Welcome to The BDO Show! A podcast for passionate BDOs wanting to level up their game with advice and stories from battle-tested BDO’s.

Reaching out directly to business owners offers unparalleled opportunities for BDOs to cultivate genuine relationships and achieve superior results.

In this episode, we dive into effective techniques for direct outreach, common pitfalls to avoid, and strategies for maintaining long-term relationships with business owners.

Remember:

• Authenticity Matters - Building rapport with business owners through genuine connection rather than aggressive pitching leads to stronger, more fruitful relationships.
• Strategic Follow-up - Implementing systematic follow-up strategies ensures you're not forgotten and keeps your services top of mind.
• Unique Approaches -Leveraging niche platforms and unconventional methods can help you stand out and effectively reach potential clients.

Please e-mail us any questions, or suggestions for future episode topics at TheBDOShow@ArtofSBA.com

This episode is sponsored by: SBA Protection Quick Close Life Insurance – the fastest, easiest way to secure the insurance protection your borrower needs for their SBA loan.

For more information, visit their website www.sbaprotection.com or email Adam Bergen at Adam@SBAProtection.com

CHAPTERS

0:00 | Introduction

3:32 | The Importance of Direct Outreach to Business Owners

8:53 | Strategies for Direct Marketing and Building Client Relationships

11:59 | Networking and Common Mistakes in Business Outreach

15:20 | Effective Strategies for SBA Lenders to Attract Borrowers

18:33 | Effective Strategies for Connecting with Business Buyers

24:58 | Maintaining and Nurturing Relationships with Business Owners

29:38 | The Power of Authentic Relationships in Business

in today's episode, we welcome Sterling back from his Europe trip, roast Ray Drew's Spreadsheet skills, and discuss building robust relationships with other business development officers (BDOs).

"Relationship building with other BDO's is really probably the secret sauce for my success as a BDO."

Creating a network of fellow lenders can often outweigh even direct broker relationships.

There is tremendous value in being at the forefront of other bankers' minds. When another BDO encounters a loan they can't process—whether due to geographical limitations or specific credit appetite—they can refer it to you if you've established a solid relationship.

This networking isn't just about exchanging business cards; it involves engaging in meaningful conversations about each other's processes, credit boxes, and overall banking experiences.

"Talk to a bunch of different bankers and start to build kind of a banker network."

Continuously nurturing these relationships through lunches, dinners, and genuine interactions helps keep you top of mind, ensuring that you're the BDO they think of when they encounter deals they can't handle.

How do you handle Deal Trading with other lenders? Let us know at TheBDOShow@ArtofSBA.com.

This episode is sponsored by: Peak Business Valuations

Peak Business Valuation works with over 80 SBA bank lenders across the country, performing around 1,100 SBA-compliant Business Valuations and 100 Equipment Appraisals a year.

Those whom we work with label us as fast, reliable, and insightful.

For more information, visit their website www.peakbizval.com or email Ryan Hutchins at ryan@peakbusinessvaluation.com

CHAPTERS

0:00 | Introduction

4:08 | Building Success Through Networking with Other Lenders

12:23 | Compensation and Ethics in SBA Lending

15:27 | Fraud in SBA Lending

19:34 | Legal and Compliance Issues in Deal Trading

25:16 | Building Long-Term Relationships in SBA Lending

32:40 | Building a Lender Network and Knowing Their Specialties

33:46 | Travel, Haircuts, and Spreadsheet Mastery

The views and opinions expressed in this program are our own and/or those of our guests. They do not necessarily reflect the views or positions of our employers.

Selecting the right conference or trade show is crucial for any BDO. Not every conference will provide the same return on investment, and as the speakers repeatedly highlight, the key is knowing your audience and goals.

Aligning your conference participation with your business goals involves several considerations:

1. Attendee Profile: Identify who will be there. Are they your target audience? Is it saturated with competitors?
2. Peer and Competitor Presence: As Hackney notes, seeing competitors at a conference can be both a positive and negative indicator, depending on the concentration.
3. ROI Tracking: Monitor your success from these conferences. Hackney explains, “track it in our LOS. When you get a deal sourced from it, tag that conference.”

We want to know: what are your conference pet peeves?

E-mail us or give any other questions/suggestions at TheBDOShow@ArtofSBA.com

This episode is sponsored by: Rapid Business Plans

Rapid Business Plans is the go-to provider of business plans and feasibility studies for government guaranteed small business lenders.

