Was interesting going through that SBA process because it didn't seem like I needed any, anything. Yeah, I needed the down payment. But ultimately what, what I got from it was that they will, they will take my assets as collateral if I have them, but if I don't have them, they won't, but they would still get the loan. That's kind of the gist, you know.
Acquiring Minds
Too Good to Be True: Year 1 in a $700k SDE Business
Excerpts · 581 segments · ~1:24:33 long
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Well, and this is why for, you know, a personal guarantee is, has different weight for different people, but it's the same personal guarantee. So if you get a personal guarantee as a 25 year old with no assets. It's a good time to get a personal guarantee, because if, if they come after you, there's nothing to.
There's nothing to take. The 45 year old, same personal guarantee, but has a lot of assets behind it, stuff that can be vulnerable to being taken. So, um, it's why, you know, people with families and mortgages are that much less inclined to, to take a personal guarantee.
So you're right about that. But just so you had about a hundred ish, a little over a hundred thousand dollars that you could put toward the hard cost of getting the deal done and the 10% equity.
Sure. So, yes. And I wanted to do it sooner rather than later. As you know, I was the 33 at the time, or 32. And I knew that if I did wait and I had more assets and I had more responsibility, it'd be a lot harder to do it.
I thought, this is my, this is my thought process, going through it. I say, what's the difference between. I'm going to own a business, I'm going to.
All right, I don't know when. So what's the difference between me owning one now and me owning one, let's say, in 17 years, when I'm 50 years old? I went through it and ultimately I decided, I figured out there was just age, would just be older.
I would have no more experience, I would have no more business experience. I'd be listening to more podcasts, watching more YouTube videos. But it's still all theoretical.
I would have nothing different, nothing better. So why not do it now? That was my theory.
So you get on biz, Bicell, you are living in Miami at this point?
Yes, I was in Miami. I was in Broward County. Okay.
And you go on Biz by Sell and you start looking for businesses in there with the idea that you're just kind of learning, but maybe actually might jump on something.
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