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It seems that it is becoming the norm of late that certain WP’s and manfacturers are asking potential agents to disclose their business accounts to them before enabling a spares/service accounts.
I know I was asked last year by LG for our end of year accounts, which I flatly refused to disclose. It is absolutely not their concern !
If they are unsure of anyone’s ability to pay their spares account, they can always contra this against the money owed for service work carried out. If they need information regarding the financial state of a business they can check companies house, or a reference from a bank is enough.
Surely the only requirements should be:
1/ Bank Reference
2/ Two trade references
3/ Public/Employers liability insurance certificate
4/ Corgi registration certificate (if required)
5/ Proof of existing or terminated agency work (not always available if you have never done this type of work, but at least it shows that you are capable of handling such work)Thats all anyone will ever get from me anyway, I sure as hell will not touch a contract where the pressure is applied to release such information “otherwise you won’t get the work”.
Case of point: LG opened a spares and service account within a month of them contacting me to become agents for them, with only the above minimum information supplied.
Perhaps I should have checked their ability to pay though 😉
Dave.
Re: Disclosing Confidential Information
I think it is the norm for these days for most WP’s and trading partners to request this type of comprehensive information. I have had this type of questionaire given me many times. (One wholesaler actually has the cheek to ask: How much money will you be spending with us monthly?…how the blink do I know til I know what your selling mate!)
My recommendation is as you intimate, “Don’t tell ’em!”…if they want you to work from them or your business, they will have to suck it and see.
What the hell happened to the old adage…’Gentlemens aggreement?’ or the centuries old tradition of making a deal ‘on a handshake!’
Martin
Re: Disclosing Confidential Information
Martin wrote:I have had this type of questionaire given me many times.
I think in some cases they are actually asking for you’re own business paperwork and profit and loss accounts.
Sod that !
Dave.
Re: Disclosing Confidential Information
Dave_Conway wrote:I think in some cases they are actually asking for you’re own business paperwork and profit and loss accounts.
Now that is definitely OTT . Good heavens they will be asking your blood group and next of kin, maybe even sign over you house deeds for their safe keeping next!
No deal, go away pal the only reply.
Martin
Re: Disclosing Confidential Information
No deal, go away is the toned down version of what I’d say Martin. 😉
It has been alleged and, I fully believe what I’m being told, that Whirlpool are employing this tactic on it’s service partners. If this information is correct as I have been told it is a shocking invasion of those businesses privacy, with the principals salaries having to be revealed.
IMO it is no more than spying on your business to see how much or how little they can get away with paying you, I regard it as utterly disgusting to be perfectly frank. What next, do they want to see your personal bank statements as well? Look into what car you own and how much you pay for? Want to know how much your home is worth and how much equity is in it?
I think not and the only advice I would offer anyone is to tell them to get stuffed politely and refuse to give over the information as it’s absolutely none of their business in any way.
If LG do this as well they can stuff it, I would not submit that information.
K.
Re: Disclosing Confidential Information
kwatt wrote:IMO it is no more than spying on your business to see how much or how little they can get away with paying you
Ken,
You hit the nail on the head precisely. That is exactly what those revealed facts will provide.
I had the same problem many years ago, which almost certainly affects most of us independant traders to this day, a blatant scam that is difficult to avoid. Namely, commissioning an ACCOUNTANT. The first thing they want to see is your accounts so far (naturally) then, they quickly assess for themselves the potential ‘annual accounting fee’ they can charge based on those figures. As your business grows from that point on their charges keep ramping up.
The way to avoid that is to appoint an accountant that charges a fixed fee irrespective of your annual turnover (not easy to find such an individual but they are out there…and I got one…not telling who though).
The same applies outside accountancy and the same rule applies…Keep your cards close to your chest, as there are cheats and robbers waiting for you to come along!
Martin
Re: Disclosing Confidential Information
Martin wrote
What the hell happened to the old adage…’Gentlemens aggreement?’
What happened is we get shafted ie. BERNSTEIN
Re: Disclosing Confidential Information
Martin wrote:I think it is the norm for these days for most WP’s and trading partners to request this type of comprehensive information. I have had this type of questionaire given me many times. (One wholesaler actually has the cheek to ask: How much money will you be spending with us monthly?…how the blink do I know til I know what your selling mate!)
My recommendation is as you intimate, “Don’t tell ’em!”…if they want you to work from them or your business, they will have to suck it and see.
What the hell happened to the old adage…’Gentlemens aggreement?’ or the centuries old tradition of making a deal ‘on a handshake!’
Martin
The days of the “Gentlemans Agreement” are long gone. If a potential work provider requested that sort of information we would resist strenuosly and ask for us to have direct debit facilities on their Bank Account.
With the difficulties we have had with our “far eastern friends” we would, quite frankly, decline to touch them with a ten foot pole with insulated handle
wcdaRe: Disclosing Confidential Information
Zanussi came up with this one when they went into Service Force. One of the criteria was to provide them with a copy of my audited accounts annually.
I simply told them that the only people to see those would be:-
The Tax Man, The Vat Inspector, My Accountant and perhaps my Bank Manager if I wanted to give him the information.
They never followed that one up as I’m sure other agents told them something similar.
Alex
p.s. LG Electronics keep getting a mention in this section. It will soon be time for me to post something on their thread, I’m still awaiting a payment. Give it another week and it may happen.
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