In this episode, host Emily Detor is joined by Alan Peterson, Ryan Kroge, and special guests, Daniel Park and Jared Johnson, to discuss the importance of production in the lending industry.

 Does the $350 Million make sense now?

These guys are at the top when it comes to production and they are sharing their secrets to success. "If you've really got it, then you can give it away," or whatever Alan said.

They share their personal experiences and insights on how production drives success and the strategies they use to consistently achieve high levels of production.

"Friendly competition can be a great motivator and can push you to achieve higher levels of production." - Jared Johnson

Key Takeaways:

• Passion and motivation are key drivers of production in the lending industry.
• Building a strong network and referral base is crucial for sustained production success.
• Overcoming challenges and consistently achieving high levels of production requires dedication and hard work.
• Setting and surpassing production milestones can be both challenging and rewarding. 
• The competitive nature of the lending industry can drive individuals to achieve higher levels of production.

 Resources: Alan Peterson's LinkedIn |  Ryan Kroge's LinkedIn |  Daniel Park's LinkedIn |  Jared Johnson's LinkedIn |  Jared Johnson's YouTube Channel

Please e-mail us any questions, or suggestions for future episode topics at [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, email Bethany McClellan at [email protected] or visit https://rapidbusinessplans.com/

 

 

The views and opinions expressed in this program are our own and/or those of our guests. They do not necessarily reflect the views or positions of our employers.

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 special episode, our very first in-person episode, we are giving the lowdown on all things sales within the world of SBA lending.

Each host lets us in on their one-of-a-kind sales techniques, all the while highlighting how key it is to really get your product, teach your customers, and build a solid trust.

The conversation further reveals how these seasoned pros handle challenges, such as dealing with operational snags at busy hotels or the nuances of explaining loan rates to clients.

Was your sales style discussed?

Please e-mail us any questions, or suggestions for future episode topics 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]

 

 

The views and opinions expressed in this program are our own and/or those of our guests. They do not necessarily reflect the views or positions of our employers.

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.

Discover the secrets to finding the perfect financial institution for your deals and building a thriving SBA lending team. 

Our seasoned hosts provide a candid look at what it means to align with a financial institution that not only grasps the kind of deals you specialize in but also has the capacity to support and amplify your success. Through the episode, our hosts unravel the complexities of SBA lending markets, sharing first-hand experiences and key criteria to consider when choosing a partnership with a lending shop. 

For BDOs, aligning with a lender that understands and is willing to support their specialized deals is critical. Ryan Kroge emphasizes the importance of this match, indicating that a lender’s willingness to conduct certain types of transactions can make or break a BDO's career. Sterling Birdsong adds that this alignment is especially crucial when considering the core revenue models of different banks. Banks that integrate SBA lending into their core strategy are prone to be more supportive of BDOs than those where SBA is just a supplemental offering.

The volume of deals a shop processes can reflect their operational scope. Kroge suggests looking beyond the number of loans to the dollar volume to assess a lender's true capacity. This insight is supported by Chris Hackney's point that the staff-to-BDO ratio reveals the shop’s ability to effectively manage loan closures.

From understanding the credit box and approval processes to gaining insights into the staff support and the realities of bank policies versus SBA guidelines, this episode is a treasure trove for both new and veteran BDOs aiming to elevate their game. With riveting anecdotes and thoughtful advice, the episode is sure to guide listeners towards building an effective SBA lending strategy.

Please e-mail us any questions, or suggestions for future episode topics at [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]

 

 

The views and opinions expressed in this program are our own and/or those of our guests. They do not necessarily reflect the views or positions of our employers.

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.

Unlock the secrets of term sheets with our panel of top Business Development Officers—Sterling Birdsong, Chris Hackney, and Ryan Kroge—guided by Emily Detor. We dissect the crucial elements that make these documents the foundation of financial agreements, ensuring you leave with a blueprint to navigate these essential yet complex agreements. Covering everything from loan specifics to the semi-binding dance of commitment, our conversation promises to arm you with the confidence to craft term sheets that reflect not just an offer but a solid strategy.

Ever wondered how the pros handle the cutthroat competition in SBA lending? Our guests spill the beans on the art of quick turnarounds, the finesse of engagement that keeps clients hooked, and why you should never play the rate adjustment game. As we dissect local market rivalries and the chess-like moves needed to win deals, you'll discover each lender's unique proposition and why it's crucial to your business's success. Drawing from the trenches of financial battlegrounds, this episode is your playbook to outmaneuver the competition with grace and expertise.

Closing the loop, we illuminate the intricate dance of transparency in deal structuring, where clarity reigns supreme. Heart-to-heart discussions on potential deal renovations, managing client expectations, and the paramount rule of honoring term sheet commitments underscore our ethos. Through anecdotes of pre-flighting deals and steering clear of surprises, this episode isn't just about the dos and don'ts—it's about nurturing trust and integrity in the world of finance. So tune in, and let's elevate your term sheet game together.

