Franchise Buying Guide

Small Bucks

Preparation Before Borrowing
Presented by Guidant Financial
Guidant Financial specializes in helping entrepreneurs purchase new franchises using their retirement funds.

Testing, Testing

If you want to test the waters with lenders before submitting a loan application, Whitfield advises getting a copy of your credit report, then writing a proposal explaining exactly what you want to do-including information about the market, your management, the competition and financial projections. Submit it all to the lender and make sure you couple the proposal with a request not to run a credit check.

"Honesty is critical," says Whitfield. "Get everything on the table, including everything you view as trouble spots, so they can tell you how they plan to address those issues."

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