No matter what products or services are provided, there is another business trying to do it better, faster, cheaper, or is on the brink of inventing something that could render their product obsolete. Because of this, banks feel more comfortable with companies that have at least some product diversity. The Web has opened an entirely new channel of distribution for many businesses. But, no matter what their comfort level in dealing with the Internet, it is a fact of business reality and it's here to stay. Credit qualification in a family-owned business is not as simple as meeting a satisfactory current ratio.
Bankers are interested in the family business financial story.
Owners need to educate themselves on how they plan to grow the business and should be encouraged to use their banker as the family's advocate when they discover the need for the next financial step.