Please e-mail us any questions, or suggestions for future episode topics at [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, email Bethany McClellan at [email protected] or visit https://rapidbusinessplans.com/

 

 

The views and opinions expressed in this program are our own and/or those of our guests. They do not necessarily reflect the views or positions of our employers.

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.

Unlock the secrets to mastering your time with insights from our BDO extraordinaires who live by the principle of "Protect Your Time." As BDOs, we're often caught in a whirlwind of demands, but this episode offers a blueprint for building an efficient pipeline and shunning those productivity pitfalls that can keep us from what we do best. Chris shares his journey and how he's applying his guiding mantra to prioritize tasks that truly make an impact, ensuring that we as professionals are performing at the peak of our abilities.

Ever felt that your days are slipping through your fingers, especially when balancing client needs with your own expertise? We've got you covered. This episode is a treasure trove of strategy, from discerning which deals to prioritize to perfecting the art of client education when it comes to SBA loans. Discover the finesse required to manage both seasoned borrowers and SBA newbies, all while maintaining that golden equilibrium between accommodating and valuing your time.

As we wrap up, take heart in knowing that you're not alone in the quest for a work-life symphony, especially in these tumultuous times of home offices and blurred boundaries. We share our personal tactics for setting clear lines between our professional and family commitments, giving you the tools to maintain focus and foster a supportive environment at home. Not to mention, our hosts offer a special nugget of wisdom – a reminder that unless you cherish your time, nobody else will. So, as you tune in, prepare to embark on a journey toward reclaiming your hours and transforming them into your greatest asset.

Please e-mail us any questions, or suggestions for future episode topics 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]

 

 

The views and opinions expressed in this program are our own and/or those of our guests. They do not necessarily reflect the views or positions of our employers.

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.

Unlock the secrets to exponentially increasing your earning potential as a Business Development Officer in the banking sector! This episode, with insights from industry experts promises to reveal the intricacies of BDO compensation that could redefine your career trajectory. Together with co-hosts Alan Peterson, Chris Hackney, Sterling Birdsong, and Emily Detor, we dissect the multitude of factors influencing your paycheck, from commission-based incentives to the nuances of loan portfolios. Whether you're just stepping into the world of banking or are a seasoned professional, this discussion is your key to understanding how financial achievements truly translate into financial rewards.

As we navigate through the various compensation models in the banking landscape, the conversation gets especially intriguing when we consider how market fluctuations and clawbacks can play pivotal roles in a BDO's financial stability and loyalty to their institution. We debate the delicate balance between the enticement of a generous commission and the value of being backed by a supportive bank. If you've ever wondered how successful loan sales not only line your pockets but also propel the bank's success, our candid chat, peppered with personal stories and shrewd advice, will shed light on this symbiotic relationship.

Finally, we cast our gaze towards the horizon of BDO compensation, discussing ethical considerations and the groundbreaking concept of residual income from a well-managed loan portfolio. For those BDOs looking to future-proof their careers, we share strategic tips on aligning with progressive banks and potentially collaborating with FinTechs. As we wrap up, we leave you with a hearty dose of encouragement: your hard work is more than a contribution—it's an investment in your own prosperity and the bank's growth. So tune in, take notes, and prepare to amplify your success as a BDO.

Please e-mail us any questions, or suggestions for future episode topics at [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, email Bethany McClellan at [email protected] or visit https://rapidbusinessplans.com/ 

 

 

The views and opinions expressed in this program are our own and/or those of our guests. They do not necessarily reflect the views or positions of our employers.

Navigate the intricate dance of selecting the best third-party vendors for SBA lending in our latest BDO Show episode. We've brought together the power players to walk us through the minefield of collaborating with attorneys, appraisers, environmental specialists, and life insurance providers. They share insights on how these key partnerships can be the difference between a deal soaring or sinking, and why it's often the local familiarity that wins over broad national strokes, especially when it comes to understanding the subtleties of regional markets.

This episode isn't just about whom you choose, but how you work with them. The team also pulls back the curtain on the environmental due diligence scene in Michigan, underscoring the immense value of local firms well-versed in state regulations. It's a masterclass in why direct vendor communication and industry-specific savvy are essential for timely and accurate appraisals and assessments.

But what about the relationships behind these transactions? We recount personal tales of lightning-fast responses from vendors whose hustle has cemented their place in our trusted network. From securing last-minute life insurance policies to salvaging deals on the brink, it's clear that the human element can't be ignored. We chat about the art of crafting these vital connections, the kind that not only get you through one deal but pave the way for countless more. If you're looking to sharpen your vendor selection skills and build a portfolio of go-to professionals, this episode is your toolkit.

