Funding my Heating, Ventilation, and A/C company.

Foolishly I thought that all I had to do was go to the bank and take out a business loan, if I was going to buy the Heating, Ventilation, and A/C company.

The business was already established, and all I should have had to do was to take over management and put the Heating, Ventilation, and A/C company in our name. The bank jerk wanted a five-year business plan for the shop. He wanted collateral and a list of inventory I would be buying. When I said it was a well-known and fully local established Heating, Ventilation, and A/C company, the loan officer didn’t give a damn. He said it was an up-to-date business for me, and he needed the paperwork to support it. I had to go to the owner of the Heating, Ventilation, and A/C company and ask for his business records over the last five years. I needed their profit and loss statements, and their business plan. I suddenly pondered if owning a Heating, Ventilation, and A/C company was worth all this trouble. I also had to request something called a record of Goodwill from the owner. I didn’t even believe there was such a thing as business goodwill. All I knew about goodwill was the local Good Will store that sold hour-hand stuff. It took nearly a week to gather all the documents I required, before I could get another appointment with the loan officer. After he looked at all the paperwork, he asked me what I was bringing into the business. Being an Heating, Ventilation, and A/C supplier of more than fifteen years, I told him I brought our task ethics and business acumen that went with being the store manager for the last five years. Two weeks later, the bank called and congratulated me. They finally approved our loan and I was about to become the proud owner of a local Heating, Ventilation, and A/C company.

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