Welcome to The BDO Show! A podcast for passionate BDOs wanting to level up their game with advice and stories from battle-tested BDO’s.

We just wrapped up Season 1 of the BDO show, and what a journey it's been. From the laughs to the lessons, this episode encapsulates a year of shared experiences, challenges, and triumphs, offering a retrospective look at our adventure while setting the stage for future discussions in SBA lending and business development. 

🎉 Season 2 🎉 We're calling upon our listeners for input. Your suggestions will shape the upcoming season’s episodes.

🎄 As we sign off, we want to give a special shoutout to all of our families and supporters. Your encouragement fuels our passion.

We’re excited to bring you more BDO magic next season. See you soon! 

Link to crossword puzzle:  https://drive.google.com/uc?export=download&id=1MXc634hszbzM-YoX2UnXwiKSmk5BE7Fx

The first person to email an accurate completed crossword puzzle to [email protected] will win an official BDO Show Nike Zip-up Hoodie.

If you have questions or comments, please send them to [email protected] 

This episode is sponsored by: Peak Business Valuations

Peak Business Valuation works with over 80 SBA bank lenders across the country, performing around 1,100 SBA-compliant Business Valuations and 100 Equipment Appraisals a year. Those whom we work with label us as fast, reliable, and insightful. 

For more information, visit their website www.peakbizval.com or email Ryan Hutchins at [email protected] 

Welcome to The BDO Show! A podcast for passionate BDOs wanting to level up their game with advice and stories from battle-tested BDO’s.

In this engaging episode of the BDO Show, hosts Alan Peterson, Ryan Kroge, and Emily Detor delve into the strategic intricacies of business development, especially for newly minted BDOs.

They discuss crucial aspects such as target market selection, business development plans, and effective outreach strategies to bolster business portfolios.

Listeners are encouraged to rethink traditional methods and embrace innovative approaches to business growth. Highlighting the importance of relationship-building, the hosts share personal anecdotes and tried-and-tested strategies like leveraging local networking events, enhancing personal branding through digital platforms like LinkedIn, and the influential power of a simple phone call. 

With an emphasis on adaptability, they underscore the necessity of "reinventing yourself every season" to stay relevant and successful in the ever-evolving business landscape. 

Key Takeaways

• Building strong and meaningful relationships is pivotal for business development success, transcending mere transactional interactions.
• A well-structured business development plan should include tracking progress, using a mix of outreach strategies, and constantly evolving based on market needs.
• Networking events, both digital and in-person, provide invaluable opportunities for connecting with potential clients and partners.
• New BDOs should focus on understanding their institution's strengths in specific use of proceeds and industries to effectively target their outreach.
• Writing handwritten notes or making personal phone calls can significantly differentiate you from the competition and help in building long-lasting relationships. 

If you have questions or comments, please send them to [email protected]

Welcome to The BDO Show! A podcast for passionate BDOs wanting to level up their game with advice and stories from battle-tested BDO’s.

In this insightful episode of the BDO Show, co-hosts Alan Peterson, Chris Hackney, Sterling Birdsong, Ryan Kroge, and Emily Detor delve into essential strategies for managing business development operations during the holiday season. The discussion kicks off with a focus on effective communication with clients and the importance of understanding their needs, especially in the context of easing transaction stress during high-demand periods. As they navigate these challenges, the hosts also discuss practical strategies for maintaining a healthy work-life balance and fostering team cohesion.

As the episode progresses, the BDO Show hosts provide crucial guidance on managing expectations and deadlines. The holiday season often brings unique challenges and opportunities in the financial sector, which the hosts address by sharing personal experiences and professional wisdom. From the effective scheduling of tasks to the importance of clear communication with teams and clients, the hosts underscore the value of thoughtful planning and customer-centric approaches. Their advice is rounded out with anecdotes and personal tales that highlight the balance between customer satisfaction and operational efficiency.

• Effective communication with borrowers is crucial to manage expectations and set realistic timelines during the holiday season.

• Building and maintaining professional relationships without succumbing to the stress of year-end targets can prevent burning bridges.

• Establishing personal and professional boundaries leads to healthy team dynamics and prevents holiday burnout.

• Seasonal planning and setting up clear milestones help in closing deals efficiently without unnecessary stress.

• Personalized gift-giving can strengthen professional relationships by showing appreciation and understanding of team members and clients.

If you have questions or suggestions for topics, send us an email at [email protected] __________________________________________________

This episode is sponsored by: SBA Protection Quick Close Life Insurance – the fastest, easiest way to secure the insurance protection your borrower needs for their SBA loan.

For more information, visit their website https://sbaprotection.com/ or email Adam Bergen at [email protected]

Welcome to The BDO Show! A podcast for passionate BDOs wanting to level up their game with advice and stories from battle-tested BDO’s.

