CoatingsPro Magazine

JUL 2013

CoatingsPro offers an in-depth look at coatings based on case studies, successful business operation, new products, industry news, and the safe and profitable use of coatings and equipment.

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better when dealing with a firm that has global resources. A reputable firm will work strictly on a contingent basis and negotiate fees by how large the account is, how old the account is, and how many accounts you have. A reputable firm will also provide you with resources and free consultation to help minimize your risk moving forward and to help you do your due diligence before contract execution and credit granting. When money is collected, fees are paid out of the transaction upon cleared funds, and not out of your pocket, which minimizes your exposure. So make sure you find a reputable firm. Shou ld t he sta ndard col lection efforts fail, a reputable firm will determine if the account is suit-worthy. This is done in most cases through on-site visits by licensed professionals where asset and liability investigations are conducted. These investigators will have access to privileged information to determine if there are bank accounts for garnishment, if there are assets to go after, if the debtor is truly having troubled times but is sincere and wants to show a good-faith effort, or if the debtor is simply unwilling to pay. After review, should an account be deemed suit-worthy, the collection firm will provide an established network of specific specialized collection attorneys who should also work on a contingent basis. The only out-of-pocket exposure you should have in this case is whatever the state-required court costs and filing fees are. Remember: You Are Not a Bank Debtors are only going to pay or show a good faith effort to those companies that make it their priority. Be smart and informed, conduct due diligence, keep on top of practices and documentation, and seek the assistance of a reputable t h i rd-pa r t y col lec t ion compa ny i f necessary. Debtors cannot go to a bank and request a loan without attaching a personal guarantee to it. You cannot go to a bank and request a loan without a personal guarantee and all sorts of strings attached. Since you are not a bank, why should you float someone that may be using your money interest-free? The use of a personal guarantee is becoming more common, and staying on top of your accounts is advantageous to you, whether you are dealing with a small, medium, or large company. Make smarter decisions and you, too, may be able to collect your money. CP Al diAS is the acting vice president of Consulting for Commercial Collection Consultants (CCC). He consults with companies from all over the world and has delivered educational seminars, given webinars, and written articles for several associations. Mention this article to receive a 5 percent discount from CCC no matter the size of the account. For more information, contact: (817) 570-9155, adias@ccc-worldwide.com, or organizedmgmt@aol.com a SPYfor every mission Inspect Any Metal Surface Coating For pipes, tanks or any coated contoured surface in the field or inside your manufacturing facility, we simplify coating integrity testing with our full line of SPY® portable and permanent Holiday Detectors. SPY® Model 780, 785 and 790 Portable Holiday Detectors • New ergonomic design • Pipe coating inspections up to 60" • Extremely durable • Infinite voltage setting on the fly Compact, lightweight wet sponge holiday detectors Reliable continuous inspections on the assembly line SPY® Wet Sponge Portable Holiday Detectors • No belts, lightweight, fast set up • Sponge roller speeds large flat surface area inspections • Interchangeable flat or roller sponge SPY® In-Plant Holiday Detector Systems • Custom designed to streamline manufacturing • From pipecoating inspections to large flat surfaces For more details on SPY® products and our complete line of SPY® Holiday Detection Equipment visit our website @ www.picltd.com. PIPELINE INSPECTION COMPANY, LTD. PH: (713) 681-5837 • FAX: (713) 681-4838 Write in Reader Inquiry #119 July 2013 g www.coatingspromag.com 31

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