When a new business goes to the bank for money, having a well written business plan is critical for several reasons:

1.      Shows that the new owners have thought through what it will take to launch

2.      Demonstrates that the new owners are willing to put forward the effort necessary to make things happen

3.      Proves that the concept itself has been well vetted.

For an entrepreneur, putting forward the effort can be well worth it in the end.

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