[Michael I]

Wow Andy . Don't step on the nicest guy on this forum

[Funder Mark]

Wow Andy . Don't step on the nicest guy on this forum

If Zach is the nicest guy on the board, (very likely) who is the least?

[FUNd]

If Zach is the nicest guy on the board, (very likely) who is the least?

I would like to self nominate.

[John Galt]

wouldn't that be like "inseminate".

[FUNd]

wouldn't that be like "inseminate".

John, stop being such a dirty old man.

[John Galt]

Yes " viejo verde"

[KTK]

Wow Zach he jacked your style bro

[jotucker1983]

Plagiarism just isn't cool lol, it's much better to just reference the original author of the post or just take the time and create your own original work.

[brokerCompany]

Plagiarism just isn't cool lol, it's much better to just reference the original author of the post or just take the time and create your own original work.

I agree plagiarism is not only not cool but just so unprofessional. But perhaps some people were not taught in high school how to use APA style of writing. You need to know how to how to write references and citations correctly cut and past is so sad.. Even our POTUS and those in academia have been known to plagiarize.
These things are just not taught in school anymore.

[dailyPLUNDR]

Zach, just wanted to say that as a NKOB I have found your posts extremely helpful. Hope that this debacle doesn't stop you from sharing your insights in the future.

A few of you have referenced sales books. There are many different sales methodologies that are pretty mainstream at this point. Does anyone recommend a particular one? SPIN selling? SNAP selling? If so what specific resources have you found helpful?

Someone also mentioned grammar books. Any specific recommendations there?

--A Hungry NKOB

[Zach]

Zach, just wanted to say that as a NKOB I have found your posts extremely helpful. Hope that this debacle doesn't stop you from sharing your insights in the future.

A few of you have referenced sales books. There are many different sales methodologies that are pretty mainstream at this point. Does anyone recommend a particular one? SPIN selling? SNAP selling? If so what specific resources have you found helpful?

Someone also mentioned grammar books. Any specific recommendations there?

--A Hungry NKOB

1. The Psychology of Selling by Dr. Brian Tracy
2. SPIN Selling
3. Go For No
4. The Challenger Sale
5. The Best Salesman In the World
6. Think and Grow Rich
7. Anything from Geoffrey Gitomer

I have a few dozen sales books but those are the dearest to my heart.

#1 and #2 are the most valuable.

Also, audio CD's or mp3's are very useful for long commutes.

[John Galt]

Surprised you don't use Gladwells' books like "tipping point" or "what the dog saw" or"blink" which will change your life forever. That was why he was appointed to the Order of Canada and why he still writes for the New Yorker.

[John Galt]

Seriously for the kids: Brian Tracy, Zig Ziglar, Charles Green, Robbins, Thull, .....all for the youngers. But as you get older you want to understand the psychology of how people think, how to get thru the gate keeper, what makes people jump......like I said use Gladwell. Not meaning to sound pompous but everyone in sales has done the Carnagie bits....gotta mature from there.

[John Galt]

It's become "Soylent Green" for the MCAs. (Overcrowding, redistribution of resources, artifical nourishment).

[KTK]

The Magic of Thinking Big - Schultz

[John Galt]

magic of thinking big was Shwartz not Shultz who preceded Haig in the Nixon admin unless I am confused. Shultz was also a great author and an economist as well as sec of T for us.

[John Galt]

Think there was a "Shultz" in Hogans Heroes too. A 70s comedy. LOL. "I See nuthing"!.

[KTK]

iPhone spell check, sorry. It's been one of my fav's for over a decade

[John Galt]

Tell Siri to back off.......been there lol.
Mine too.

[John Galt]

PPS: Shultz is still alive (I think) and famous here in Miami for economist views, Cuba views and yet little known as a Princeton Grad, Yale professor, Treasury Prof, Diplomat etc.....at least for some of us. Was sec of state, labor and Treasury.

[MCNetwork]

Since this thread has gotten off topic for a while I thought I'd contribute a sales tip.

LOVE THE SALESMAN, LOVE THE COMPANY

Every pitch should include phrases that build the salesperson's credibility and that of his company. You are looking to sell yourself and the value of having a relationship with your company so this should be emphasized during your call. Not every deal will be won on factor alone. If you can convey the intangible benefits of dealing with you and your company, you can win the deal even if your factor is higher than your competitor's. A good salesperson can win with price; a great salesperson can win by selling value.

[jotucker1983]

Not every deal will be won on factor alone. If you can convey the intangible benefits of dealing with you and your company, you can win the deal even if your factor is higher than your competitor's. A good salesperson can win with price; a great salesperson can win by selling value.

Can you give me an example buddy lol?

So the client is a restaurant, with 650 FICO, clean banks, no liens, no outstanding MCAs, no prior bankruptcies, no issues with their landlord, 3 years in business and doing $500,000 a year in sales. Prefers a quick turnaround of 6 months.

Broker A: Offers $30,000 on a 6 month payback, with a 1.35 factor as a merchant cash advance from a company that is doing the underwriting process mainly by manual review which means the process will take longer.

Broker B: Offers $30,000 on a 6 month term, with a 1.18 as an alternative business loan from a company that has majority of the underwriting process automated so that the closing process takes about a day.

