5 “Do’s” and “Don’ts” of Networking With Business Bankers to Find a Great Business For Sale

Business bankers can be an excellent resource in networking to find a great business for sale. Bankers will have great relationships with their business clients and they will know which businesses have great potential. A business banker is also highly motivated to help sell a business or help find a new business buyer because they know they will help retain the banking relationships after closing.Here are a few tips to use when networking with business bankers to find a business for sale.1. “Do” -Provide Business bankers with a letter of interest or a letter of intent from your accountant – A letter stating that you are prequalified for financing and that specifies your criteria in a business will get your local business banker’s blood pumping. Business bankers are always seeking to retain existing corporate accounts and find new ones. In the letter explain that you would be willing to retain the services of the business banker after the closing.2. “Don’t” – Ask your Business banker to refer you to a business for sale – The traditional business or commercial banker relationship with their clients is simply one of anonymity. I have tried to get “dirt” from several business bankers only to find that they will stay true to keeping their clients information in confidence.3. “Do” – Ask your business or commercial banker if they know of any potential acquisition opportunities – Obviously any business banker worth his or her salt is not going to give you information on the company – however a good relationship builder will want to service his clients anyway he can. This may include taking your Letter of Interest (or Intent) and handing it to one of their existing clients.4. “Don’t” – Put all of your eggs in one basket when working with Business bankers- Networking is a game of relationships and numbers. It’s a good strategy in business to have as many good contacts with good business or commercial bankers as possible. Keep a rolodex or database of all of these individuals. Make a point to follow up with these people at least once every 3 months. Ask what types of loans their banks are approving and one what criteria. Too often business owners develop one really strong relationship with one bank, and when that bank declines to loan them money they end up in an absolute crisis.5. “Do” – Network with Business or commercial bankers outside of your geographical area. Most of the time the really good opportunities require that you drive or fly a distance to get them. If the deal is good don’t be afraid to travel, commute or relocate to buy a business. Business bankers in your particular geographic area frequently get to know several other representatives in different areas. Incentivize business bankers to look for you.

Automotive Advertising Agencies Use Internal Marketing Vs Conventional Or Digital Advertising Plans

