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Oct 01 2013
Published by NACM Business Credit Services and ICEL
E-News October 2013

In This Issue
- Could the Pick Up in the Economy Mean the End of the Rope for Some Companies?
- You Are Never Too Old
- To Kiss or Not to Kiss

- Credit Confessions
- Are You an Ethical Credit Manager?
- What Happens in Vegas . . .
- ICEL Recap: Credit 101
- ICEL Spotlight: Danny Wheeler, CCE, ICCE, Adobe Systems

Looking Ahead

Oct 10 - ICEL What Does Your Body Language Tell Others? Speaker: Ann Washburn, 3 Key Elements More info

Oct 16-18 - Western Region Credit Conference More info

Nov 4 Professional Designation Exams

Nov 11 - Mechanics' Lien Seminar
More information and online registration

Nov 14 - ICEL: Crucial Accountability Speaker: Chase McMillan, VitalSmarts

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. It's not just a one-way street. more Info



Could the Pick Up in the Economy Mean the End of the Rope for Some Companies?

by DeAnna Leahy, CCE, Sunroc Corporation

Could the Pick Up in the Economy Mean the End of the Rope for Some Companies?

The United States economy is finally picking up, but unfortunately, for many businesses this may mean the end of the rope. Many of these companies barely survived through the downturn. During the economic tough times, they used up all of their cash reserves, sold all of their equipment, laid-off most of their employees, and reached the limit of their borrowing power. As the economy begins to gather pace, some companies will be able to recover and flourish. However, the weakest of these companies will find that the increased competition compounded with the shortage of cash will mean their ultimate demise. Read full article

You Are Never Too Old

by Fred Call, CCE, Legacy Equipment

About 4 years ago my sister, who is a year younger than I, decided that she needed to go back and finish her college degree. She had put it on hold to put her husband through college, raised eight children and see them all get married. So, she is no spring chicken.

Suffice it to say, that we both graduated from high school during the height of the Vietnam War. She was working as a student aid in one of the elementary schools in Weber County. She continued to do so the whole time she was going to school. She finished up with a teachers certificate this year. Read full article

ICEL Chair Message

To Kiss or Not to Kiss

by Melissa Mickelsen, CCE, Geneva Rock Products, Inc.

Pop Quiz (True or False):

1. Eating with the left hand is taboo in Saudi Arabia.

2. In Japan you should always present a business card with both hands.

3. When being introduced to a group in Finland, you should shake hands with women first.

4. Eating while walking or standing on the street is considered bad form in Canada.

5. To point in China, use an open palm, not your index finger.

6. In the United Kingdom, it is acceptable to put away a business card with only a cursory glance.

The business world is becoming more and more international as time goes on. Read full article

Credit Confessions

by Anonymous

We all have those customers that we absolute love (NOT!). They're demanding, picky, a pain in the $%&*. One time, while I was home with the flu, one of my favorite customers sent an e-mail to their sales rep and cc'ed me, letting us know they were not paying for their large bill due to some (what I considered) petty item. After reading the email, I responded to the sales rep clearly stating my view of said customer's decision. Unfortunately, I had hit "reply all" . . . Read full article

Are You an Ethical Credit Manager?

by Carolyn Thompson, Meadow Gold Dairies

After going through a "refresher" discussion with Scott Lee at our last Industry group meeting, I asked myself if I am an ethical Credit Manager. Are my daily work practices ethical? What does it mean to be an ethical Credit Manager?

I'm sure that most companies have a code of ethics. Our parent corporation requires all the employees to take on-line courses every 6 months for different aspects of our jobs and at least once a year one of the courses involves ethics. Read full article

What Happens In Vegas ...

by Whitney Davidson, CBA, Sunroc Building Materials

 This is the motto of those who visit Las Vegas. However, if you are planning to attend Western Region Credit Conference (WRCC), what happens as well as what you learn at the conference needs to be shared with your department on returning from Vegas.

So what happens at WRCC? First, there are lots of great classes that are right on point for people working in credit. The knowledge helps you do your job better; be more efficient; and be more valuable to your employer. It's a great benefit to you and your company. Second, there are opportunities to meet with other people in credit. Read full article

ICEL Recap:

Credit 101

by Ryan Palmer, CBA, ProBuild

We need to know what type of business we are selling to. Make sure we understand the differences between all the different business types; i.e. sole proprietorship, LLC, S-Corp, etc.

Credit managers need to understand how they are going to receive payment for goods/services. Is there a contract in place with a personal guarantee? Are the principles who they say they are? Ensure that the person signing the agreement has authorization to do so.

The credit application is one of the most, if not the most, important tool we can use to collect. If you are going to sell to somebody on credit, make sure there is a signed credit application in place and make sure it's complete! We need to understand that not everything is foolproof, that is why our companies have us employed. Read full article

ICEL Spotlight:

Danny Wheeler, CCE, Adobe Systems

by Erik Wright, CBF, Spectrum Engineers, Inc.

A couple of years ago many of us watched and admired the construction of the Adobe campus and building that was erected near the Point of the Mountain in Lehi, Utah. Along with the newly built state-of-the-art edifice came more than 900 new jobs and the perfect break for Danny Wheeler, CCE, to return to Utah to assume the role as Credit Manager for the industry-leading software company.

Danny's impressive career in credit began in 1997 as a collector for Iomega, a worldwide leader in innovative electronic storage devices, where he managed a block of accounts that consisted of 'big-box' retail stores. When the opportunity presented itself, he took a collection specialist position at Sysco Food Service where he gained valuable experience assisting in the collection management of one of their territories gaining experience in third-party collection administration and small claims and then ultimately managing his work group. Read full article