2017 Mar/Apr InterConnection by NACM Connect

The InterConnection VOLUME 5

ISSUE 2

MARCH/APRIL 2017

2017 Board of Directors Candidate Slate Announced The NACM/Chicago-Midwest Nominating Committee in a meeting held on February 23, 2017, has recommended the following slate of officers and directors for the April 1, 2017 – March 31, 2018 fiscal year. The new Board of Directors will be installed during the NACM/Chicago-Midwest Annual Meeting taking place on April 20, 2017, at Meridian Banquet & Conference Center in Rolling Meadows, IL, beginning at 3:30 p.m. There is no cost for members to attend the business meeting portion of this event.

Treasurer Erica White, CCE Ferguson Enterprises

Larry Lipschutz, CCE, CICP French Gerleman

Directors – Terms Ending 2018

Patrick Nelson, MBA ACCO

Ed Cohen, MBA OMRON Automation Americas Larry Grogan, CCE BP Products N.A.

Michele Pancotto, CCE, CICP Wheels Clipper Directors – Terms Ending 2019 Rob Hanus Carhartt, Inc.

2017-2018 NACM/Chicago-Midwest Board of Directors

Mike Hill, CCE MiTek USA, Inc.

Chairperson John Fahey, CCE Edward Don & Company

David Sperduto, CCE VP Supply Corp.

Vice Chairperson Kurt Albright Uline, Inc.

Continued on Page 4

Managing Responsibilities in a High-Performance World Whether managing 30 accounts or 1,000, credit professionals can often feel that there are just not enough hours in the day to get everything done. Setting goals to maintain performance is nothing new for any profession, but given the demanding pace, those in credit must establish realistic goals to prevent falling behind from setting unrealistic ones. The following objectives are important to keep in mind to ensure that the credit profession continues to add exceptional value to the business world.

Set Priorities

Credit professionals can plan their work every day, but the business world can often move in the opposite direction, at odds with strategic planning. Unforeseen and urgent credit opportunities often dictate what requires immediate attention, but tools are available to assist in accomplishing daily tasks and assigning priorities.

When Charles M. Schwab, president of the Bethlehem Steel Corporation, wanted to increase the efficiency of his managers in 1918, he summoned respected productivity consultant Ivy Lee. Nearly 100 years later, the Ivy Lee Method, which follows five simple steps, is still known and used today. At the end of each work day, write down the six most important things you need to accomplish tomorrow. Prioritize those six items in order of their true importance. At the start of the next work day, concentrate only on the first task. Work until the first task is finished before moving on to the second task. Approach the rest of your list in the same fashion. At the end of the day, move any unfinished items to a new list of six tasks for the following day. Repeat this process every working day. The Getting Things Done method from bestselling author David Allen takes a similar

five-step approach: Capture (collect what has your attention), Clarify (process what it means), Organize (put it where it belongs), Reflect (review frequently), Engage (simply do). Another system that has taken the internet by storm in recent years is Ryder Carroll's Bullet Journal system that uses lists and symbols for task planning and organization. No matter the method, finding a way to manage tasks can save time and increase efficiency.

Sharpen Skills

To keep up with the challenges the profession faces, credit professionals need to constantly improve existing skills and learn new ones. Skills should be honed in analysis of financial data and economic/ market fundamentals, managing business relationships, and negotiation skills. Trade credit associations are an excellent source of knowledge. Additionally, annual educaContinued on Page 4

2016-2017

Board of Directors

Chairperson Lawrence O'Brien, CCE, ICCE Potash Corporation Vice Chairperson John Fahey, CCE Edward Don & Company Treasurer Kurt Albright Uline, Inc. Directors—Terms Ending 2017 Larry Durrant, MBA, CCE, ICCE UPM Kymmene, Inc. Brent Heizelman Mid-Kansas Cooperative Association Deborah Kelly, CCE Knaack Manufacturing Company Dawn Wallace Cook, CCE Newton Manufacturing Company

In This Issue Features

Upcoming Events

2017 Board of Directors Candidate Slate Announced

Managing Responsibilities in a HighPerformance World

2017 Institute of Credit Class Schedules

Annual Meeting - Upstate NY

Illinois Construction Stuff and Stuff

Nominees for NACM NAtional Honors and Awards

One Hour a Day

Book Order Form: Illinois Mechanics Lien Statutes...and other construction stuff

WEBINAR: Illinois Mechanics Lien Statutes SAP Credit & Users Group Mtg

Emerging Leders Event: Bocce & Speed Networking

Annual Meeting - Illinois

Roundtable - Wisconsin

Annual Meeting - Indiana

Roundtable - Indiana

Roundtable - Michigan

Collections Giveaway Winners

Roundtable - Michigan

Gateway Region Credit Group Takes a Tour

Financial Statement - reading Between the Lines Seminar

Collections Seminar Photos

Creating the Perfect Credit Policy

Gateway Region Bowling Event Photos

Credit Career Corner - New Opportunities

New Members & Representatives

NACM Connect Surveys

Understanding the Statement of Cah Flows in Bite Size Pieces

C&W Giveaway Winners

Credit Group Meeting Calendars

Event Calendar

David Sperduto, CCE VP Supply Corp.

