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Casual Articles - Pitfalls of Doing Big International Brokerage Business Online
It happens to all of us: the pressing personal problem or concern that takes center stage, leaving little energy or attention for anything else, including work. Examples are a family member’s prolonged illness or death, facing the prospect or reality of divorce. Although most of us are practiced at putting on the “game face” and getting on with work, events of this magnitude may make it difficult or impossible to manage that. Each person is, of course, different, and no solution will fit everyone. Here, however, are some useful coping mechanisms.Support. Get the support you need, whether that’s counseling, a support group, a coach, or some blend of the three. Asking for help may not come naturally, but it can help you avoid mental or emotional tunnel vision and help you identify you
This third case involved a genuine seller and a false buyer.
Undaunted, I continued the business. This time a Nigerian company, Goodwill Ventures, proposed me railway scrap. I emailed the offer to a Mr Pontus Hagstrom in Sweden who had an Indian buyer, Net-World Agency. Net-World sent an LOI without banking coordinates. On our insistence, they issued a fresh LOI with the coordinates but quoted a C&F target price lower than Goodwill’s FOB price! Curious, Goodwill contacted Net-World’s bank
Just because you are not a writer, it doesn’t mean that your business has to suffer. Instead of pulling out hairs over that business manual or press release you could outsource your project to a writing professional.What is outsourcing? Outsourcing or contracting is when you obtain a company or individual (outside of your organization) to complete a task or series of tasks.Why should you outsource your writing projects?1. You want great results – Writing great copy is a skill that everyone does not possess. Why give your business a mediocre image when you can have a high quality one? When you outsource your writing projects, you are handing your project to someone who is skilled.2. You don’t have time to learn how to write great copy- You have to chec
When all seemed bleak, I felt the internet was my best bet to boost my business. I visited some B2B portals and posted trade leads. An Italian, Arnoldo Marchetti, contacted me as mandate of an Austrian firm, Holzh?user GmbH, and offered me NPK 10-20-20 (10% Nitrogen, 20% Phosphorous, 20% Potassium) fertilizer. I posted the offer on a site called Alibaba. The same day a German buyer, Schneider GmbH, contacted me with NCND, LOI with banking coordinates, and the authorization to verify the availability of funds. I emailed the NCND to Arnoldo and Holzh?user for their details and signatures. Then I emailed the LOI to Holzh?user. A week later, Holzha?ser replied that what they had was NPK 10-10-10! When they heard this, Schneider blacklisted me.
This was the case of a genuine buyer meeting a fake seller. But it could also be a genuine buyer and a genuine seller. But Holzh?user and Schneider having known each other, might have decided to kick me from the deal. Why? Because of greed: they probably wanted to keep all the commissions for themselves.
With the NCND signed, couldn’t I have sued? Sure, I could, but there was no proof that the deal had succeeded. To find out would require a lawyer but I didn’t have the funds to hire one. This is how the NCND, supposed to protect one, can become an inefficient tool.
Soon after a German lady called Gisela offered me Libyan crude oil. I was now in contact with several companies, one of which was an American conglomerate, AAA Commodity Dealers, which needed crude oil. I got an NCND signed by all parties and sent AAA the offer. They began negotiations with the Libyans but I was kept in the dark. Not even Gisela was being informed. It was weeks later we learnt the commission had been apportioned. Gisela got a pittance thanks to the German mandate. But I was offered nothing. AAA considered that I had done no work. I asked them to justify their stand but received no reply. Months later, the German mandate informed us that the deal had failed because AAA wanted part of the commission for the Libyans, who, they figured, were taking the lion’s share.
This illustrates a genuine seller meeting a genuine buyer but the greediness of the buyer’s mandate made me lose a jackpot.
On another portal called Oilworld I contacted an American mandate, Ray Lewis, representing a Canadian producer of rapeseed oil. Tung Shun Chemicals from Hong Kong needed this product. We launched the deal and this time the buyer exceptionally received the POP and samples from the seller; only the POF was needed to close the deal. Months passed but Tung Shun gave no POF and Ray had to cancel the deal.
This third case involved a genuine seller and a false buyer.
Undaunted, I continued the business. This time a Nigerian company, Goodwill Ventures, proposed me railway scrap. I emailed the offer to a Mr Pontus Hagstrom in Sweden who had an Indian buyer, Net-World Agency. Net-World sent an LOI without banking coordinates. On our insistence, they issued a fresh LOI with the coordinates but quoted a C&F target price lower than Goodwill’s FOB price! Curious, Goodwill contacted Net-World’s bank
Preparing for job interviews, candidates try to collect information to formulate their best answers to questions that are most likely going to be asked. Despite this extensive preparation, the actual interview could turn to be boring. Worse still, you could begin to sense the interview’s failure. Unless you do something to turn the situation around, it is going to be a battle lost. So what better way to save the interview than by asking a few pertinent questions? (Hint: you should be doing this anyway!)Top 7 Questions You Should Ask An InterviewerThe questions you ask should not just be for the sake of asking but they must demonstrate your interest in the position and the company. In addition, the more seriousness and earnestness with which you ask them the more they are impressed with y
This was the case of a genuine buyer meeting a fake seller. But it could also be a genuine buyer and a genuine seller. But Holzh?user and Schneider having known each other, might have decided to kick me from the deal. Why? Because of greed: they probably wanted to keep all the commissions for themselves.
