How to Find that One Special Banker for Your Business

Why is it so hard these days to find the one true bank which will be a perfect fit for your company? Where can a company go these days to meet that special banker? So many banks look attractive on paper only to find out that it is not the long term commitment you were hoping for. Think of your CPA as your banking matchmaker. A CPA works with many different banks and can guide you to the one most suitable for you. Start with this short financial harmony quiz to find your perfect match.

Do you have specialized needs such as:

1. International wires and services, foreign operations
2. Retail branch banking facilities
3. Accounts receivable financing.
4. On line cash management
5. Private individual banking and asset management.
6. Payroll processing, Payroll debit card for low wage employees

Does your credit needs include:

1. Equipment financing
2. Lines of credit
3. Accounts receivable financing
4. Corporate credit cards
5. International letters of credit, export / import credits
6. SBA loans

Do any of the following describe your general banking requirements:

1. I make many small deposits or cash deposits.
2. I maintain large deposits and want strong cash management strategies to maximize return on the deposits
3. I am most interested in local approval of loan requests and flexible loan covenants.
4. I want a lender who works with the small business administration to approve a 90% real estate loan within a month.
5. I am a high net worth individual, or personal service corporation, and need high touch, discreet banking facilities.

Now that you have completed the financial harmony banker quiz let’s look at who the potential suitors are. Banks fall into several categories and it is important to find the one that matches the needs of you business. Your bank should be a profit center for you by establishing strong cash management strategies and anticipating your borrowing needs and provide ideas of how to better manage your financial affairs.

Commercial banks specialize in lines of credit, equipment financing and real estate loans. Customers generally are referred by CPA’s and attorneys. Before you begin the relationship you can expect to discuss your needs with a Vice President who will present a proposal and financing plan that maximizes your company’s strengths. Businesses such as restaurants which frequently make cash deposits or have employees who cash their payroll checks should select a bank which has many branches open to the general public. Even at a branch bank it is important to obtain a referral to the commercial banking officer to ensure your company’s needs receive the attention they deserve.

Specialized Banking Needs. Some banks specialize by industry or continent and / or maintain a division to handle this special need. A few examples are: garment industry – as a factor the bank finances, collects and approves the credit of the customers, entertainment – the bank offers ultra- private, high touch services; foreign operations – the bank specializes in international trade and can make loans and transact business in the country where you are doing business.

When you build your professional team the big three you need to start with are your CPA, your attorney and your banker. A strong CPA with many financial connections can provide several banking referrals which are likely to be a good match for your business needs.

Joseph Biag, CPA is a manager at the regional CPA firm of Hinton, Kreditor & Gronroos, LLP. He takes pride in his business match-making skills and has many happy financial marriages to prove it. Joseph can be contacted at JBiag@hkgllp.com please visit his company’s website at www.HKGLLP.com. Joseph currently serves on the board of directors of Leadership Pasadena.