Are you an aspiring entrepreneur looking to buy a small business?

Then you'll want to pay close attention to this story about Joe, who faced a major roadblock when bankers refused to take him seriously. But with a little bit of ingenuity and the help of his mentor Rick, Joe was able to overcome this obstacle and achieve his dream of business ownership.

Joe had worked hard as a construction crew manager for nearly a decade, saving up his money for the day when he could buy his own construction company. He finally got his chance when he met a general contractor named Bob who was about to retire. Joe and Bob struck a deal at a good price and good terms, but when Joe tried to get financing from a bank, he was repeatedly turned down. Despite his hard work and ambition, bankers didn't believe that Joe had the net worth or experience to make the deal work.

Joe was devastated. He had to go back to Bob and tell him that he couldn't complete the deal, damaging their relationship in the process. But Joe wasn't willing to give up. He called on his mentor Rick, a retired general contractor who had faced similar challenges in his own career. Rick shared a story about how he had managed to get his first deal done despite not having any money or banking connections. The key, Rick explained, was to have someone vouch for you.

The key, Rick explained, was to have someone vouch for you.

With Rick's help, Joe was eventually able to secure a term sheet from a bank. He went back to Bob's office with the news, but Bob was still skeptical. Joe pulled out an envelope and put it on Bob's desk, along with another document. Bob was impressed and asked Joe to guarantee closing, which he did. They shook hands and the deal was done.

Joe worked hard on the company over the next few years and turned it into a great success.

His story highlights an important lesson for aspiring entrepreneurs: if you don't have personal credibility, learn how to borrow it. In other words, find someone who can vouch for you and help you build relationships with bankers and other key players in the industry.

If you don't have personal credibility, learn how to borrow it.

At Deal Camp, we understand the challenges that entrepreneurs face when trying to buy a small business. That's why we offer free training on how to get financing for your deal. Our experts can help you navigate the complex world of business financing and connect you with the resources you need to succeed.

So if you're ready to take the leap and become a small business owner, visit Deal Camp today to learn more.

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