Annual Meeting - Gateway Region

Rich Weiss, CBA Jaeckle Distributors

WEBINAR: Streamline the Customer Onboarding Process

Directors—Terms Ending 2018 Ed Cohen, MBA OMRON Automation Americas Larry Grogan, CCE BP Products North America Larry Lipschutz, CCE, CICP French Gerleman Patrick Nelson, MBA ACCO Erica White, CCE Ferguson Enterprises Directors—Terms Ending 2019 Rob Hanus Carhartt, Inc. Mike Hill, CCE Mitek USA, Inc.

President Phillip J. Lattanzio, CCE NACM/Chicago-Midwest Secretary Kerry Jensen, CPA NACM/Chicago-Midwest Councilor Chris Alix, ICCE The Chamberlain Group

Editorial Staff

Editor Susan Rooney Senior Marketing Administrator Associate Editors Lillian Novak, CGA V.P. of Education and Marketing Margaret Krafft Marketing Coordinator

NACM Connect Mission Statement

To provide a forum to its members within the credit profession for education, networking and business resources.

Vision Statement

Striving to have the most comprehensive and leading NACM affiliate serving the commercial credit profession by consistently exceeding the members’ expectations.

Value Statement

We are committed to the highest ethical standards and recognize that our Association must take a leadership role in our profession. Through our integrity and dedication we will earn the respect of our members as we know that our success as an Association depends on their trust in us. By creating strong relationships we will attain the loyalty of our members and alliance partners. We continuously seek to build an environment for learning to enhance the knowledge and expertise of our members.

The InterConnection newsletter is published bimonthly by NACM Connect, a not-for-profit Association affiliated with the National Association of Credit Management. For membership information, visit our website at www.nacmconnect.org, call 800.935.NACM or fax us at 847.253.6685. NACM Connect Headquarters is located at 3005 Tollview Drive, Rolling Meadows, IL 60008.

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MARCH / APRIL 2017

PAGE 2

Education Digest

Institue of Credit (IOC) 2017 Spring Schedule - Register Now Start the process of earning your professional designation and register today for the NACM Connect Institute of Credit (IOC) Quarter that begins in March of 2017. If you would

like more information, please contact the NACM Connect Education Department at 800.935.6226 or email Lillian Novak at lillian.novak@nacmconnect.org.

CBA (Credit Business Associate) Course Schedule

Each of these courses fulfills one of the CBA certification requirements.

Business Credit Principles

Mondays, 3/13 - 5/15

Rolling Meadows, IL

Financial Statement Analysis I Thursdays, 3/23 - 5/25 Rolling Meadows, IL BUILDING ON THE BEST

CBF (Credit Business Fellow) Course Schedule

Each of these courses fulfills one of the CBF certification requirements.

Business Law

Mondays, 3/13 - 6/5

Rolling Meadows, IL

Institue of Credit (IOC) CBA and CBF class times are usually in the evenings. Please refer to the specific class registration form in this issue for more details on instructors, locations, fees and times.

2017 Annual Meetings

Exam Review Classes 2016 Exam Review Class Schedule (Exam Dates are Below) All Exam Reviews can be done via Teleconference.

Review Class

Review Date

CBA

Wednesday, June 21

CBF

Monday, June 19

CCE

Tuesday, June 20

Exam Dates and Paperwork Deadlines Application and Paperwork Deadlines

Exam Dates

Monday, April 17, 2017

Sunday, June 11, 2017 (Credit Congress)

Monday, May 29, 2017

Monday, July 24, 2017

Monday, September 11, 2017

Monday, November 6, 2017

NACM Connect is now offering web seminars as part of our education and training initiative.

Date

Page

Streamline the Customer Onboarding Process (From Data Gathering to Credit Analysis)

Mar 15

Illinois Mechanics Lien Statutes – How its changes affect those who rely on it

Apr 26

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· · · · · · ·

Buffalo, NY Maryland Heights, MO Rolling Meadows, IL Indianapolis, IN Dublin, OH La Vista, NE Pewaukee, WI

2017 Credit Conferences

Lights, Camera, Credit! St. Louis, MO September 12-13

Web Seminar Schedule Webinar Topic

April 6 April 12 April 20 April 25 May 11 May 18 May 24

Chicago, IL October 18-19 Indianapolis, IN November 15-16

Save the Dates MARCH / APRIL 2017 PAGE 3

News

2017 Board of Directors Candidate Slate Announced Continued from page 1 Councilor Larry O’Brien, CCE, ICCE Potash Corporation

Rich Weiss, CBA Jaeckle Distributors Directors – Terms Ending 2020 Christine Culbreth ArcelorMittal International America Ed Stauber Wolters Kluwer Kevin Stinner, CCE, CCRA Crop Production Services, Inc. Les Witrzek, CCE, CICP Kuriyama of America, Inc.

President Phillip J. Lattanzio, CCE NACM/Chicago-Midwest Secretary Kerry Jensen, CPA NACM/Chicago-Midwest According to the Association’s Constitution, members may contest the slate of Directors by submitting a petition of 25 regular (Full) Member names to the Secretary of the Board by March 14, 2017. If you have any questions, please email lillian.novak@nacmconnect.org.

