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E43 | How To Have Effective Conversations With Your Banker
Episode Summary
In this episode, I dive into how you can have effective conversations with your banker, especially as renewal season for lines of credit approaches. Building on insights from Episode 32, we explore how to prepare, think like a banker, and take ownership of your financials to ensure productive discussions about financing for your farm or business.
A few key topics covered in this week's episode:
- The Importance of Proactive Preparation:
- Why "winging it" often leads to missed opportunities.
- The benefits of role-playing conversations and outlining key points beforehand.
- Understanding Your Banker's Perspective:
- How economic factors and top-down policies influence their decisions.
- Viewing your banker as the intermediary between you and the loan committee.
- Cash Flow Fundamentals:
- The dangers of letting your banker create your cash flow projections.
- Steps to take ownership of your cash flow and ensure accuracy.
- Why it's essential to request and review copies of cash flows and balance sheets prepared by your banker.
- Accountability in Financial Reporting:
- Real-life examples of discrepancies in financial reports and how to address them.
- Holding both yourself and your banker accountable for accurate representations.
- Avoiding Financial Pitfalls:
- Why relying on off-farm income to bolster cash flow is unsustainable.
- The risks of "stretching the truth" in financial projections to secure loans.
- Becoming a Steward of Your Numbers:
- Treating your financials with the same care and diligence as your land and resources.
- Tips for building a sustainable financial strategy for your operation.
Resources & Links:
Ready to take control of your loan renewal process and build confidence in your conversations with your banker? Book a free strategy call today and gain the tools to present your cash flow with clarity, build trust with your banker, and secure the financing you need to thrive.
Let's work together to ensure you're prepared, proactive, and in control. Click here to schedule your call now!
Connect with Garrett:
- Follow on Instagram - @garrettruskamp
- Follow on Facebook - Garrett Ruskamp
- Follow on TikTok - @garrettruskamp
- Learn more about Pioneer Farmer here!
Make sure to hit follow/subscribe so you never miss an episode!
View all episodes
By Garrett RuskampEpisode Summary
In this episode, I dive into how you can have effective conversations with your banker, especially as renewal season for lines of credit approaches. Building on insights from Episode 32, we explore how to prepare, think like a banker, and take ownership of your financials to ensure productive discussions about financing for your farm or business.
A few key topics covered in this week's episode:
- The Importance of Proactive Preparation:
- Why "winging it" often leads to missed opportunities.
- The benefits of role-playing conversations and outlining key points beforehand.
- Understanding Your Banker's Perspective:
- How economic factors and top-down policies influence their decisions.
- Viewing your banker as the intermediary between you and the loan committee.
- Cash Flow Fundamentals:
- The dangers of letting your banker create your cash flow projections.
- Steps to take ownership of your cash flow and ensure accuracy.
- Why it's essential to request and review copies of cash flows and balance sheets prepared by your banker.
- Accountability in Financial Reporting:
- Real-life examples of discrepancies in financial reports and how to address them.
- Holding both yourself and your banker accountable for accurate representations.
- Avoiding Financial Pitfalls:
- Why relying on off-farm income to bolster cash flow is unsustainable.
- The risks of "stretching the truth" in financial projections to secure loans.
- Becoming a Steward of Your Numbers:
- Treating your financials with the same care and diligence as your land and resources.
- Tips for building a sustainable financial strategy for your operation.
Resources & Links:
Ready to take control of your loan renewal process and build confidence in your conversations with your banker? Book a free strategy call today and gain the tools to present your cash flow with clarity, build trust with your banker, and secure the financing you need to thrive.
Let's work together to ensure you're prepared, proactive, and in control. Click here to schedule your call now!
Connect with Garrett:
- Follow on Instagram - @garrettruskamp
- Follow on Facebook - Garrett Ruskamp
- Follow on TikTok - @garrettruskamp
- Learn more about Pioneer Farmer here!
Make sure to hit follow/subscribe so you never miss an episode!