Business Bartering Surfaces in North Branford

A tire store with excess inventory or a restaurant with empty seats could offer discounts to bring in new business, or it could barter its goods to other companies.

The exchange option, according to Jay Greene, is “a fantastic way for businesses to move excess inventory and conserve cash.”

Greene is the manager of the new North Branford branch of International Monetary Systems, located at 999 Foxon Road. It’s just him in the office, which officially launched on Dec. 28.

Greene, who has been in the barter business for more than a decade, sees North Branford as an untapped market.

"There's been no barter company for years on this side of the Q-Bridge,” he said. "It's a good fit with our branch in Plainville, and this area has a lot of businesses."

If there are struggling businesses in town, Greene said he can help.

“Barter has gotten a bigger name with our economic conditions,” Greene said. “Bartering is an opportune mode of business for a weak economy.”

However, the exchange of goods sans money is a system that works in any economy, he said.

“Smart business owners have been bartering regardless of the economy,” Greene said. “It’s another way to help leverage your dollars to purchase things. If a business isn’t selling inventory, we barter to help them move goods and bring in new business. Now that they have those dollars, they can purchase things," he said.

The North Branford office is the second in Connecticut for the Wisconsin-based company, which started in 1985 and operates 17 offices nationwide. There are currently 23,000 cardholders in the IMS network nationally, from small businesses to Fortune 500s.

There are 1,000 members within 50 miles of North Branford. The newest clients to the North Branford office include a Subway branch in Branford, Planet Fitness, Jet Cleaners and Eliminate Em, a pest control company.

Once companies join the IMS network, a trade broker assists them in finding other members of the network to purchase their products. They receive IMS credits for their products that they use to purchase items from thousands of other IMS members, instead of dealing directly with one buyer, Greene said.

"It's not direct one to one barter," he said. "We bring in companies to sell their products to other companies in the network, who may sell their products to someone else."

Greene plans to bring on hired help later this year.

“We’ll ramp up as we progress,” he said. “I’d like to see a staff of two or three in six to 12 months.”

Before coming to North Branford, Greene was vice president general manager of BXI Exchange and founder of a Milford barter network, BNI. He lives in North Branford and is married with three sons who attend local schools.