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Paul's
Point
of View |
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| Paul
A. Bourget, President |
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Some things
remain constant even in a much-celebrated new millennium.
Networking is still key to a successful business.
To some, "networking" is a bad word. It
connotes insincere flattery or groveling |
for
business. However, networking really means being
involved, creating relationships and cementing those
relationships.
Networking can take many forms.
In this newsletter we observed the importance of
community service which |
provides the oppor-
tunity to interact with business and politi- |
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cal leaders in the
process of helping improve quality of life for everyone
within your city or town.
An equally important contribution of
time and resources should be used to address the
business community. The issues facing businesses
today are complex and far-reaching. By joining
forces with other business leaders, we not only improve
the general business environment in our city and state
and work to better our specific industries, we create a
camaraderie that leads to enhancing our own individual
business. After all, it is our nature to want to
do business with those we know, like and trust.
The opportunities to serve and
network are everywhere. The local chambers of
commerce, trade associations, and fraternal
organizations welcome business people who want to help
shape the future of the local, regional and national
economy.
What a better place to meet the
individuals who can either, directly or indirectly, make
a positive impression on your bottom line. |
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The Case
of the
Poisoned Strawberries |
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ver the years, we have very often
discovered that things are not always what they appear
to be. Seemingly adeq- |
| uate collateral can turn out
to be worthless putting a lender at serious risk.
We prevented this from happening when we were asked to
audit frozen strawberries - collateral for a $15 million
loan. |
The
strawberry collateral was used to make strawberry
flavored syrup. Although the berries were stored
in Washington state, we felt that 3,000 miles was not
far away when $15 million is at stake. This
decision took us on a journey we will never
forget. Not only were the berries in Washington,
the warehouse was accessible only after traveling by
plane, train, and bus over bumpy, outdated roads best
traveled on mule.
When we finally arrived, the
strawberries were there as described. However, something
told us to take a few berries for testing at the
FDA. To our surprise, we received a call from the
FBI, not the FDA, with lots of questions about the
tested berries. It seems the FDA found the berries
to be tainted from being in storage too long and had
become extremely toxic. A small amount would be
fatal if swallowed. This is what got the attention
of the FBI and our role in the poisoned berries, our
client did not loan $15 million on the strawberry
collateral, and hopefully the syrup manufacture learned
a lesson in inventory management.
What is the condition of your
collateral? If you need to be sure, Bourget &
Associates, Inc. will put your mind to rest. |
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