Finding Your ENTREPRENEUR’S BANKER

Since launching The Entrepreneur’s Banker a few weeks ago, I have been able to connect with some of the most inspirational entrepreneurs imaginable. In all the conversations, a question that has been repeated is: “Greg, I realize that my current banker is not acting like an Entrepreneur’s Banker and I want to experience that partnership. How do I find MY Entrepreneur’s Banker?”

This can be a difficult decision, especially if you have a friendly or long-term relationship with your current banker. If this is the case, I recommend you have a frank discussion with your banker. Setting clear expectations of what they need to start helping you with and putting them on notice that you may find a different partner. Remember, you need your banker to be an asset first and a friend second.

If this is not your situation, then it is not as emotionally challenging – you simply need to interview perspective bankers (more than one). Think of it the way you would when you interview a new supplier, employee or customer. Here are a few tips on how to conduct your interview:

•  Ask your entrepreneur friends (and if possible your competitors) about who their banker is. Find out if their banker exhibits the characteristics of an Entrepreneur’s Banker. If so, set up an interview with them.

• An alternative is to conduct a search for banks near your office. While your banker should spend more time at your office than you do at theirs – if you do need to visit a physical location, you want it to be convenient.
• After you have a list of banks complete your due diligence: o Check out their website and read about their capabilities. o Do they have any special programs for your industry (i.e. most banks have special programs for physicians, dentists, veterinarians, etc.)? o Complete an internet search the bank’s name plus key phrases “business banking”/ “customer reviews” / “fraud” / “financial strength”. Be sure to apply discernment when you are reading the results, of course not everything you read on the internet is true.

• Once you narrow down the prospects – call the local branch and ask to speak with the Business Banker (or Commercial Officer/ Lender). Some banks have the local bankers open accounts and deal with servicing issues. Most of the time, these are not the bank employees you want to speak to. You want to speak to the actual banker that will be responsible for handling your entire relationship (to include the business lending). Once the correct banker is identified, set up an appointment to meet (interview). After hanging up, conduct due diligence on that banker (LinkedIn, Facebook, Google); after all, if the banker is and Entrepreneur’s Banker – they will do the same thing on you and your business.
• When interviewing the banker set clear expectations that you are looking for a partner that pushes their clients towards success. Key areas of discussion should include: o How long they have been helping entrepreneurs with their banking needs? o Do they have any clients in your industry? o Ask them for client references. o How have they held their clients grow, face challenging times and understand the financial health of the business? Press them for specific examples! o What is their loan approval process? You want someone that is integral to the process, not someone who just finds the deals and then hands it off to another team to underwrite and approve. o Ask them about the products and services that they would recommend for your business. This is a trick question. If they start to sell you a list of products and press you to open an account today – this is a red flag and you need to walk away! However, if the banker asks you about YOUR business before bringing up products or services, they pass the test.
• After the meeting (interview) wait to see how long it takes for the banker to call and follow up with you. If they don’t call back in a week, then it may be a clear sign that they do not value your business.

I am sure that changing bankers is not high on your list of things you want to do; but if your current banker is not passionately pushing you towards success then it may be something you should do. I urge you to go through this process to find the best business banker for you and the long-term success of your business.

Let’s connect on LinkedIn. I would love to hear how your banker is a strategic competitive advantage for you and/ or how your search for a new banker is going.

Good Luck!

Greg Martin is an entrepreneur’s insider to the banking industry and passionately believes that every person was uniquely designed for a higher purpose and calling. Greg guides entrepreneurs in defining and achieving their purpose and calling. His deepest passion is living life with his wife of 17 years and their wonderful son.