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Compliments from the
Credit Department
I was recently on-site with an independent finance company and the credit manager provided the following compliment regarding a newly hired originator. The originator was hired to solicit business from a new vertical which the credit manager had little previous experience. The credit manager admitted that he was apprehensive about the company funding transactions in this new sector, and not very optimistic about the potential success. The newly hired originator mitigated the credit manager's trepidation by taking the following steps:
- The newly hired originator provided the credit manager with a comprehensive write-up on the new sector. The report included both positive and negative aspects on the industry, the equipment, and specific transactions that the originator had funded in the past. The report included statistics provided from the sector's prospective and lenders that had long-term experience funding the sector. This report was well thought-out and presented before any transactions were submitted.
- The newly hired originator provided the credit manager with contacts (other credit professionals) who had experience servicing this sector and who were willing to share their experiences.
- The first few transactions submitted by the newly hired originator were extremely complete. The originator anticipated the credit department's questions and provided the necessary data to satisfactorily answer each.
- The newly hired originator invited the credit manager and an analyst to join him on several vendor and end-user meetings. "See is believing."
The newly hired originator developed a win-win relationship with his internal credit department. The credit manager was appreciative of the originator's patience and professionalism in educating him and his department about this new sector. Everyone within the company is excited to enter the new sector from a position of knowledge and strength.
Teamwork
This "Sales Tip" is provided by Wheeler Business Consulting.
Comments, questions, and suggestions regarding
weekly tips are welcome.
Phone: 410-877-0428
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