jan-19-09 09:23 PM
Ralph...
I don't think it's any secret that noooobody is lending right now, even on hard assets. Not only that, but in my past experience of turning companies around lenders won't touch a company that is going under. It's all going to be up to you and your reputation...in turnaround situations, the only funding you'll find is from vendors and you have to show them a plan that shows in great detail how it's to their advantage to continue shipping a very past-due account. I had a repayment plan that I used with each of the companies I turned around. The key is to get the 2 or 3 biggest creditors to sign on...then using the leverage of their names and reputations to get the rest to sign on. One thing you learn as you get into it is that every vendor in an industry knows every other vendor and they talk, so when you get Joe at ABC company to sign onto the plan and you use his name the other will call him to see how comfortable he is with the deal. Once you've done a couple within a given industry, it almost becomes automatic. In fact, it's these guys that keep tossing your name out when they have another customer in trouble...before long, you're turning deals down because you simply don't have the time. It's a great job that offers a lot of pride but requires a lot of energy.
Good luck
Denny