We’ve completed three interviews so far today. The first was with Victor a financial adviser with TD, the second with Said one member of the partnership operating Drunkin’ Burrito and finally with Ming from Mandarin House. We’re grateful to each of these individuals for taking the time to speak with us.
Victor came highly recommended to us by a store owner we interviewed yesterday. Our conversation focused on the role of the bank in supporting new and growing business ventures through lending money. We asked them how best to approach a bank. His advice was as follows: approach them with a fully researched business plan that communicates a clear vision for your business, including awareness of market trends, and your competition, as well as honest financial projections. Victor also said that a prospective business owners’ personal and financial history are taken into consideration. If this new venture doesn’t appear as a logical transition (to the bank) in your life, identify strategic partnerships that can be bring in that missing experience to the project. All past credit is taken into consideration for your application. He suggested canceling any credit cards you aren’t using, and if there are multiple cards to cancel them at the same time opposed to over a period of time. We closed the interview by asking him what his definition of success was. He simply stated that success is not a coincidence.