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The small business finance industry is evolving and

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 a key part of the industry of the Brokers that work in

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 it. Probably training a broker is one of the most important things

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 in order for you to succeed in this industry today. I'm

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 talking to a CEO that has trained Brokers

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 for over a decade. He shares with us the importance of

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 training and it's impact.

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Thank you

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 so much for joining us man. I'm really excited for this conversation. So first

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 thing go ahead and introduce yourself and who you're with I'm

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 Jared white with United Capital Source. We are a

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 Marketplace broker in business for 13 years. We've

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 helped to unlock 1.2 billion dollars for

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 over 28,000 businesses Nationwide. So you've been

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 open for 13 years how many years have you actually been in the industry?

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 I've been in the industry since 2006 overall. I

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 mean if you can give me an exact number

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 or an estimate how many Brokers have you trained?

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between my

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first stent in the industry and then United

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 Capital Source. I've easily trained over

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 a hundred brokers.

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Over a hundred Brokers. So this is the question of this

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 entire video. Yeah, the most important question is

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 why is it important for Brokers to

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 be trained correctly in this industry?

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so I think

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the general answer is that Brokers need

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 to continue to be trained throughout an industry.

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 And what happens is there's an initial training which

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 is just a familiarization of general terms

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 product knowledge and funders and

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 Banks, right? And so as things have progressed in

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 the industry, like disclosures and different states becoming

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 more aware of those things new training has had

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 to become available with different verbiage making

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 sure that you're saying the right thing make sure

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 you're advertising the right way making sure that you have certain data

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 protection certain Insurance's and your folks

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 need to be trained in all of those areas. All right. So you

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 said something really interesting that specifically Brokers need

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 to be constantly training constantly learning

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 new things. So what exactly does that

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 look like for your company or just in general in the

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 industry, especially with the industry changing and evolving?

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So I'll tell you both right in our company. We do a

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 continuous training. We have executive training for

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 our management. And then we have sales training for

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 our sales staff that's mid-level as well as new entry

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 and what that looks like for us is a continuance of

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 working on folks weaknesses and

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 building up folks strengths in understanding

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 what products they're selling who the clients are

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 that they're talking to the different funders that

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 they're working with right and then separately on a management

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 side, you're not just training product you're training how

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 to deal with people.

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So let's talk about a freshman Brokers someone that's brand new

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 to the industry that knows it can make a ton of money. What specific

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 material or training program. Do you implement to

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 help out that freshman broker? So immediately what

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 we started to do is get an spfa certification done.

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 And so that's a broker training to become spfa

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 certified which means that you understand the different

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 industry lingos terminologies the

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 different state regulations you understand.

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How to exactly explain the different products as

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 well as deal with any reject, you

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 know rebuttals or or anything like that and so after

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 a general basic spfa certification, which is

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 just a kind of general knowledge of the industry then my

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 folks go into what UCS is

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 training is and that's a more in-depth training which

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 generally takes about 90 to 180 days

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 depending on the person and then continue training

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 thereafter, which is about anywhere from

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 once a week to two times

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 a month depending on the classes that we have them

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 take so it's not just a simple like hey, like here's how

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 to cold coffee people that know there's much more to the

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 industry than that. Yeah. I don't think many people that

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 I know either way our cold calling anymore. Anyway,

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 I think what's happening is people are generating demand through

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 referral Partnerships or online or through different

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 relationships. And then from there they're talking

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 with a client that

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interest most of the states

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 that you deal with right now have pretty strict rules about who you

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 can cold call times. You can call and things like

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 that. So I think you're going to see changes in and around that

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 stuff.

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So let's talk about money. I mean everyone gets in this industry because

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 everyone wants to make money and and this is a very

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 profitable industry. So what's let's talk about the ROI for

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 a brokerage regarding a broker that's

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 been trained properly versus someone that has no

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 training at out or that hasn't undergone training. What

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 is the ROI?

