It's a cliché that there are millions of dollars out there searching for a place to be invested and make more dollars. Certainly there are many worthy companies and individuals who need cash. Why are there so few actual transactions? Why are so many winning ideas lost for lack of funds?

This is the number one issue among start-up and small enterprises: "How do I get the cash I need?" Unfortunately, these potential borrowers often start out very naively, believing that once they announce their business opportunity to the world the investors will be standing in line for a piece of the action. They soon become hardened after several false starts and rejections, but they still have trouble learning that the money is not yours until the check is cashed and the funds are in the bank.

This naiveté is illustrated over and over again in business plans I am asked to review. They all assume that an accounts receivable loan will miraculously appear as soon as it is needed. Of course, very few actually occur as planned.

And why is it that some companies find private investors (angels) who are virtual strangers and others can successfully do public offerings, even with poor performance, low sales, and negative profit, while solid, on-going businesses with good financial performance can't even get a line of credit?

In my opinion, the key difference is the "storyteller", the person leading the company's fund-raising efforts. There are some people out there who can get lenders to commit just by announcing that they are thinking about starting a business. While some of it is trust earned by past successes, more often it is the storyteller's personality and charisma. Most of all, though, it is a storyteller who knows who he's asking and how to handle them.

In this article I present my perceptions of debtors and investors, which I hope will help you approach the task of raising capital more knowledgeably.

To begin with, the famous complaint, "Banks will only lend you money when you don't need it," is often true. Its corollary is, "Plan ahead, and borrow money when you don't need it."

Another saying, "Investors want to own you," is also not far off the mark. There is a reason why venture capitalists are often called "vulture capitalists." If you accept this, and approach the fund-raising process with a healthy dose of cynicism, it will help you deal with the heavy hitters more effectively.

Before you commit yourself, you must know how lenders and investors think.

Friends and Relatives: The easiest place to borrow small amounts is from friends and relatives, but is it worth the aggravation? They will haunt you to death with questions like, "How is our money doing?" or "When can I plan to use the money for Joey's college tuition?" Many a friendship has ended over borrowed funds.

Angels: These are usually sophisticated investors willing to risk $50,000 to $250,000 on a stranger with a dream. Unfortunately, angels will most likely deal with the CEO/President as if they are dealing with a child.

Venture Capitalists: Venture capitalists are well-organized and have an organization that will sit on you. Their goal is to dominate a situation, and they will try to structure the deal so that they either have a majority ownership going in or will eventually get it.

Banks: Banks always want a sure thing, and they'd take your first born as collateral if you let them. They will structure the deal so that you've already defaulted on at least one part of the agreement before you even get out the door.

Senior Debt Lenders and Asset Lenders: They'll start by saying, "We're really not in the equity business," but somehow they manage to work stock warrants into the deal while you aren't looking. Be careful, because if you stumble, you will be amazed at how much ownership they end up with.

On the positive side, these investors are the people who write the checks. If you don't get them involved, your dream will evaporate and die. Table 1 lists many sources of funds. The trick is to match the source to your needs, and then, be a good storyteller.

Notes:

1. SBIR grants are funds awarded by government agencies for special development projects. By law the agencies have to invest a portion of their budget in these programs. This can be a good source of funds for a developing company. One southern California company has been able to obtain twelve such awards.
      
2. Asset lenders require significant assets as collateral, making it difficult to get a loan for many service companies that will not qualify.

The first step in borrowing money is to firmly believe that you can deliver a good return on the investment and to be able to articulate both your need and your confidence that you can deliver. Investors have to be picky about who they write checks to, and they look far beyond the financial numbers in their evaluation of you and your company. Keep in mind that they are comparing you to all the many opportunities they have available, and you are competing against these invisible foes.

Investors will not make a commitment unless they are totally comfortable, and there are many things that can make investors nervous. However, many of these things can be prevented with correct preparation. The following is a list of the most common reasons why investors will turn down opportunities:

1. There is no business plan.
2. There is no vision.
3. The idea is a dream and not a realistic basis for a business.
4. There are no superstars on the management team.
5. The revenue projections are not supported by the market size.
6. They are not convinced the company can penetrate the market.
7. There are not proprietary advantages in the business as planned.
8. The plan is far too ambitious and therefore lacks credibility.
9. Their plans for borrowing from banks are naive.
10. There isn't an acceptable payout for the investor.
11. There is no exit plan for the investor.
12. The plan lacks common sense.
13. The management team doesn't have making money as a top priority.

