People do business with people they know and trust. But here’s an interesting fact: 8 out of 10 business owners that I talk to have a bank, but not a banker.

So, if they don’t know or trust their banker, how do they borrow money? More often than not, they’re starting from scratch, trying to build a relationship as they go, hoping to make a good first impression. 

If you need accounting and tax advice, you call your CPA. If you need legal advice, you call your attorney. If you need banking advice, do you have someone you can pick up the phone and call?  Shouldn’t you have a banker to handle banking advice too? 

Banking advice could be as simple as, “Where are interest rates for a line of credit, equipment, or mortgage loan?”

“How much can I borrow? What interest rate and terms?” 

“How much money do I have to put in? Can I afford to pay it back?”

What if you have an issue? Maybe you lost money last year. Do you have any covenants that have a certain cash flow requirement, and you didn’t meet it? Will the bank declare a default?  What are your options?

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