Skip to comments.How to succeed in business: Borrow from your parents (Mitt Romney's advice to OH students)
Posted on 04/30/2012 8:21:03 AM PDT by EternalVigilance
Mitt Romney has some simple advice for students who want to start their own business: Just borrow money from your parents.
The presumptive Republican presidential nominee made the suggestion Friday during a pit stop at Otterbein University in Ohio.
(Excerpt) Read more at times247.com ...
Well thats going to get him nowhere .....
I appreciate that he likely meant it is better to NOT go deep into debt when starting out - but telling someone from a working family that is just barely making it from month to month to “borrow from your parents” is extremely naive and just gives MORE ammunition to the liberals that Mittens is nothing but a spoiled rich kid ....
Clueless Joe Biden is starting to look smarter...
I say this an a retired investment banker who has done a fair share of VC deals, particularly at the mez level...most new businesses at the start up level have to hit up friends and family.
Worst Republican candidate, ever.
I’ll bet you $10,000 that he will regret saying that.
The former Massachusetts governor acknowledged the nation's economy was recovering
That’s probably how he intends to run our country, only it will be tax our parents AND borrow from our children.
>> Mitt Romney has some simple advice for students who want to start their own business: Just borrow money from your parents.
Hey, it worked for Mitt! Or maybe Mitt’s daddy just GAVE him his grubstake. Shoot, that’s even better! Ask mom and dad to get you all set! It’s the American way!
(particularly since mom & pop are prolly already in hock up to their eye teeth...)
Getting financing from either your own personal equity (savings, home equity, selling assets) or borrowing from family members is actually one of the first places new ventures are advised to look for financing.
Start-up businesses are risky and bringing in your family as a partner instead of big banks is often a better solution. You have a partner who will work with you, not against you. You also can avoid a bank taking everything and ruining future prospects if it doesn’t succeed.
(note, this is not a plug for Romney, it is just sound advice).
I don’t disagree; however, I echoe Dave Ramsey, who says, “just consider any loan to a family member to be a gift: if you ever get it back, it’s found money. Expecting repayment just leads to family strife, resentment and hurts the relationship.”
Can't argue with that...oh, and it cuts out the "eeeviilll bankers" ;) But, the MSM will have a field day with this, nonetheless.
particularly at the mez level..
Not saying the message is bad, but Mitt's background combined with it, makes him appear to be extremely politically tone deaf.
Borrowing from parents is *so* 1950’s.Getting free $$$ from the government (with a small campaign kickback to the Party in power) is so much more....fair.The second option,of course,is what “the 99%” claim the right to do.
what ever happenned to “get a job and work your way through colege”?
However there are some parents who know how to drive a hard bargain (because they know it's good for the kids) and demand loan agreements and/or ownership rights.
After all, bidness is bidness!;-)
[ Worst Republican candidate, ever. ]
I mean there is some truth to what he says, but damn it is like Mitt is missing the “Tact Gene”. Regan was a full blown sufferer of a massive outbreak of “Tact Genes”.
Mitt isn’t even a carrier....