Today’s automotive advertising agencies must be increasingly resourceful to provide more for less in a struggling economy. The dictate from their auto dealer clients is to sell more new or used vehicles and it isn’t limited to any particular media or creative message. In order to survive the consolidation in the auto industry automotive advertising agencies must acknowledge that automotive advertising is not limited to conventional media — like Radio, TV, Newspaper, Direct Mail, email campaigns or even Internet SEO/SEM marketing plans. It starts with the fact that we have to do business with our friends because our enemies will never call us!Internal marketing efforts include networking to preferred vendors and area businesses — especially their employees in need of transportation and their company vehicles in need of service and or replacement. Also, point of purchase merchandising between departments designed to cross market to existing customers is more cost effective than conventional or digital advertising investments targeting strangers. Service sells cars, and vice-versa, so showroom boards offering inter-department promotions in all departments and areas of customer contact — like the cashier — is a staple of any internal automotive advertising plan.In addition, incoming inquiries — specifically emails — and how they can be most effectively used as part of the auto dealer’s extended automotive advertising plan should also be considered by any full service automotive advertising agency who wants to earn their fees. Every contact should lead to the second, and of course to the eventual sale. Internet shoppers are looking for enough information to make a buying decision, much like showroom visitors. Human nature survives intact on the virtual showroom and it must be woven into the fabric of all communications, online or in person. A good salesperson recognizes that he can’t sell anything. The real goal of a professional salesperson is, or should be, to share enough information to help their customer’s make a buying decision.Here are a few tools or best practices that I use to allow my dealer’s clients to discover additional information through their email replies:1) Start with information overload in your initial reply. Avoid auto-responders and customize your first reply to answer not only the question that was asked, but also an offer to provide questions and answers that should have been asked. For example; Would you also like to look at a vehicle with more or less equipment and a certified pre-owned, (or new vehicle if they started with used), along with suggested down payments and various payment plans to fit your budget? Asking where they plan to service their vehicle and some value added service information is also good information; service sells cars!2) Attach or embed video messages in your email reply featuring available product demonstrations, copies of your relevant advertisements, links to dedicated micro-sites or landing pages within your website, chat dialogues or click to call software applications, (yes, they are available to be added to your email as a link) and other conversion tools to elevate the email to a personal contact or appointment to gather additional information. A pen pal is nice, but the sooner you elevate the relationship to a person and a voice — online or in your showroom — the better your chances are to cut through the clutter of the two or three other dealers that your email pen pal is dealing with.Building in a pro-active conversion tool to your emails, like Argistics AutoTransaXion that offers a two way video customer chat program, will help to direct your website visitors — who often initiate the email — to a more productive initial inquiry with more controlled results leading to a sale.3) Initiate an automatic system to follow up all inquiries in a timely manner — usually less than five minutes to keep up with today’s fast paced Internet shopper. Do not use auto-responders! Initiate a contact that integrates into your CRM application — I assume that you have one if you are still in the auto business and reading this article — that will follow up with additional information that you just thought of or even an elevated email from the manager asking if they got all of the information that they were looking for.4) Obviously, I believe in providing as much information as possible in my client’s email responses and price is an issue that should not be avoided. People like to do business with people that they like and if they recognize that you are trying to help them by answering their obvious and anticipated question regarding price — before you start pressing to sell them a car — they will be more likely to like you! Customers have unlimited access to pricing information on the World Wide Web and auto dealers must accept that they are not the only source for this information. Automotive advertising vendors like FirstLook, vAuto, eCarList and AAX offer applications that allow auto dealers to resource the Internet along with their customers in real time to insure that their initial quote is competitive so there is no excuse for the auto dealer to not go first.In addition, new third party inventory based websites — like ronsmap scheduled to launch their platform in 2010 — will be offering auto dealers Internet leads that include comparative models and competitive pricing information that the customer has found on the Internet before they approached the dealer for a quote. These Intelli-Leads sourced from equally intelligent applications offered by ronsmap including their SellersVantage and vBack products exemplify the fact that price is not a problem for the educated auto dealer willing to do business with the newly empowered customer shopping on the Internet Super Highway.Automotive advertising agencies that accept their new job descriptions and areas of responsibility to sell cars in a down market must turn to internal marketing plans integrated into comprehensive selling systems and processes that will maximize the R.O.I. for their auto dealer clients’ automotive advertising dollars. It is no longer enough for automotive advertising agencies to stop at the front door of the dealership. They must take responsibility to do whatever it takes to sell a vehicle and that includes their participation in developing selling processes that integrate their auto dealer client’s virtual online showroom with their brick and mortar facility. One way to accomplish that goal is through the use of new Internet based technologies that link the dealer’s existing customer data base to their ongoing marketing efforts.

Crypto Currency Vs Fiat Currency

Crypto currency vs. Fiat currency

Are you aware of the fiat currencies and the crypto currencies? They both are currencies in one form or the other and are open for public use across the world. But they are both different and distinct in their own ways. There is always one group that favors the use of cryptos, while the other has a soft corner for the fiat currencies.

In cashless society- crypto money play a huge role

If you have a look at the market of the 1970s and 1980s, you will find that the cash played the dominant role. But, with the change in the technology, electronic transactions have become the usual norm. Today, more and more people are influenced in becoming the cashless society. With the progress towards the cashless society, cryptocurrencies have a big role to play.

Crypto currency and fiat currency are always at loggerheads

Cryptocurrency and fiat currency are popular types of digital currency, especially when it is about an online transaction. They both are currencies currently in use in the market but have some differences in them. There is a hell lot of hypes that you will hear on a daily basis comparing the crypto money and the fiat money. This article will highlight the difference between the two in a more comprehensive and clear manner.

Differentiating in what the currencies stand for

Before going for the difference between the two, you must understand what do they stand for and how are they are defined.

