There's Always Another Door

4 Thoughts

1. A "no" from one source isn't necessarily a no to the deal.
   It may simply mean that particular source isn't the right fit.

2. Capital comes from more than one place.
   Banks are one option. Private lenders and other sources of capital may be another depending on the deal.

3. Relationships create options.
   Knowing people with experience, capital and connections can change the conversations available to you.

4. The structure matters.
   A good opportunity still needs terms that make sense for everyone involved.

4 Lessons

1. Don't stop at the first no.
   Understand why the answer was no before deciding the opportunity is dead.

2. Know more than one path to capital.
   The more you understand your options, the less dependent you are on a single source.

3. Build relationships before you need money.
   Trying to create your entire network when a deal is already sitting on your desk makes everything harder.

4. Evaluate the deal, not just the financing.
   Finding money doesn't magically turn a bad deal into a good one.

4 Challenges

1. Look at how you currently think about capital.
   Is the bank automatically your first and only thought?

2. Think about an opportunity you walked away from because financing wasn't available.
   Did you explore other legitimate options or stop at the first answer?

3. Start building your capital relationships before you need them.
   Who do you know today who understands private lending, investing or creative deal structures?

4. Think more like a Magician and less like a Mule.
   When the obvious path closes, don't automatically push harder against the same door. Start asking what other legitimate options exist.If you want to dig deeper into that way of thinking, grab a copy of Magician vs Mule.

Quote of the Week

"Obstacles are those frightful things you see when you take your eyes off your goal." - Henry Ford

There's a big difference between hearing "no" and having no options.

One is an answer from one source.

The other means you've actually explored the possibilities.

Don't confuse the two.

And don't keep beating your head against the same damn door just because somebody told you that's the door business owners are supposed to use ;)