The Do’s & Don’ts of Working With Your Banker

Don Tyson, vice president and senior business advisor, PNC Bank, Berwyn, PA, advised distributors to build a solid relationship with their bankers. "It is an asset for your business that you need to invest in," he said.

Tyson said credit is the "lifeblood" of a business, and that 85 percent of credit comes from banks. "Sound communication with your banker can help smooth the way for credit needs," he said.

Bankers have a "huge network" of business contacts that can be helpful to distributors and can be made available during the business relationship, Tyson added. "It’s like having a free consultant on staff."

He urged distributors to support community functions sponsored by their banks and to introduce their banker to the company’s attorney and accountant. "It’s good for each other," Tyson said.