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Four Ways Private Banking Provides Value to Business Owners

Idaho’s economy is in growth mode and that creates new opportunities for small businesses. But even in good economic times, savvy business owners recognize the importance of giving themselves every possible advantage. That’s why they should consider adding a private banker to their team.

Private bankers simplify a customer’s financial life through providing a single point of contact to banking services and various financial areas, such as estate planning, trust planning and investment strategies. Private bankers are typically available to clients beyond traditional banking hours and can provide a long-term, consultative approach to a customer’s entire financial picture.

Small business owners should consider adding a private banker to their team for several reasons.

1. A private banker can help address a business owner’s unique financial needs.

Small business owners often have specialized needs such as cash flow, risk management and optimization of tax efficiencies. Consequently, it’s valuable to have a personal banker who understands your business and can help identify the right financial strategies.

For example, one client who approached us had difficulty obtaining a traditional bank loan because she was in the early stage of her business. After carefully evaluating her financials, she was approved for a $50,000 credit line to jump start her business. Seven years later, she has one of the largest businesses in her industry in the Pacific Northwest.

2. A private banker can simplify a business owner’s financial life.

A private banker can save you time, energy and resources through the important role they play. A private banker is akin to the quarterback on a financial team, working seamlessly with a business owner’s accountant, attorney and commercial banker. Because a private banker understands your entire financial picture, both personal and business, they can help you and your team make the best possible decisions.

3. A private banker can provide value to a business owner through every stage of a company’s lifecycle.

As your business grows, your financial needs will grow with it. A private banker can adapt your financial strategies to help mitigate risk, improve cash flow and plan for the future. Through providing a consultative approach, a private banker can help identify and discuss opportunities as they arise – both for your personal and business finances.

For instance, a sudden windfall might lead you to consider smart ways to invest your profits. Or if you’re planning for a transition, a private banker can also help you with estate and trust planning. Regardless of whether you’re just starting a new business or coordinating a succession plan, you can count on a private banker to help guide you through whatever comes next.

4. A private banker can provide valuable connections and industry expertise to help your business thrive.

Private bankers are often highly plugged into their community and interact with a wide variety of professionals. Furthermore, they typically have a wide variety of clients and talk to people in many different industries. Because of their broad network, they can be a trusted source to identify the right professionals to work with. Because of the nature of their job, private bankers also have a good pulse on their communities and insight about the local economy. Working with a private banker can help you assess the market and determine how to position your business for success.

Private bankers are valuable allies to small business owners

We love working with small businesses because they create many of the new jobs and economic opportunities in our communities. Through our work with small business owners, we strive to help make Idaho a better place to live and do business.

Brad Brockbank and Mary-Kate Johnson are private banking relationship managers for Zions Bank. To contact Brad, call (208) 938-7523 or email Brad.Brockbank@zionsbank.com. To contact Mary-Kate, call (208) 501-7516 or email Mary-Kate.Johnson@zionsbank.com.

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The Idaho Business Review is always looking for commentaries from business leaders on topics of local interest. For more information, contact Editor Kim Burgess at kburgess@idahobusinessreview.com.

About Brad Brockbank and Mary-Kate Johnson