Entrepreneurs who start businesses armed only with ideas and a rough plan – rather than a structured organization backed with capital, talented employees and a full stock of products – face a multitude of unique challenges.
As a result, these entrepreneurial business owners often have colourful and illuminating war stories of survival – especially from their early years. Sometimes they make their way via trial and error, sometimes with luck, but usually it is through perseverance. And while they are happy to share their stories, most end up doing so only with friends and family. Entrepreneurs don’t often get the opportunity to reach a broader audience, or indeed enlighten other businesspeople who might really benefit from their wisdom and experience.
“During the purchase I was trying to establish banking facilities in Regina by telephone from London [Ontario]. After securing the private equity funding necessary to fund the purchase of the company, we needed an operating facility to finance working capital. I was referred to a very young and inexperienced banker in Regina who pleaded our case to his adjudication group, but the result was an authorization of only half the monies I required, subject to the personal guarantees of my 17 equity investors.
It’s clear that the level of trust between the Price brothers is high, but so is their awareness of both the strengths and weaknesses of the others. In fact, this awareness and the closeness between them is a business advantage. And they certainly understand the unique — and sometimes sensitive – nature of the typical family business:
Reprint from Ivey Business Journal
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