In this insightful episode of the BDO Show, the hosts delve into the intricacies of pricing strategies within SBA lending, emphasizing the importance of aligning pricing with risk.

They explore real-world scenarios where BDOs face challenges in maintaining competitive rates while ensuring sustainability. Through engaging discussions, the hosts stress that execution in deal-making surpasses mere rate considerations, as Alan Peterson states, "Execution on your deal isn't the main thing, it's the only thing."

Sterling Birdsong and Ryan Kroge share their experiences and advice on managing customer expectations and standing firm in pricing negotiations. The conversation further underscores the importance of building lasting relationships and knowing one’s strengths and limits in the lending space. Alan and Ryan bring to light the concept of market makers versus market takers, where the former adds value through consulting and relationship-building, contrasting sharply with those who rely solely on offering the lowest rates. Ryan encapsulates this with an insightful remark, “Build your relationships, build your brand.”

For those navigating the landscape of SBA lending, this episode provides an in-depth guide to prioritizing relationship-building over chasing unsustainable rates.

Key Takeaways:

• Understand risk-based pricing: Deals must be priced according to the risk to maintain sustainability and competitive advantage.
• Execution over rate: The effectiveness of deal closure is emphasized as being more critical than just offering low-interest rates.
• Building relationships: Investing in strong networks with customers and referral sources can significantly impact business longevity and success.
• Know your limits: BDOs should be aware of when to stand firm on pricing and when a deal might not be worth pursuing.
• Be a market maker: Strive to provide value beyond pricing through expert consultation and relationship-building. 

If you have questions or comments, please send them to [email protected] ___________________________________________________________

This episode is sponsored by: Peak Business Valuations

Peak Business Valuation works with over 80 SBA bank lenders across the country, performing around 1,100 SBA-compliant Business Valuations and 100 Equipment Appraisals a year. Those whom we work with label us as fast, reliable, and insightful. 

For more information, visit their website www.peakbizval.com or email Ryan Hutchins at [email protected] ___________________________________________________________ CHAPTERS

0:00 | Introduction

2:26 | Aligning Pricing With Risk in SBA Lending

4:48 | Risk-Based Pricing Strategies in Real Estate Transactions

7:23 | Risk-Based Pricing and Navigating Loan Market Challenges

11:36 | Challenges and Strategies in Business Deal Pricing

16:49 | Navigating High-Risk Loans and Market Realities

23:52 | Building Trust and Expertise in Business Development

28:17 | Strategies for Pricing Deals and Managing Client Expectations

33:09 | Building Loyalty and Relationships in Business Deals

36:02 | Building Strong Referral Sources Through Thoughtful Networking

Welcome to The BDO Show! A podcast for passionate BDOs wanting to level up their game with advice and stories from battle-tested BDO’s.

In this episode of "The BDO Show," the hosts, Emily Detor, Alan Peterson, Sterling Birdsong, and Ryan Kroge, are joined by special guest Bruce Marks, a distinguished figure in the SBA lending sphere. The discussion centers around the challenges and rewards of managing stress as a BDO, the importance of client relationships, and navigating the complexities of large-scale transactions.

Bruce shares his wealth of knowledge from years of experience, offering listeners a glimpse into what it takes to succeed in this competitive field. The conversation dives into effective stress management strategies for BDOs. Bruce Marks emphasizes the significance of pipeline management and the balance between personal goals and organizational expectations. He underscores the importance of establishing a robust network and the pivotal role of credibility in winning deals.

The episode also highlights how Bruce collaborates closely with underwriters and leverages technology to streamline his workflow, ensuring that client expectations are met without igniting potential conflicts.

Key Takeaways:

• Stress Management: Bruce Marks stresses the importance of managing personal goals and refining pipeline efforts to alleviate stress associated with production targets.
• Building Relationships: Relationships are paramount in SBA lending; success often hinges on who knows you and how well you can present credible solutions.
• Client Communication: Involving underwriters early in the process can help set realistic expectations and prevent misunderstandings.
• Technology Utilization: Using tools like Calendly and conducting video calls can enhance productivity and communication efficiency.
• Career Longevity: Embracing learning opportunities and focusing on quality deals are key to a long, successful career in SBA lending. 

If you have any questions or comments, please send them to [email protected] 

This episode is sponsored by: Peak Business Valuations

Peak Business Valuation works with over 80 SBA bank lenders across the country, performing around 1,100 SBA-compliant Business Valuations and 100 Equipment Appraisals a year. 

Those whom we work with label us as fast, reliable, and insightful. For more information, visit their website www.peakbizval.com or email Ryan Hutchins at [email protected]  

Welcome to The BDO Show! A podcast for passionate BDOs wanting to level up their game with advice and stories from battle-tested BDO’s.

