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Thread started 23 Jan 2016 (Saturday) 21:44
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Irony with local banker who is ruining industry?

 
travelingscotian
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Jan 23, 2016 21:44 |  #1

My wife & I are new to this province, she selected the local bank for both our personal & business banking.

Now, we want to expand our business by getting a line of credit, which shouldn't be an issue since we've done well
with lots of assets in other spots. Mind you, we are also expecting our third child.

Except the banker is a competing photographer who charges next to nothing because he has a well paying banking job.
He has equal gear as us but he goes out and shoots for peanuts. Apparently he's single handedly ruined sports & event photographers
careers here as he literally works on the cheap.

My wife wants one thing and I wanna do the other.

Getting a line of credit for our new offices would require us to show him financial information frankly, I don't want him to have.

The talk of the town is that he's always worked for peanuts and has little to no respect in the industry.


What would you do?




  
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rrblint
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Jan 23, 2016 22:24 |  #2

I would just go to a different bank.


Mark

  
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Jan 23, 2016 22:56 |  #3

rrblint wrote in post #17870276 (external link)
I would just go to a different bank.

Or google for a credit union.


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nqjudo
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Jan 23, 2016 23:35 |  #4

I would look of different financing and an alternate location to work in. Going to be kind of hard to compete against a guy who will undercut you regardless of whether or not his company finances you.


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Jan 24, 2016 08:55 |  #5

Strikes me as odd that the bank involved should allow a senior employee, as a branch manage certainly should be classed, to run a side business. It would hardly be long before it would put them in a situation where they are competing with a customer of the bank. With the knowledge of the customers finances that the manager would have that competition I would expect to be considered unfair on many ethical levels.

I would in the first instance contact the bank's head office and talk to them about it. I would expect this sort of behaviour to breach legally imposed banking regulations. If the bank will do nothing about it then I would contact your country's banking regulator. I'm sure after all of the big stories on ethical behaviour of banks leading up to the 2008 crisis, and since, that what this branch manager is doing is now if not illegal getting very close to the edge.

Of the reasons to want to change your banker's, your branch manager running a side business in competition to you really should not be on the list.

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memoriesoftomorrow
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Jan 24, 2016 09:06 |  #6

He hasn't ruined other people... if they can't create enough perceived value to sell their wares that is their fault not his. Far too many photographers in business blame others for their own failings.

So what if he works for peanuts. That is HIS choice. This "respect for the industry" nonsense always riles me. The "industry" has price brackets from free ranging all the way too very expensive. There is "fast food" and "high end cuisine" as such. They just operate in different parts of the market.


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travelingscotian
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Jan 24, 2016 09:23 |  #7

memoriesoftomorrow wrote in post #17870671 (external link)
He hasn't ruined other people... if they can't create enough perceived value to sell their wares that is their fault not his. Far too many photographers in business blame others for their own failings.

So what if he works for peanuts. That is HIS choice. This "respect for the industry" nonsense always riles me. The "industry" has price brackets from free ranging all the way too very expensive. There is "fast food" and "high end cuisine" as such. They just operate in different parts of the market.

Using your analogy.. TD Bank opens up a restaurant giving away super cheap but very high end food operating at a loss because they enjoy making food. It's something that would never happen in the business world.

Then competing restaurant has to go to manager of high end food outlet for loan.




  
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Jan 24, 2016 10:08 |  #8

A good theory I've lived life by is don't worry what others do. Be yourself and do what you do not what others do. Also, don't ponder on things you can't change or are unwilling to change. If this is an obstacle you'd like to beat then you might have to change up your business strategy and try to beat the competition at the game. Competition is what drives winners to be great. And you can't be great if you've never been tested. Take this as a challenge look at it positively not negatively. If you have a negative mind set from the start about a situation 9 times out of 10 in doesn't end well. Positive attitude is key. Just my 2 cents and food for thought.


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Jan 24, 2016 10:14 |  #9

travelingscotian wrote in post #17870700 (external link)
Using your analogy.. TD Bank opens up a restaurant giving away super cheap but very high end food operating at a loss because they enjoy making food. It's something that would never happen in the business world.

Then competing restaurant has to go to manager of high end food outlet for loan.

Costco does this now as does Ikea. Neither has ruined the restaurant business.


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Jan 24, 2016 11:06 |  #10

Stop worrying about what lowballers and bottom feeders are doing, you simply do not want their customers. Why would you contact his boss about his side business? It sounds like bad karma to me, just find another bank.


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jmaher
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Jan 24, 2016 11:44 |  #11

Just go to another bank.

In general branch managers are only mid level employees and would not normally have non-compete agreements.




  
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Jan 24, 2016 13:10 |  #12

I think the problem here is the assumption that the cheaper charging photography equals lower quality product. This isn't necessarily so, and neither is the assumption that him having the same level gear means direct competition. Have you looked at his work? If there's a clear difference in quality (clear enough for a non photography person to notice) then that's a good thing. But it doesn't mean you don't have to worry about it, be aggressive and show people what they are missing by going cheap. On the other hand, if his work is on the same level as yours and he's got the established market, I'm sorry but that's not something I'd want to risk going up against. People will always pay lesser money for their perceived equivalent of a product.


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welshwizard1971
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Jan 24, 2016 13:23 |  #13

I'd be tempted to put your prices up to create clear water between you, he can have the cheap gigs, you can get the cream.

A few friends of mine have done this, non photography, one to do just this with a low balling competitor doing it as a hobby business, the other because he wanted out but didn't have the guts to chuck in the towel, so kept putting his prices up and up until in theory nobody hired him and he could hang up his boots, both got busier and busier year after year.

The latter is furious, he's now quadrupled his prices in 6 years, he's now on so much money he simply can't turn it down :lol:


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drmaxx
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Jan 24, 2016 14:25 |  #14

If you don't feel comfortable providing your financial information then you should not do that. Independent of his hobby.

However, how can one guy working on the side "single handedly ruined sports & event photographers careers"? There can not be too much business around to sustain careers?


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john ­ crossley
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Jan 24, 2016 14:58 |  #15

travelingscotian wrote in post #17870239 (external link)
My wife & I are new to this province, she selected the local bank for both our personal & business banking.

Now, we want to expand our business by getting a line of credit, which shouldn't be an issue since we've done well
with lots of assets in other spots. Mind you, we are also expecting our third child.

Except the banker is a competing photographer who charges next to nothing because he has a well paying banking job.
He has equal gear as us but he goes out and shoots for peanuts. Apparently he's single handedly ruined sports & event photographers
careers here as he literally works on the cheap.

My wife wants one thing and I wanna do the other.

Getting a line of credit for our new offices would require us to show him financial information frankly, I don't want him to have.

The talk of the town is that he's always worked for peanuts and has little to no respect in the industry.


What would you do?


I'm sorry, but if you are as you say you are, a business man, then I think you need to toughen up a bit.

If you don't want the guy to see your financial information go to another bank.


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Irony with local banker who is ruining industry?
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