With the NCND signed, couldn’t I have sued? Sure, I could, but there was no proof that the deal had succeeded. To find out would require a lawyer but I didn’t have the funds to hire one. This is how the NCND, supposed to protect one, can become an inefficient tool.
Soon after a German lady called Gisela offered me Libyan crude oil. I was now in contact with several companies, one of which was an American conglomerate, AAA Commodity Dealers, which needed crude oil. I got an NCND signed by all parties and sent AAA the offer. They began negotiations with the Libyans but I was kept in the dark. Not even Gisela was being informed. It was weeks later we learnt the commission had been apportioned. Gisela got a pittance thanks to the German mandate. But I was offered nothing. AAA considered that I had done no work. I asked them to justify their stand but received no reply. Months later, the German mandate informed us that the deal had failed because AAA wanted part of the commission for the Libyans, who, they figured, were taking the lion’s share.
This illustrates a genuine seller meeting a genuine buyer but the greediness of the buyer’s mandate made me lose a jackpot.
On another portal called Oilworld I contacted an American mandate, Ray Lewis, representing a Canadian producer of rapeseed oil. Tung Shun Chemicals from Hong Kong needed this product. We launched the deal and this time the buyer exceptionally received the POP and samples from the seller; only the POF was needed to close the deal. Months passed but Tung Shun gave no POF and Ray had to cancel the deal.
This third case involved a genuine seller and a false buyer.
Undaunted, I continued the business. This time a Nigerian company, Goodwill Ventures, proposed me railway scrap. I emailed the offer to a Mr Pontus Hagstrom in Sweden who had an Indian buyer, Net-World Agency. Net-World sent an LOI without banking coordinates. On our insistence, they issued a fresh LOI with the coordinates but quoted a C&F target price lower than Goodwill’s FOB price! Curious, Goodwill contacted Net-World’s bank
Starting and running a small business in book keeping is one of the most profitable businesses that you can start from home. Apart from being low cost, you also do not need to rent office space for you to provide these services especially when you are just starting out. However, what is required is the knowledge and understanding of bookkeeping procedures as well as possessing the personal quality of being able to pay attention to detail.Also, it is not a necessity for you to possess an accounting qualification as you are different from an accountant who provides financial feedback to your client. Essentially, a bookkeeper’s job is to ensure that income and expenses are tracked and recorded, bank statements are managed, employee payroll is processed and payments and invoices are duly recorded. the commissions for themselves.
With the NCND signed, couldn’t I have sued? Sure, I could, but there was no proof that the deal had succeeded. To find out would require a lawyer but I didn’t have the funds to hire one. This is how the NCND, supposed to protect one, can become an inefficient tool.
Soon after a German lady called Gisela offered me Libyan crude oil. I was now in contact with several companies, one of which was an American conglomerate, AAA Commodity Dealers, which needed crude oil. I got an NCND signed by all parties and sent AAA the offer. They began negotiations with the Libyans but I was kept in the dark. Not even Gisela was being informed. It was weeks later we learnt the commission had been apportioned. Gisela got a pittance thanks to the German mandate. But I was offered nothing. AAA considered that I had done no work. I asked them to justify their stand but received no reply. Months later, the German mandate informed us that the deal had failed because AAA wanted part of the commission for the Libyans, who, they figured, were taking the lion’s share.
This illustrates a genuine seller meeting a genuine buyer but the greediness of the buyer’s mandate made me lose a jackpot.
On another portal called Oilworld I contacted an American mandate, Ray Lewis, representing a Canadian producer of rapeseed oil. Tung Shun Chemicals from Hong Kong needed this product. We launched the deal and this time the buyer exceptionally received the POP and samples from the seller; only the POF was needed to close the deal. Months passed but Tung Shun gave no POF and Ray had to cancel the deal.
This third case involved a genuine seller and a false buyer.