In this engaging episode of The BDO Show, the team welcomes Mary Soldano, a renowned SBA BDO. They delve deep into the intricacies of balancing SBA lending while maintaining a healthy work-life balance.

The podcast kicks off with a discussion on the expectations and strategies for managing the numbers game in the field of SBA lending. Mary shares her insights on calculating necessary outputs and backward planning to achieve annual goals. These insights can help new and seasoned BDOs alike understand better methodologies for meeting and exceeding performance targets.

The conversation further explores the dynamics of work-life harmony, tackling topics such as time management, family responsibilities, and the perception of women versus men in balancing professional and personal life commitments. Mary's experience as a mother of three and a successful BDO showcases how one can achieve excellence in a demanding career while prioritizing family. This episode is packed with practical advice for BDOs looking to enhance their productivity and find equilibrium in their professional and personal lives.

Key Takeaways:

• Strategic Planning: Mary Soldano emphasizes the importance of reverse engineering your goals by calculating how many deals need to be submitted and approved to hit a target, using metrics like term sheets and closings.
• Work-Life Balance: Insights on maintaining a healthy work-life balance focus on being fully present in each moment, whether with family or at work.
• New BDO Challenges: New BDOs should expect a ramp-up period typically around six months to gain traction and experience as they establish themselves in the industry.
• Effective Networking: Surrounding oneself with experienced and successful professionals can significantly enhance learning and success rates in the onerous prospecting phase.
• Honesty in Business: Being truthful with clients and referral partners about deal specifics builds better trust and long-term partnerships.

If you have questions or comments, please send them to [email protected] 

This episode is sponsored by: Rapid Business Plans

Rapid Business Plans is the go-to provider of business plans and feasibility studies for government guaranteed small business lenders. For more information, or to set up a Get Acquainted call go to Art of SBA — Rapid Business Plans | https://rapidbusinessplans.com/art-of-sba 

Welcome to The BDO Show! A podcast for passionate BDOs wanting to level up their game with advice and stories from battle-tested BDO’s.

In this insightful episode of the BDO Show, the co-hosts engage in a thought-provoking conversation with special guest Glenn Giro. The focus is on navigating career transitions within the SBA lending industry and understanding when and why to switch institutions. 

The discussion delves deeply into the factors that contribute to making a successful career transition and the importance of choosing the right environment for personal and professional growth.

Emily, Alan, Ryan, and Glenn touch upon essential themes such as the significance of aligning with a bank that fosters a growth-oriented culture and how autonomy and reputation play crucial roles in a BDO's career choices. 

They emphasize critical checklist items to consider when evaluating career opportunities and shed light on managing transitions seamlessly, ensuring that the integrity of professional relationships is maintained.

The episode offers invaluable insights for BDOs pondering a career move, balancing the need for growth with the desire for stability. 

If you have questions or suggestions for topics, send us an email at [email protected]  

This episode is sponsored by: SBA Protection Quick Close Life Insurance – the fastest, easiest way to secure the insurance protection your borrower needs for their SBA loan.

For more information, visit their website https://sbaprotection.com/ or email Adam Bergen at [email protected] 

CHAPTERS

0:00 | Introduction

3:19 | Deciding When to Switch Banks as a BDO

10:18 | Top Priorities for Success in SBA Lending

18:36 | Keys to Successful SBA Lending and Bank Alignment

21:53 | Career Transitions and the Challenges of Pipeline Management

27:26 | The Importance of Building Long-Term Business Relationships

30:10 | Ethical and Reputational Risks of Deal Leaking in Finance

In the high-stakes world of SBA lending, closing a deal successfully is often a race against time and unforeseen challenges. 

Join Emily Detor, Ryan Kroge, and Sterling Birdsong as they delve into the intricacies of navigating credit, legal, and internal team dynamics to coax deals over the finish line. Your hosts offer a candid look into the hurdles and strategic maneuvers that seasoned BDOs employ.

Learn about the importance of setting expectations, managing third-party reports, and communicating effectively to avoid deal-killing delays. Real-life anecdotes, including disasters averted and lessons learned, highlight the unpredictable nature of the business lending world. Perfect for BDOs aiming to streamline their processes and maximize success.

• Effective communication and expectation management with clients and internal teams are crucial in ensuring smooth deal closures.

• Understanding the potential pitfalls in SBA lending, such as third-party reports and credit assessments, can preemptively avert transaction issues.

• Collaborating with the right partners, from environmental consultants to legal advisors, fosters a seamless lending process.

