c18 JWBT144/Gordon September 16, 2009 16:23 Printer Name: Courier Westford, Westford, MA
Develop a Simple, Effective Business Plan
Revise and upgrade your executive summary as you learn from each meet-
ing. As your executive summary evolves, you will know its strengths and
weaknesses completely. And this is what you want to accomplish.
Next, make a presentation to your banker. You are not meeting with him
or her necessarily to borrow money, but to get more sophisticated feedback
and to begin a banking relationship. You will also appreciate how, why, and
under what conditions bankers lend money.
With all that you have learned, make a reasoned decision to proceed with
this particular opportunity, collect more information, or go back in search
of other ideas and opportunities. This is a critical juncture.
Pep Talk
Nicely done! This was not easy. The hours you have spent on your executive
summary have been well worth the effort. By learning to see your business
through the seasoned eyes of investors, you have improved your own chances
and magnitude of success.
c18 JWBT144/Gordon September 16, 2009 16:23 Printer Name: Courier Westford, Westford, MA
Photo courtesy of the Trump Organization.
Imagine this: You are an entrepreneur with a truly bold vision for a
new business unit that would benefit greatly if you could leverage
the Trump brand. You develop an executive summary and rehearse
your presentation. With dogged persistence, you make contact with
one of the executives in the Trump Organization who screens new
business opportunities. To your joy, you have captured his interest,
and he arranges a meeting between you and Donald Trump. Fifteen
minutes—not one minute more! Mr. Trump is interested and tells you
to come back for a second 15-minute meeting when you have a full
business plan. The second meeting results in a decision to GO. But a go
is not a go. Now you had better be a skillful negotiator. For months you
will be negotiating with some of the toughest dealmakers in the Trump
Organization, with legal, business, and financial skills. For starters, they
will present you with a term sheet containing several non-negotiable
points. Beyond that, the negotiation process will span the range from
big picture to haggling. You will be tested to your limits. Where is your
boundary? When will you walk away? Negotiating with the Trump
Organization will be one of the most exciting and challenging things
that will happen to you in life. At the end of the process, it will be either
win-win or no deal at all. A deal only works if both parties are happy!

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