How Many Licks Will It Take. . . ?
By Vin Ayden, PICB Senior Risk Manager
The slogan of a vintage 1980's television ad applies not only to candy, but also to inadequate due diligence that may result in your company being licked!
When Is It Time to Give Up the Fight?
This month's question is submitted by Jim Ragatz, Accounting Manager, Midstates, Inc. Print & Media Solutions of Aberdeen, South Dakota.
"For any of our potential customers that are requesting payments terms other than cash or credit card, we ask them to fill out a credit application. On that application, we have wording that indicates a personal guarantee. Often, our customers will send their application back to us with 'See Attached' written on it and accompanying documents that contain the information that we requested on the credit application. Our application is sometimes signed, but sometimes it is not signed. My question is whether or not we have a binding agreement (including the personal guarantee) if we do not have their signature on our application but we do have their submitted company information on their form."
Submit your questions to our network of lawyers for expert advice at email@example.com. If your question is chosen, your company will receive a free Due Diligence Report (a $50 value)!
|We can't resist jumping on reality show bandwagon. Periodically we will cover the month's highs and lows during the course of our work for American printing companies. |
High - In October, we processed 40 Due Diligence Reports for PIA affiliate members. The majority of reports were rated average risk!
Low - Amazingly, one firm received a score of negative 10! This potential customer seeking credit had six civil lawsuits filed against them within 18 months by its vendors, several who were secured lien holders. Records indicated the customer had a recent eviction and its supposed new address is suspicious. Their references are owed six figures in aging debt. Its phone was a non-published VoIP, and no Federal EIN was located under the corporate name.
How much money did the printer save by spending $50 for a due diligence report? The average debt as provided by the references is $54,000!
Take a moment to enjoy this month's installment in the continuing saga of Dewey Chi'ting & Andreality (Fairy Godmother of Credit Wisdom)!
Give your company the maximum benefit by using the resources and services of PICB today!
Collection Services: PICB is the Graphic Art Industry's dedicated credit and collection agency. We've gained the trust of printers over 35 years of helping them get paid by slow and non-paying customers. Our rates are below industry averages, yet our results are superior. Resources:
PICB's web portal to government websites provides real-time, free information that can be helpful in determining a customer's stability or viability. These sites provide users an ability to verify business registrations, civil records, lien information, and much more.
Due Diligence Reports:
When you don't have the time to review the information provided by the customer, PICB will do it for you. Our reports are compiled the old-fashioned way with hands-on, extensive research using 21st century tools.
Riskee Business Reports:
PICB's free service provides unlimited access to our extensive database, so you may determine if a potential customer is already known to PICB.
Questions? Call us any time at (847) 265-0400.
Thanks for reading this month's edition! Feel free to forward this to others at your company.
Printing Industry Credit Bureau
Your Staff at
DON'T GET BITTEN TWICE!
Uncollected Judgments for November 2013.
to view list.
ASSOCIATED AIR PRODUCTS
BERG PRINTING ENTERPRISES LLC DBA MASTERPRINT
CHRISTOPHER NICHOLAS CAMPOS D/B/A CAMPOS SCHOOL PORTRAITS
DALE JASLOVE IND D/B/A HEALTHCARE CONSTRUCTION
DIRECT MEDIA MARKETING INC.
EL SOL NEWSPAPER
EMERY LITHO OF NASSAU LLC
FRANK FINOCCHIARO INDIVIDUALLY & T/A LBT SYSTEMS & LBT SYSTEMS INC.
FIRST FRUITS BEVERAGE COMPANY
PHILIP BASILE D/B/A MINK INC
REACH MARKETING SOLUTIONS LLC
RICK VETKOS DBA
RODD MURPHY DBA
RODD MURPHY & ASSOCIATES
RON CARTER DBA
SOUTH STREET JOURNAL
RUMORS ON GRAND INC. A DISSOLVED CORP & KATHLEEN M VOGT AKA KATHLEEN TEWS
SANDESH PUBLICATIONS, INC.
SEARCH 1 AMERICA F/K/A LUX PREMIER LUX PUBLICATIONS LLC DBA LUX PREMIER