The fiat currency is a legal tender that has the support of the central government, and it operates in the physical form. For instance, US dollars, British Pounds, Euro etc. On the other hand, the crypto currency is a non-legal tender, and doesn’t have any backup from the central government or bank.
Hence, the difference between crypto currency and fiat currency is noted as follows:

• Crypto-currencies are decentralized and global in nature. There are no one entity or government that controls the currency with their laws and regulations. The Fiat currency is centralized, under the control of the laws and regulations of the banks and government.

• Crypto-currencies have their existence only in the digital domain. On the other hand, you will find that the fiat currencies have a tangible and physical existence.

• There is a limited supply of crypto-currencies with a maximum set of them getting supplied in the market. Whereas, the fiat money has an unlimited supply as the government and bank are entitled to produce coins and paper money whenever the situation is required.

• The Bitcoin and other crypto type currencies are created by the computers, while the fiat currencies are issued by the local government and the banks.

• Cryptocurrencies are presented as the public and private code pieces. On the other hand, the fiat currencies are presented in the form of coins and paper money.

• The value of the crypto currencies is not recognized by the supply and demand of the market. Whereas, the fiat currency value is determined by the market regulations of supply and demand.

The different types of crypto and fiat currencies

In the last one decade, the popularity of crypto type currencies has emerged as a huge success. It was in 2009, when Bitcoin was first introduced, and years after several other types of crypto currencies have emerged. Starting from Litecoin. Dogecoin, Ripple to the Dcash and Zcash, there is a plethora of them. On the other hand, the fiat currency has a rich and ancient roots, with the Great British Pound, that dates back to 775 AD. It is considered as the oldest currency in the world that is still in use.

The differences in the anonymity between the two currencies

When you are using the fiat currencies, you need to undergo a user identification or verification process. You are asked to upload a recent picture of yourself and some of the required documents to be issued as per the public authorities. You don’t need to undergo any of the required processes with the crypto currencies. Though your personal information and confidential details don’t get public, but all your transactions are recorded and tracked in both the fiat and the crypto currencies.

Fiat currency vs crypto currency: transparency level

• The transparency level with the crypto type currencies are considered to be more. This is because the revenue streams are displayed in a public chain. Everyone can witness their own and others’ transactions.

• The fiat or govt. currencies are not transparent, as there are not public chains to see the revenue streams of the people.

A comparative historical roots

If you compare the crypto money with that of its counterpart, fiat or government currency, you will find that their existence and creation brings the difference. The Fiat or government currency, dates back its existence as early as 775 AD with the introduction of the Great British Pound. This is why fiat type currency is easily accepted by the people all over.

On the other hand, the crypto coin was perhaps first introduced only a decade ago, with the introduction of Bitcoin in 2009. The challenge that the Bitcoin and other crypto currencies face is catching up with the immense popularity and increasing fan base of the fiat currency. Crypto currency, is no doubt gaining importance and popularity in the economic market, but it has still not been accepted widely in the society as the fiat currency.

A comparative history of the two currencies:

• It was in the 11th century, when the Chinese Song dynasty was perhaps the first one to issue the paper money. It was not allowed to exchange with valuables like gold and silver or silk.

• There were Tally sticks that were introduced as a fiat or government currency. 1100 Tally sticks were introduced as a combat for the shortages in gold.

• 1971, was the year, when the fiat currency received a worldwide recognition. President Nixon introduced it in order to eliminate the dollar pegging system to gold.

• It was in 1998, when the idea of an anonymous electronic cash system emerged by Wei Dai. Bitgold-the very first crypto currency was created by Nick Szabo, but it didn’t receive as much attention as Bitcoin.

• In 2009, Bitcoin was introduced in the market, that became the first crypto currency that was accepted across the globe. In 2011 and after, a series of several other crypto currencies were introduced. Some of the popular ones include, Litecoin, Dogecoin, Ethereum, Ripple, Zcash, Dash and so on.

The traits of both the currencies

The potential of the crypto type currencies and fiat currencies, accessing their traits is important. You will find that in some of the criteria, Bitcoin and other crypto currency is superior than the fiat or government currency, and in some cases, the latter surpasses. It is absolutely your call to choose the type of currency (crypto type currency or fiat type currency) based on your personal needs and requirements.

