- Written by webmin
- Published: 15 Sep 2010
Forward by: Brian Nerney
When I was in grade school, I thought it would be so much easier at test time if we just had the teacher’s answer sheet. Well, school is out and we are now in business. But business is so much better than school, because often, if we just look in the right place, we can get the answer sheet!
“Getting to Yes With Your Banker” not only provides answers on how to get a loan, but by following the recommendations in this book, it will be the loan that will help your business grow and become more successful. The banker that makes a business loan is more than just another banker; they are a partner in your success. Getting a loan can be the best thing for a business, not just because it provides needed growth capital, but because in order to get the loan, the business owner needs to think about the business disciplines that lead to success.
I have known Ron Sturgeon since early in his entrepreneurial career, when he had a small portable building and a few salvage automobiles. Over the years Ron built the business with a combination of infectious energy, a strong sense of urgency and plain hard work. As Ron grew the business, he also successfully bought and integrated other auto recycling yards. Ron built the auto recycling business and sold it to Ford Motor Company as its cornerstone acquisition in a rollup of more than 25 auto recyclers. After the sale of the auto recycling business, Ron bought and started more businesses, two of which were sold to publicly traded companies. None of this would have been possible without lots of money, most of it borrowed from banks.
In borrowing money from the banks, there were challenges. Many told Ron that he could not borrow that much money on a junkyard, much less salvage automobiles. Indeed, the bankers had not made a loan on salvage inventory before. I am guessing that very few, if any, auto recyclers borrowed more money than Ron. When a flood hit, he was the only recycler to get an SBA disaster loan because he could explain the business and prove the value of the inventory. His experience with growing businesses, raising capital with bank loans and three private stock offerings, have helped him understand complex accounting and cash flow with an ability to explain it simply to the bankers. Another challenge was to borrow money to purchase a company losing millions of dollars. Ron also got three SBA loans and helped others get loans, both SBA and conventional, for startups as well as ongoing operations. Ron’s experience with getting the “hard to get” loans runs long and deep, and he provides the perspective of how to overcome objections. I have known Ron for many years, and know that his words come from wanting to help others achieve success, as he has done in the past.
If you want to get a loan from a banker, what better person to ask than a highly experienced banker that has made many loans? Greg Morse has almost 25 years of banking experience, and is the CEO and founding member of Worthington National Bank. Greg completed the Southwestern Graduate School of Banking at Southern Methodist University (SMU), holds an MBA from Texas Christian University and a BBA from SMU. Additionally, he has taught MBA and senior level finance classes as an adjunct professor at the University of Texas at Arlington, where he received the Excellence in Teaching Award from UTA. Greg has also been honored as a “40 Under 40” award recipient. Even if you decide not to seek a loan, simply following the business planning and disciplines Greg discusses, as not just a banker, but as a CEO and business owner, will make business better.
In one book you not only get the highly successful entrepreneur’s viewpoint, and the experienced, respected banker’s answers on how to get to get the loan you are looking for, but you also get a guide on many of the techniques used in successful businesses. “Getting to Yes With Your Banker” is a book I recommend you completely consume for practical ways to make your business better than it is today.
If you were looking for the answer sheet on getting a loan, you found it. The bonus is that if you follow the advice in this book, it will also improve your business. Happy reading.
Brian Nerney is the Managing Director of Sundial Capital Management, a hedge fund management company. He is also the Chairman of ProFormance Technologies, a company in the automotive engine aftermarket business, and serves as a member of the Board of Directors for three other companies. Brian has founded, acquired, operated and sold businesses in the Aerospace, Automotive, Real Estate, Telecommunications and Information Technologies industries. He holds a masters degree in Aerospace Engineering from Virginia Tech and an MBA from the Wharton School of Business.