Members are also encouraged to devote the entire Annual Meeting day to the Association, as well as their career, by participating in four hour-long educational sessions scheduled from 9 a.m. – 3:15 p.m. The educational program will offer two tracks of learning, domestic and international credit. After the sessions, NACM/Chicago-Midwest President Phillip J. Lattanzio, CCE, will give his State of the Association address and you will also hear from the incoming and outgoing Chairs. This is also one of the premier networking events of the year - enjoy hors d’oeuvres and an open bar which will be available at this time. ■

Managing Responsibilities (cont'd) Continued from page 1 tional conferences, such as NACM's Credit Congress, provide an extended learning opportunity for credit professionals to keep on the cutting edge of the industry. Conferences and meetings provide an invaluable source of knowledge and the opportunity to meet with peer contacts outside one's own company. Beyond the ethical exchange of information, new horizons in learning can be opened about credit processes and systems.

Develop Best Practices Managing and benchmarking credit processes are keys for the profession to stay ahead and build solid methodologies around the credit function. By managing its credit processes, an organization can increase efficiency and minimize waste. Benchmarking allows a credit group to measure how good its processes are and how much improvement is needed. Best practices vary by industry, customer base and company, but sharing methods within a credit group can lead to unexpected creative solutions.

Learn to Say "No" Credit cannot do everything that is asked of it. The profession must go through a selection process to focus on the most critical and profitable challenges, and to do so the profession must learn to say "No." Those in credit must carefully review with management and subsequently with sales and marketing any work issues that no longer will be handled on a priority basis or handled at all. A plan should be specific about which tasks will be postponed or eliminated. By making excellent and prompt business decisions, credit can address the most demanding and profitable business opportunities.

Think and Act Positively

the opportunity to tackle so many challenges at once. A positive attitude will create energy, provide an environment for creativity and facilitate the search for new solutions to the many challenges facing the credit profession. The credit profession is full of opportunities. With these tools in mind, the credit professional can strike out on the path to delivering the best results. Sources: Credit: Beyond the Numbers, Lucas Gomez, CCE; "The Ivy Lee Method: The Daily Routine Experts Recommend for Peak Productivity," James Clear, jamesclear.com; David Allen, gettingthingsdone.com; Ryder Carroll, bulletjournal.com. ■

Instead of thinking in terms of confronting a problem, see it as engaging an opportunity or a challenge. Instead of a credit limit, think in terms of a credit line. Instead of feeling overwhelmed by the amount of work and number of priorities, feel important by having

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MARCH / APRIL 2017

PAGE 4

NACM Upstate New York Speakers, schedules and details at www.nacmupstateny.org

NACM Upstate New York 2017 Annual Meeting

April 6 Creekside Banquets · Buffalo, NY

BUILDING ON THE BEST ANNUAL MEETING GIVEAWAY! Don’t miss the chance to win a free registration to Credit Congress, NACM Connect Social Events and other exciting giveaways!

Registration Form - All payments must be made one week prior to the meeting. I would like to attend:

qEducational Sessions $199 members, $398 non-members

Meeting Location:

qNetworking Event

(Two coupons per person are valid).

Free to all members (Open bar)

qUpstate New York Region

Creekside Banquet Conference Center 2669 Union Rd, Buffalo, NY 14227

Name___________________________________________________________________________________________________________________ (Please print your name as you would like it to appear on your name badge.)

Designation(s) ___________________________________________________________________________________________________________ Company Name __________________________________________________________________________________________________________ Address_________________________________________________________________________________________________________________ City ____________________________________ State _________ Mobile Phone _____________________________

Zip____________________ Phone _________________________________

Do you accept text messages?

qYes qNo

Fax _______________________________

Email ___________________________________________________________________________________________________________________ q Check enclosed—(payable to NACM Connect) mail to: 3005 Tollview Drive, Rolling Meadows, IL 60008 q Please invoice me. Credit Card—Pay by phone upon receipt of invoice: 1.800.935.6226. Check—Mail upon receipt of invoice. q I am using _______ coupon(s) for this event. Cancellation Policy: Cancellations must be received in writing, via fax, email or mail no later than one week prior to the meeting date to qualify for a full refund. Cancellations received later than one week prior to the meeting date DO NOT qualify for a refund of registration fees. Sorry, phone cancellations cannot be honored. If you have any questions, please email info@nacmconnect.org.

Platinum Sponsors

Our Sponsors

Email this form to registration@nacmconnect.org. You will be invoiced shortly. THE INTERCONNECTION

MARCH / APRIL 2017 PAGE 5

NACM Connect CLOUD-BASED AR AUTOMATION SOFTWARE

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Access critical AR METRICS, REPORTS AND SCORECARDS.

Learn more at www.esker.com or join the conversation at blog.esker.com.

THE INTERCONNECTION

MARCH / APRIL 2017

PAGE 6

News

Illinois Construction Stuff and Stuff By Norm Cowie, CCE The day after Valentine’s Day, I was on a bus headed down to Springfield along with members of the governmental affairs committee of the Association of Subcontractors and Affiliates (ASA). We were headed down to lobby our state legislators as part of IMSCA, held jointly with ICIC, which of course is related to LMNOP and W,X,Y,Z.

