MVF: Your first steps of entrepreneurship: the ABCs
The first, Steve Amen, J.D., a partner with Kutak Rock LLP, focused on how to decide which type of business entity you want to establish, how to choose a company name, and when to use non-disclosure agreements.
The second, Gene Garrelts, CPA, a partner with Orizon CPAs, focused on the importance of a business plan, tax implications with regards to which entity you choose, and the ambiguity of tax regulations.
The third, Tom Clabaugh, VP of Commercial Lending at First State Bank, focused on the creditor, not partner, relationship you have with a banker, how to approach obtaining a loan from a banker, and what other local institutions could offer you a loan.
Just like in retail, it's location, location, location. With anything, whether it's bankable to high growth, it's management, management, management. At the end of the day, entrepreneurs and banks aren't funding ideas, they're funding teams and the strategy that can be executed. That's something to always keep in mind. Don't fall too much in love with your business model or the business plan, it's really the strategy and your ability to execute.
Check out the video below to hear the full panel. (Note: You'll hear them refer to a "handout," you can download it here.)