Today on the Stride 2 Freedom podcast, we sat down with Alan Chaffee, the Founder and CEO behind Turning Point Consulting, to talk about how businesses can best prepare if they are going to have a run-in with their banking partner (e.g. breaking covenants). While Turning Point is an expert in turnaround situations, they also provide fractional finance leadership (CFO level support). Turning Point is based in Seattle, Washington and I’m proud to highlight their great work on this podcast.
Firms like Turning Point are here to support small to mid-sized businesses, bringing stability and clear-headedness in times of turbulence and showing a path forward toward financial health. And of course, this year many of us are feeling the heat. Alan and his team have done a great job acting as an ally for their clients that find themselves breaking bank covenants, helping them work out solutions with their lenders. So today, we want to help you understand how you can put a plan in place and ease both you and your bank’s nervousness.
In many cases, clients come to Alan and Turning Point to fix key problems surrounding a failure to execute their business plan. Whether they have yet to execute it or the business plan isn’t thought out very well, somewhere in the midst of forging ahead they’ve failed to achieve what they set out to do in the first place–and now the bank is knocking on their door. From there, the goal is to rebuild trust between the company and the bank, and that’s where Alan’s team works their magic: finding ways to increase cash flow, increase communication with lenders, rebuild trust, and find a solution that works for both parties.
For business owners, it’s a no brainer that having a steady relationship with your bank is incredibly important… but it’s fair to recognize that when the weight of financial stress weighs in, owners can become overwhelmed and lose sight of where they need to refocus. But understanding how to build and maintain a healthy relationship with your lenders is a skill every business owner should have in their tool belt. Enjoy the episode!
Who should I interview next? Please let us know.
In this Freedom Speaker Series episode with Alan Chaffee, you will learn:
- Why it’s important to build rapport with your lenders
- How to build trustworthiness and maintain a good relationship with your bank
- What you need to know about navigating financial relationships in the Covid-19 era
- Why developing a great CFO is especially important to business financial health
We are fortunate to have Alan available to spend time with us on this edition of Stride 2 Freedom. If there is a speaker you’d like us to interview, let us know. Stay well. Stay safe. Stay healthy.
Show Notes and Links From Episode:
Alan Chaffee LinkedIn
Turning Point Consulting
Episode Transcript:
Podcast Transcript: Alan Chaffee Sometimes You Just Have to Work It Out!