Mebbe not. I could have stewed, or just chalked it up to another nutty move by legislators, but instead it spurred me to do something that I’d mulled about doing for a few years now - making conditional w a i v e r s an integral part of the construction payment process.

One of the attorneys on the bus, James Rohlfing … (Time out: If you don’t know James Rohlfing, he was the primary author of HB3636 in 2013, which clarified language in Section 16 of the lien law setting forth priority between banks and mechanics lien claimants. This was made necessary by a kooky judge misinterpreting what seemed like perfectly clear language in the disastrous LaSalle Bank, N.A. v. Cypress Creek decision two years earlier. You might remember me venting, er, writing about both events *) Anyway, Jim’s one of my heroes, so he caught me by surprise when he asked me, ‘Hey, Norm, I don’t get one of the provisions in your bill.’ Never at a loss for words, I stammered, “Um, what bill?” He smiled. “Conditional waivers. Didn’t you know it’s a House Bill now?” My heart stopped, and next thing I knew I was reading House Bill 2615 on my Samsung Galaxy phone in a bouncing bus, which led to a bout of carsickness, well, bus sickness, for the last hour of the drive. But there’s a beginning to this story. If you remember about a year and a half ago, I started ranting about a proposed change to the lien law that would allow a lien to be replaced by payment bond. This is different than ‘bonding over’ a lien, where the lien is still intact while the surety agrees to be the punching bag for litigation, which allows the owner to ignore the lien in the meantime. So bonding over is fine, but replacing the lien, that’s a whole different kettle of smelly, stinky ocean perch. Of course, all of my frothing about the bill came to naught, and it was signed into law as Section 38.1. Of course, this prompted me to write a few more venomous columns* bagawking about it, but it’s law, so ya gotta live with it, right?

To do this, I had to find a legislator willing to introduce and fight for the bill, so I contacted my legislator, Representative Margo McDermed, and asked if I could come see her about the lien law. She readily agreed, so I made the drive. When I got there, she said, “Hang on a second. I want someone else to sit in on this.” Then she dialed her phone and put a guy named Ron on speaker phone. At first Ron thought I wanted to contest Section 38.1, so he was a bit on edge about it, but I told him I wasn’t there to argue about that law, but to come up with one that might make liens unnecessary. When he heard this, he relaxed, and we had a nice chat about my plan. My idea came up because many contractors and owners require that their subs and suppliers give them waivers of lien prior to payment. This puts the subs and suppliers at risk, because the very clear writing on the waivers state that payment has already been made, and that the issuer of the waiver waives the right to lien the job. How fair is that? That’s like the attorney who once asked me to bring a recorded release of lien with me when I was exchanging it for payment. Yeah, right, dude. I’ll bring a release, but it isn’t being recorded until the money is in my hot little hands. So my idea was to make it so that if a contractor required an up-front waiver, the issuer could instead furnish a conditional waiver. The law would require the contractor to accept the

THE INTERCONNECTION

conditional waiver, and that they would then have to pay the issuer of the waiver directly. Proof of payment coupled with the conditional waiver would suffice to defeat any subsequent lien claim. Ron liked the idea. He asked me who would support the bill, and I told him I would round up some impressive names. Then he hung up and I asked Rep. McDermed who Ron was. “Oh,” she said, “It’s Representative Ron Sandack.” Le gasp! That’s the guy who introduced HB 2635 which put Section 38.1, bonding over liens on the books!!! My next task was to round up some support, so I approached NACM, and obtained their support (thanks, Phil!). I also got Steve Boren, President of Contractor’s Adjustment, to agree to introduce me to the ASA, and that’s when I learned that they have been instrumental in writing many enhancements to the lien law. So I did what anyone else would do, I joined ASA and got onto their governmental affairs committee so I could be right in the action. Which brought me to the bus trip that started this story… House Bill 2615 has a way to go before it becomes law, but we’re on the way. *Almost all of my previous articles are available in my new book, THE ILLINOIS MECHANICS LIEN STATUTES … AND OTHER CONSTRUCTION STUFF available at NACM/Chicago! ■ Norm www.normcowie.com Norman Cowie, CCE is Director of Credit for Paramont-EO, Inc. Besides his regular column for InterConnection, he has written articles appearing in the Chicago Tribune, Cynic Magazine, Business Credit and the Herald News. His current book titled, "The Illinois Mechanics Lien Statutes … and other construction stuff" is available for sale through NACM Connect. He also has ten published humor/fantasy novels, some through traditional publishers Echelon Press, Quake Books and Draumr Publishing, although more recently he has transitioned over to Indie publishing. Norm can be reached at norm.cowie@ paramont-eo.com, or feel free to visit him at w w w. n o r m c o w i e . c o m w h i c h f e a t u r e s p a s t NACM Connect articles.

