QUESTION? What is the best way to represent a client who is owning a new business?
I have only repressed clients with well established business. What’s the best way to represent a client that is starting a new business ? Small diner in Virginia. TIA
[{"id": "gobanuo", "text": "Have they ran a diner before?\n\nDo they have $$$?", "replies": [{"id": "gobb6hp", "text": "No. They do have experience in food. Another family member operates a BBQ company ,mobile kitchen.", "replies": [], "depth": 2}], "depth": 1}, {"id": "gobcjer", "text": "He is probably also talking to other agents. Meet have a cup of coffee. My 1st question is whether he is approved and need to show funds. If he hesitates after 1st showing I will hesitate to move on.", "replies": [], "depth": 1}, {"id": "gobvn2i", "text": "Risk of being a huge time suck. They will need hand holding. As people mentioned, make sure they have available funds and will be willing to sign a personal guarantee with solid 2 years tax returns. Basically make sure they understand what LLs will require with terms and securities and that they are willing to meet those. Also, as someone mentioned, they are probably asking everyone they know for help and are more likely to burn you... I used to ask them to sign an exclusive tenant rep agreement...\n\nWhen I was a CRE broker for about 5 years, I did a lot of tenant rep... can\u2019t think of one I closed with a new business... lots of wasted time. Follow your intuition.", "replies": [], "depth": 1}, {"id": "goc2xnn", "text": "They better be ready with 3 or so years of taxes &amp; be ready to sign a personal guarantee, it they don\u2019t have both don\u2019t even waste your time.", "replies": [], "depth": 1}, {"id": "goc4plc", "text": "I don't think there's a difference?", "replies": [], "depth": 1}, {"id": "gocmuss", "text": "Try and politely confirm their financial situation. Explain what restaurant buildout can cost, and make sure to mention what monthly rents can cost. \n\nHonestly I basically try to scare them away with honesty because otherwise you are wasting both parties time. Have to remember its not about how much business you have its how much business you can make money on.", "replies": [], "depth": 1}]