Banks required Lululemon founder personal guarantees despite $20M in revenue
Michele Romanow · 20VC: Clearbanc's Michele Romanow on Why 40% of VC $ Raised Today Goes To Google and Facebook, How To Create A Financing Mechanism For The Repeatable Parts Of Your Business & Why We Need To Stop Celebrating Fundraises · May 10, 2019 · at 23:20
Michele Romanow, co-founder and CEO of Clearbanc, discusses reading Lululemon founder Chip Wilson's book Little Black Stretchy Pants and criticizes traditional financial institutions.
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“He was on his fifth store, already a wildly successful brand, and the bank made him take a personal guarantee to buy at that store when he was at, you know, over twenty million dollars in revenue, and I was just so inspired.”
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