This episode is sponsored by: Peak Business Valuations

Peak Business Valuation works with over 80 SBA bank lenders across the country, performing around 1,100 SBA-compliant Business Valuations and 100 Equipment Appraisals a year. Those whom we work with label us as fast, reliable, and insightful.

For more information, visit their website www.peakbizval.com or email Ryan Hutchins at [email protected]

CHAPTERS

0:00 Introduction

3:31 | Avoiding Deal Failures in Loan Closing Processes

13:45 | Uncovering Fraud in a Business Acquisition Deal

15:51 | Early Warning Signs of a Deal Falling Through

20:22 | The Importance of Solution-Oriented Teams in Deal Success

23:23 | Challenging Inaccurate Real Estate Appraisals for Fair Valuation

25:48 | Navigating Underwriter Challenges to Ensure Deal Success

29:46 | Navigating Environmental Challenges in Real Estate Transactions

35:53 | Communication and Expectations in Loan Closing Processes

Welcome to The BDO Show! A podcast for passionate BDOs wanting to level up their game with advice and stories from battle-tested BDO’s.

In this episode, we're talking about lies, deceit, and deception, you know -- that thing SOME BDOs use when selling a deal. Misleading borrowers can be largely categorized into two types: intentional and unintentional.

As Sterling Birdsong rightly points out, often, misleading a borrower stems from ignorance rather than deliberate deceit.

 New BDOs may unintentionally mislead because they lack experience with the intricacies of SBA regulations. For example, misunderstanding the necessity for an SBA loan to go through GP if in second position can lead to incorrect assurances to the borrower about streamlined PLP (Preferred Lenders Program) processing.

Ryan Kroge elaborates on another common pitfall: "I've said this once, I think, on the show, and I'll say it again, commission killed the salesperson. The majority of them out there are no longer looking out for the customer."

BDOs driven by commission rather than customer service might prioritize their earnings over the borrower's best interest, leading to ethical dilemmas. Whether through ignorance or intentional omission, misleading borrowers damages trust and can derail the loan process. Setting realistic expectations is paramount not only for gaining a borrower's trust but also for ensuring a smooth loan processing journey.

Chris Hackney emphasizes the vital role of managing expectations: "If you can't manage the expectations of your borrower and the process, then you don't need to be doing this job."

Similarly, Alan Peterson stresses the value of real-talk with borrowers about their obligations and responsibilities, particularly with evaluating business acquisition opportunities: "It's knowing what you can do and knowing what you cannot do that makes you valuable... level expectations with people personally... this is heavy stuff. This is heavy lifting.”

Did we miss anything? If you have questions or comments, please send them to [email protected]  ______________________________________________________

This episode is sponsored by: Rapid Business Plans

Rapid Business Plans is the go-to provider of business plans and feasibility studies for government guaranteed small business lenders. For more information, or to set up a Get Acquainted call go to Art of SBA — Rapid Business Plans ______________________________________________________

CHAPTERS

0:00 | Introduction

3:34 | Ethical Dilemmas in SBA Lending Practices

6:41 | Navigating Early Mistakes and Learning Curves in BDO Roles

11:31 | Navigating SBA Loan Policies and Bank-Specific Rules

17:22 | Managing Expectations in Banking and Mortgage Processing

21:16 | The Consequences of Misleading Borrowers in Lending Practices

26:10 | The Importance of Transparency in Business Acquisitions

32:17 | The Realities and Expectations of Buying and Operating a Business

33:03 | Red Flags When Discussing Loan Terms With Lenders

Shout out to Ted for today's episode discussion: structuring the deal.

Now, we've covered certain aspects of deals but this time, we're going to give our thoughts on Ted's questions.

We'll begin by addressing the importance of upfront deal assessments, emphasizing the pitfalls of relying heavily on add-backs and the necessity of ensuring deal viability through initial reviews. 

Then, we'll transition into a discussion about scrutinizing projections, with a focus on character issues that can arise from unrealistic assumptions. From ensuring borrowers have relevant industry experience to managing dynamic tensions between the BDO and credit teams, the hosts provide astute advice on navigating complex financing landscapes.

Thank you again, Ted. And if you have questions or suggestions for topics, send us an email at [email protected] 

This episode is sponsored by: SBA Protection Quick Close Life Insurance – the fastest, easiest way to secure the insurance protection your borrower needs for their SBA loan.

For more information, visit their website www.sbaprotection.com  or email Adam Bergen at [email protected] 

CHAPTERS

3:30 | The Art of Structuring Deals to Protect Both Bank and Borrower

9:02 | Evaluating Add Backs and Their Impact on Business Deals

16:16 | Evaluating Projections and Assumptions in Business Deals

21:19 | Challenges and Realities of Business Acquisition and Debt Refinancing

28:26 | Navigating Dynamic Tension in Banking for Loan Approvals