3 ms·
It's not the bank, it's the banker. Like seriously. When we were starting up, we were just a bunch of bright-eyed 18-year-olds, with nothing to our name, excep
by fakedang 4y ago
It's not the bank, it's the banker. Like seriously.
When we were starting up, we were just a bunch of bright-eyed 18-year-olds, with nothing to our name, except $3000. We didn't know the basic shit about opening a business account and shopping around, so we went to the name-brand small private bank we could find that was "sexy", cold called them and explained our situation. We were all broke, still in college, no real revenue so to speak of, and the person handling the call literally did not know where to guide us (or she misunderstood us?), so she sent us off to a relationship manager, to whom we relayed our story. He told us to go look elsewhere.
Actually, yeah, he told us to go look elsewhere because that bank was not suited to handling corporate accounts, but mostly private wealth management. And their minimum deposit was $200,000 for the basic accounts, with a $1 million being the usual expected deposit. Instead, he himself referred us to another bank, which gladly took us on, because of his referral. We thanked him so much, created our account, whatever.
Fast forward to 3 years later, we sold the company and were flush with cash, so obviously y'all know to whom we went to handle our accounts. By then he was in a much larger bank. When he left that one for Credit Suisse, we all followed him. Over these years, he might have received a collective amount of more than $200 million in banking business from our relationship (not from our startup alone, other investments too).