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The Value of Validating the Negotiated Contract

The Value of Validating the Negotiated Contract

By Kelly Flynn, National Director

Are you a go-getter, confident in your skills and rarely delegating the big, important tasks to ensure they’re done correctly? I respect that. I have met a lot of talented people with the do-it-yourself attitude toward contract negotiations. But whether you’re a skilled negotiator, an experienced financial expert or a talented researcher, nothing compares to an insider who spends their days exclusively securing the best deals for financial institutions. 

That’s me, and my contract negotiation team at JMFA. We negotiate vendor contracts for banks and credit unions day in and day out, and have seen it all. So when a do-it-yourselfer says to me, “I’m happy with my current vendor, and I’ve already negotiated a great renewal contract,” I reply: “Let’s check it out!”

Why Seek Validation?
A second opinion and some validation never hurt anyone. In fact, it’s likely to help you save even more, even if you think you’ve got the best deal already. And with a 100% contingency-based fee structure, you have nothing to lose with us. If we don’t save you money, you don’t owe us a penny!

But one thing you can gain is a reputation as a stellar negotiator. Whether you’re one of the 98% we help find savings or the 2% we evaluate who have scored the best deal on their own, you’ll have the validation that a third-party industry expert has looked over your contracts to make sure you’re not overpaying. Having a well-known partner like JMFA to double check your work can earn you the trust of your board members and upper management. And, they’ll likely remember that when bigger opportunities crop up.

Other Benefits of Consulting an Expert Negotiator
Aside from securing the best deal and becoming a shining star at your institution, a third-party review of your contracts can also:
Save you time so you can focus on your day-to-day tasks and long-term goals
Bring you additional vendor perks like signing bonuses, more favorable terms, and retroactive pricing
Allow your institution to reinvest the savings into member-facing services and improvements or employee loyalty and retention efforts

Time is of the Essence
To negotiate the greatest savings on your contracts, we recommend you get the ball rolling with us 12-18 months before the contract is set to expire. However, we’ve helped clients — like Garden Island Federal Credit Union — in a pinch with less than seven months left on a contract. But, earlier is definitely better so you can have the upper hand and evaluate all your options.

The first step is simple: request a free analysis of your contract(s). We’ll contact you from there and explain the process. Then, you and your financial institution will be well on the way to not only discovering, but experiencing, the value of getting a second opinion. You might even get that well-deserved pat on the back from management and the even the board. How’s that for validation?

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ABOUT JOHN M. FLOYD & ASSOCIATES (JMFA)
For more than 38 years JMFA has been considered one of the most trusted names in the industry—helping community banks and credit unions improve their performance and profitability. Whether it’s recovering lost revenue, uncovering savings opportunities, serving account holders better, finding the perfect personnel fit or delivering a 100% compliant courtesy pay program, JMFA has the right solutions to help you not only meet, but exceed, your goals. To learn more contact your local representative or call us at 809-2307.



 


 

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