Can you recommend resources to help construction borrowers besides modifying their loans?
I have been looking for resources for challenged industries so you can be a hero! I found George Hedley, CSP. In 1977, starting with an old Datsun pickup truck and $500 in the bank, George was able to build a thriving $50 million construction business in just seven years. He has built a reputation for helping entrepreneurs and contractors build business that work.
I have attended George’s presentations and sat down with him for breakfast. His knowledge of construction and business combined would be hard to beat, anywhere.
I highly recommend you sign up for his monthly newsletter to check it out, and then recommend it to your construction clients. It provides valuable insight on growing and building your business, making a profit, creating loyal customers, managing people, starting a construction business or being a successful entrepreneur.
Click through for his 30 page whitepaper: Sure Strategies to Survive a Slowdown.
How to use this resource
First, read it yourself. Or at least scan it. George’s ideas for contractors can be applied to many types of businesses. Consider business education as part of your continuing professional education because understanding business helps you create relationships with your business borrowers.
Next, make a personal contact with your customer. This can be an email or a phone call. But since the white paper can be printed out, you might consider postal mail or even a visit. Be sure to let them know you have been thinking of them, and when you came across this information you thought it might be of interest.
A lot of business owners are worried their banker is going to reduce their credit or be unwilling to restructure current debt. Won’t it be nice when their banker contacts them simply to provide a valuable resource. That will get a conversation started that it is likely you need to have.
- How is it going for them?
- What are their plans?
- When do they see things turning around?
- What are they doing in the interim to be ready?