MARCH / APRIL 2017 PAGE 7

News

Nominees for NACM National Honors and Awards NACM Connect is proud to announce that the following people have been nominated for NACM National Honors and Awards: O. D. Glaus Credit Executive of Dinstinction • Larry O’Brien, CCE, ICCE Potash Corporation CCE Designation of Excellence • David N. Feigenbaum, CCE Kichler Lighting • Michael Hill, CCE Berkshire Hathaway/Mi Tek USA

• Curt Johnson, CCE, S. Abraham & Sons, Inc. • Larry LePage, CCE Kirby Risk Corporation • James A. Montague, CCE Lippert Components, Inc. • Tom Muter, CCE Contract Lumber • Erica White, CCE Ferguson Enterprises CBF Designation of Excellence

CCRA Designation of Excellence • Terry Lawler, CBF, CCRA The Chamberlain Group CBA Designation of Excellence • Ed Bell, PhD, CBA, CICP W W Grainger Inc. • Tony Timmons, CBA Crane Composites Inc. Stand by for more information on the award winners for 2017. Details to come in the next issue. ■

• Martine Dyer, CBF ACCO Brands

One Hour a Day Originally published by Credit Today as their “Tip of the Week”

Just one hour a day. Of learning, that is. In today's world, it's critical to be constantly moving ahead. Technology is changing so rapidly, it's imperative to invest time to keep learning new things, to keep up on what's new, to develop new skills, gain expertise. So, how much? Well, Ben Franklin aimed for an hour a day - just on weekdays. Things important to Ben were reading, setting personal growth goals, meeting with like-minded friends, experimenting, and reflecting (yes, reflecting!). Certainly, every time you step aside from the daily grind to read, you're not "getting something done." But you are gaining knowledge, wisdom, skills, and perhaps - if your learning is wide-ranging - balance. It's the best way to make the rest of your time much more productive. It's an investment in you. Which flows through to your company and your personal life as well.

As credit managers, most of us read our industry's trade publication. And we scan business publications like the Wall Street Journal. (And based on the statistics we see, an awful lot read this!) But the "hour-a-day" concept is a discipline worth considering. Learning includes new skills. What's your biggest weakness? No rush. With an hour a day you can take this entire year to become really good at [fillin-the-blank]. Ideas -- look around; think of the critical needs at your company or perhaps where you'd like to be helping out. We're all unbelievably busy. Busier than ever. But stepping aside for an hour a day certainly didn't hurt Ben Franklin's productivity. And it won't hurt yours. Use your hour wisely! Questions: • Do you set aside time for learning? In other words, is it on your agenda, just as important as everything else?

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• Do you plan what you want to learn? • Do you aim to learn diversely and broadly? Skills relative to the credit field are important, and should never be neglected. But think beyond that as well. First, do what you like (that never hurt Steve Jobs, whose love of fonts, of all things, later gave him a competitive advantage over all other computer systems). Learning can and should be business-related, of course, but everything is important: literature, history, music lessons, a class on agriculture or political science, taking the time to become a better referee in your child's sport (talk about management and leadership skills). If you're a manager, do you think about your staff in the same way? Consider how much more productive everyone can be if following the same principle. ■

MARCH / APRIL 2017

PAGE 8

NACM Connect

ORDER FORM

The Illinois Mechanics Lien Law Statutes ...and other construction stuff

For over a decade Norm Cowie, CCE, has been writing an award-winning column for the NACM Connect newsletter, the InterConnection. His column breaks down, in his humorist fashion, the This seminar is designed as an interactive and informative forby Credit Illinois Lienprogram Act section section, professionals. making it far moreinteraction easy to comprehend for non-legal This is a dynamic and relevant event that includes group and case studies tominds. ensure

maximum program retention. Benefits include improved cash flow, increased profits, improved He topics has alsowill included in his column situations that customer interactions and increased sales. The following be discussed in this program:

arise in a typical credit department of a company related to the construction field, and in most cases in any typical credit department. For the first time, these articles have been accumulated into a book that we are pleased to offer at the member price of $29.95 plus S&H. Besides a great, funny read, this book will serve as a must-have reference guide to the often difficult-tointerpret Illinois Mechanics Lien Act.

QUANTITY ($29.95 each) ADD $4.95 S&H

$4.95

TOTAL:

BOOK ORDER INORMATION Name____________________________________________________________________________________________________________ Company___________________________________________Address________________________________________________________ City___________________________________________________ State __________________ Zip_________________________________ Phone ________________________ Fax _________________________ Email ________________________________________________ Mobile ___________________________________________________________________ Do you accept text messages?

Yes No

Payment Information 

Check enclosed—(payable to NACM Connect) mail to: 3005 Tollview Drive, Rolling Meadows, IL 60008

 

Credit card—Pay by phone upon receipt of invoice: 1.800.935.6226 Please invoice me. Questions? Contact Lillian Novak at lillian.novak@nacmconnect.org or call 847.483.6478

Email this form to registration@nacmconnect.org. You will be invoiced shortly. THE INTERCONNECTION

MARCH / APRIL 2017 PAGE 9

NACM Southwest Collections

NACM Southwest Collections Monthly Giveaway Winners Congratulations to the December and January winners of the NACM Southwest Collections and NACM Connect Monthly Giveaways. The

winners for the Great Lakes Region are listed below. The March giveaway is a $50 Chili's gift card. Each claim you place with NACM Southwest

Collections during these months will be eligible for one entry into the drawings. Please support this important partner! ■

