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Business Loans From Family & Friends: How to Ask, Make It Legal & Make It Work Paperback – November 1, 2009


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Product Details

  • Series: Business Loans from Family & Friends: How to Ask, Make It Legal & Make It Work
  • Paperback: 287 pages
  • Publisher: NOLO; 1 Pap/Cdr edition (November 1, 2009)
  • Language: English
  • ISBN-10: 1413310788
  • ISBN-13: 978-1413310788
  • Product Dimensions: 7.1 x 0.6 x 9 inches
  • Shipping Weight: 1.2 pounds (View shipping rates and policies)
  • Average Customer Review: 4.4 out of 5 stars  See all reviews (29 customer reviews)
  • Amazon Best Sellers Rank: #1,127,621 in Books (See Top 100 in Books)

Editorial Reviews

Review

"Advani gives you the nuts and bolts: evaluating prospects, narrowing the names to a "best bets" list, and negotiating loan terms.... This guide should be as indispensable to the first-time entrepreneur as cockeyed optimism and a calculator." (BusinessWeek 2007-02-01)

"This is an excellent resource to find the information, documents and calculators you need to put a deal together..." (The Wall Street Journal 2007-01-02)

About the Author

Asheesh Advani is an entrepreneur, investor, and author. He pioneered the business of managing person-to-person loans between relatives and friends when he founded CircleLending in 2001, which was acquired by Richard Branson's Virgin Group in 2007. As a columnist for Entrepreneur, he is a frequent speaker at industry conferences and a media commentator. He has been quoted in The Wall Street Journal, The New York Times and Time Magazine, and has been profiled on PBS and NPR. He is a graduate of Oxford University and the Wharton School, and is an active member of angel investment groups and Young Presidents Organization.

More About the Author

Asheesh Advani is the author of two books on the topic of business financing. He has founded or led several companies, including CircleLending which was acquired by Richard Branson's Virgin Group in 2007. He shares his entrepreneurial experiences by writing a column for Entrepreneur Magazine and in case studies produced by Harvard Business School and Babson College. Born in India, Advani is a graduate of Oxford University and the Wharton School. He lives in the Boston area and is active in the community and with the New England chapter of Young Presidents Organization.

Customer Reviews

They're well written, easy to understand, and highly useful.
terpfan1980
If you need a very thorough guideline for protecting everyone involved should you find yourself turning to friends/family for a business loan.
TheBandit
The book also comes with a CD ROM that contains a number of forms and worksheets.
Alain B. Burrese

Most Helpful Customer Reviews

Format: Paperback Vine Customer Review of Free Product ( What's this? )
Author Asheesh Advani explains the advantages to using family and friends for business loans. Since banks are reluctant to lend to small businesses and need personal collateral in most cases, it's common to seek loans from family and friends. The disadvantage to asking for loans from such people is that it might pressure personal relationships. This book shows us how to mitigate this disadvantage by being very well prepared from a business perspective.

Banks are extremely cautious about loaning to small businesses in the current environment. In my experience, bank sales personnel are very encouraging, because they want you to fill out their forms and provide all your company and personal financial information. Once you've done that, they have your information, which is of potential value to them, and the sales person has a work product for internal purposes such as quotas. Only then they will demand that you collateralize your personal assets despite initial encouragement to the contrary. This has happened to me several times. It's possible my experience led me to misperceive this phenomenon and I welcome feedback in the comment section!

While this book earns maximum stars for relevancy, timing, good presentation and excellent advice for the Loan Seeker, it has a defect in my opinion. It does not provide complete advice for the Loan Provider. I think it would have been helpful to include advice about how to assess from a business perspective when it makes sense to loan to a small business. A Loan Provider would want to know whether a business is in litigation, for example.

Entrepreneurs often both borrow from friends and family and lend to small businesses owned by friends and family, even at the same time.
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2 of 2 people found the following review helpful By TheBandit VINE VOICE on May 14, 2010
Format: Paperback Vine Customer Review of Free Product ( What's this? )
High brow literary quotes aside (I only just now learned that phrase originated in Shakespeare's Hamlet), asking family and friends for money can be asking for trouble. I love the NOLO guides and this book is no exception. If you need a very thorough guideline for protecting everyone involved should you find yourself turning to friends/family for a business loan.

Of course, you need to have some friends or family members with a little cash at their disposal for this book to be effective. The book does a good job of demonstrating how a person can legitimately approach these people without looking like a flake. As the book points out, going the traditional route of borrowing from a bank can be especially tough these days. This book offers a clearly explained explanation on how to get your ducks in a row and let your prospective lendors know that you have a plan.

There are a number of forms available on the included CD-ROM that are very much usable and worthwhile. That's hoping you actually get to that stage of the process! The book covers the steps that it takes to get there - including how to bite the bullet and go ahead approaching them about the loans.
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1 of 1 people found the following review helpful By S. D. Fischer VINE VOICE on January 30, 2010
Format: Paperback Vine Customer Review of Free Product ( What's this? )
With more small businesses competing for limited government funds and the hesitancy of banks and other institutional investors to take risks, an increasing number of small business owners (and/or people considering starting a small business) may find themselves needing to think outside the box for funding. This creates a good investment opportunity for their family and friends who have money parked in savings accounts with low interest rates.

Although this book is aimed at people who are considering borrowing money for a business from family and friends, I found it extremely helpful in lending money to a family member who needed a short-term loan for his business.

The book is well-organized and well-indexed. I found it easy to find the information I needed without reading the book cover to cover. I learned several important things to consider (such as tax implications of a too-low interest rate).

With the information and suggestions in this book, a potential borrower can prepare a loan request pitch and be prepared to intelligently questions and provide professional documentation to help allay concerns of the potential lender(s). A potential lender can learn what documentation is needed to protect his/her investment and the potential tax implications.

A selection of forms (including four versions of a promissory note, collateral list, security agreement and loan log) are on the cd which accompanies the book. I had no trouble downloading and customizing the promissory form I needed. You can review all the forms in the appendix to easily select which one(s) you need before downloading.

Chapters include:
1. Why Raising Money From Family and Friends Is for You and Yours
-What's in It for You, the Entrepreneur?
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Format: Paperback Vine Customer Review of Free Product ( What's this? )
I have been on both sides of the providing jobs for relatives issue. Right out of high school I went to work for my uncle's construction company and for years I have enabled my daughter' job as a handygirl, mowing lawns and doing similar odd jobs. From this perspective, I know that having business-style relationships with relatives can cover the entire spectrum of difficulties. I have also helped out when relatives have had financial difficulties, although I have never given out a business loan. I have owned and operated a small business for years, but have never been in the position of having to approach a friend or relative for a loan to prop up or expand the business.
My business experience with relatives has taught me that they can be a great resource when needed, as long as everything is clearly understood before the money changes hands. This can only be done by treating it as a business deal as much as possible, including getting everything, even the terms of repayment and position in a potential estate, in writing. Relationships with relatives have a natural strength as well as tension, especially when there is the potential for a claim of unequal treatment.
The situation with friends is quite different; a large number of business partnership relationships began as a friendship and then evolved when an opportunity was identified. However, there are still many opportunities for mutual benefits when one person has only a financial interest rather than a business one. Friendships can also die very quickly if there is a significant disagreement over monetary issues.
It is possible to successfully maneuver through this minefield of difficulties, but like all business ventures, you must do your due diligence before you make the initial proposal for funding.
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