Page 203 - Winning The Credit Game Bundle (CK Patrick)

change over time if you are able to secure loan money and subse-
quently pay for additional employees, locations, equipment,
marketing, etc.
You can download some examples from the Small Business
Administration’s website, or by visiting the link in this footnote. 1
Your business plan is an excellent place to consolidate infor-
mation for your potential lender, and it will also help you gain
insight into the possible ways your business can grow. Once you
have assembled your business plan, you will also want to
gather…

YOUR LONG-TERM BUSINESS GOALS

In addition to your business plan, your potential lender will
want to hear about your long-term business goals. This is impor-
tant because there are several strategies business owners use
when seeking to make a living or a profit off of a business.
Some business owners start their business because they just
love providing that product or service. Such a business owner
may wish to remain in control of their company until they retire.
This will affect whether they want to seek investors who may
bring financing and expertise to the business, but who may also
desire some control over business decisions and decisions about
daily operations. Such a business owner may want to plan to sell
the company to another business owner at a large profit when
they retire or may wish to pass on leadership to a trusted friend
or family member, which means training a family member or
other protégé instead of preparing the company to be sold.
Other business owners may be very financially minded. They
may seek to profit financially as much as possible, as quickly as
possible. This can mean putting the business on a fast track to
attract investors or being sold to another company for a large
sum. Existing companies will often buy highly profitable small
businesses from their owners for large sums since they are essen-
tially purchasing the company’s profits for years to come. Some
entrepreneurs even make a business model out of repeatedly

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