Where are we with a contract for potential investors? They would want to know what recourse is in case of default (or in general, what protection they have), and probably some other terms & conditions I'm not aware of.
Is the 3% of sales on all sales, or just sales of Virtuous? (If more products are launched, not sure initial investor should benefit from that as well...would limit our working capital.)
When would repayment start? We get money NOW, start returning 3% on any sale...even in month number one?
Update 7/14
Spoke to someone at Virgin Money. They facilitate person to person loans when both parties are not "corporate" types. They'll draw up the docs per our agreed terms, manage the payment and reporting, will even report our track record to the Business Credit Beaureau which will help any future loan requests. Total charge for this is $199 to initiate, then $9 per payment (which we could set to go out quarterly instead of monthly). Said it would take 3 business days to do start-to-finish. Not sold on them, but good to know there is a resource available at a reasonable price should we need something done in a hurry.
2 comments:
Financing:
No contracts yet. Always thought that would come at funding. No protection. That is why they will probably ask for a higher percentage rate or interest rate to make up for the risk.
3% is from gross sales on the perfume only. Our goal is to have them paid back before other products are released.
Repayment is agreed upon in the contract. Typically it begins 90-120 following the
launch.
Virgin Money sounds good. Talk more later about it.
What do you mean how do we target churches?
Communication can be employed by myself and establishing a relations with the directors and/or managers.
The bookstore manager at Word Works, and others I spoke to were excited about the perfume. Remember......there is power in that name and no one has done this before.
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