I knew this meeting was going to be important, I had heard tales of confrontation, tough talking and rejection and as the day drew closer a sense of panic was starting to set in. Surely it couldn’t be that bad but then I received a piece of news that completely rocked me, my friend, my confident, my trusted advisor for over ten years would not be attending. My future was now in the hands of a stranger.
My thoughts went back to conversations I had with other business owners in the preceeding months. Most were worse off than I was and many had been caught in property plays that left them seriously short of cash. Debates were taking place on what information they should be proving when their annual review took place. ‘I will tell them our accounts are not signed off yet and give them trading figures for this year only’ was one suggestion, ‘ I have a large amount of cash on deposit but if I tell them they may take it as part repayment on my loan and I will not be able to continue trading’ was another comment. The conversation went on with different scenarios being played out but one thing was clear, seasoned business people with decades of experience were beginning to panic. The more I thought back the more I realised that I was alone as there was no clear consensus on how to deal with this particular problem. This was a new world and all that I had been thought had little relevance to what I was about to face.
Three weeks to go and while the background work of compiling information went on I pondered the situation and wondered what the response would be if I deferred the meeting. On the other hand I was kicking for touch, postponing the inevitable and maybe this would not be in my longer term interest. I spoke with my accountant John who said that the figures were not that bad and between us we could produce several scenarios that might put a positive light on the business. That was good news but I had a real concern that this stranger I was meeting knew nothing about my business and even if he/she took notes it would not convey the history, people and strengths of a business built up over the last twenty years.
That evening I was at a networking event, one of the many that I now found myself attending. It was not like the good old days where you attended these events more in a social capacity and the conversations were more about golf and holidays rather than business. There was a buzz in the room and all those attending were eagerly networking and working the room with real intent. I ran into an old banking friend and inevitably the conversation moved onto my particular woes. He understood fully my apprehensions and told me that very few applications were being passed. “Those that get out of the branch are few and far between” and most of the applicants are not doing themselves justice he continued. “However, I did see one that was passed and it stood out from the rest. I personally didn’t get to see the figures but I know the guys were impressed. They said that the way the application was laid out made their work easier and it really showed that they understood banking. They told their own company story without the usual exageration or dodgy predictions. It wasn’t for huge money but you could see that somebody had done their homework. I am not saying that this approach will work every time but let’s think of it this way, it is like an interview for a job, if you are prepared you are more likely to be successful”.
It is three months on from the meeting and I am please to report that it had a happy ending. I met with the company that prepared the submission that stood out from the crowd. Not only did they help me create a document that told my story in a compelling way, they presented the financial information in a way that made sense to the bank. Finally, they took me through a mock interview with a retired banker who asked the hard questions so when I attended that dreaded meeting I was fully prepared and confident in my answers. It made an importance difference for me, it could work for you.
If you know anyone out there they may need this type of help tell them to contact Alec Drew in Baseline on 01 855 7663. The initial conversation is free and it may make all the difference.
Based on a true story.
Names have been left out to protect the innocent and the ‘guilty’.
