Sunday, June 05, 2005

Personal Guarantee

"In The Art of the Deal, I had warned readers never to personally guarantee anything. Well, I hadn't follow my own advice. Of the $9.2 billion I owed (in early nineties), I'd personally guaranteed a billion dollars." --Donald J. Trump, page 9 of How to Get Rich.
If a person so street smart and rich like Donald Trump could fall into giving personal guarantee, what makes you think that your banks will not get what they want, your personal guarantee, when you ask money from them for your new startup?

If you ever give personal guarantee for the business loans you take, you'd better make sure your business plan works out well and your assets for basic needs are in -- Trust.

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