Let us compare their traits with respect to certain factors.

• Both the crypto coins and fiat type currencies are interchangeable in nature.

• As per the portability is concerned both the currencies secure more or less the same position.

• With respect to the non consumable criteria, crypto currency and fiat type currency have the equal status.

• Crypto type currencies have high durability as compared to the fiat-currencies that have moderate level of durability.

• Both the crypto or virtual currencies and the fiat or government currencies ensure secure and safeguarded transactions and exchange.

• Crypto or digital currencies are highly divisible in nature. On the other hand, the fiat type currencies are moderately divisible.

• In terms of the transaction process, the crypto currencies are easy and hassle free. Whereas, on the other hand, the traction process associated with the fiat currencies are easy, but not like the cryptos.

• The crypto based currencies are decentralized and global in nature, unlike the fiat currencies that are centralized and functions under the laws and regulations of the government.

• The crypto based currencies have high scarcity, where as, the fiat currencies are unlimited as the government can issue coins and paper money whenever there is a need.

• The crypto based currencies are based on mathematical algorithms, and are programmable. The fiat currencies are not at all programmable.

• The fiat currencies are sovereign in nature, while the crypto currencies are not.

The process of the functioning of the currencies

You can find the significant differences between the crypto or digital currencies and the fiat currencies with the way they both operate and the transaction process that take place. They are contrasting in nature. The transfer of money using the Bitcoin is very quick, and you absolutely don’t need any third party association.

On the other hand, if you are involved with the money exchange using Fiat type currency, a mobile wallet is in use. You can exchange an amount of e-money that gets transferred into the equal e-value amount. Both the fiat and the crypto currencies enable you to purchase everything that you desire. But the processes involved are absolutely distinct from each other.

Depending on the things you purchase, you will find that one currency form is better than the other. This is absolutely your choice.

Is Bitcoin, a crypto currency better than the fiat-currency?

The long term benefits and the capability of the Bitcoins is still not established. But it has been predicted by the crypto currency gurus and experts, that they will go a long way, especially revolutionizing the way the online transactions are done. In the current market, the Bitcoin is mainly included in the online casinos and the gambling, but it is not limited to it.

Furthermore, when you compare the fiat currencies, the Bitcoin allows you to seize the power and authority from the banks and the government since it is not controlled. The cryptography based currency has the capability to create or come up with the free market capitals. Fiat currencies are affected by the inflation and the changes in the market, unlike the crypto based currencies. Such aspects make individuals believe that cryptograph based currencies will soon take over the mainstream currencies and bring a transformation in the way the money is used.

Why is Bitcoins considered to be a better aspect than the fiat type currencies?

• Bitcoin gives you the opportunity to re-create a free market capitalism.

• The power of controlling the money is absolutely with the individuals, and not with the banks like the fiat type currencies.

• When there is an inflation, the Bitcoin is not affected. But the Fiat type currency will be easier to lose and get affected by it.

• The Bitcoin currency is easy easier to exchange and transfer as compared to the fiat or government currencies.

• The transaction fees involved with the Bitcoin are way cheaper and easily affordable.

Crypto currencies seem to be a favorable option among the people

The fiat type currencies are the centralized and legal way of exchanging money. But, the crypto currencies have acquired immense popularity in the past few years. There will never be anyone who would act as a middle man, like the case with the banks. Moreover, the cryptos are way cheaper and less expensive that the conventional fiat currencies.

Send money anywhere directly without waiting for the bank’s approval

You can send money to anyone in the world directly, and it is super fast. The money gets cleared within a few minutes time. You don’t have to wait for the traditional clearing and verification processes of the banking systems, which might take up to several days to get a clearance. Since it is decentralized and doesn’t come under the law and regulations of the government, nobody has any power to do anything with your account.

The blockchain technology has a very big role to play

Thanks to the crypto currencies, that gives us the power and the authority to become our very own bank, and take control over our finances. It is because of the blockchain technology that offers a higher level of sophistication while dealing with the finances. In fact, there are some mainstream financial industries that have started incorporating the idea of the technology.