It generally starts with the entrepreneur, who says, "How about putting five or ten thousand into a new company I am forming?"

Every investor expects to get a return, no matter how high the risk or the nature of the investment. When an investor chooses to put equity money into a privately-held company, he is willing to forego interest on his money, such as he could get from other types of investments available to him. Usually he hopes the company will succeed and go public, making the return on his investment 500% or more.

However, with little say in the direction of the company, the investor can only hope that something will happen to give him a pay-off on his investment. If the company doesn't go public, perhaps it will be bought by a public company, again giving him a value on his equity. Or, there is always the possibility of selling his stock, but it is very difficult to establish the value of privately held stock, and therefore very difficult to find a buyer.

There are two other methods by which the minority investor can realize a return. One, he might obtain a guaranteed buy-back from the company, but buy-back agreements are usually only offered to employees, not minority investors. Two, he may obtain an agreement that guarantees dividends issued periodically. Generally, though, the minority investor has little expectation of a dividend.

Often, everything starts well, with the normal enthusiasm of a new company. Perhaps management hints that they'll go public as the company grows. Then time goes by, and the investor sees good things happening with revenue, profit growth, increased management salaries, bonuses, and profit sharing plans. Yet, despite all these encouraging signs, the minority shareholder is still stuck without a reasonable way to convert his investment into rewards

After watching this for several years, the investor's frustration grows, and sometimes, anger and resentment develop. After all, weren't these the "good guys," who believed in the company enough to make an investment without any guarantee of rewards?

You see, this is where the problem really began -- at the beginning.

When more sophisticated investors make minority investments, they obtain agreements with pages of covenants that the company agrees to meet. And many times, later investors have all kinds of advantages over the original outside minority investors. The later investments may even be structured in the form of a loan with interest payments (or dividends) and the option to convert to equity.

Why, then, don't the earlier minority investors get similar treatment? The original investor has a higher risk than those going in later. First of all, the individual minority investors usually don't ask for definitions, commitments, or covenants on their investments. Secondly, the new start-ups don't yet understand what lies ahead in their dealings with sophisticated, professional investors. Meanwhile, the CEO is getting his salary, bonuses, medical, profit sharing, car allowance, etc.

How can the individual minority shareholders be taken care of fairly? Assuming that the company believes that

A. The risk is high, and taken in good faith, and
B. Minority shareholders should see a pay-off,

then the following are some ways to see that the minority shareholder can be treated fairly.

1. Make sure from the start that the company's plans for paying out (for example, merger, going public, dividends, etc.) are clear.
      
2. Have a definition of management and employee rewards with caps that trigger dividends which must be paid before the caps may be exceeded.
      
3. Establish a dividend program when it would be appropriate.
      
4. Develop a stock buy-out plan to establish the value of a stock at a future time.
      
5. Treat the investment as a loan that pays interest while maintaining the investor's right to convert to stock.

It is important to recognize that whatever approach is used, it must be compatible with the company goals.

Ultimately, these goals MUST be well understood by both parties up front. In the final analysis, they need to ensure that there is a defined point in time, after the company has gotten established and seen some success, at which the minority shareholders will see a return on their investment.

The first thing you need to understand about dealing with banks is that they are not investors, and they want to deal in the short term. not the long term. They recommend you use other sources such as insurance companies for long term loans. Too often borrowers get frustrated and disappointed when the bank is not caught up in their dream. The bank makes money on the loan money; they do not speculate on the future. Generally, they will not lend funds for the borrower to make acquisitions or develop product for futures. They want evidence that the borrower can make payments the day the loan is given. They will fund needs for working capital, including inventory and accounts receivables, and they want proof of collateral now.

In dealing with banks, approach them with the following in mind:

1. Banks will not usually tell you why you have been rejected. Today, they can hide behind "the regulators," using them as the bad guy, the excuse for turning down a loan. They will also use the lame excuse, "I tried hard for you, but the guy downtown shot the loan down." Someday I would like to meet that invisible guy downtown.
      
2. I believe loan officers would take a little more risk if bank management put more emphasis on their need not to lose business. It is too easy for a loan officer to reject a loan rather than stand up in front of his peers weekly to report on a loan that made him nervous going in. If rejected loans were analyzed more carefully, more risk might be taken, with greater rewards for all concerned.
      
