Do's and Don'ts of Asking Friends for Money
By MATTHEW KASSEL It isn't easy to ask people you know and love for a loan. The process can…
Georgia (May 21, 2012) — It isn't easy to ask people you know and love for a loan. The process can dredge up bad feelings and leave borrower and lender alike unhappy with the results.
Link To Articlehttp://online.wsj.com/article/SB10001424052702304723304577367923683751012.html?mod=googlenews_wsj
There's no way to ensure things will go smoothly. But an important first step is to treat the lender like a "disinterested third party" and "let emotion go by the wayside," says Joseph Astrachan, executive director of the Cox Family Enterprise Center at Coles College of Business in Georgia.
In other words, don't rely on your history with the lender to seal the deal, and don't play emotional games to get what you want—treat it like a regular business arrangement.
Here are some tips from experts about how to keep things as professional as possible.
A leader in innovative teaching and learning, Kennesaw State University offers more than 150 undergraduate, graduate and doctoral degrees to its more than 41,000 students. With 11 colleges on two metro Atlanta campuses, Kennesaw State is a member of the University System of Georgia and the second-largest university in the state. The university’s vibrant campus culture, diverse population, strong global ties and entrepreneurial spirit draw students from throughout the region and from 126 countries across the globe. Kennesaw State is a Carnegie-designated doctoral research institution (R2), placing it among an elite group of only 6 percent of U.S. colleges and universities with an R1 or R2 status. For more information, visit kennesaw.edu.