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MARCH/APRIL 2025
307-322-2545 • CHBEF.COM
SPRING INTO SUCCESS Preparing Your Business for a Busy Season
“Spring-cleaning isn’t just about dusting off the cobwebs and organizing your space ...”
As winter’s dark, slow days give way to the bright, open months of spring, a fresh season of renewal and awakening brings energy to our minds, bodies, and professional lives. Spring-cleaning isn’t just about dusting off the cobwebs and organizing your space — it’s a great time to refresh your professional approach, revitalize your strategies, and prepare your business for the busy summer ahead. For equipment financing brokers, spring is a chance to review your processes, fine-tune your marketing efforts, and ensure your clients are ready to take advantage of new opportunities. Whether connecting with dealerships, assessing your lender network, or gearing up for summer sales, a little “spring-cleaning” can help you set a course for success this year. Review your processes. Now is a good time to assess how smoothly your workflows are running. Are you handling your leads and submissions efficiently, or are you seeing delays in processing applications or approvals? Look at each step of your process, from the moment you receive an inquiry to closing a deal. Identify any bottlenecks or inefficiencies and explore any automation you can implement to streamline your work. By improving your systems, you can reduce errors and delays, improve the client experience, and give yourself more time to focus on high-value tasks. Get your paperwork in order. Review all your essential documents, such as client contracts, financing agreements, bank statements, and other legal paperwork. The industry’s regulations and compliance requirements are ever-changing, so you must ensure your recordkeeping meets current standards. Again, technology can be your friend here, and it might be worth looking into programs that automate some of your document processes or integrate software to help you manage tax compliance and other regulatory requirements. Make your marketing moves. Use the momentum of spring to energize your marketing efforts. First, you should ensure you have an actual marketing plan in place so your promotional efforts are not just an afterthought. Consider your goals, create a to-do list, make a marketing calendar, and research your social media
and website analytics to see what’s been effective for you. You can create great value for your clients by providing educational information
through social media posts and blogs. Use consistent branding throughout all your channels to help build awareness of your business. Quality content that answers clients’ questions or offers them
a deal they can’t pass up can help boost your ranking in the algorithm and help people who need your services find you. Listen to your followers and respond to any client communications on your website or social media quickly and authentically to build a strong relationship of trust. Don’t forget about your existing clients, either. Spring is an excellent opportunity to contact past clients to check in, provide updates, or offer new services. Assess your network. Relationships are at the core of everything, so strengthen and expand your network of lenders and equipment suppliers. Start mapping out industry expos, conferences, and other networking events for the year where you can meet other professionals who may be good partners with you. Putting time into your networking efforts can lead to a larger pool of resources and expertise, more financing options for your clients, and even potential client referrals. Review your current lenders to make sure they are still a great fit for your client’s needs. Summer is a busy sales season, so use the buzz of spring to ensure you’re prepared for the increased demand. Evaluate your processes and systems to make sure they can handle the coming rush, and check in early with clients who may be in the market for new equipment this year. By planning ahead and doing a little “spring-cleaning” now, you can stay ahead and set yourself apart as a reliable partner to your clients during their busiest time of year.
–Kit West
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A New Era for ERISA THE FINAL RULE TRANSFORMS WHAT IT MEANS TO BE A FIDUCIARY
For more than 14 years, the U.S. Department of Labor has been trying to determine a new definition of a “fiduciary” under the Employee Retirement Income Security Act (ERISA). A fiduciary provides investment advice for a fee to employee benefit plans. Under ERISA, someone is a fiduciary if they have control over managing or using a plan’s assets, provide investment advice for a fee, and have responsibility for managing the plan. Since 1975, these discussions were only considered “investment advice” if they adhered to a five-part test. However, this past September, the Department of Labor released new regulations called the Final Rule that redefines what it means to be an investment advice fiduciary.
