I thought that all I would have to do was go to the bank plus take out a dealer loan, if I wanted to purchase the Heating plus A/C supply company.
The dealer was already established, plus all I had to do was take over managing it plus put the Heating plus A/C paperwork in my name.
The loan officer also wanted a numerous-year system for the business. They wanted to list my collateral plus know the inventory I would be buying. When I said it was a well-known plus fully established Heating plus A/C supply company, the loan officer didn’t care. He said it was a current dealer for me, plus he needed all the paperwork. I had to go to the owner of the Heating plus A/C supplier plus ask for his dealership records for the last many years. I needed their profit plus loss statements, plus their dealership plan. I abruptly wondered if owning an Heating plus A/C supply company was worth all this trouble. I also had to request a record of Goodwill from the owner. I didn’t even guess that there was such a thing as dealership goodwill. All I knew of goodwill was the local store that sold hour-hand stuff. It took nearly 6 weeks to gather all of the documents I needed, before I could get another appointment with the loan officer. After he checked all the paperwork, he asked what I was bringing into the business. Being an Heating plus A/C service pro of more than 20 years, I told him I brought my task ethics plus dealer acumen that went with being the office supervisor for the last many years. Two weeks later, the bank called plus congratulated me. They approved the loan plus I was about to become the proud owner of an Heating plus A/C supply company.