January Winner

December Winner

$50 Nike Gift Card

$50 Banana Republic Gift Card Great Lakes Region Laura Van Beek, Superior Walls

Great Lakes Region Chad Nicoletti, MFS Supply LLC

March Giveaway

Credit 101, 102, 103 Series Upcoming NACM Midwest 2017 Class Dates Credit 101

Credit 102

Credit 103

• June 7

• March 8

• April 5

• October 4

• July 12

• August 9

• November 8

• December 6

Registration Information Class Time 9 a.m. – 4 p.m. Location

NACM Midwest 3005 Tollview Drive, Rolling Meadows, IL 60008 $230 per class Members

$460 per class Non-Members

Visit www.nacmmidwest.org for more information and registration. THE INTERCONNECTION

MARCH / APRIL 2017

PAGE 10

NACM Gateway Region & NACM Midwest

Gateway Region Caterpillar Dealers Credit Group Takes a Tour In February, the NACM Gateway Region Caterpillar Dealers Credit Group met in Peoria, IL. As part of their credit group meeting they were invited to attend a plant tour at the Caterpillar Headquarters. The qualifications for membership in this group is that you are an authorized Caterpillar Dealer.

Pictured from left to right: Chuck Levy with John Fabick Tractor Company; Joyce Starrett with Foley Industries; David Balovich with Holt Cat; Trey Shartzer with Carter Machinery Company and Rick Osborne with Whayne Supply Company.

For information on joining this Credit Group, contact Rochelle Wilson at rochelle. wilson@nacmconnect.org or at 314.677.2803. â&#x2013;

NACM Midwest

JANUARY 11 Proactive Collections & Credit Department Communications Seminar

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MARCH / APRIL 2017 PAGE 11

NACM Gateway Region

FEBRUARY 9 NACM Gateway Region Member Networking Event THE INTERCONNECTION

MARCH / APRIL 2017

PAGE 12

Midwest Business Staffing

Credit Career Corner | New Opportunities in 2017

www.nacmmidweststaffing.com Job # Title

Location

718

Columbus, OH

Accounts Receivable Associate

• Communicate with customers in a courteous and professional manner. • Research, evaluate, and determine credit worthiness for new customers. • Review customer purchase orders to determine any special terms & conditions. 722

Credit Coordinator

Bensenville, IL

• Analyze and suggest credit terms for new accounts and ensure proper and complete documentation is obtained. • Monitor open accounts receivables for term compliance, ensure skips, short pays, credit memos, and unapplied cash is addressed timely. • Assist the Credit Manager to ensure compliance with all regulatory requirements including Sarbanes Oxley controls. 725

Credit Analyst

Chicago, IL

• Compile credit data for creation of a customer credit file and submission for credit line approval. • Review and approve new orders within credit lines. • Review and approve delivery of arriving material from ocean vessels. 726

Credit and Collections Analyst

Lake Forest, IL

• Review and analyze credit worthiness of new and existing customers, recommend credit limits and approve amounts within prescribed policy. • Review and release customer orders based on credit policy guidelines. • Perform collection activities for open accounts receivables. 727

Credit Analyst

Northbrook, IL

• Evaluate credit risk of customers and collects balances due. • Evaluate sales orders on credit hold and releases sales orders according to company policy. • Establish credit limits for new customers.

To view all of the available opportunities visit our website at www.nacmmidweststaffing.org

Contact Leslie Harrison, leslie.harrison@nacmconnect.org Paula Carruth, paula.carruth@nacmconnect.org

THE INTERCONNECTION

"Opportunities don't often come along, so when they do, you have to grab them."

- Audrey Hepburn

MARCH / APRIL 2017 PAGE 13

NACM Connect

New Members and Representatives New Members

Ross Carley Quanex IG Systems, Inc.

Mariola Armamentos Parts Town, LLC

Michael Olsen RES (Restaurant Equipment Service)

Matt Tebbe Red Gold, Inc.

Justin Elliott RKA Pertroleum Companies, Inc.

Kai Lindsey S&K Air Power Tool Supply

Aaron Singal RKA Pertroleum Companies, Inc.

Hugh Kelly Sawbrook Steel Casting Co.

Jaimie Kittleson Sheltered Wings dba Vortex Optics

Jodi Vanden Heuvel Spectrum Brands, Inc.

Liz Staniszewski Telma, Inc.

Karin Pelech Superior Foods Co.

Jila Jibbari Hackney Home Firnishings, Inc. dba Holland House

Ramon Alarcon The HC Companies, Inc.

Steve Hossenlopp The Mentholatum Company

Bonnie Belter Johnstone Supply

Monica Abair Valley Screen

Craig Grimm JTEKT

Amanda Young Watlow Electric Manufacturing

Paul Johnson Trulite Glass and Aluminum Solutions

Peter Wenzel Ambu Inc. Daniel Martinez Broadridge Financial Solutions, Inc. Monica Bell Constellation Brands, Inc. Stacey Moss Constellation Brands, Inc. Kimberly Pierce Constellation Brands, Inc.

Frank Cashman KalmBach Feeds, Inc. Nick Norden KalmBach Feeds, Inc. Lori Weichenthal Kodak Alaris, Inc. Dave Gragen Midwest Group Diane Jones Pacemaker Steel Piping & Co., Inc. Melissa Moore Quanex IG Systems, Inc.

New Representatives

Phyllis Lawson US Foods Tracy Miller Xylem, Inc.