For more information, or to set up a Get Acquainted call, email Bethany McClellan at Bethany@rapidbusinessplans.com or visit https://rapidbusinessplans.com/

0:00 | Introduction

3:09 | Rapid Business Plans: Empowering Borrowers to Bring Visions to Life

4:11 | Strategies for Choosing and Maximizing Trade Show Attendance

10:01 | From Local Trade Shows to National Conferences in SBA Lending

22:06 | Managing Energy and Building Relationships at Trade Shows

24:58 | Balancing Networking and Professionalism

29:11 | Maximizing ROI and Avoiding Pitfalls

33:12 | Conference Tales: Luggage Mishaps

36:50 | Conference Etiquette and Professionalism in Business Settings

41:34 | Conference Networking Strategies and Memorable Experiences

“Not all production is good production.”

This sentiment is echoed by Alan, Chris, and Ryan throughout today's discussion, especially when dealing with clawbacks—where a loan goes bad or is repaid early, requiring the BDO to return their commission.

Understanding the clawback mechanism can save BDOs from significant losses.

The episode is packed with essential advice for maintaining the integrity of loan portfolios, structuring deals to avoid clawbacks, and nurturing long-term relationships that can withstand economic challenges.

Please e-mail us any questions, or suggestions for future episode topics at TheBDOShow@ArtofSBA.com

This episode is sponsored by: SBA Protection Quick Close Life Insurance – the fastest, easiest way to secure the insurance protection your borrower needs for their SBA loan.

For more information, visit their website www.sbaprotection.com or email Adam Bergen at Adam@SBAProtection.com

CHAPTERS

0:00 | Introduction

3:34 | Understanding Clawbacks

9:14 | Clawbacks' Impact on BDOs

15:28 | The Importance of Knowing Your Brokers and Referral Sources

20:26 | The Importance of Relationships in Loan Management

22:59 | The Importance of Character and Reputation in Business

33:03 | Navigating Business Acquisitions and Industry Trends

35:50 | The Importance of Networking and Experience in Business Deals

42:25 | Listener Stories, Clawbacks, and Podcast Engagement Tips

Welcome to The BDO Show! A podcast for passionate BDOs wanting to level up their game with advice and stories from battle-tested BDO’s.

Being an SBA Business Development Officer (BDO) not only relies on robust financial acumen but also on the right approach and mindset. For those looking to transition into this specialized field, understanding the nuances and strategic preparation can make all the difference.

In this episode, we'll talk about:

• Entryways into SBA BDO Roles
• Preparing for and Succeeding in SBA BDO Roles

...and much more like skills transition and interview tips.

If you're someone looking to make the move into the SBA BDO role and have any questions, let us know at TheBDOShow@ArtofSBA.com.

This episode is sponsored by: Peak Business Valuations

Peak Business Valuation works with over 80 SBA bank lenders across the country, performing around 1,100 SBA-compliant Business Valuations and 100 Equipment Appraisals a year. Those whom we work with label us as fast, reliable, and insightful.

For more information, visit their website www.peakbizval.com or email Ryan Hutchins at ryan@peakbusinessvaluation.com

CHAPTERS

0:00 | Introduction

2:03 | Transitioning to a BDO Role in SBA Lending

4:40 | Pathways to Becoming an SBA Business Development Officer

10:57 | Transitioning Into an SBA BDO Role

21:34 | Transitioning to SBA BDO: Tips and Ideal Backgrounds

29:10 | Pathways to Becoming a Successful SBA BDO

36:00 | Managing Salary Expectations in the Loan Industry

36:55 | Top Podcast for BDO Professionals Discusses Listener Engagement

Welcome to The BDO Show! A podcast for passionate BDOs wanting to level up their game with advice and stories from battle-tested BDO’s. In the fast-paced world of business development, the transition from a high-performing Business Development Officer (BDO) to a manager is both challenging and rewarding. As Chris poignantly states, "If you're the number one producer as the manager, then you failed as a manager." This transition requires a deep understanding of your reasons for making the leap and an honest assessment of your readiness to take on the additional responsibilities. So let's focus on: ➡️Understanding the right management style and fit is vital for both personal and team success. ➡️Transitioning from a top-producing BDO to a manager entails mastering the craft first and checking personal ego. ➡️Avoid title chasing—focus on impact and fit rather than just climbing the hierarchy. Please e-mail us about a time you pushed back on credit or any other questions/suggestions at TheBDOShow@ArtofSBA.com ______________________________________________________ This episode is sponsored by: Rapid Business Plans Rapid Business Plans is the go-to provider of business plans and feasibility studies for government guaranteed small business lenders. For more information, or to set up a Get Acquainted call, email Bethany McClellan at Bethany@rapidbusinessplans.com or visit https://rapidbusinessplans.com/ ______________________________________________________

