John Nunemaker

And then, you know, fun things at the end with the bank where they're like, oh, FYI, if someone has 20%, then they have to also personally guarantee it. And then we have to take it back to our bank board, literally the people that run the bank and get it approved again. And that takes at least another week. And I'm like, we're supposed to close tomorrow. You know, like.

And then, you know, fun things at the end with the bank where they're like, oh, FYI, if someone has 20%, then they have to also personally guarantee it. And then we have to take it back to our bank board, literally the people that run the bank and get it approved again. And that takes at least another week. And I'm like, we're supposed to close tomorrow. You know, like.

Yeah. So stuff like that.

Yeah. So stuff like that.

So what's funny is I was feeling that, and then once everybody... who was coming in came in and I knew all the amounts and stuff, it won't be the biggest risk, technically. Like technically BoxOut would have been. Because BoxOut was, you know, I gave them straight cash at a pretty good evaluation. And that was definitely, now that was also when I had the most cash.

So what's funny is I was feeling that, and then once everybody... who was coming in came in and I knew all the amounts and stuff, it won't be the biggest risk, technically. Like technically BoxOut would have been. Because BoxOut was, you know, I gave them straight cash at a pretty good evaluation. And that was definitely, now that was also when I had the most cash.

And so it was like maybe an easier decision. This feels riskier. But amount wise, it's not as risky. So like technically my part was mostly the collateral and the organization, the deal structure, everything. And the stuff that like, if I hadn't done that, then it wouldn't have happened. So that was my part.

And so it was like maybe an easier decision. This feels riskier. But amount wise, it's not as risky. So like technically my part was mostly the collateral and the organization, the deal structure, everything. And the stuff that like, if I hadn't done that, then it wouldn't have happened. So that was my part.

And then each of the other three people that are in it, Garrett, Chris and Steve, like all are putting capital in either this year or next year based on, you know, the terms we've worked out and stuff like that. And that will get the finance amount basically like lower than what box out was for me. And so and again, for me, like what I what I brought to the table is the collateral. And so

And then each of the other three people that are in it, Garrett, Chris and Steve, like all are putting capital in either this year or next year based on, you know, the terms we've worked out and stuff like that. And that will get the finance amount basically like lower than what box out was for me. And so and again, for me, like what I what I brought to the table is the collateral. And so

For me, it's like I have a lien on my house now. I use my house because I learned that you can get 80% for your house. My house is paid off, fortunately. So you can get up to 80% of the value of your house, whatever it appraises for. Snap your fingers, the bank will give you a loan for that, a commercial loan. Land or farmland, I have some of that. I was going to do that at first.

For me, it's like I have a lien on my house now. I use my house because I learned that you can get 80% for your house. My house is paid off, fortunately. So you can get up to 80% of the value of your house, whatever it appraises for. Snap your fingers, the bank will give you a loan for that, a commercial loan. Land or farmland, I have some of that. I was going to do that at first.

They're like, I will only get 50% to 60% of that. And I was like, oh, well, that might not work. So it's kind of interesting to see what banks will do based on the assets that they're really comfortable in dealing with. Cause they will not do it for software.

They're like, I will only get 50% to 60% of that. And I was like, oh, well, that might not work. So it's kind of interesting to see what banks will do based on the assets that they're really comfortable in dealing with. Cause they will not do it for software.

So if you do like a, if you want to do it just based on the software and then basically you have to personally guarantee it, you don't have to put up any collateral, but you have to personally guarantee it, which is the same thing kind of. And then you also, you have to do like an SBA loan and SBA loan is like a ton of extra paperwork. And it's like 11% interest rate.

So if you do like a, if you want to do it just based on the software and then basically you have to personally guarantee it, you don't have to put up any collateral, but you have to personally guarantee it, which is the same thing kind of. And then you also, you have to do like an SBA loan and SBA loan is like a ton of extra paperwork. And it's like 11% interest rate.

So it's like super high interest rates, like prime plus two or something like that is what I was told. I just did a commercial loan with collateral. My house is collateral. And yeah, I ended up with below six and a half percent. So like half the interest rate for me. Additionally, an SBA loan, you typically have to pay off in five to 10 years. So your payments are, they go way up.

So it's like super high interest rates, like prime plus two or something like that is what I was told. I just did a commercial loan with collateral. My house is collateral. And yeah, I ended up with below six and a half percent. So like half the interest rate for me. Additionally, an SBA loan, you typically have to pay off in five to 10 years. So your payments are, they go way up.

Whereas like, again, my collateral, they're like, what do you wanna do? Like 15 years? Like, I'm like, yeah, that sounds good. Like I'll do a 15 year, I'll lower the payment at the beginning. And then as we grow or as we stay the same, whatever it is that happens, I will just apply more to the payment to pay it off early. But it gives me flexibility because basically I can snap my fingers.

Whereas like, again, my collateral, they're like, what do you wanna do? Like 15 years? Like, I'm like, yeah, that sounds good. Like I'll do a 15 year, I'll lower the payment at the beginning. And then as we grow or as we stay the same, whatever it is that happens, I will just apply more to the payment to pay it off early. But it gives me flexibility because basically I can snap my fingers.