Candice Limbert Automated Packaging Systems

April Campese Xylem, Inc.

Becky Larson Baker Manufacturing Co.

Fatima Keeley Xylem, Inc.

Trey Shartzer Carter Machinery Company

Alex Rock-Blake Xylem, Inc.

JoAnn Porucznik M Cooper Supply Company Michele Mathews Mercury Marine

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MARCH / APRIL 2017

PAGE 14

NACM connect

You Don’t Need Us Until You Need Us – NACM Connect Surveys Our email boxes are flooded with messages every single day. Some are spam, some aren’t. Some are ASAP, some are when I get to it. We all know how that works, and for the most part we all treat our messages the same way. NACM Connect surveys probably fall into the “when I get to it” category, and often the “get to it” never comes. But we’d like you to consider how important these surveys are. Imagine a member has a very important question and seeks the advice of fellow members. The email goes out, it sits in your inbox – you really do mean to get to it – but somehow you don’t. Now you have a question regarding some aspect of your job and you need to brainstorm with other

credit professionals to discover best practices. Your question is very important to you, and it’s likely others have information for you, so you request NACM Connect to conduct a survey. But others have also failed to “get to it”, and you may or may not get the help you need. Become the “connect” in NACM Connect! We know it’s impossible to have a solution, idea or suggestion for every question, but if you help where you can someday another

member may be able to pay you back and help you with a situation you are facing. Associations work best when members team up to support each other. ■

Sell more, with confidence Euler Hermes trade credit insurance protects your accounts receivable against unexpected bad debt losses due to insolvency or slow payment. With trade credit insurance, your company can: ◾ Grow sales safely, domestically and abroad, to new and existing customers ◾ Protect your business from risk of customer default and catastrophic loss ◾ Expand export markets and offer competitive terms overseas

“We know that with the help of Euler Hermes, we are making quality decisions to support our business and growth. This is insurance that goes beyond loss prevention.” – Ori Ben-Amotz, CFO at Hadco

To learn more contact Lee Fahrenz at 630-240-0999 or Lee.Fahrenz@eulerhermes.com. Visit us at www.eulerhermes.us.

Euler Hermes is North America’s largest provider of trade credit insurance solutions. An Allianz Company, we are rated A+ by A. M. Best and AA- by Standard and Poor’s.

THE INTERCONNECTION

MARCH / APRIL 2017 PAGE 15

NACM Connect

THE INTERCONNECTION

MARCH / APRIL 2017

PAGE 16

News

Understanding the Statement of Cash Flows (SCF) in Bite-Size Pieces and How to Estimate CFO when a SCF was Not Provided By Larry Grogan, CCE, Lead Analyst, BP - Americas

Arriving at an understanding of the Statement of Cash Flows can be a difficult undertaking so I thought it would be easier on the reader to break the task down into bite size pieces assembled in such a way that they build a good foundation for use on your current job, a future job you aspire to or even as a useful tool in your personal investing. The article begins with a bit of a sales pitch on the importance of requesting financials from a Customer – even if you are only beginning to understand how to analyze them. Next it will focus on the Statement of Cash Flows (SCF) – piece by piece. It will wrap up with a simple method of estimating Cash Flow from Operations when your Customer does not provide a Statement of Cash Flows.

Always request financials

To be fair, companies with higher margins might be fine with basing their credit decisions on a credit report. And some companies will be OK with not requesting financials unless the expected exposure exceeds some predetermined dollar amount. But where margins are low, having financials to support your credit decision makes a lot of sense. Here’s one reason why. Many years ago, D&B published a simple table showing if a company operates at a Net Profit level of, for example, 6%, and has a bad debt loss of $500, it will require $8,333 in additional Sales to offset the loss. It’s a simple formula: Bad Debt Loss divided by Net Profit %. Extending credit where margins are low and/or where industry risk is high, can lead to bad debt that would require a lot of additional sales to make up for it. And bad debt directly hits your firm’s bottom line. Having a Customers financials gives you distinct bad debt loss prevention capabilities since they can enable you to Risk Rate your accounts (1-10 or High / Med / Low risk) based on a review of several key ratios. They can also enable you to calculate a number like Tangible Net Worth (TNW)* which is very useful in ‘right-sizing’ your Credit Limits. For example, your might set a Credit Limit equal to 20% of your Customer’s TNW if you deem them to be ‘low risk’, 10% if ’moderate risk’ and 5% (or less) if ‘high risk’. By developing a simple scoring system based on a few ratios,

you can protect your company’s investment in its Accounts Receivable Asset in ways that a Credit report alone cannot. *TNW is Balance Sheet Equity less Goodwill less Intangibles. Many Customers short change themselves by not providing financial data to their creditors. What they don’t know is their creditors may be willing to give them a higher credit limit and perhaps longer terms if they disclosed their financial position. In fact, even if the financials look bad, creditors sometimes look beyond the ratios if the Customer can make a case for what they are doing to improve them and turn the business around.

