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Use Your Tools

Written by Jeffrey R. Armstrong – President/Owner of Armstrong Capital

Your favorite Master Note Buyer – Straightforward, Honest, Fair…

Well, another year has gone by. Did you accomplish all that you wanted to for your business last year? If not, have you been using all of the tools that are available to you to assist you in reaching your goals and achieving success?

As many of you might know I am an avid bass fisherman and I often compete in tournaments. I have only been competing in tournaments for the last couple of years and I have learned that to be competitive I must make full use of all of the tools available to me. Not only that, I must learn when to use which tool and in what situation. In addition I must be able to use each tool properly and to its full extent. Some of the tools I use for bass fishing include my boat, depth finder, trolling motor, rods, reels, line and artificial lures of all kinds. Each tool has its own purpose, place and time to be used. It is up to me to determine the exact what, when, where, how and why to use each tool. For example: What position should the boat be in, with the wind or against it? When to use which lure, a worm or a crankbait? Where to fish which lures, deep or shallow? How to use which lures, with a fast or slow retrieve. Why to use a certain lure, with a certain retrieve at a certain time of the year. And on and on. I have learned a lot in just a couple of years yet I am the first to admit I have much more to learn before I will be a successful bass tournament fisherman.

Your cash flow business can be looked at in a similar way. There are tools available to every note broker that you must learn to use to get your business started, to be competitive and to keep your business running. Let’s take a look at some of these tools and how they can help you.

COACHES – Let’s start from the beginning. You have just come out of a class and are now in business. You have many questions about what to do first, where to get started, what niche you should focus on, how to pick a business name, what marketing methods to try, brochures, classifieds, etc. A coach can assist you with all of these types of questions and more. All they do every single day is answer your questions to help you get your business started and keep it running. Use them when you have questions.

MASTER BROKERS – After you have your business up and running and you start to get some calls a Master Broker can help you in a couple of different ways. If you are still working at another job and you do not have the time to actually work on the transaction yourself you can simply pass on a name and phone number of a pre-screened note holder and earn a referral fee if a transaction closes. Or, you may want to spend your time marketing, finding and pre-screening the note holders while you have a Master Broker do the rest. A pre-screened note holder is a note holder that has contacted you and you have found out that 1) they are receiving payments on an income stream, and 2) that they currently have an interest in selling all or part of that income stream.

If you have the time and you want to work on the entire transaction but you would like some assistance with negotiating, packaging, due diligence or closing procedures a Master Broker can help you with that as well. In addition to being able to take advantage of a Master Brokers relationship with funding sources, experience and knowledge a Master Broker can often save you valuable time and considerable effort in conjunction with a particular transaction as well as help you earn a potentially larger commission. Learn to use a Master Broker when you need assistance with a particular transaction or potential deal.

WORKSHEET – No matter which income stream you choose to work with the worksheet, is one of your most valuable tools. It places all of the pertinent information about a particular income stream, that a Master Broker or Funding Source needs to give a quote, on a single sheet of paper. Take the time to learn how to fill out the worksheet as completely, accurately and legibly as possible. You will be filling out worksheets for the rest of your life, so learning to use this tool is of the utmost importance.

CALCULATOR – When you submit a worksheet to a Master Broker or a Funding Source they will verify the information on the worksheet by putting the numbers into their calculator and come up with a quote for you. When you receive the worksheet back from your favorite Master broker or Funding Source take the time to put the numbers into your calculator so you can see how they came up with their quote. The more practice you get the more proficient you will become and the more experience you will gain. This tool can not only save you a lot of time and frustration; it can also make you a lot of money if you learn how to use it properly.

BROKER PACKAGES – Most Master Brokers and Funding Sources give out free broker packages. A Broker Package will have information on how to work with them, what they look for and their parameters, what they purchase and what they don’t purchase. A Broker Package might also contain specific marketing recommendations and ideas for the particular income stream that they purchase. Use this tool to dive deeper into a particular income stream and to begin to develop a relationship with Master Brokers and Funding Sources.

BOOKS and TAPES – There are many wonderful products in the form of books and tapes that are available to you covering many different categories of income streams and the cash flow industry. If you want to learn more about a specific income stream, different marketing methods, negotiating techniques, conversion strategies and much more, you can probably find a product to help you out. Many Master Brokers and Funding Sources have out done themselves compiling and putting together books full of useful tools just to assist brokers in their careers. Many products also include tapes or CD’s with them in addition to recordings of workshops and seminars that can also be very valuable and informative. Search them out and use these tools to your advantage.

INTERNET – In this day and age, no matter what business you are in, I believe it is essential to have some form of web presence. At the very least an e-mail address, but preferably your own website. A website keeps your business accessible 24 hours a day 365 days a year. People can find out about your company and get in contact with you whenever they want at their convenience. It gives your business exposure, credibility and accessibility. I feel that this is one tool that will be an integral part of our industry in the very near future. Get connected and learn how to use this powerful marketing tool.

CONTINUING EDUCATION – Once you have your business up and running and you are ready to move to the next level you must continue to learn and grow. Some great ways to do that are through reading the industry journals and newsletters, attending conventions and workshops, and taking more advanced classes when they are available to you. This industry is continually growing and changing and you must continue to grow and change with it to remain successful.

Every business has tools that they use to get their business started, to be competitive and to keep their business running. If you are new to the cash flow business or you have been around for a while, I encourage you to make one of your goals this year to learn to properly use the tools that are available to you and make your business a successful business.

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