3. It can help to look for banks that allow loan approval by an individual rather than by committee. With a committee you are relying on your loan officer to make the pitch to his committee, and this is scary. In that situation, it pays to make sure the loan officer (interface to the loan committee) is knowledgeable about your business and convinced you are successful. The more informed the bank is, the greater your chances of getting the loan.
      
4. It is worth the effort to present your business to the bank officials you are dealing with, and to try to get above the loan officer.
      
5. The financial cash flow projection must include a line specifically for payments to the bank. You should point out to them what actions and alternatives you plan if in fact the business doesn't go quite as you planned. An impressive report will show what can be adjusted, if necessary, in order to ensure that the bank gets theirs.

When you make the presentation asking for a loan, make sure you do the following:

1.  Include a business analysis. Make sure your bank contact understands both your request and the nature of your business. Make sure they feel secure about what they know.
      
2. Make sure the bank feels comfortable with your management team. Get them to meet as many people as possible, and convince them that the company is strong enough to withstand the turmoil of key management staff leaving the company.
      
3. Make sure the bank feels sure that the company will survive a downturn. Show them a disaster plan under which the company could withstand a 20% drop in sales and still be able to make payments.
      
4. Make them believe that the company has liquidity, good performance, and adequate cash flow.
      
5. In any presentation to the bank, make sure there is always a line showing when and how the bank gets their money.
      
6. Always be prepared to offer collateral.

Remember, the bank will only lend you money if they believe you can pay back the loan on time.

Banks are trained to require two sources of repayment, cash flow from the business and collateral. The primary source, cash flow for short term loans and earnings for long term loans, needs to be supplemented by some form of collateral such as accounts receivable, inventory, or a mortgage. Banks are the happiest when receivables alone can cover the loan. Even when the loan is covered by receivables, the bank will also have first claim on all the assets. Then, if something goes wrong with the original plan, the banker will always have something to fall back on.

Now, here is where the banks become hypocritical, because after saying they only need two sources repayment, cash flow and collateral, they say, "Oh, by the way, we would like a personal guarantee from the majority owner." This guarantee is almost universally required of small companies, so this talk about only needing two sources of repayment is bunk.

The banks say that the personal guarantee ensures that the borrower is committed psychologically to the business's success. Banks don't expect a great deal of security from the personal signature, and say that they may not even go after the individual. What they want is that individual's total support and dedication to making the business successful. The loan officers are reluctant to risk the bank's money if the borrower is reluctant to risk his or her own. In other words: no guarantee, no loan.

Keep in mind that the bank is always comparing the risks to the rewards. Since they work on a small return on assets (ROA), they have to be right 99% of the time. They need several good loans to make up for one bad one. Therefore, they also need to be convinced that you are in command of your business and will respond appropriately to any downturn. They also do not generally lend in high leverage situations, and might use 3 to 1 as the upper limit (the ratio of all liabilities to the tangible net worth). Anything above this ratio will probably scare them off. Banks are limited in the risks they can take from both a business and a regulatory viewpoint.

Since banks like NO surprises, keep them informed, especially when you are having trouble with the business or the loan. Banks can also give far more help than just credit. Use their services in other financial matters. For instance, if you plan to go to international markets, seek the advice of your banker.

1. It is important that you build a good relationship with your bank, and there are several ways to create and maintain this relationship:
      
2. Communicate with them in a timely manner, even when you have bad news.
      
3. Stay off the "bad" lists, like the overdrawn account list, the late payer list, and the personal exception report.
      
4. Keep the bank informed of trends in your industry and your goals for the company.
      
5. PAY THEM ON TIME!

Today, most banks will only lend money when (1) the company is profitable, (2) the debt to net worth ratio meets their criteria, and (3) the borrower is willing to guarantee the loan. It's true: Banks will only lend you money when you don't need it. Therefore, prepare ahead of time by developing a good relationship with your bank and demonstrating your commitment to repaying them.

Finance companies are not the bogeymen that most borrowers think they are. They do generally ask for higher interest rates than banks, but they do not expect the borrower to guarantee the loans. Many companies that would buy a receivable from the company at a discount and then shoulder the responsibility of collection have now moved in to fill the void created by banks, and are offering asset lending and even bank lines.

