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SFB054 Speaking Bankanese with Al Davis & Bill Lawrence

| February 07, 2017
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Episode Summary

Why do you need to understand the way banks speak? When it comes to your money, it’s important to be able to translate what banks are saying to you into English, and avoid being the prey in a predator system. Today, Paul invites Al Davis and Bill Lawrence to help us decode this ‘Bankanese’ language, and make sense of it all. 

What Was Covered

  • 02:10 - What do Al and Bill do at Revitalization Partners?
  • 06:30 - $250,000 in 24 hours? What’s the catch?
  • 08:00 - The interest rate can get hidden in all the paperwork.
  • 14:20 - No one should sign loans without getting advice from their attorney, accountant, somebody!
  • 14:30 - These loan companies are advertising everywhere.
  • 17:40 - How can someone properly prepare their business to go to market?
  • 22:30 - Do you need a new bank, or do you need a private lender?
  • 28:10 - Don’t forget: Bankers are looking for deals. They are salespeople.
  • 32:40 - Single owner of a business vs. multiple owners? What should you do?
  • 36:10 - There are many benefits to developing relationships with more than one bank. You’ve positioned yourself competitively where the banks are now competing for your top dollar.
  • 38:55 - Never want to let your company go? Here’s a word of caution.

Tweetables

"His interest rate for that loan is 48%, and the money is removed on a daily basis from his bank account automatically."

"A silver voice needs to chime in."

"Remember, the bankers are salespeople. It’s a very competitive business."

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