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You know what? I would say for our shop, right? Each of

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 our folks has to hit a minimum of 25,000 gross

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 margin per month in order to cover.

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sgna their salary right their leads

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 kind of their expense as well as their commission and so

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 for me when I

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 look at that, I think that if I'm able to invest

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let's say seven to $10,000 and have

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 someone create $25,000 off of

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 that and help my expenses and pay them then that's

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 a pretty good Roi for me. So one to

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 one and a half times if someone's just starting a brokerage and

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 and they're opening up their shop.

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How much money should they have set aside for training

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 alone? What does that look like? What would be that

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 number? You know? Okay. So for us we had five figures

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 to six figures set aside just for training just for

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 training alone. Yeah, and so it's it's what

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 I would say for someone that wants to start a brokerage if there's

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100,000 or less of equity capital

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Partner up with a bigger broker.

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Partner up with a bigger broker immediately. Learn how

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 that person works and how that person trains build a

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 book. And now you have Revenue coming in from your renewals.

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 And then you have X amount of money to

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 start building out the right way if all you have is time anyway,

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 and you're starting a brokerage, what's the difference?

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Right, like do just do it the right way and start

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 six seven months lower.

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So what's the biggest mistake of freshman broker

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 can do when they start off in this industry?

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Calling themselves a funder, right?

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Tricking people that they're not a broker and I

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 think ultimately, you know marketing the wrong way, right? But

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 what is marketing look like so for me marketing the

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 wrong way looks like email blasting the world without

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 understanding who your email blasting cold calling the

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 world message dropping the world.

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Setting out this huge net in the masses that you don't even

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 know what you're trying to catch and then what comes back in is hate

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 Fus. Why'd you

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 call me? I'm not even a business. Hey, I'm in this industry. Why'd you

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 email me?

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And that person really has the worst start ever right

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 versus methodically sitting down and saying hey,

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 here's my dollar amount. This is what I have to start with.

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 This is what I need to make monthly.

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And then backing into that equation. So if

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 I need to make X monthly how many deals do I need to close? Okay,

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 so I need to close this many deals. How many phone calls I

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 need to make for that to turn into x amount of applications to

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 x amount of closed deals. And once you have a formula down that

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 you're executing on that's when you build out

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 most people don't have a set formula when they're starting out

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 and that'll just Crush any business. So let's

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 talk about finding Financial products. I mean,

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 you sell Financial products how much of the sale is about

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 priced versus other factors.

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So I think every sale starts out.

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In the consumer's mind

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 the business owners mind as price anyone shopping.

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Anytime looks at Price first, so that's evident. Right?

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 I think what it boils down to is understanding first why

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 the client needs the money?

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And then understanding from there how often they turn their profit

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 and what their profit margins look like and understand

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 their affordability and then you can start to

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 discuss different products.

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Where price may be irrelevant depending on exactly what they're

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 executing on and so it's really important to find out a

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 story and what a person's looking to do and build out

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 what that business plan and blueprint

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 looks like with the funding so that you can back into

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 it and sometimes something that looks expensive doesn't seem

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 so expensive anymore when it's played out and practicality.

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So how important is relationship selling

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 relationships selling is the most important? I

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 think that in a world where everyone is offering pretty

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 much in and around the same thing, right?

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People go with who they trust and who they like and who

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 heard them and who didn't over talk them and who

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 didn't try to shove money down there throat, right? And and

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 so that's what we tell our folks and our staff

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 is to make sure that you're hearing someone and really

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 have an 80/20 rule where 80% of

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 the time that person is talking and 20%

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 of the time you're talking you really need to be listening the

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 majority of that phone call and absorbing what the person is saying

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 to be able to help the right way.

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So for a broker, that's that's just starting in

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 this industry. How much can a broker

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 make their first year?

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I think a broker can make six figures in their first year selling

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 the right way and and

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 building the right.

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Model, I think it's really difficult to make seven figures.

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In your first year in a brokerage unless you're investing.