Finance companies are interested in loaning money against the company's receivables, and they will even buy receivables from a company. The performance and stability of the company are important, but they are not nearly as important as with banks. The only collateral the finance company will require is the receivable, and normally, no one has to sign a personal guarantee. Finance companies like to loan money to a company if it will help that company's profitability.

Naturally, just as banks do, finance companies will evaluate the risk, considering the customer and the nature of the receivable. They will only accept quality receivables, and they may declare several types of receivables ineligible: international receivables, overly aged receivables, and receivables that include a high percentage of large customers.

The most important reason to consider finance companies is that they will be there when banks will not give you a loan. Their rates are higher, but with proper cash management and utilization of early cash availability, this impact can be minimized. In fact, the money is made available much sooner than even the best-paying customers that are given discounts (sometimes in a few days!). Companies that give customers a 2% discount for a 10-day return are paying at a much higher rate than they would with a finance company. And how many times does a customer unfairly take an early payment discount without paying in the agreed-upon time frame?

The most important thing in deciding between a bank and a finance company is to first truly understand your financing needs and to factor the cost of this financing into the price of the product. Cost of money should not be treated as a penalty for being in business; rather, it is a cost of doing business.

When it comes to investors, you must convince them that your vision is worth pursuing together. One may approach investors with arrogance and expect everyone to jump at the chance to buy in, but keep in mind that sophisticated investors are quite intelligent and knowledgeable. Most importantly, they have several similar experiences under their belts, and your plan will be compared to many others. You must grab the reader quickly, generate excitement over the opportunity, and clearly show potential investors how they are going to make money.

There are three things investors look for before buying into ANY opportunity: (1) a sensational idea, (2) a great team, and (3) a demonstrated market and the

ability to penetrate it. If all three of these are present in a business plan, the investor is minimizing their risk and they will probably make the commitment. While more and more emphasis is being put on having the great team, the marketing plan must still meet some basic requirements. It must identify the market need, it must show that the product will meet that need, and it must define the plan and show the ability to penetrate the market. Unfortunately (or perhaps fortunately!) it isn't always possible to find all three ingredients, so investors must assess the risk of each opportunity before making a decision.

The idea can take many forms, from a concept to a product ready to sell. but clearly it is the idea that hooks the investor, encouraging him to take the time to evaluate the complete plan.

Investors are always looking for that super product that has get-rich potential. The investor would also like to see a proprietary product or process to ensure that competitive edge. Of course, if the market is already developing and the company's product fits the need, it will attract even more attention. On the other hand, if you must educate the customer in order for them to buy the product, it is going to be low on the list. Also low on the priority list will be products that the customer can just as easily do without.

The investor loves to play in emerging markets that have a several hundred million dollar potential, because this will provide a much higher return on their investment. No matter how solid, plans that will not produce the expected return will be rejected. For example, let's say an investor is asked to put $1 million into a company for a 25% equity stake. The revenue over 5 years is expected to reach $17 million, and the cumulative retained earnings are $2.6 million. This will hardly match the investors need to get 5 times his investment in five years, especially with only 25% ownership.

Distributing plans cold to a group of investors seldom succeeds. Investors receive hundreds of plans to review, and they are far more likely to review the plans from the company that was referred by a credible source. Just like sending out resumes to look for a job, it makes sense to network, gaining access to the investors through others. Also, even when the plan is looked at, the odds are small that it will be pursued. That is why the presentation must make such an immediate impact. The first paragraph of the executive letter must catch the fancy of the reader, or they will not even finish the executive letter. You must say everything in the first section, above all, how much money you're going to make for the investor.

If the plan catches the investor's interest, it will generally be turned over to an analyst for further review and analysis. It is not until the process gets to a face-to-face meeting that the storyteller must shine. Then, as before, your first priority will be to convince the investor that you know where you're going and that when you get there, everybody involved will make a killing.

Investors see many plans. If you realize that they have probably seen several for a product or market similar to yours, you will see why a team that believes in the vision becomes so important. If more people share the same vision, the investor will can feel more comfortable placing funds at the team's disposal. Once the investor believes there is a market and that the product can penetrate that market, the team becomes the deciding factor between two or more plans.

