A customer referred my call to a person who identified himself
as a workout specialist. What do I need to know?
Answer: As it relates
to past due A/R, a workout specialist will play Let’s Make A Deal
with the company’s creditors. His or her goal will be to get your
company to accept an extended payment plan. Incidentally, workout specialists
usually do not announce what they are; they simply tell creditors they
are now in complete charge of deciding who is paid and when. In this
scenario, a home run would involve you agreeing to continue to ship merchandise
especially on open account terms and accept an extended payment program. |