An Open Letter to Brenda and Lee December 9, 2009

Brenda & Lee,

I placed a call to Mitch Chapman as promised at (954)495-4791. I got his voice mail and left a message. Mitch has always been good at returning calls. When I hear back I will tell him what you told me.

As I shared with you today, Brenda, alternative funding is difficult. I make that clear in all my newsletters, websites, audios, webinars, and speeches. 90% of our business comes from referral. The other 10% comes from my newsletters, websites, audios, webinars, and speeches.
When people come to me, in most cases, they cannot obtain funding or have been turned down by banks.

I do my best to serve. I am not a miracle worker. I am here 7AM to 5PM M-F Pacific as you know. I return all calls the same day or next day as I have for 33+ years. I communicate twice a week with newsletters. I do my best to answer the hundreds of emails I receive.

Lee was told how we did business when he was initially referred to us. As much as I would like to help everyone who contacts us I cannot.

We charge a fully earned, non-refundable commitment fee for business consultative services. Alternatively, we allow clients to purchase time at http://www.joetufo.com/consulting Nearly all pay the commitment fee as it is appreciably more expensive to purchase time by the hour.

We cap the commitment expense fee at 1%. The present minimum is $2,500 and the maximum is $25,000. Many times the cost of getting someone funding has exceeded what they paid us for service but the fee is capped. In addition we earn a success fee agreed upon in advance.

The term of service is for six months and is renewable at a new fee. I did not ask or expect additional compensation from you or anyone involved with Mitch and have bent over backwards to offer service and continue to do so as you know..

Since November 26, 2008 I have 80 calls logged for Lee, and more recently you, not to mention all the times that Lee called on my cell, and dozens of emails. That does not include calls that he had with my assistant.

I am sorry that Mitch and the vendors that he trusted to fund clients did not perform. I have apologized to both you and Lee and I thought that you had clearly forgiven me.

When a person contacts us we provide lots of materials. Lee was given a welcome letter, a paper on how we do business, and matrices for products that he requested information. His initial call was about a $24m project in Africa.

At the time he was referred to us there may have been five to seven line of credit funding sources.The $45,000 that Lee wired to Mitch was for the purchase of existing corporations. Sometimes they are referred to as operating, seasoned, or shelf.

You are welcome to call me anytime that you need.

I have never witnessed bank failure of this magnitude in my life. The last fallout that we had was the S&L crisis but it does not seem to be nearly as damaging as the present crisis.

I have furnished this information on bank failures in newsletters and on our websites. You can find this link at: http://www.fdic.gov/bank/historical/bank/index.html and http://www.fdic.gov/bank/individual/failed/banklist.html

From: http://www2.fdic.gov/qbp/index.asp

Problem Banks
The FDIC creates reports on problem or troubled banks in the aggregate. We do not make the details of this list publicly available. The FDIC does not, at any time, comment on open financial institutions.

These are just the 2009 failures to date, there are hundreds more on the watch list:

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Joe Tufo, Certified Cash Flow Consultant, Certified Capital Specialist
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