When ROCG works with a client to plan and implement a business transition, the client’s trusted advisors are crucial to the process. And a foremost team member is the banker/financier, because you are proactive in identifying and qualifying the business owner for transition.
As the transition plan unfolds, you provide most or all of the financing solutions. You are also likely to point out the other bank resources that relate to retirement, estates, trusts, investments, insurance, contingency planning, etc. That’s where partnering with ROCG can leverage your strengths and help you preserve and enhance your business relationship. By identifying a business owner who is considering transitioning his/her business, you can call upon ROCG, the business transition specialists, to provide guidance and a plan for success.
It is needless to reiterate that losing a client is a costly event. In your competitive environment, the price of acquiring a new client can be ten to twenty times that of servicing and retaining a happy client. Retaining the client through the transition process is the objective you want to work towards.
Allow us to make the obvious obvious. Being involved at the transition planning stage with ROCG allows you the opportunities of targeting both seller and buyer who will be using your bank’s services. And this often happens long before the situation reaches the transaction stage. That is why you should get ROCG involved from the ground floor. The results will be better for all participants.