The make-up of the team is important. Venture capitalists like to go with proven winners. If the industry icon just mentioned that he is thinking of starting a venture, the investors will line up for him. Filling in the team with known people strengthens the team's fund-raising potential. The venture capitalists may even prefer a failed entrepreneur over a novice, because they will assume that he has learned from his experiences.

Top priority will be given to teams with strong knowledge of the market, as investors feel that other voids in the team's composition can be filled more easily. Therefore, the investor is more concerned with those who need to know how the product will be marketed and sold.

Most technical entrepreneurs, letting their egos get in the way, are convinced they understand the product, and because of this, they think it is a great idea to spearhead the market. This might be workable for initial sales, but with distribution channels becoming more complex, you MUST have a strong marketing team both to win the investor's trust and to succeed in the market.

Finally, many investors no longer accept that the person who conceived the idea and put the plan and team together will be president forever, insisting on an out if the initial president doesn't cut it. Specialists alone will not make a company fly, and the team must have signs of superstars with broader skills among their number.

Investors want to feel comfortable, and one of the best ways you can help the investor feel comfortable is to clearly prove that not only does the market exist, but that the team you have assembled can penetrate that market. Saying that you can surely do 0.01% of a four billion dollar market is not good enough. What you must do is convince the investor that you can penetrate that market: numbers alone are not sufficient.

Obviously, the larger the market, the more likely you are to succeed, but large markets alone are only a start. For example, let's say your computer hardware market estimate starts at $3 billion. However, half the market is captive to major users, reducing the market size to $1.5 billion. Sixty percent of this is government users not serviced, reducing the market to $600 million. Half of this figure is users who will not be serviced by your company, reducing the market to $300 million. Finally, 50% of those left could find software that meets their needs, reducing the available hardware market to only $150 million. For the company to penetrate this market and grow to $75 million, they would have to capture 50% of the available market. Unfortunately, the competition is not likely to roll over and play dead, and the investors know this.

Breaking down the market in more detail and analyzing the product and sales channels will enhance your plan’s credibility. Better yet, get a reputable marketing organization to provide input. After getting an estimate of market size, back it up with more information, such as the user's need for the product, the buying habits of the market, competition, alternatives to the product, and service and maintenance patterns. Many plans fall short because they don’t take the need to support and service the product into account. This is particularly true when the customer base includes users.

Probably most important is to have an organization and strategy to do the actual selling. Many times, great ideas fail because the company can’t sell them. It’s easier to develop products the market needs than to market the product after it has been developed or educate the market about its need. Today's computer and telecommunications markets are overwhelmed with sales channels. How simple it was when you only had two to worry about, the OEM and the user. Selecting the correct channel requires far more analysis and expertise than ever before.

It’s difficult for an inexperienced manager to project just how long it will take to penetrate the market or to predict all of the hurdles that lie ahead. Teaming with an experienced investment group can help provide this insight. The normal tendency is to be overly optimistic about how fast the product will be accepted and about early sales levels. Unfortunately, a company will still fail if they get there too soon and can't hang on long enough.

Timing mistakes in sales can often be tolerated by the investor if you have clearly demonstrated that there is a market and the product match is evident. Continually adding direct inputs from customers (that the investor can verify) as well as top-down analysis are essential. Often, a list of customers who need your product and are buying have a lot more impact than the numbers alone. There is no better way to excite an investor about your potential market penetration than with letters from customers who say they need or are waiting for your product.

On the other hand, investors will shy away from products that have long gestation periods. There are several things that will increase the time required for market penetration: (1) a new market, (2) a product that requires educating the customer, (3) customer alternatives to your product (or even worse, alternatives to your product that require the customer to do nothing and that cost nothing).

The timing of market acceptance is a vital part of the investor's decision and comfort level, so significant time, effort, and analysis should be put into this issue.

Start all plans from one month after the capital is received. Time has a way of slipping by, and if you put the plan on a calendar and then don't meet your own deadlines, investors will wonder why you can't perform up to your own expectations.

Investors do not always have to have majority ownership, and depending on how good the plan is, may put $1 million or more into a company for a minority position. How much ownership the investor demands will depend largely on the risk/reward ratio.

Entrepreneurs are often reluctant to yield ownership to the investor because they fear that they will lose control and doom the plan to failure. Not only is this usually incorrect, it is also self-defeating. Control can lie in the hands of the key players even if they only own a small percent of the company. It is far better to own a small percentage of a very successful, highly valued company than to own 100% of a failed company.