CHAPTERS

0:00 | The Importance of Effective Management and Personal Development

4:50 | Management Styles and Business Plan Assistance for Borrowers

5:58 | Finding the Right Manager for Career Success

11:53 | Navigating Toxic Work Environments and Finding New Opportunities

16:19 | Different Management Styles and Their Impact on Sales Careers

22:03 | The Journey from Producer to Manager in the Banking Sector

27:55 | Mastering Your Craft Before Transitioning to Management 31:50 | Career Aspirations and Personal Growth in the SBA Lending Industry

33:22 | Advice for BDOs Transitioning to Management Roles

Welcome to The BDO Show! A podcast for passionate BDOs wanting to level up their game with advice and stories from battle-tested BDO’s.

Some BDOs succeed while others fail. Why is that?

BDOs who falter often do so because they are ill-prepared for the challenges they face. Success in the SBA space isn’t just about knowledge or contacts; it's about adopting a flexible approach and pushing through the hard times. Only then can one transform setbacks into stepping stones for success.

The hosts also discuss the power of proactive outreach as well as support and mentorship.

You'll want to stayed tuned on how President Chris Hackney motivates young BDOs to build great habits in their outbound efforts.

Please e-mail us any questions, or suggestions for future episode topics at TheBDOShow@ArtofSBA.com

This episode is sponsored by: SBA Protection Quick Close Life Insurance – the fastest, easiest way to secure the insurance protection your borrower needs for their SBA loan.

For more information, visit their website www.sbaprotection.com or email Adam Bergen at Adam@SBAProtection.com

CHAPTERS

0:00 | Introduction

1:52 | Securing SBA Loan Life Insurance Quickly and Hassle-Free

2:53 | Why Some Business Development Officers Fail

7:42 | Why Business Development Officers Fail in SBA Lending

14:43 | Ramp Up Time and Metrics for Successful BDOs

20:24 | The Drive for Success and the Importance of Competitiveness

26:46 | Tracking Success with a Point-Based System for Sales Efforts

31:20 | Advice for New BDOs Feeling Underperforming

Welcome to The BDO Show! A podcast for passionate BDOs wanting to level up their game with advice and stories from battle-tested BDO’s.

In today's episode, the hosts debate Specialization vs. Generalization.

Specializing in a particular industry can bring significant advantages. However, being too narrowly focused can be risky. As Sterling put it, "I think the only thing that you have to be careful about if you're going to essentially go into one niche is that that niche doesn't dry up." This sentiment underscores the importance of balancing specialization with the ability to pivot and adapt.

Ryan, on the other hand, highlighted his dual expertise as both a generalist and a specialist. "Personally, I like to call myself a generalist, but I do have very industry-specific specialties that any and all brokers within the Midwest kind of bring me—gas station, liquor stores, and grocery stores."

His approach allows him to leverage specialized knowledge while remaining open to various opportunities.

So are you Team Ryan or Team Sterling? Before picking a side, become a specialist in the SBA SOP.

Please e-mail us any questions, or suggestions for future episode topics at TheBDOShow@ArtofSBA.com

This episode is sponsored by: Peak Business Valuations Peak

Business Valuation works with over 80 SBA bank lenders across the country, performing around 1,100 SBA-compliant Business Valuations and 100 Equipment Appraisals a year. Those whom we work with label us as fast, reliable, and insightful.

For more information, visit their website www.peakbizval.com or email Ryan Hutchins at ryan@peakbusinessvaluation.com

CHAPTERS

0:00 | Introduction

2:59 | Specialist vs Generalist in the Financial Industry

8:16 | Navigating Niche Markets and Transaction Types in Lending

15:54 | Navigating Lending Restrictions and Industry-Specific Challenges

24:50 | Finding Your Niche as a New BDO