Home Electrical Contractor Free Electrical Contractor Business Strategy Questionnaire 2.2 Startup and Acquisition Summary Questionnaire
Where does the Start up or Acquisition summary fit into a business plan for Lights On Electrical, Inc.?
The Start up or Acquisition Summary of the business plan is where you get to tell the reader of the business plan just how your business came into existence. In the event you are starting a brand new business, you get the chance to talk about how you got the idea for the business. In the event you are purchasing an existing business you can talk about how you got to know about the business, why you are looking to buy it, and how you went about striking the deal with the seller of the business.
Why should all this information be included in the business plan for a Electrical Contractor?
Just as we had advised Andy Powell of Lights On Electrical, Inc., we recommend that every business owner take the opportunity to describe just how their business came into existence. The reader of the business plan must be able to read the story of your business and be able to see your business as an extension of your own life. When small business owners like Andy Powell talk about the how they got they got inspired to start or acquire their small businesses like Lights On Electrical, Inc., readers of the plan are able to make a personal connection with the business. Think about it for a minute - would you like to do business with someone who is not passionate about his ideas or who seems only mildy interested in his work?
In the case of an acquisition summary - what are the details that need to be included and excluded?
In the event you are buying an existing business, we recommend that you mention how you came about learning about the business you are buying? Banks and potential partners will be interested in finding out why the existing business is being sold? Is the existing owner retiring? Is the business not doing well? Are their other challenges that the existing business is facing and so on? They will also be interested in understanding how you struck the deal with the seller of the business.
In the event you are purchasing a business that involves a process or formulation that may be a Trade Secret, we recommend that you do not include that in this section of the plan but simply make a mention of it. You can always explain it verbally is a general way when you get around to looking for partners and lenders. Only when the appropriate non-disclosure agreements have been signed should you take the step of sharing a potential trade secret with a lender or partner. Just as we told Andy Powell of Lights On Electrical, Inc., it is always better to be open about every aspect of your business but do bear in mind that there are plenty of folks out there who will happily grab your ideas and profit from them.
The Foundation Grant Directory is a free listing of sources for grants by state. Why not look if there is some free money out there for your business. Hey - you never know!
The Business Loan Application covers every item you will need in your loan package and tells you how to get approved for business loans.
Fire your loan broker and use our Free Business Loans Bank / Lender Directory to find every bank in the country lending to small businesses.