Volume 8, Number 3, March 12, 2009Creating The Best Relationship
You’ve Ever Had with Your Banker
And Getting The Financing
You Need for Your Business
Speaker Gary Gordon
TUCSON, AZ--CPA and veteran jeweler Gary Gordon shared his financial insights step-by-step for retailers at the Centurion show on January 31. His purpose was to teach fellow retailers how to work with their bankers so their financing requests are met – and even exceeded. Gordon is a third generation jeweler and runs 104-year-old Samuel Gordon Jewelers, Oklahoma City, OK.
Gordon talked retailers through reports, financial statistics and strategies developed over years of practice, many of which are considered daring by some retailers.
“The whole spirit is that you can get away more with honey than you can with vinegar,” said Gordon. “If you give your banker more information than they ask for and pay them faster than what they ask for, then they are much, much more inclined to be on your side.”
He also explained how retailers could create a summary of monthly financial activity to better work with bankers; how to always put their best financial foot forward with honesty and integrity; when to give their banker more information; and the simple tests that a bank performs – and a retailer can perform – to let them know where they stand.
“Retailers tend to treat their bankers like they’re playing a game of poker,” continued Gordon. “We want to eliminate that ‘us against them’ feeling, to get them on our side, to meet the needs of our business.”
Gordon offered many his own personal techniques in the seminar that have worked for him over the years to build a solid and beneficial relationship with his banker. The attendees of the seminar responded well, and many stayed later to approach Gordon with more questions.
Gordon said that he could tell some were hesitant about his techniques but still very interested in how they work, and walked away with quite a bit to think about. The bottom line, he said, is to get the banker to want to help you. To do this, you have to help them.
7 Forms Available for $25 Donation to Jewelers For Children
You can get the seven special financial forms Gordon uses to ensure the best possible relationship with his banker. Click the headline to this paragraph to get the form to make a $25 donation to JFC and fax it to Centurion at 413-683-1333. Centurion will mail you the forms. Those contributing up to $125 will receive the forms as well as a phone consultation with Gordon. Gordon has served on the Board of JFC, and was Chairman of the Jewelry Information Center.
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The Centurion What Jewelers Think email newsletter is published to benefit higher-end retail jewelers, designers and manufacturers of fine jewelry and watches. The newsletter is edited by Howard Hauben and contributors include Gary Gordon, Denise Mignone, Jeff Pierce, Caroline Stanley, John Von Bargen, Steve Yenco, Natalie Zacharia and others. To OPT Out, please email hh@centurionjewelry.com and put Opt-Out in the subject line.
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