Can you give me an example of what Broker A is going to say, to convince said merchant to use him over Broker B? I agree with you that it's not just about pricing, it's about the entire scope of the deal, but what could Broker A possibly say to win this deal from Broker B?

[FUNd]

Can you give me an example buddy lol?

So the client is a restaurant, with 650 FICO, clean banks, no liens, no outstanding MCAs, no prior bankruptcies, no issues with their landlord, 3 years in business and doing $500,000 a year in sales. Prefers a quick turnaround of 6 months.

Broker A: Offers $30,000 on a 6 month payback, with a 1.35 factor as merchant cash advance from a company that is doing the underwriting process mainly by manual review which means the process will take longer.

Broker B: Offers $30,000 on a 6 month term, with a 1.18 as an alternative business loan from a company that has majority of the underwriting process automated so that the closing process takes about a day.

Can you give me an example of what Broker A is going to say, to convince said merchant to use him over Broker B? I agree with you that it's not just about pricing, it's about the entire scope of the deal, but what could Broker A possibly say to win this deal from Broker B?

No, you're right John. If it's an apples to apples comparison like that, then there is nothing that can really be said. However, if you have the relationship built and the rapport, the client should not be shopping you at all. They should believe you have the best deal in town demonstrated by your confidence and expertise, right? Like buying that new Lexus from a guy you really like. It's priced at $68,500, but there's one exactly the same across town, priced at only $65,000. You love the guy you're dealing with, the price of $68,500 isn't ridiculous and is within reason. You buy it, and never even bother to find the lower priced vehicle because you are comfortable and enjoying the process with your current salesperson.

[jotucker1983]

FUNd,

Yes, see the car example has the price in the same "range" and the car salesman could throw in some extra oil changes, tire rotations, etc. to even help even out the costs.

The issue within our industry (from my perspective) though, is that you have large broker houses who are spending a ton of money on marketing, thus, they have to remain very profitable on deals. So they will seek out 10 points on a deal or something similar.

So take that A paper client example I just provided, instead of pricing them at A paper, they price them like they are C paper so they can maintain their 10 point plus spread.

When the agent of that Broker house informs them that the merchant got the competing offer from Broker B, the Broker house will just "shame" the agent saying that if they are a quote, unquote "good salesman" then they should be able to "close", despite the fact that the offer isn't competitive and is significantly inferior to the competing offer.

I find a lot of sales companies operate like this, which is one of the main reasons why I decided to only participate in sales on an independent basis, so I'm not victim to insane practices like this lol.

[MCNetwork]

Can you give me an example buddy lol?

So the client is a restaurant, with 650 FICO, clean banks, no liens, no outstanding MCAs, no prior bankruptcies, no issues with their landlord, 3 years in business and doing $500,000 a year in sales. Prefers a quick turnaround of 6 months.

Broker A: Offers $30,000 on a 6 month payback, with a 1.35 factor as a merchant cash advance from a company that is doing the underwriting process mainly by manual review which means the process will take longer.

Broker B: Offers $30,000 on a 6 month term, with a 1.18 as an alternative business loan from a company that has majority of the underwriting process automated so that the closing process takes about a day.

Can you give me an example of what Broker A is going to say, to convince said merchant to use him over Broker B? I agree with you that it's not just about pricing, it's about the entire scope of the deal, but what could Broker A possibly say to win this deal from Broker B?

Haha a 17 point difference is a tough hurdle to overcome! Regardless, this is how I'd approach it. Keep in mind, that I'm going to throw in some assumptions about the various lenders that the brokers are dealing with in order to make this work

"So Mr. Merchant, I agree that my rate is much higher than my competitor's but let's take this into consideration. The funder I'm working with, XYZ Advance, is an up and coming company in the cash advance space. They fund over $15 million per month and they can go up to $500K per location. Your business is continuing to grow and when you get to the next level, this relationship will be valuable to you as you seek to expand. I've been working with them for 5 years and my clients couldn't be more thrilled with them. Their renewal policies are extremely flexible and you can get additional funds in as little as 60 days. In addition, I can provide you a generous prepayment schedule where you can save up to 50% on the cost of funds if you can pay this off within 90 days. Let's face it, you're entering your busy season so I think it would be beneficial for you to take advantage of this option.

Now my competitor, Goliath Funding, does have lower rates but here's the thing with them. They are a mostly automated shop, so if you have customer service issues you'll run into problems. You're just a number to them because they are the 2nd largest company in the industry. Not only that, they can't do more than $150K on an advance so when you grow you'll be capped at this level if you need more financing. Also, in order to renew with them, you have to be 50% paid down whereas with my guy, you only need to be 30% paid down. So in the end, I can get you more money, more often, with my funder than with Goliath Funding. Not only that, have you read the news lately? Goliath Funding went public not so long ago and their stock has been collapsing. I'm not sure that this is the long-term horse you want to bet on. My lender, XYZ Advance, is privately funded and financially strong. This is an impeccable company to get involved with.

Mr. Merchant, I ask you to look at the forest from the trees and work with me and XYZ Advance. I've been working tirelessly in financial services for over 10 years. I've build a reputation as being a hard worker and I fight for all of my clients. I work weekends and you can call me 24/7 if you have any issues. I'm here to build a long term relationship with you and your success is my success. I only ask that you give me this opportunity to show you what I can do for you. So let's start this relationship and turn your company into a $2 million business within 4 years!"