| Business bankers can be an excellent resource in | | | | worth his or her salt is not going to give you |
| networking to find a great business for sale. | | | | information on the company - however a good |
| Bankers will have great relationships with their | | | | relationship builder will want to service his clients |
| business clients and they will know which | | | | anyway he can. This may include taking your |
| businesses have great potential. A business | | | | Letter of Interest (or Intent) and handing it to |
| banker is also highly motivated to help sell a | | | | one of their existing clients. |
| business or help find a new business buyer | | | | 4. "Don't" - Put all of your eggs in one basket |
| because they know they will help retain the | | | | when working with Business bankers- Networking |
| banking relationships after closing. | | | | is a game of relationships and numbers. It's a |
| Here are a few tips to use when networking with | | | | good strategy in business to have as many good |
| business bankers to find a business for sale. | | | | contacts with good business or commercial |
| 1. "Do" -Provide Business bankers with a letter of | | | | bankers as possible. Keep a rolodex or database |
| interest or a letter of intent from your | | | | of all of these individuals. Make a point to follow up |
| accountant - A letter stating that you are | | | | with these people at least once every 3 months. |
| prequalified for financing and that specifies your | | | | Ask what types of loans their banks are |
| criteria in a business will get your local business | | | | approving and one what criteria. Too often |
| banker's blood pumping. Business bankers are | | | | business owners develop one really strong |
| always seeking to retain existing corporate | | | | relationship with one bank, and when that bank |
| accounts and find new ones. In the letter explain | | | | declines to loan them money they end up in an |
| that you would be willing to retain the services of | | | | absolute crisis. |
| the business banker after the closing. | | | | 5. "Do" - Network with Business or commercial |
| 2. "Don't" - Ask your Business banker to refer | | | | bankers outside of your geographical area. Most |
| you to a business for sale - The traditional | | | | of the time the really good opportunities require |
| business or commercial banker relationship with | | | | that you drive or fly a distance to get them. If |
| their clients is simply one of anonymity. I have | | | | the deal is good don't be afraid to travel, |
| tried to get "dirt" from several business bankers | | | | commute or relocate to buy a business. Business |
| only to find that they will stay true to keeping | | | | bankers in your particular geographic area |
| their clients information in confidence. | | | | frequently get to know several other |
| 3. "Do" - Ask your business or commercial banker | | | | representatives in different areas. Incentivize |
| if they know of any potential acquisition | | | | business bankers to look for you. |
| opportunities - Obviously any business banker | | | | |