Quote:
Originally Posted by Beck
Whats the advantage of having the debt worked on by two different agencies (both controlled/owned by you), instead of just having one agency work it again after a couple of months?
Two reasons... One is that if my first agency works it again in a few months, they may feel that they already did as much as they could and not put forth the effort they should on it the second time. Collectors normally have pretty big egos that way. Another reason is so the debtors hear a different business on the phone the second time.
Quote:
Originally Posted by JustSomeGuy
Why would you ever want to have it sitting unworked for a few months? The debt is just dropping in value as age increases.
Because sometimes peoples lives change a few months later; people can get a job, or they can come into some money, or just manage to save up a little bit. It also may give time to come up with
Banking update...
1st of February business bank account was at 6909.22
1st of March it was at 18.914.84, plus I put a 1500 check that I wrote as my first paycheck in my personal account. I think I can officially say we are successful. The account started way back in September at 14,500, so We are in the black after 5 full months.
Also, one of our clients has requested that we start liquidating a higher percentage of our paper. This is going to slow profits, because we will be working every account harder and not just getting the low hanging fruit. It is great practice for when we own our own paper, and we implemented the new organization system during the 2nd half of February. Our profits will also be less going forward because Feb and March are ALWAYS the best months of the year to collect because of tax returns. I have been talking with a number of people about quitting my day job and focusing on the agency, and most of them advise me to take a full calander year to see what my average output is. Making 10k in February may translate into 2k in December... I don't know yet. That being said, I hate my day job and am thinking way to far ahead as of my business(es), so I will probably give it another 6 months before I quit my job.
I am hiring my 7th employee in the next week or 2. Our expansion will be halted for a month or two after that because we are wired for 7 people in the office right now. We will need an IT guy to come out and rewire everything in order to expand again. The office can hold a max of between 13-15 people, so he are about 1/2 capacity now.
I have had about 1/2 dozen people that I'm friends with wanting to get involved in my success somehow. A lot have offered to invest in me at this point, but I don't need it, and don't really want it. What it may mean though is that I may get into buying debt sooner than I thought... we will see....
Andy
Last edited by SebastianHalf; 03-02-2013 at 01:06 PM.
Reason: clarity