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250 to 400,000 up front

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 and creating a bigger start for

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 yourself. If you're talking about a soul broker or two person shop starting.

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You know, it's probably gonna be a six-figure shop. If you're selling the

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 right way and you're not overcharging clients

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 and you're not banging people over the head with heavy closing

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 costs and stuff, which is pretty round upon these days. So so in making

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 sure I continue to say and doing it the right way. That's how

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 much you would make are there folks that can make that kind

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 of money doing it the wrong way. Yes,

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 is it short lived double? Yes.

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So let's talk about training. I mean that is like

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 the key thing that we've heard time and time again that people

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 like Brokers aren't properly trained. That's right.

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 So what would you say is the right

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 way to train a broker? Like what specific things would you

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 say? Hey a broker should have X Y

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 and Z in order to succeed in this business. Yeah. So

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 I think a college degrees are

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 relevant.

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Right. I don't think that actually matters for this

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 type of business because there's other types of certifications and training

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 that give you the knowledge to succeed in this business, right but

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 I think in general a broker should have definitive General

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 product knowledge in and around you know,

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 the

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The five six popular products in the space, which is

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 SBA Loans business lines of credit equipment financing

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 merchant cash advance.

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term loans and accounts receivable financing

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and so people should understand those products all

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 the terminology in and around those products

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 the pricing the commission's how they work how

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 defaults work in those products, right? That is a ton of

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 knowledge in general from there understanding who

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 buys that kind of paper. That's a whole

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 another week's weeks of training and understanding

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 who fits and buys that kind of paper.

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We have really.

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Good technology in-house that Aid our folks

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 and to looking at that right but there's lots to be a general understanding of

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 it and then from there understanding reading

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 financials.

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That's a whole separate thing. Right? So we have classes in-house

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 that I hold for my folks about how to read financials and

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 we look at tax returns and beat and and balance sheets

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 and profit and loss statements aging accounts receivable and

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 payables the debt schedules and understanding how we're supposed to

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 be looking at this so you can have an educated conversation with someone about their

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 assets and actually suggest something that they don't even know

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 they qualify for you can save someone's life that way right. So

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 it's really important to have that general knowledge and

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 Education First so Brokers starting out. It's products.

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Credit terminology and what banks buy

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 those are like the four main main

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 things you absolutely must need to know and then financially, I

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 mean how much should a broker spend on

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 continuing education?

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five figures a year

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for each person right per person. So for

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 us depending on your size brokerage, it's a six-figure spend,

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 but that spend you

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 should be seeing.

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A jump in your production from your

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 people right where you should be justifying this

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 spend. It's not blind. So you should see our

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 people are executing today and then how they sell six

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 months from now and 12 months from now and see that difference where

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 you understand that what you're doing is providing a benefit in

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 general. You're seeing an Roi on that regardless and that person is taking

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 what they're learning and transferring it

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 into other areas of their life and negotiate their home differently than negotiate

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 their car differently. They speak to their spouses differently. It's like a

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 real benefit for like their whole life to have this continued training. Is

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 there anything else you want to say about training and about the industry in general?

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 I do I think I think just really keeping training for a mind is

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 something that everyone really needs to focus on I want

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 everyone to really focus on what the spfa certification

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 is doing because I think that's a foundational training that

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 that we know for a fact different state

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 senators and governors are looking well upon

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 and so it's giving the right info that

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 the industry needs and so folks that are new ex.

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This thing should continue to focus on that certification. My

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 team has been doing it and is doing

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 another one March 1st, just to continue to keep everything fresh

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 and these things happen yearly. So it's

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 not something that you need to let slip and I think

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 if someone's doing that and they're operating the right way with full

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 disclosures in mind, then you'll have

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 a successful business.

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So Jerry, thank you so much for coming in. Nobody. Thank

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 you, man, and I know this information is gonna

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 be very very helpful for people watching. So again, thank

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 you so much for joining. Thank you.