Once you get your financing from a commercial bank, you don't just take the money and run. It is in the best interests of both you and your company to nurture that relationship, to maintain contact with the banker or bankers who made your loan possible. After all, you never know when you'll need more financing for another Quantum Leap in the future. In fact, if you stay in business, I can guarantee you'll need more financing.
But beyond that, you want to give your bankers a call every few weeks, have lunch, play golf or whatever, just to find out how things are at the bank... If, for example, conditions change and they find they need to manage their capital more conservatively, your lines of credit could be cut back. It just pays to stay in touch with your banker.
I also recommend that you take out a loan and roll it from bank to bank. Borrow, say, $50,000 from Bank A. Then three months later, borrow $52,500 from Bank. B and pay off Bank A. Four or five months later, borrow $53,750 from Bank C and pay off Bank B. This rotation of your loan and the act of paying it off will give you a track record as a reliable borrower with several banks. Borrow the original amount from Bank A for whatever purpose you may need capital. Tell Banks B, C, D etc, you're "consolidating debt," which will be the truth.
Some business owners worry about bank fees. Let's face it - bankers will smile and say, 'We'll just charge you within the normal range...' then stick it to you with fees as large and as often as they can. Bank fees are one of life's mysteries - and certainly one of its necessary evils. But - if that's what you worry about, you're not entrepreneurial material and need to put this book away. Bank fees are simply not important in the great scheme of things, as long as you have plenty of money... all the time.
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