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“Do You Know Your Banker and Does That Banker Know You?"
BUSINESS TIPS FROM THE EDITOR
November 2025
Richard T. Hendee, Editor
The Silver Fox Advisor
“Do You Know Your Banker and Does That Banker Know You?"
When was the last time your banker was at your place of business, either on his or her own or by your invitation? Your banker can be a great business advisor and advocate, or one of your biggest problems. However, you can control how your experience goes with your banker by maintaining contact with him or her and driving the relationship.
Bankers all have sales call quotas that they have to meet, and many of them focus their sales call efforts on prospects or potential new customers. But usually, sales calls on their existing customers also count in achieving their monthly goals.
Inviting your banker to your place of business and giving that banker a tour of your operation, and providing an overview of your business processes and strategies, can be one of the greatest beneficial investments of your time you will probably ever make.
Bankers hate surprises, and when you have never formally met them, they have never seen your business and you have an immediate problem, like a shortfall in your cash flow because a big customer couldn’t pay an invoice on time, and you need a short-term loan or an overdraft covered how do you think your banker is going to react if that banker has never met you and doesn’t know a thing about your business?
Conversely, in that same situation, if your banker knows who you are, has seen your business operation, and you have provided some financing data to him or her, you are in a much better position to ask for help when you need it.
Further, having been in banking for more than 45 years, I have always enjoyed meeting and visiting my clients at their businesses. I learned a great deal about a lot of different businesses and frequently was able to provide the business owner with a solution to some issue that further cemented the relationship I and the bank had with that customer. In addition, I received numerous referrals from my customers of business owners that my customers knew because of relationships I developed with them.
One final point I will share is that if your banker knows you and your business and you have a loan request that has to go to the bank’s loan committee, your banker becomes your voice at the table with other bankers who will all be making decisions on your loan request. Wouldn’t you rather have a banker representing you who knows you and your business so they can answer questions that may be asked with authority, instead of I don’t know, but I can find out? Trust me, have sat on many, many loan committees, and you want your banker to have a good understanding of you and your business if you want a positive decision on that loan request.
If you need help with developing a relationship with your banker, I would recommend you seek an experienced business advisor, coach, consultant, or mentor with a financial or business background for your business: Contact a Silver Fox Advisor. Remember, having experience on your side always helps.
We encourage you to visit our Website at www.silverfox.org or www.silverfoxadvisors.com to select a Silver Fox Advisor and also to learn more about the Silver Fox Advisors and their businesses, as well as our great programs and community outreach endeavors.
Business Tips From the Editor - "I Have Great People"
BUSINESS TIPS FROM THE EDITOR
October 2025
Richard T. Hendee, Editor
The Silver Fox Advisor
“I Have Great People"
Recently, I ran across a great response made to a question asked of John B. Campbell, one of the leaders in the flooring industry. Mr. Campbell was asked the question – “What is the secret to your success”? Mr. Campbell’s reply was – “ I have great people”.
Over my 45-plus years advising, consulting, and mentoring small and mid-size businesses, I have noticed that the companies where the ownership did not try to do everything themselves but hired great people to run various aspects of their businesses, those businesses have been able to grow into very, very successful businesses.
When you are just starting out in business cash flow is usually very tight, and one can simply not afford to hire a CFO, COO, CIO, or General Manager so the owner has to do it all. But as the business grows, you need to know when to and have a plan to give up functions to great people and let them manage that piece of the business, as you become more of the face of the business and the visionary.
Many small business owners are reluctant to give up their authority to someone else thinking that the employee will take all the information learned and jump ship and go to another company or start a business of his/her own to compete with you. If you have that kind of person on board, then I would say you need to find a different person, treat that employee right and make him/her feel she/he is building something with you and not for you.
At one point in my career, I had responsibility for nearly $2.0 billion in Company assets and had over 250 people working for me. There is no way I could have done that if I tried to do everything myself. Instead, I had eight great people who had various areas of responsibility, and I let those managers run their respective assigned areas. They all knew I was not going to micro-manage, nor was I going to look over their shoulders. If they needed help, they all knew that they could ask for it, and we would work on whatever the issue was together.
Mannington Mills was founded, and is still headquartered, in Salem, New Jersey. In 1915, John Boston Campbell wanted to start a business with his sons Neil and Kenneth so he could keep his family close by. Now, generations later, the company is led by Chairman of the Board Zack Zehner (John Boston Campbell’s great-great-grandson) with several family members also involved in the business. Mannington associates, over 3,500 of them across the globe, comprise the larger Mannington family, all of whom still operate under the same mission that was set forth generations ago: To Be the Best People To Do Business with in The Flooring Industry.
If you need help with assessing or make a decision in your business about hiring or promoting great people, I would recommend you seek an experienced business advisor, coach, consultant or mentor with a financial or business background for your business: Contact a Silver Fox Advisor. Remember, having experience on your side always helps.
We encourage you to visit our Website at www.silverfox.org or www.silverfoxadvisors.com to select a Silver Fox Advisor and also to learn more about the Silver Fox Advisors and their businesses, as well as our great programs and community outreach endeavors.
