As much as we hate to admit it, sometimes as small business owners and entrepreneurs with limited staff and time, collecting outstanding amounts of money owed to us or our businesses takes a backseat. In tough times such as these, collecting money that is owed to you becomes a top priority.
And when small businesses have to chase after large dying elephants like Circuit City that owe them money, they want to know what rights they have, if any.
Rob Bovarnick, managing partner of Bovarnick and Associates and columnist for Forbes, joins host Anita Campbell along with co-host, Steve Rucinski, to advise small business owners of their rights to collect a debt in this down-turned economy.
Below are the questions we asked Rob in this episode:
- (2:09) First Rob, can you tell us a bit more about yourself and your background?
- (3:20) Here’s the BIG question – how can a small business owner go about collecting from a large corporation that’s going bankrupt or facing it?
- (6:07) How do you distinguish between a large corporation simply holding its payables longer than usual from a company that is getting behind and facing financial trouble?
- (7:27) What is the process for collecting a debt? How would you go about collecting one?
- (10:52) Twitter community question: Should you send your demand for payment to your finance department or directly to your client?
- (13:44) What happens if the debtor is in bankruptcy and you’re attempting to collect?
- (18:16) Am I required to keep providing services to a client in bankruptcy?
- (21:19) Am I required to keep providing services if the client is NOT in bankruptcy? And if I sold a product, could I just pick up my products?
- (25:26) When do you need to hire a lawyer to collect for you?
- (27:50) If you hire a lawyer to collect for you, do you pay by the hour or a percentage of what is collected?
- (29:07) Rob, where can people find out more on the web?
Listen to Rob’s full interview now by clicking the red and yellow player below.
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