Ty Crandall is the founder of Credit Suite, a company that creates software that helps make it easy for people to obtain loans and business credit. Ty explains what business credit is, and why not having it can harm your business. He also has some advice on how to get business credit — hint: it’s easier than you think. In addition to that, tune in to learn more about Ty’s business journey, why failure is an integral part of every entrepreneurial story, and how you can predict, and plan for failures in your business!
[:21] John introduces his guest for this episode — Ty Crandall.
[2:04] What does Ty do?
[3:03] What is the purpose of a cocktail pitch?
[4:53] What is business credit?
[8:17] There is no company in this country that’s highly successful that doesn’t borrow money. Ty explains why.
[11:10] John shares his own experience with his company going public to get access to capital. Ty sheds some light on his situation.
[13:53] Ty shares the #1 reason for denial of applications to big banks is simple inconsistencies, and how his company helps people move from denial to approval.
[18:06] Where can people find out more about getting business credit?
[21:21] Ty gives some examples of checkboxes people need to be ticking off in order to get credit.
[22:52] How did Ty get into this business?
[25:37] Ty’s current business came about as a result of his failure in his previous business. What did he learn from the experience?
[29:30] Ty shares an example of how his company recently lost its merchant account, and the signs pointing to failure before it happened.
[35:24] Ty challenges you to think about your failures and what happened leading up to your problems.
[40:21] John and Ty discuss the importance of being prepared for failure, and the decisions that lead up to success and failure.
[44:10] What is something Ty has learned about accounting?
[45:42] What are some apps and technology Ty uses on a regular basis?