Page 204 - Winning The Credit Game Bundle (CK Patrick)

starting companies and then selling them to larger companies
when they have become highly successful.
Insomnia Cookies is an example of a company which was
founded less than twenty years ago as a cookie delivery service
based out of a student’s dorm room and is now a huge national
chain that its founders sold to Krispy Kreme. We don’t know
how much Krispy Kreme paid for the controlling stake in
Insomnia Cookies, but it’s a safe bet that it was at least in the
millions.
None of these types of success happen without strategic plan-
ning. This is why it is essential to know your long-term goal.
When you retire, do you want to sell your company for millions
of dollars? Do you want that to be ten years from now or fifty
years from now? Is it more important to you to keep the
company in the family as a form of generational wealth, or to
make sure that it’s run in the right way, such that you may wish
to retain ownership or pass ownership to a trusted individual? If
you are more focused on making money than controlling your
company’s operations, do you want to attract investors?
What are the best practices followed by business owners who
have found success in achieving their personal long-term goals
for their business?
Being able to articulate your long-term vision for your
company and why you have chosen that vision will tell your
potential lenders that you are thinking strategically and will
make strategic financial decisions—including the necessary deci-
sions to pay them back!

TIME TO APPLY

When applying for your dream loan, be sure to read the require-
ments to determine what documents you will need.
Having your business plan and long-term business goal in
mind is always a good idea, but different lenders may also
require you to bring tax returns, cash flow sheets, business
licenses, proof of patents or copyrights, and other legal docu-

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