Going into the Dragons' Den, a popular Canadian business show with teeth, takes guts. Watch the man behind True North Mortgage put his business idea out there with the resolve and integrity that continues to represent his growing company today.
The Dragons' Den is a reality-based television program which originated in Japan. The format, now airing internationally, consists of entrepreneurs pitching their ideas to secure investment financing from business experts — the "Dragons." On Monday, November 5th, 2007, Dan’s successful pitch of his business case for True North Mortgage aired.
Post Appearance Update – From Dan
All of us at True North Mortgage wish to thank everyone for the support and well wishes we have received from across Canada. We would especially like to thank ING Direct and our many other lenders for their continued support. We are grateful that CBC allowed us to pitch our business on the Dragons’ Den and extend our gratitude to the Dragon’s who showed their support for our business by making an investment offer.
Many of you are likely curious to know the results of the Dragons’ offer and how things proceeded after the show was taped in June of 2007. The due diligence process was completed by the end of July and went fairly quickly and smoothly. We were given a letter of intent which very closely matched the offer made on the show. It included investments from Jim, Arlene and Kevin who offered us a $250,000 debenture (loan) convertible into 50% of the company’s shares at the Dragon’s option.
However, the letter of intent did not include many of the details that we required in order to ensure the ongoing support of the Dragons. We went back to the Dragons numerous times with additional clauses but were repeatedly rebuffed. Thus, after much deliberation, we decided not to go ahead with the deal. We could not get comfortable with the level of proactive leadership and tangible management support we would receive from the Dragons in the future given the level of equity we were giving up and the very modest valuation the Dragons were willing to place on this business.
True North Mortgage continues to grow organically, now with three stores in Calgary and Toronto, with a fourth set to open in the first quarter of 2010, in Calgary Alberta. If you are a skilled mortgage broker working in Calgary or Toronto, have previous banking experience and a good attitude, please send your resume and cover letter to jobs@truenorthmortgage.ca. We serve good credit Canadians from coast to coast! Enjoy surfing our website and please call or stop by one of our stores anytime! For store locations, Click Here.
Sincerely,
Dan Eisner, MBA, AMP
CEO & Owner of True North Mortgage
