International Teamwork Enables Bank One to Cook Up New Business with Brinkmann

For #Bankers and GTS #Sales

When phone calls by the Bank One sales team to The Brinkmann Corporation uncovered a potential service opportunity, the team quickly moved from assessment to action. Brinkmann needed to improve its cash flow while its Asian vendors required financing assistance. Bank One’s recognition of the timing difficulties between both parties was the first step to providing a solution. That next step—leveraging an #international network of Bank One expertise—was the one that enabled us to outshine the competition, deliver a business-energizing idea and seal the deal with Brinkmann.

The Brinkmann Corporation is a leading manufacturer of outdoor cookers, outdoor lighting, handheld lighting, and lawn and garden products. It sells its products to several Bank One clients including Wal-Mart, Home Depot and Lowe’s. The Dallas-based company has annual revenue of $200 million.

This brand-new venture with Brinkmann came after Bank One knocked Bank of America and Comerica from the running. We differentiated ourselves from the #competition by working the opportunities from both the U.S. and Asian sides. The challenge to Bank One was twofold: Brinkmann’s Asian vendors required financing; and Brinkmann was eating through its working #capital because of having to pay its vendors before it was being paid by its own large corporate customers. The solution called for a $20 million facility supported by Bank One-issued major retailer letters of credit for the issuance of Brinkmann letters of credit to its Asian vendors. The Asian vendors could then borrow against the Brinkmann-issued letters of credit to support preshipment #financing and other working capital needs.

Digging to the root of the problem in the #UnitedStates and #Asia helped us fully understand the needs on both sides and was key to winning the deal in excess of $500,000. Bank One #HongKong actively called on the primary Brinkmann Asian vendors to understand their true financing needs while the Bank One U.S. team worked to fully understand the nature of the cash flow constraints of The Brinkmann Corporation. This was a blueprint for successful #teamwork.

"It’s very important to point out that this is the role model to how we can leverage the entire Bank One network," said Randy Humphreys, trade sales officer. "We were able to use existing Bank One relationships to provide a solution for a #client, and we’re delivering value at each aspect of the #supplychain."

This example of leveraging a network of resources to solve dual problems resulted in a successful deal, with future credit and treasury Brinkmann #businessopportunities on the horizon.

(Written by Don Scott while employed with Bank One/JPMorgan Chase)