Please e-mail us any questions, or suggestions for future episode topics 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]

 

 

The views and opinions expressed in this program are our own and/or those of our guests. They do not necessarily reflect the views or positions of our employers.

Picture this: you're at a friend's farewell bash and, amidst the bittersweet goodbyes, you stumble into a conversation that spirals into a promising business partnership. That's the unpredictable thrill of deal sourcing in the SBA lending world, and it's just a taste of what we cover in our latest episode. Join us for a rollercoaster ride through the high-stakes and serendipity of business development, where personal connections aren't just a strategy—they're the central narrative. We reminisce about the good, the bad, and the downright weird stories from our journey, including our take on the increased visibility of the SBA post-PPP loans and the curious case of being mistaken for scammers on social media.

Ever won a catering raffle only to land a hefty deal for food trucks? Our candid conversations reveal the art of prospecting in places you'd least expect, and the power of an 'attitude of abundance.' We share our best networking sagas, illustrating the importance of articulating your role and value to those you meet. As we recount instances of both serendipitous wins and deals snatched away, you'll gain insights into the competitive yet personal nature of our industry and why sometimes, the most memorable deals come from the most casual of chats.

Rounding out our chat, we delve into the delicate dance of maintaining professionalism in a field where your reputation can be your greatest asset. We share cautionary tales and victories alike, discussing the intricate balance of managing relationships with friends and family in the finance world. For those eyeing the Business Development Officer role, we offer sage advice and underscore the importance of continuous learning and training. So, whether you're a seasoned lender or just curious about the behind-the-scenes of SBA deal-making, this episode is packed with laughter, lessons, and maybe even a little inspiration to network at your next social gathering. 

Please e-mail us any questions, or suggestions for future episode topics 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]

 

 

The views and opinions expressed in this program are our own and/or those of our guests. They do not necessarily reflect the views or positions of our employers.

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.

Step into the dynamic world of Business Development Officers with us, as Emily, Alan, and Ryan pull back the curtain on what it's like to intimately understand America's small businesses during site visits. Our stories showcase the spectrum of entrepreneurial spirits and underline the art of creating bespoke financial solutions. In the lively exchange of tales, we uncover the true essence of personal connections within the industry and how they shape the way BDOs engage with each unique borrower.

This episode takes you on a mentorship journey, where one of our personal encounters with a senior bank leader during a site visit reverberates with lessons on assessing borrower character and the risks involved in financial dealings. The anecdotes from our field audits bring home the vital nature of due diligence; from discovering fishy practices at a boat dealership to a bar with a burlesque license, these stories emphasize why no deal should ever risk your career. We navigate through these experiences, demonstrating the commitment required to safeguard against fraud and the unexpected.

 As we wrap up, we share a thrilling case study of financing a private security firm, where creativity met compliance to overcome licensing hurdles and clinch a successful deal. I highlight the importance of proactive deal-closing strategies and the value of checklists to streamline the transaction process. Engage with us, as your questions and topics fuel our future episodes, ensuring a shared journey through the multifaceted terrain of BDO engagements.

Please e-mail us any questions, or suggestions for future episode topics 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]

 

 

The views and opinions expressed in this program are our own and/or those of our guests. They do not necessarily reflect the views or positions of our employers.

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.

On this week's episode we're discussing what to look for in an SBA shop? We kick things off by discussing why selecting the right boss can be a career game-changer and the nuances of choosing an SBA shop that complements your unique deal-making skills. Understanding leadership dynamics and how they shape the work environment is crucial, and we provide insights into how these factors determine job satisfaction and personal growth within the industry.

Transitioning from underwriting to sales is no small feat, and it's a journey Sterling has intensely traversed. Sharing his story, we explore how self-awareness can point you towards the right career choices, with a special nod to the value of mentorship in specialized fields. For anyone on the cusp of such a move, or those plotting a course towards leadership, we discuss how sales can expand your experience and pave the way to the top. Plus, we don't shy away from the gritty details of performance management and the tough decisions that come with knowing when to let an employee go.

Our conversation takes a deep dive into the ramp-up phases for new Business Development Officers, from setting realistic sales targets to understanding the minimum accepted performance standards. We stress the importance of self-evaluation and recognizing when it's time to pivot if you're not thriving in your current role. For those eyeing their next big move, we offer expert advice on how to best present your loan portfolio during interviews, helping you secure a spot where your talents will shine. This episode is an essential listen for anyone eager to excel in the competitive landscape of banking and sales. 

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]

 

 

The views and opinions expressed in this program are our own and/or those of our guests. They do not necessarily reflect the views or positions of our employers.