Dear Aunty B,
I just received correspondence from my bank that my accountant has interpreted as a “f?¢k-off letter.
I have a good business and am about to sign a large export contact, but instead of celebrating, I can’t sleep because I think my bank might be about to dump me.
Should I sign?
DJ,
Fortitude Valley, Qld
Dear DJ,
Look, businesses all over Australia are receiving similar letters. Imagine. You, a good Aussie business that is exporting is now high risk! Maybe you should run a hedge fund for your next business. They are low risk – and hey, what a great contribution they make to the Australian economy!
Take a deep breath and go and see your bank manager. Be passionate, be professional and knowledgeable. Have all the facts and figures. Take your accountant and impress them with the future.
It could well be that your accountant is panicking or you are taking the letter out of context. But just in case, start to work on back-up plans.
Get a mortgage broker working on shifting to a new bank. Maybe even talk to your accountant about taking in an equity partner.
Get the facts. Only then can you make good decisions.
And if it makes you feel better, your bank manager is not sleeping either.
Your Aunty B.
This Aunty B first appeared 18 April 2008
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