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Aug 01 2010
Credit Line Newsletter
E-News August 2010

In This Issue
- Keeping it Together in Tough Economic Times
- Small Claims Court: Boon or Bondoggel?
- Embrace Change
- Personal Guarantees

Looking Ahead

Aug 3 - "Credit Boot Camp" Basic Training in Credit & Accounts Receivable Collection.

Aug 12 - "In The Trenches" with DeAnna Leahy CCE, Sunroc Corp. and Barbara Mackay, Intermountain Concrete Specialties.

Aug 12 - FREE Credit Reporting & Industry Group Training

Aug 25 - Fall Semester Begins
NACM & Salt Lake Community College Business Credit Classes. Scholarships available!

Sept 2 - "Cash Flow From the Credit Department" Instructor Georgette Bevan, CCE.

Sept 9 - ICEL "Embrace Change and Wake Up to a Happier Life" by Amanda Dixon, morning radio host and author.

Sept 24 - NACM Golf Outing, Eaglewood Golf Course More Info

Sep 20 - NACM National Professional Designation Paperwork Deadline for November 8, 2010 exam.

Oct 6 - "Credit & Sales: Bridge the Gap for Strategic Advantage"
Instructor: Georgette Bevan, CCE representing credit
Instructor: Chad Wheeler, CBA representing sales

Oct 14 - ICEL "Preference Defenses in Bankruptcy" by Sherilyn A. Olsen

Oct 20-22 - Western Region Credit Conference More Information

Why should I submit potential members to NACM?"

Help gain information on your customers. As a member, their information could help build the database on your customers as well not just a one- way street. more Info



Keeping it Together in Tough Economic Times

by Megan Ashcroft, Swanson Building Materials

In 1990 the population for the Wasatch front was 1,104,356. We are now over 2,000,000. I can still remember times being good for our industry and then, when it was announced that the 2002 Olympics would be held in Salt Lake City, a boom really hit. Things took off and times were good for all. Eventually, all good things peak. We now find ourselves in a rough economy and we must all hunker down, tighten our belts, and do the best we can to get through.

How does this affect our roles as credit managers? I offer just a few of my own thoughts. View full article

Small Claims Court: Boon or Boondoggel?

by Scott Lee, JD, CCE, NACM BCS

When you take an account to small claims, what is your goal? To obtain a judgment? If that is your goal, well good for you. But, your goal should be to OBTAIN PAYMENT. Judgment is just a step along the way. I won't address all of the positives and negatives of small claims or the how-to's. But I periodically hear members talk about their "success" in small claims and I hardly ever hear about anything being collected. This article was prompted by the latest statement I heard.

It is easy to take an account to small claims and it is a great place for some claims; primarily consumer to consumer. But I see too many commercial claims that are never collected. Although it is easy to file the claim and normally not tremendously difficult to obtain a judgment, that is where the simplicity ends. View full article

Embrace Change

by Carolyn Thompson, Meadow Gold Dairies

Our General Manager retired a few months ago and the new General Manager came from a different plant location. Of course he brought his own ideas of how he would like to see the company work, on top of the fact that our corporate office is continually changing how they want things reported or how they wanted transactions entered into the computer system. To get everyone on the same page, we had a kick off meeting 'embracing change.'  View full article

Personal Guarantees

by Scott Lee, JD, CCE, NACM BCS

An often overlooked item in guarantees is whether the guarantor has the ability and willingness to pay. Many companies just have the entity principal sign the guarantee without ever looking into that person's credit history or assets. If the person has no ability to pay, never has and never will, what good is the guarantee? The best thing a guarantor could do to protect himself/herself is to make sure all of the assets he/she wants to keep are in somebody else's name along with any income streams. What does that do for you as the creditor when you need to collect? Not much! Next, what does the guarantor's credit history look like? Pull a credit report. Have you ever gone into the secretary of state's data base and conducted a "principals search?" You can see the other entities the guarantor (usually just individuals here) has been involved with. How many of them have gone down in flames? Credit report anyone? View full article

Tired of working and re-working dead accounts? Place your delinquent accounts with NACM Online! More information

Computer Security Training
at the Salt Lake Community College-Miller Campus, Lone Peak Room, 9750 South 300 West, Sandy, UT. A Unique Opportunity for Small Business Owners. Find out how to protect your sensitive business information. Wednesday, August 18, 2010, 8 a.m. to 12 noon. Pre-register at (801) 524-3213. More information