Ever wonder about the best way to sell a community bank?
It’s when you’re prepared.
Being prepared allows you to be more confident in your decisions, actions, and communication.
You hear athletes talk about the game “speeding up” and the game “slowing down”.
It speeds up when you’re unprepared and it slows down when you’re prepared.
Derek Jeter, the soon-to-be hall of fame shortstop from the New York Yankees said, “Every time I’m in a situation, I have already gone through it in my head. If you have the same approach to a spring training game as you do a World Series game, nothing changes.”
Christian McCaffrey, the star running back for the San Francisco 49ers says, “You don’t really want to prepare to fail, but you should think about it. When you mentally prepare for the worst thing that can happen, you go over in your head what you’re going to do, and if it does happen – you are free. And I don’t mean you surrender. But you do surrender the uncontrollable, and you lock in. You free yourself from the pressure that you put on yourself, and the pressure that other people put on you.”
Sports psychologists refer to this as “stable confidence”.
Business at any level is a game of confidence. When you have it, your skills shine. When confidence sinks, you don’t perform up to your capabilities. Confidence for most businesspeople can be fragile and fleeting. Many businesspeople allow their confidence to go up or down based on the circumstance they are encountering. It often feels like riding a roller coaster. When things go well, they feel good about their skills, when things don’t go so well, confidence can dip.
Stable confidence is one of the most sought-after elements of business.
Just look at the degrees, certifications, conferences, courses, magazines, books, and social media dedicated to helping businesspeople raise their skill levels and gain the authority they value.
Some seek that confidence through rituals, some seek it through positive affirmations, or through a business coach, a colleague, or themselves. Some meticulously tinker with technology and tools of their craft. Some take the “fake it until you make it” approach. Some overthink things and some look to their past accomplishments to stoke their confidence.
None of this is durable.
None of this will bail you out in pressure situations.
If you really want durable stable confidence – being at your best when your best is needed, you must prepare.
That is the reason I wrote the book “The Art of Selling Your Bank: A Bank CEOs Step-By-Step Guide”.
This isn’t a plug for the book. If you buy it and read it, it will help you be better prepared.
Look at your bank with a critical eye.
- You know your weaknesses – what have you been putting off? Reverse engineer what a bank would look like that complements yours – it fixes your weaknesses. Describe that bank to yourself.
- Look at your “Golden Window,” when you are 18 months away from your next safety & soundness, BSA, and IT exams and you are 18-24 months away from your core contract expiring.
The answer of when your Golden Window is will help you understand how much time you must address the issues you came up with in reviewing your weaknesses.
Now at least you know a timeline and can come up with a plan.
Too soon? Not enough time to make the corrections you need to make?
When is the next Golden Window?
Keep going on a plan.
Choose something - consultants, other resources, or methods to prepare yourself.
Do something.
And do it sooner rather than later.
“Tomorrow” is the worst day to start.
We were a bank buyer, until we weren’t.
And because we were prepared, we were able to proceed with confidence.
There are zero hacks or tricks in this newsletter. Just proven tactics that help you choose the right path for your bank.
Your path will:
- Inform your strategic plan.
- Guide your annual business plan and budget.
- Clarify priorities.
- Define your message so it can be communicated with confidence.
This is how savvy bankers navigate.
They build smart and valuable banks and choose the best time to sell – serving the needs of the shareholders and the board.
I hope you found this short lesson helpful.
What are your thoughts?
I’ll see you next week.
