What Your Banker is Afraid to Tell You About Business

What is your banker afraid of? Telling you the truth could cost him his job!

Consider this scenario…

You take your banker out to lunch. You two have a great meal and a heart to heart talk. Just before you heading back to work, he leans in and tells you something that rocks your world. You should be angry but instead, you decide to take his confession to heart and change a few things concerning how you do business. Two years later, tragedy hits and your business goes under through no fault of your own. But…

Because of those simple changes you made a couple of years back, you walk away from this disaster almost unscathed. In fact, after the shock wears off, you are ready to start all over again. Your banker gets fired.

So What DID Your Banker Tell You That Saved Your Skin… and Got Him Fired?

Just this: The rules are different for the Business credit game – and you’re not even playing on the right field.

What happened in the above scenario is this: Your banker confided that your “business credit” was tied into your personal assets – you had personally guaranteed everything leaving any assets you have up for grabs. After learning this you did some checking, made some changes and weaned your business from your personal credit backing.

Meanwhile, your banker let slip his indiscretion to his boss. Later, when your business went bankrupt, your banker friend’s boss blamed him. If he had kept his mouth shut, the bank could have recouped a lot more money – at your expense of course.

In a nutshell – that’s why lenders are loathe to tell you the facts about business credit. They prefer the option to attach as many of your assets as possible.

Leave a Reply