Undaunted, I continued the business. This time a Nigerian company, Goodwill Ventures, proposed me railway scrap. I emailed the offer to a Mr Pontus Hagstrom in Sweden who had an Indian buyer, Net-World Agency. Net-World sent an LOI without banking coordinates. On our insistence, they issued a fresh LOI with the coordinates but quoted a C&F target price lower than Goodwill’s FOB price! Curious, Goodwill contacted Net-World’s bank
Event Marketing – Ever see those plaza store events, like when a new Harry Potter book is released? All the stores get together and celebrate the launch of the book in different ways. Obviously there’s the bookstore release, but the local video and game rental store gets in the act. So does the family restaurant, ice-cream vendor, and arcade. Even the dry cleaning store can get involved and pump up their business, if they stick to a common theme. And this is all announced ahead of time (with appropriate press releases, etc.) so people coming down know what to expect. “Oh, great, we can get the book for little Sally, I can drop off my suit at the cleaners, my wife can go to the apparel store. What a great time this will be for the whole family!”Start a Talk Show – If you have regular content to d
This illustrates a genuine seller meeting a genuine buyer but the greediness of the buyer’s mandate made me lose a jackpot.
On another portal called Oilworld I contacted an American mandate, Ray Lewis, representing a Canadian producer of rapeseed oil. Tung Shun Chemicals from Hong Kong needed this product. We launched the deal and this time the buyer exceptionally received the POP and samples from the seller; only the POF was needed to close the deal. Months passed but Tung Shun gave no POF and Ray had to cancel the deal.
This third case involved a genuine seller and a false buyer.
Undaunted, I continued the business. This time a Nigerian company, Goodwill Ventures, proposed me railway scrap. I emailed the offer to a Mr Pontus Hagstrom in Sweden who had an Indian buyer, Net-World Agency. Net-World sent an LOI without banking coordinates. On our insistence, they issued a fresh LOI with the coordinates but quoted a C&F target price lower than Goodwill’s FOB price! Curious, Goodwill contacted Net-World’s bank
In the first decade of the internet empire, mainstream book publishers have been notoriously slow to explore the possibilities of putting literature online; but with Google proposing to upload every book on earth to the internet, their moment of truth is surely approaching.Over recent months a gargantuan legal showdown has been brewing between Google Inc. and the American publishing industry, relating the former’s ‘Google Print Library Project’, which will involve scanning and uploading the contents of virtually every book on the planet. Many book publishers have been outraged by this attempt to infringe upon their intellectual properties, fearing that the products they have traditionally sold for profit will soon be ‘free to air’ for anyone with an internet connection. But at a deeper le
This third case involved a genuine seller and a false buyer.
Undaunted, I continued the business. This time a Nigerian company, Goodwill Ventures, proposed me railway scrap. I emailed the offer to a Mr Pontus Hagstrom in Sweden who had an Indian buyer, Net-World Agency. Net-World sent an LOI without banking coordinates. On our insistence, they issued a fresh LOI with the coordinates but quoted a C&F target price lower than Goodwill’s FOB price! Curious, Goodwill contacted Net-World’s bank only to learn that they were insolvent. In order not to lose the deal, I proposed it to a serious buyer but this time it was Goodwill which proved phoney.
So in that case both the buyer and the seller were untrustworthy.
My brokerage business experienced other jolts too. These involved the greediness of buyers’ mandates for fat commissions as well as the haggling over discounts or the POP and the POF between buyers and sellers.
I lost a Russian crude oil deal because the buyer’s mandate wanted more discount than the seller gave and a gold transaction in which the buyer judged the seller’s discount too low. But nothing made me crazier than losing businesses where the buyer insisted on the POP before giving the POF and the seller also expected the POF before giving the POP.
“Has anyone succeeded in this imbroglio?” I asked several brokers. Everybody said something wry like “I’m on a sure deal now.” That was when I decided to take measures about my brokerage business.
So if you are contemplating doing big international brokerage business online, think of all the pitfalls that await you and the precautions to take to avoid them, such as:
- verifying the credibility of buyers and sellers by asking for proof of previous performance;
- getting a lawyer to handle your contracts;
- letting people make you offers under penalty of perjury;
- letting your bank check the availability of funds of partners; and
- insisting that you take part in all discussions involving buyers and sellers or at least receiving regular mails of their discussions.
SIDEBARS:
B2B Portal: An internet site where companies can meet to do business.
Trade Lead: The message that one posts on a B2B portal to seek goods or services.
NCND (Non-Circumvention and Non-Disclosure Agreement): An agreement that prohibits parties to a
deal from dealing with each other’s contacts and/or giving confidential information to third parties
without written consent.
LOI: (Letter Of Intent): A stamped and signed acknowledgement on one’s letterhead that one would buy
something being proposed.
POF (Proof of Funds): A note from a buyer’s bank to the seller’s that money is available for the deal
into which the buyer intends to enter.
POP (Proof of Product): A note from a seller’s bank to a buyer’s that the product offered is available.
Banking coordinates: Includes Account name, Account Number, Name, address (physical and postal),
fax number and email address of Bank, and Bank Officer’s name.
C&F: (Cost and Freight): The FOB + the transport charges to the agreed destination.
Target price: The price that the buyer is prepared to pay.
FOB: (Free On Board): The price of the goods + the transport and handling charges to the port
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