The Exit Plan Show exists to help business owners vet and choose advisors in a variety of disciplines to help them create a seamless “exit plan” for their businesses. This includes goals such as growing a company, transitioning the business to new ownership smoothly, and retiring well.
I have often run into business owners who are confused about how their bank assesses service charges on their accounts. Most banks have a version of “account analysis” that determines what monthly charge, if any, will apply. The account owner is given a monthly “account analysis” statement, which sometimes mystifies more than it informs. Sometimes it is just not clear what a fee is really for.
Topics: Bank Customer Tips
The cash flow cycle in a business can be a lot like the workings of a four-cycle engine. Before an engine can produce any power, it must first consume energy. The fuel mixture must first be compressed in the cylinder. Similarly, a business needs an input of capital and labor before it can produce any profits.
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CEO Ed Lette has announced the addition of Ivonne Villegas to the Business Bank of Texas team to lead in treasury management and deposit related services. “As more businesses discover the unique value that the bank has to offer, we have seen our customer base grow tremendously,” said Lette recently. “The addition of Ivonne will help us to further improve our quality of service and keep up with the demand.”
Since the Federal Reserve Bank effectively lowered short term interest rates to near zero in the wake of the Great Financial Crisis, savers have been feeling the pain. The yield on risk-free investments in treasury securities and federally insured deposits has fallen below the rate of inflation, and many savers have given up and parked their money in money market and savings accounts where the annual earnings may not cover the price of a good lunch.
Let’s face it, if your business account has money in it, there are people who want it. They will figure out whatever way they can to take it away from you. While you're busy 24/7 providing superior customer service or cranking out the world’s best widgets, there are folks who have nothing better to do than think up ways to separate you from your hard-earned money. We could be talking about folks who are thousands of miles away, or they may just as likely be inside of your organization.
Modern athletes know it's important to constantly monitor vital signs, managing pulse rates and breathing to optimize their performance. High performing business managers know that business activity also has a daily pulse and periodic rhythm. To optimize financial performance, these must be measured and analyzed in business like they are in athletics. You just need the right tools for doing so.
In 2009 hackers stole the online banking credentials of Choice Escrow and Land Title Company of Springfield, Missouri and ordered a $440,000 wire transfer to a bank in Cyprus.