• Magazine
    • Past Issues
    • Subscribe
    • Change Mailing Address
    • Surveys
    • Guidelines for Authors
    • Editorial Calendar
    • Editorial Deadlines
    • Dynamic Chiropractic
      • Newspaper
      • Subscription
    • The American Chiropractor
      • Magazine
  • Practice
    • Business Tips
    • Chiropractic Schools
    • Clinical & Technique
    • eBooks
    • eCourses
    • Sponsored Content
    • Infographics
    • Quizzes
    • Wellness & Nutrition
    • Personal Growth
    • Podcast
    • Coronavirus (COVID-19)
  • Resource Centers
  • Products & Services
    • Buyers Guide
    • Products Directory
    • Submit a Product
    • Vendor Login
  • Datebook
    • Become an Events Poster
    • Post an Event
    • View Events
  • Jobs
    • Jobs
    • Post a Job
  • Advertise
    • Advertising Information
    • Media Kit
    • Contact Us

Your Online Chiropractic Community

Chiropractic Economics Your Online Chiropractic Community
Subscribe
  • Home
  • Current Issue
  • News
  • Webinars
  • Chiropractic Research
  • Students

How to talk to a banker: 6 ways to win points with your financier

Student DC March 19, 2019

banker

You are ready to take your business plan to a bank. But you have never actually had a conversation with a business banker before. What do you say? What do you bring? What can you expect? Here are some planning tips.

1. Dress professionally. You don’t necessarily need to wear a business suit, but no jeans or ball caps. Think “clinic attire” but not scrubs.

2. Bring the right stuff. Here is what you will need:
“¢ Your business plan, printed out and contained in a nice binder, ready to hand to your banker.
“¢ Your personal financial statement and your tax returns for the past three years. If you have the personal financial statement in SBA format that’s even better. The bank will also want to see personal tax returns to verify your income.
“¢ A copy of your credit report and your FICO score. If you can provide a printed credit report from at least one credit reporting agency, the banker will not need to run your credit report. If you need to talk to several banks, this can save you several “hits” on your credit.
“¢ Financial information from a cosigner. If you know you will need a cosigner, you can provide this information, which will be required for that person’s guarantee.
“¢ Copies of office or equipment leases. If you are in the process of leasing an office, provide the lease agreement; do the same for equipment leases that are in process.

3. Know your numbers. You will need to be able to talk intelligently with the banker about your business plan. Know how your startup loan and working capital estimates were determined. Know what depreciation is and how it is estimated. Be able to explain how you came up with your sales projections. Be certain your numbers are consistent throughout your plan.

4. Be able to explain your proposal in a few sentences. One of the first things the banker may ask is, “Why are you here? What specifically are you looking for?”

You should prepare a short answer to those questions. In a few sentences, explain that you are starting a chiropractic practice, where you intend to locate, and the types of patients you will be serving. Explain where you are in the process; that is, do you already have a location or are you still looking? Don’t provide details at this point about chiropractic, but be prepared to do so briefly, if you are asked.

5. Finally, plan to talk to banks early in the process. In other words, talk to the bank before the need for funds becomes a crisis. Bankers, like other business professionals, do not like to be put on the spot. Your crisis is not theirs, and they may balk at your demands for instant answers. It may take several months for loan processing, particularly if the SBA is involved, so start talking to banks at least three months before you need funding.

6. Above all, maintain a positive, professional image. Look the banker in the eye. Answer his or her questions. If you don’t know, write down the question and say, “I will get back to you.” Don’t whine or complain or beg. If the banker says no to your loan request, you have a right to know why, but then say, “Thanks for your time,” and move on to the next bank.

The more prepared you are for your first bank visit, the better your chances of getting that loan sooner rather than later.

 

Related Posts

  • New therapy device decreases costs for shoulder injuriesNew therapy device decreases costs for shoulder injuries
  • VibraWav donates eight VibraWav Pro whole body vibration machines to Palmer College of ChiropracticVibraWav donates eight VibraWav Pro whole body vibration machines to Palmer College of Chiropractic
  • Study reveals Thera-Band reduces fall risk, increases bone densityStudy reveals Thera-Band reduces fall risk, increases bone density
  • Farewell Dr. Leander Jackson "Doc" EckardFarewell Dr. Leander Jackson "Doc" Eckard
  • Best health supplements for seniors for cognitive and joint health, painBest health supplements for seniors for cognitive and joint health, pain
  • Foot Levelers announces Fall 2019 seminar scheduleFoot Levelers announces Fall 2019 seminar schedule

Filed Under: Financial Preparation, Student DC

Current Issue

CE issue 12 cover

Follow Us

  • Facebook
  • Twitter
  • Instagram
  • LinkedIn
  • YouTube logoYouTube logoYouTube

Compare Subscriptions

Dynamic Chiropractic

The American Chiropractor

3948 3rd Street South #279,

Jacksonville Beach, FL 32250

Phone 904.285.6020

CONTACT US »

Privacy Policy & Terms of Service

Copyright © 2021, All Rights Reserved

SUBSCRIBE TO THE MAGAZINE

Get Chiropractic Economics magazine
delivered to your home or office. Just
fill out our form to request your FREE
subscription for 20 issues a year,
including two annual Buyers Guides.

SUBSCRIBE NOW »

Latest Chiropractic News

  • Cleveland University-Kansas City’s College of Chiropractic Celebrates a Century of Health Care Education
  • ChiroThon to bring back old-school telethon during chiropractic’s The National
  • Life University receives two chiropractic research awards
x