definition of who can be considered a fiduciary. Someone is a fiduciary if they regularly provide investment recommendations and advice to retirement investors for a fee. That advice must be based on the investor’s needs and reflect expert judgment that serves the investor’s best interests. They must also state that they are acting as a fiduciary when giving advice; however, if you’ve previously received one-time advice, that could now be considered fiduciary advice. That’s a lot of information to swallow, and by now, you’re probably wondering how this will affect the average person. In most cases, these changes will only affect those acting as fiduciary advisors and retirement investors, including participants, beneficiaries, IR owners (Ingersoll Rand Inc.), and anyone else involved with an ERISA plan. Through the Final Rule, you should receive better advice that puts your
interests first, providing more transparency about recommendations and any fees involved. It should also create greater accountability for advisers, brokers, insurance agents, and anyone else acting as a fiduciary. All in all, this is a great change for those who interact with fiduciaries. You can rest assured knowing the advice you receive will benefit you and your investments.
With this recent change, the five-part test goes out the window. The Final Rule expands the
Why Putting Customers First Is the Key to Growth Adopting the Customer-Centric Mindset
When you think of your customer’s buying journey, do you envision it from start to finish, or do you just focus on the sale? While that end goal is crucial, your marketing strategy needs to get them there. To nurture your customers through the checkout process, you have to put yourself in their shoes and develop your marketing strategy from their perspective from start to finish — an approach called customer-centric marketing. What Is Customer-Centric Marketing? Your product/service is impressive, but it’s your job to convince potential buyers. The bottom line of
One way to accomplish this is to meet your customers where they are. According to a 2023 Sprout Social Index Report, 53% of consumers increased their social media usage since the pandemic. Those consumers also desire stronger engagement from the brands they follow or support. How Can It Benefit Your Business? Your customers respond to techniques that appeal to emotions and invite reactions and interactions. This engagement helps nurture a relationship that gives you
that respond to customer needs easier. You need to make your brand stand out in your followers’ minds, creating new followers and allowing them to contribute while feeling heard and seen. Social media is the top channel for product discovery. However, before customers commit to a particular purchase, they check existing customers’ reviews, comments, and testimonials, making customer interactions paramount. Creating Loyal Customers Loyal customers are your biggest advocates and will continually choose you over competitors. Once you acquire new customers, it’s time to build those connections to create loyalty by reflecting their needs and values in your marketing campaigns. Customers who love a product or service stand by it and will tell everyone why they love it so much — and will do this without you asking.
more information about what customers want and helps them gain trust in your offer. Improve and Grow Focusing your marketing strategy on customers makes promoting tailored products
customer-centric marketing is to understand why a customer needs your product/service, how the product/service meets their needs, and if customers see themselves using your product/service.
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Not Your Mom’s Corned Beef and Cabbage
MASTERING MARKET TRENDS IN EQUIPMENT FINANCING READY FOR ANYTHING
Inspired by AllRecipes.com
INGREDIENTS DIRECTIONS • 1 (4 lb) corned beef brisket with spice packet • 3 qts water • 1 onion, quartered • 3 carrots, cut into large chunks • 3 celery stalks, cut into 2-inch pieces • 1 tsp salt
1. In a large pot or Dutch oven over
medium-high heat, combine corned beef, spice packet contents, water, onions, carrots, celery, and salt. Bring to a simmer (skimming off any foam on top).
2. Cover pot, reduce to low heat, and let simmer for 3 hours until meat is fork tender. 3. Add potatoes to the pot and let simmer uncovered for 30 minutes or until potatoes are al dente. 4. Add cabbage along the edges of the meat and on top. Cover and let simmer until cabbage is tender, 20–30 minutes. 5. Place meat on a cutting board and let rest for 10–15 minutes. After meat has cooled, slice against the grain. 6. Add to a large serving bowl, ladle vegetables and broth over top, and serve.
• 2 lbs red potatoes, halved • 1 small head of cabbage, cut into eighths
In the fast-paced and ever-evolving world of equipment financing, brokers who stay ahead of the market trends can thrive. The key is to keep informed and adaptable, always ready for anything, and prepared to secure the best deals for your clients. By utilizing reputable industry publications and staying updated on market shifts and new technologies, you can anticipate your client’s needs before they arise. Pair this knowledge with a readiness to pivot as trends evolve, and you’ll have the upper hand in even the most unpredictable markets. Research the trends.
