Adam Sonnhalter and Jack Mencini coaches of Maximum Value Partners cover the How Come? questions that come up with every small business. In today’s segment on Dirty Secrets of Small Business they ask: How come it is harder and harder to define what a tech company is?
It seems that it is in vogue for every company that uses some form of technology to brand themselves as a technology savvy company even if they aren’t totally involved in software, hardware, systems, electronics or anything remotely technological to their core business. They could be a company that is putting a micro chip in athletic sportswear to measure calorie intake or an additional value add to their website to make ordering easier for their customer. From fashion to finance, companies are looking to be tech savvy because technological companies are finding it easier to raise money.
If you are tech focused could it mean that your small business could be seen as a more positive risk to loan money to?
If you would like to discuss this with Adam and Jack, call into the show every Monday at noon (EST) 440-946-9468 or listen to the podcasts at www.DirtySecretsofSmallBusiness.com
On Dirty Secrets of Small Business, small business coaches Jack Mencini and Adam Sonnhalter from Maximum Value Partners discuss a success story regarding banking involving one of their clients.
The small business owner’s original company had been financed by a regional bank and each entity had fallen out of love with each other. The small business owner’s account got moved into a work out group to be worked out of the bank. (Some banks don’t admit they have this and sometimes call it a specialty asset division.
When this happens, it is not good.)
In this situation, Jack and Adam helped the client present to the bank and things settled down for a while with the account not being booted out.
The owner then went to a community bank and went through a six-month process to develop a possible new relationship with that bank and it didn’t work out. They were then introduced to another banker by the bank who could not help the client out. The owner kept pushing it through and it was an 18-month process with the owner knowing precisely where the business was at and what his numbers met. The small business owner with Jack and Adam’s help was able to give presentation after presentation on the financial standing of his company. By coming from a place of confidence and having the knowledge of what the numbers meant and giving a professional presentation to the banks made all the difference for this small business owner to finally land with a bank that was a fit for him.
Tune in to all the podcasts and get information on Jack and Adam on how they help small businesses succeed.