DESCRIPTION
Our client a long established asset financier for whom we have sourced a number of asset finance business developers across the UK are seeking to further expand their highly successful sales operation.
New business hunters located anywhere in the UK will be considered but of primary interest are applicants who can cover London & South East , East Midlands , Manchester and Liverpool , South Yorkshire , North East & Central Lowlands of Scotland Edinburgh and Glasgow.
Your role will be 100% new business as to give you customers it would be necessary to take them from others in the operation.
Our client will provide you with a near unique opportunity , as they are part of bigger group around 40% of their asset finance business is funded by their parent group the other 60% s funded via a panel of over 25 funders that encompass everything from tier one banks ( they are the largest introducer to one tier one bank asset financier ) to challenger banks to higher rate funders whose risk reward appetite allows for more marginal credits to be accepted. As a consequence of the above you will seldom find a deal that cannot be funded due to credit and you also won’t have deal with reaching limits of exposure.
In terms of assets there are no restrictions on what you can finance , typically 90% of our clients work is on hard assets and they mostly deal direct with customers , and 90% of deals are HP but if you have relationships with dealers that you can bring with you or you typically sell finance lease or loan solutions all these will all be of value.
What does success look like ?
Our client takes an investment approach to new hires in year 1 meaning that the majority of the profit that you generate you keep. You will be tasked in year 1 with generating c£150,000 of gross profit. Typically they sell to customers at an average of c7.25% nominal and this generates typically a margin of 3.25% on the asset value ( meaning a £200,000 deal generates £6500 of gross profit )
The above GP target can be achieved therefore by writing £5m at 3% or £3m at 5% it does not matter , the preference is though to hire staff who generate regular business rather than individuals who have a pipeline of 3 £2m deals due to concentration risk.
Your role is to put in place a business development plan on your sales area that delivers in year 1 £150,000 of gross profit , you decide what that is but you can expect to be cold calling customers daily , leveraging your contacts be they customers or introduction from dealers you know. The key to success is getting in front of decisions makers how you do that is for you to determine.
What are the rewards ?
In your first quarter in the job you will receive 20% commission on all business you write with no hurdle to hit before you start earning.
From quarter two you will have a hurdle to hit that is typically around £26,000 of gross profit in a quarter , once you have achieved this figure you get 20% PAID RIGHT BACK TO ZERO.
Example : Q2 you write £40,000 of gross profit you earn £8,000 in commission , you only write £18,000 of gross profit you don’t earn any commission as your income has barely covered your salary , car , company NI etc.
Each quarter the scheme resets , if you underperform in one quarter you don’t carry the deficit into the next quarter , just don’t make too much of a habit of this.
Once you have achieved your annual target you get a further 5% of your entire years profit. This 5% is paid after year end. Call it a loyalty bonus if you will.
EG : You have a target of £150,000 GP , you write £200,000 in the business year , at year end you get paid a further 5% of £200,000 = £10,000.
Commission is quarterly paid and is TOTALLY UNCAPPED.
Our clients have advised the average earnings of long standing staff are £130,000 t0 £160,000 a year for volumes between £8nm & £14m , their top earners have made over £300,000 in a year. This could be you !
Candidate Profile
We are looking for experienced asset finance business developers who have a customer base that they can re-leverage and customers who will pay 7.25% .
In essence we seek applications from those who might have considered starting their own lease brokerage but would prefer to enjoy virtually all the benefits of running their own company but without all the risks of having to secure and maintain funders and no salary and no security.
Our ideal are applicants who work today for a lease brokerage where you perhaps have limited funders , an expensive cost of funds and limited earning potential and you see in this role a more open environment with greater earning potential.
We are happy to consider applicants that today run their own lease brokerages but would rather work again in an employed capacity but with many of the benefits you enjoy today. In this instance we are going to want you to convince us that you are not looking to move because you are failing and also that you do have customer base that you can bring with you and re-leverage.
Experience has shown us that applicants placed from tier 1 bank asset finance backgrounds although possessing good sales skills when given a sales lead seem not to possess the willingness to cold call or a willingness / ability to ask a customer to pay the c8% you need to sell out at here to make yourself a big income.
If you feel you are the exception to this rule we are not closed minded and are willing to consider you , but you will have to convince me that making 20 cold calls a day every day for your first 6 months is not way too far out of your comfort zone and that you have the confidence to ask your customers to pay c8% . I am open minded.
Whatever your exact background you must be a motivated self starter , you must be hungry for success and you must have a really strong desire for uncapped income and a real willing to put in the hard work needed to be a success . Its Friday its 4.00pm do you knock off early or make some more calls ………the high achievers we are seeking and those at our client keep on calling.
You must also be able to work as part of large group and of course you will need to be able pass all the usual credit and CRB checks to join.
JOB PACKAGE
Salary to £60,000+ OTE year 1 £100,000 , year 2 realistic £130,000 + uncapped potential , plus cash car allowance and excellent benefits.