One of the best ways to navigate the latest trends in equipment financing is to regularly turn to solid, vetted industry publications and market reports. The construction, agriculture, farming, and transportation industries are dynamic and subject to fluctuations in the cost of materials, labor rates, and financing terms, so it’s essential to be proactive. Resources like the Equipment Leasing and Financing Association, Equipment Finance Advisor, Monitor Daily Magazine, and The Equipment Leasing and Finance Foundation all share regular news stories and market outlooks and trends for the industry. Ensure you regularly consult equipment suppliers and financial institutions to explore the latest financing options. Establish strong relationships with lenders. Establishing and maintaining strong working relationships with lenders are crucial to your success as a broker. This will help you stay current on the latest financing options, interest rates, lending criteria, and trends and improve the service you can provide your clients. The better you know your lenders, the easier it is to match your clients with the best loan options. You will have a higher chance of approval when you know the lender’s current expectations and requirements. Be ready for anything. Use your data to plan for options, ideas, and flexible solutions if the market shifts. The industry can see sudden changes in financing options and material prices, so you must be ready for anything. If the market takes a less-than-favorable turn, reassess the situation and develop alternatives for your clients, like looking at tiered and risk-based pricing if your client has a good credit score.
Take a Break
AQUAMARINE BASKETBALL BLUEBIRD CLOVER
GREEN IDES LEPRECHAUN MADNESS
PISCES SPRING TANGERINE TULIP
You can meet challenges head-on and turn them into opportunities by staying informed, maintaining strong relationships, and remaining adaptable.
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PRSRT STD US POSTAGE PAID BOISE, ID PERMIT 411
C.H. Brown Co., LLC A PLATTE VALLEY COMPANY 20 W. Frontage Rd. • Wheatland, WY 82201 307-322-2545 • chbef.com
Inside
1 Spring-Cleaning Checklist for Equipment Financing Brokers 2 How the DOL’s Final Rule Protects Retirement Investors 2 Get to Know Your Customers 3 Not Your Mom’s Corned Beef and Cabbage 3 Take a Break 3 Research, Relationships, and Readiness 4 Step Back in Time
Experience the Magic of Platte County HIDDEN TREASURES OF WYOMING
Pristine Park Lakes The Glendo and Guernsey State Parks are located in Platte County and are home to some of the most beautiful lakes. Glendo Park sits on 22,000 acres near and around the Glendo Reservoir, and it is a haven for water recreation, such as boating. Fishers will have plenty to enjoy at the home of one of the best walleye fisheries in the state, alongside a large variety of other fish. Guernsey Park, home to the Oregon Trail sites, is known for its history and beauty. You can find examples of the work done by the Civilian Conservation Corps (CCC) at the Guernsey Museum, which sits on a high cliff overlooking the North Platte River. Whether you’re hoping to go fishing, camping, or hiking, the park has it all.
When it comes to family getaways, Wyoming has no shortage of iconic and scenic destinations. But beyond the famous sights like Old Faithful in Yellowstone National Park or the impressive mountains of Grand Teton National Park, there are many hidden gems in Platte County. From the pristine lakes of Glendo and Guernsey State Parks to the awe- inspiring Oregon Trail ruts and the historic Register Cliff, this county is a little paradise filled with beautiful sights to enjoy. Oregon Trail History In the 1800s, thousands of people loaded their wagons and hit the Oregon Trail, traveling miles to reach better economic opportunities and a
fresh start. You can see the very tracks those horse-drawn wagons left behind at the Guernsey Ruts, an official historic state site. The 2 to 6-foot deep ruts were created by years of wear under the iron wagon wheel tires of the travelers on the trail. The Oregon Trail ruts in Guernsey remain among the most intact and well-preserved ruts along the trail today. You can also visit Register Cliff, a 100-foot limestone rock where many Oregon Trail travelers stopped for the night. You can still see many names inscribed into the rock, most of them from emigrants as they continued their trek. The oldest names date back to the 1820s. Your family can travel back in time by visiting these impressive markers of America’s largest mass migration.
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