The X Banker

[SportsNut]

Getting a loan for biz today is easy... just prove to the banker that you don't really need it, and they will fund you. However, if you have NO money and NO unencumbered assets, they won't give you squat... nor should they.

I deal with many comm'l bankers for other business purposes and they all say basically the same thing... they haven't seen it this bad ever... of course most of them were in the 3rd grade the last time it was this bad, or worse... in 1981-82... when we had 18%+ int rates. Of course the economy was way different then than now... today everything is so dependent on credit, compared to the earlier times.

To the OP... what you will need to do is find someone to go to work with or for... someone that will provide you a place to work, leads and a track to run on. In exchange they will get a piece of the action, as they should. Eventually, if and when you are better healed, you can consider going out on your own, w/o the financing help... earn comms, save some money and go for it then. You will be better off for it too.
Good luck.

 

[SUPERSALESMAN205]

Getting a loan for biz today is easy... just prove to the banker that you don't really need it, and they will fund you. However, if you have NO money and NO unencumbered assets, they won't give you squat... nor should they.

I deal with many comm'l bankers for other business purposes and they all say basically the same thing... they haven't seen it this bad ever... of course most of them were in the 3rd grade the last time it was this bad, or worse... in 1981-82... when we had 18%+ int rates. Of course the economy was way different then than now... today everything is so dependent on credit, compared to the earlier times.

To the OP... what you will need to do is find someone to go to work with or for... someone that will provide you a place to work, leads and a track to run on. In exchange they will get a piece of the action, as they should. Eventually, if and when you are better healed, you can consider going out on your own, w/o the financing help... earn comms, save some money and go for it then. You will be better off for it too.
Good luck.

Well this is my situation, I work as a team member in a State Farm Agent's office. I've worked there for 4yrs now and have learned a lot! I do everything L/H and P/C, so I feel pretty good about stepping out on my own. So this year I'm going save some money and pay my bills ahead a few months and plus my wife will still be working so it won't be too bad (I hope not! LOL!)

But it's a big decision and I am going to take my time and prepare myself... I feel like a child that's ready to move out their parents house LOL! Can't Wait!

 

[InsuranceRus]

Are you staying captive or will you be going independent?

When you are going captive depending on which company you are going with there is a lot of hand holding for the first 2 years, at least with Farmers.

 

[SUPERSALESMAN205]

Are you staying captive or will you be going independent?

When you are going captive depending on which company you are going with there is a lot of hand holding for the first 2 years, at least with Farmers.

Well I have been weighing my options, I won't be eligible for State Farm for another 2 1/2 yrs thanks to an old credit card bill that is now paid in full but they go back and review the last 36 mths history...... So I'm leaning toward going independent, but don't really know a whole lot about the independent side.

I've been doing a lot of reading on the site, and mostly everyone says that you should focus on the one line that you are good in. So in my situation Life is my strongest product but I would also like to write P/C because I'm more comfortable with being able to cross-sell to the Life, DI, MDI etc.... I guess because that's how I've been trained.

So what do you guys suggest?

 

[SportsNut]

If you did half the biz that you do now, in your first year, with a decent comm split arrangement, how much more $$$ would you make...? Once you know the answer to that question, the final decision should be easy to make.

 

[xrac]

Here is the website if anyone would like to visit it:

Small Business Loans | Commercial Credit | Business Credit