Hope you’re enjoying We Dared To Dream. Thanks for your question.

A vendor is another term for a supplier. In business these people are obviously important to you – and far too often neglected. It’s worth remembering that from their point of view you’re a customer and they are vested in your success!

In the past Angelique and I have gained very attractive terms from vendors / suppliers that we knew. There is a side benefit. Business is also about relationships. This type of deal often strengthens and elongates a business relationship. Good for both sides!

When I ran a multi billion dollar business – supply chain / vendor management was a key long term consideration. It’s not just about screwing the lowest prices out of your suppliers.

There’s an old project challenge. You can have it fast, cheap and good. But you can only have two. Think about that. It relates to your vendors and suppliers very specifically.

Anyway, I think that’s another post.
Rob

Regarding your uncle. Firstly, it’s great having him at your side for support. I’m not sure how your Uncle arrived at the very specific figure of $55k or how you even know you need $50k. have you done any cash flow and income and expenditure projections? Do you have a business plan?

Let’s start off with a question. Is your uncle’s money an investment for a part of the business or a loan? Once that is clear you and he need to document the transaction.

If it’s a loan you need to be clear about interest, repayment schedules, etc.

If it’s an investment you need to be clear about what your uncle is buying and what does he expect in return?

Angelique and I are always surprised how often these things are not documented because everything was done at a time of optimism and good relationships. The reason to document this carefully is for when things are not so good.

Good luck with your business!
Rob