The Long Haul

Sometimes for something to be done right, you have to be patient.

Many clients expect a fast solution to their debt issues.  They hear that sometimes the SBA comes back fast and sometimes slow and do not really understand what that potentially means.

We explain that sometimes the best strategy is simply to wait and other times it is to pressure the banker for a solution to our problem.  Some workouts are bullying the banker, but most are a combination of doing your best to stay on the banker’s side and the finesse of knowing how to handle the situations when you cannot do what the banker wants because it would be detrimental to your client.

I have had a very good relationship with the banker of my most recent success.  There have been moments where we needed to finesse a solution, but on the whole it was a great experience.  Second Wind liquidated the business holding the SBA loan and just today obtained the SBA acceptance on our offer in compromise.  The tact and openness we  employed when dealing with the banker allowed us to finesse other situations, like a tax return the client needs, but the bank has every right to take away.

We kept the client able to live and settled his personal guarantee today for 3.1%.  This was only accomplished through expertise and utilizing time.  The workout took three more months than originally anticipated, but the level of success was worth the wait.  My client’s could not be happier and will get to leave the SBA behind them with 97% debt forgiveness because they were willing to wait through the long haul.

Trust the experts.  After all, as Don always says…

You wouldn’t do your own brain surgery would you?