E628: Don't Trust Your Suppliers? This Can Help

In this episode, Mike Babbitt from Synovus is on the podcast to talk about the inherent risks associated with importing goods, and how you can reduce that risk especially when starting with new suppliers. He shares various strategies to illustrate these challenges, and the importance of understanding the international trade landscape.

Mike Babbitt, Synovus's Head of Trade and Supply Chain Finance Origination, is on the podcast today to talk about the various risks that importers (and exporters) are facing in 2025 and 2026 and how you as an importer can protect yourself when importing.

Mike also talks about the various trends he's observed over the years and how we're slowly moving to a "just right" inventory model.

If you're looking to expand your product portfolio with new suppliers, this episode may be for you.

Timestamps

• 00:00 - Introduction to International Trade and Sonovus Bank
• 02:56 - Understanding Risks in Importing and Exporting
• 05:55 - Mitigating Risks with Letters of Credit
• 09:02 - Practical Scenarios for Using Letters of Credit
• 11:55 - Exploring Trade Financing Mechanisms
• 14:57 - Current Trends in Importing and Exporting
• 17:54 - Reconfiguring Supply Chains and Reshoring
• 21:06 - Economic Outlook and Consumer Confidence
• 24:01 - Conclusion and Contact Information

Mike, thanks for coming on the podcast. If you'd like to reach out to Mike, you can check him out on his LinkedIn page here.

As always, if you have any questions or anything that you need help with, leave a comment down below if you're interested.

Don't forget to leave us a review on iTunes if you enjoy our content.

Thanks for listening!

Until next time, happy selling!