Investors want to make five times their investment in five years, and they won't go in unless the plan has a chance. However, keep in mind that if they get their return, a whole lot of employees will also be getting wealthy.

You have to believe in your own plan before you can expect strangers to believe in it and invest the money at their disposal. This belief can be developed by a well-conceived plan that clearly communicates the idea, the team, the market that needs the product, and how to penetrate that market in a timely fashion.

Among all the rejections, there are billions of new dollars being invested yearly, so keep trying!

Some people will tell you that the most important things an investor looks for in an investment are market, market, and market, while others will tell you they are team, team, and team. I believe those three things are comfort, comfort, and comfort.

Start with common sense, and ask yourself, "Why would I invest in this venture? Is there a market need? Does the product meet that need? Can the team penetrate the market and make money at this?"

Most of the investors you encounter will be strangers, so you have to work that much harder to convert your dream into a business plan. You must get into that investor's comfort zone, and to do so, you must do the research and select the investors that are comfortable with your market and the product you are presenting.

Find the latest buzzwords that are of interest in the investment community, such as biomedical, multimedia, or virtual reality. Avoid those that are dying, and be alert to the fact that customer service is the "in" approach. For example, hardware products are slipping unless the company is service-minded and the product is part of a larger solution.

Keep in mind that investment companies receive hundreds of business plans a year, and can't possibly give all the attention you would like to your plan. The chances of them accepting or returning a cold phone call are slim to none, and the chances of getting a response to a plan sent in cold are just as low. To increase your chances of getting a response from an investor, obtain a referral to give you credibility.

To help the investor reach a minimum comfort level, you will need to include the following items in your plan:

The plan must have an exciting summary up front, sometimes referred to as the executive letter. This letter should cover the following points:

• Here is where I'm going.
• Here is how I will get there.
• Here is why you, Mr. Investor, should come along.
• Here is what the rewards will be.

Your plan must also have credibility in order to earn the investor's confidence. Avoid the Guiness Record Syndrome, which will sink your plan before it's even gotten off the ground: Don't show a plan that . .

• Anticipates spectacular growth while competitors stand still.
• Plans for higher sales per employee than what the industry has ever experienced.
• Shows profit margins never before experienced in the free world.
• Expects costs so low they are lost in the noise.
• Expects penetration into an existing market to grow to over 30% before the competitors respond.
• Shows "hockey stick" growth where 90% of revenue growth occurs in the last 10% of the plan period.
• Proposes a product for which the best alternative is for the customer to do nothing.
• Proposes to solve all the world's problems.

Don't try to dazzle the investor. Stay on firm ground. Make sure you're entering an emerging market and not a mature or fading one. Avoid market statements that can't be verified. Understand that the sophisticated investors usually know much more about the market in question than you do, and they probably have more resources they can rely on for verification as well. Make sure your dream has enough depth to develop into a business and isn't just an opportunity that would be better off with a strategic partner.

The Market

Getting your investor comfortable with the marketing plans requires that you do three things:

1. Prove that the market and the need exist.
2. Prove that your product meets that need.
3. Prove that you can penetrate the market with your product.

If you can prove these three things, the investor will be able to have confidence in your marketing plan.

Don't assume the reader knows as much as you do about the subject. Make sure the first paragraph captures all the most important information: the dream, the need, the solution, the reward, and the role of the investor. You have to capture the investor's interest so they will read beyond the first paragraph, and maintain that interest throughout the executive letter so the investor will pass this plan along to his or her analyst.

Investors expect the arithmetic in the financial section to be correct, but they will discount it to some extent, mentally cutting the revenue in half, delaying the growth, or changing the growth rate. They want to make sure it will work under adverse conditions as well as ideal ones.

Extend the plan for a long enough period to show that the return on investment occurs on time. Provide a running line in the plan that shows the investor's return on investment. Finally, make sure there is an exit plan for the investor (and for yourself!), or any valuation of the company is useless.

Be Fast on your Feet and Other Tips

Start by understanding that your priorities and the investor's priorities are very different. This business opportunity is very high on your priority list: it is your dream, and quite possibly your livelihood. On the other hand, to the investor, you are just one of hundreds of similar stories about the "perfect" investment. Keep trying to find the hurdles between you and the investor and knock them down. Close the priority gap.