Читать книгу Finance & Grow Your New Business - Angie Mohr - Страница 35

Craig and Marnie discussed the implications of being business owners. Craig was looking forward to the adventure but Marnie had some reservations.

“We still have so much credit card debt. I doubt the bank will lend us the money we need to buy into this business.”

“Why don’t we go talk to the bank about consolidating our credit cards?” said Craig. “We have some equity in the house that we’re not using so maybe the bank can help us out.”

The next day, Craig met with his accountant, Vivian. Vivian confirmed Marnie’s suspicions that they needed to re-arrange some of their personal finances before they could approach a bank or another lender for funding to purchase the business.

Vivian recommended that they increase their mortgage to be able to pay off their revolving debt, namely, their credit cards.

“Lowering your revolving debt will increase your credit score,” Vivian said, “and that will make a bank more likely to lend you some of the capital you will need to invest in this business.”

Craig was more confident than ever that he was going to be able to buy into this business, but Vivian brought up some other issues that he hadn’t thought about.

“What will happen if you can’t work in the business? How will you support Marnie and the baby?” Vivian asked.

Craig hadn’t thought about this before. He scheduled an appointment for the next day with his insurance agent to ensure that he would have adequate coverage for any adversity that may arise.