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[Podcast] The Value of a Strong Banking Relationship [THA 175]


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https://youtu.be/8I_6equiTFI

The Panel:

 

  • Denise Guyton-Boyer, SVP Commercial Lending, FCB a Division of ACNB Bank. Denise's banking career has included branch management, consumer and residential lending and commercial lending. She attended Community College, University of Maryland School of Banking, Xerox University of Commercial Lending.
  • Mark Roberts is the owner of Roberts Properties, Inc, Managing Partner of Total True Automotive dba Schertz Auto Service, Craftsman Building and Renovation LLC. He is also partnered with a Local Custom Homebuilder. Mark is also the former owner of Auto Collision Works. He grew up in Schertz and has been a resident since 1969.
  • Mark also serves on the Board at Shertz Community Bank, is a Board of Director of Guadalupe Valley Electric Cooperative, Guadalupe Valley Home Services Corporation, and the Guadalupe Valley Economic Development Corporation. Listen to Mark’s previous episodes HERE.
  • Dwayne Myers, Dynamic Automotive 4 Stores Frederick, MDShop Owner. Dwayne invests time in the industry with the Auto Care Association and serves on the education committee with CCPN (Car Care Professional Network). Dwayne was recently honored as one of only 17 outstanding individuals that qualified for the prestigious 2017 World Class Technician Award presented by The Auto Care Association and ASE. He is very passionate about hiring and sustaining a strong and engaged team. Listen to Dwayne’s previous episodes HERE.

 

Key Talking Points

  • Dwayne’s banker, Denise Guyton-Boyer is his friend first and banker secondTrust is what the relationship is about
  • It is good to have a strong relationship to help get through tough times
  • The banks in your time should be calling on you even if you don’t do business with them
  • Both Mark and Dwayne believe in the value of community banks vs. the big corporate (national) banksMore personalized and involved with your business
  • As Covid-19 proved the relationship with your banker helped navigate the PPP loans with SBA.
  • You do not want a transactional relationship. No matter the situation you want personal service
  • Keep in touch with your banker. Talk to them about your business and our industry
  • Your personal financial statement is very important to gain commercial loans. This helps the bank realize their risk with a personal guarantee.
  • If you are looking for bank support you will need to provideBackground on your business
  • Three years of tax returns
  • Three years of personal tax returns
  • A debt schedule and payments
  • Financial statements
  • Purpose of the loan
  • Collateral for the loan
  • Cash flow statement
  • Mission statement
  • Cash is king.
  • Your banker can help mentor you to financial success to get you to the point where you can borrow money and we a risk they are willing to takeThe banker should work with you hand in hand to process and secure loans. 
  • Will help you consider SBA loans if you do not have enough cash or collateral
  • Credit Unions are an option
  • Mark has learned a lot since being on a banks board of directors and on the loan committee.He has seen all kinds of personal financial statements that tell all
  • Dwayne says to always be truthful with your banker. A good month or bad share it all.Their bank did a video of Dynamic automotive. Watch it here: https://bit.ly/3dH9vim
  • Denise gave Dynamic a second chance at lifeShe saw something in the business to help them
  • In five years they have grown to four stores
  • A business plan is important for a banker to know where the business is goingCash flow projections
  • Work with your accountant. Your Accountant is part of your advisor family
  • Have a solid relationship with your branch manager and their team
  • Banks can offer:Credit cards
  • Construction loans 
  • Mortgages
  • Rehab loans
  • Many businesses do not want to pay taxes and their Financial statement reflects that. If you want to borrow money your statement should reflect the correct net profit 
  • Having a credit line can be an important facility to have to support your businessUse for cash flow
  • Short term purchases if cash wasn’t available
  • It is a short term loan and must be paid back
  • Can be used during a crisis as we had with the pandemic

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  • Have you checked out Joe's Latest Blog?

         5 comments
      I recently spoke with a friend of mine who owns a large general repair shop in the Midwest. His father founded the business in 1975. He was telling me that although he’s busy, he’s also very frustrated. When I probed him more about his frustrations, he said that it’s hard to find qualified technicians. My friend employs four technicians and is looking to hire two more. I then asked him, “How long does a technician last working for you.” He looked puzzled and replied, “I never really thought about that, but I can tell that except for one tech, most technicians don’t last working for me longer than a few years.”
      Judging from personal experience as a shop owner and from what I know about the auto repair industry, I can tell you that other than a few exceptions, the turnover rate for technicians in our industry is too high. This makes me think, do we have a technician shortage or a retention problem? Have we done the best we can over the decades to provide great pay plans, benefits packages, great work environments, and the right culture to ensure that the techs we have stay with us?
      Finding and hiring qualified automotive technicians is not a new phenomenon. This problem has been around for as long as I can remember. While we do need to attract people to our industry and provide the necessary training and mentorship, we also need to focus on retention. Having a revolving door and needing to hire techs every few years or so costs your company money. Big money! And that revolving door may be a sign of an even bigger issue: poor leadership, and poor employee management skills.
      Here’s one more thing to consider, for the most part, technicians don’t leave one job to start a new career, they leave one shop as a technician to become a technician at another shop. The reasons why they leave can be debated, but there is one fact that we cannot deny, people don’t quit the company they work for, they usually leave because of the boss or manager they work for.
      Put yourselves in the shoes of your employees. Do you have a workplace that communicates, “We appreciate you and want you to stay!”
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