The Statement of Cash Flows in Bite Size Pieces

1. Two methods of preparing a Statement of Cash Flows (SCF): • Direct: more expensive to prepare and hence the least frequently used. It begins with ‘Cash received from customers’ and subtracts ‘Cash paid to suppliers and employees’ etc. • Indirect: the one most commonly used and what will be covered here. It beings with Net Income, adjusts for non-cash items like Depreciation and then adjusts for Year over Year changes in the Working Capital Accounts. 2. The only difference between the two methods is how they calculate Cash Flow from Operations (CFO). Both methods arrive at the same number. In general, when the Direct method is used, the accountant also shows CFO as calculated under the Indirect method (two for one!). The Investing and Financing sections are identical under each method. 3. The SCF summarize the activities of the business into 3 sections, showing how it acquired its Cash and how it used it. 4. The 3 activities are: Operating, Investing and Financing – always presented in that order. Going forward they will be referred to as CFO (Cash Flow from Operations), CFI (Cash Flow from Investing) and CFF (Cash Flow from Financing). 5. The bottom line sum of the 3 sections of the SCF totals to the change in Cash on the Balance Sheet from one year to the next. Just as the Balance

THE INTERCONNECTION

Sheet must balance Total Assets to Total Liabilities plus Equity, the SCF must balance to the Year over Year change in Cash on the Balance Sheet. Said another way, the SCF explains the change in Cash. Example: Balance Sheet: Cash at 12/31/16: $3,000. Cash at 12/31/15: $4,000. Difference: a $1000 decrease. Here is how the SCF explains it via totalling the 3 sections: Statement of Cash Flows (SCF) 12/31/16 CFO: $10,000 CFI: ($14,000) CFF: $ 3,000 Decrease in Cash: ($1,000) 6. The most important of the 3 sections is the first: CFO - since the day to day operations of buying and selling goods is the primary provider of Cash flow for most businesses. As one NACM conference speaker put it, “The CFO section is the guts & the glory – while the other 2 sections show how they used the Cash and how they obtained the Cash if their Operations did not provide it”. 7. It took me awhile to notice this so hopefully this observation will save you time: The SCF is highly depended on Balance Sheet data. Actually – two years of Balance Sheet data: a) the CFO section is made up of Current Asset and Current accounts - except Current Portion of Long Term Debt which is under CFF b) the CFI section is made up of Long Term (or non-current) Asset accounts c) the CFF section is made up of Long Term Liability, Short Term Debt and Equity accounts. The first two sections cover the left side of the Balance Sheet (Assets) while the last section covers the right side (Liabilities and Equity). 8. The SCF is also dependent on the Income Statement – the most current year end is all you need (one year). Under the Indirect method, the CFO section always starts with Net Income (or Net Loss if that is the case). It is followed by Depreciation and Amortization which are immediately added back. Why? Continued on Page 25 MARCH / APRIL 2017 PAGE 17

NACM Connect

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with your Credit Department using the All In One B2B online Digital Platform

THE INTERCONNECTION

MARCH / APRIL 2017

PAGE 18

Caine & Weiner News

Your Best Choice for a Win/Win Relationship Did you know that 30% of any contingent fees you pay to Caine & Weiner for services goes to NACM Connect?

NACM Connect members are encouraged to consider Caine & Weiner as their collection agency source. This is important to the association as it provides funding for our essential member services including:

EDUCATION l WORKSHOPS l PUBLICATIONS CREDIT CONFERENCES l NETWORKING EVENTS Terri Cramer

Todd Fierstein

Gateway Region Senior Manager, Client Services

Upstate New York Region Regional Director, Alliance Partner

terri.cramer@caine-weiner.com

todd@nacmconnect.org

502.425-0308

716.839.1200

Warren Northern

Jim McGee

Midwest Region Manager, Client Services

Midwest/WIsconson/Omaha Region Assistant VP, Client Services

warren.northern@caine-weiner.com

jim.mcgee@caine-weiner.com

847.407.2330

847.407.2348

Caine & Weiner Monthly Giveaway Winners Congratulations to the December and January winners of the Caine & Weiner and NACM Connect Monthly Giveaways.

The winners for each region are listed below. The March giveaway is a $50 Chili's gift card. Each claim you place with

Caine & Weiner during these months will be eligible for one entry into the drawings. Please support this important partner! â&#x2013;

January Winners

December Winners

$50 Nike Gift Card

$50 Banana Republic Gift Card Omaha Brian Chambers, Sysco Lincoln Wisconsin Bonnie Pedersen, Greenheck Fan Corp. Gateway Region Ken Hannigan, Community Wholesale Tire Upstate NY Joster Macedo, Will Foods LLC. Midwest Donna Morris, Medela Inc.

Omaha Denise Kephart, Lozier Corp Wisconsin Kris Lanting, Batteries Plus Gateway Region Jackie Greene, Springfield Grocers Upstate NY Amy St Hilaire, Southern Glaziers Wine & Spirits Midwest Rita Glaser, Edward Don Company

March Giveaway

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MARCH / APRIL 2017 PAGE 19

Credit Group Meeting calendar NACM Midwest Illinois/Wisconsin Local Industry Credit Group Meetings DATE

GROUP

MEETING LOCATION

March 9

Northern Illinois Heating & Plumbing Credit Group

Greek Islands, Lombard, IL

March 14

Electrical Distributors Credit Group

Ditka's, Oakbrook Terrace, IL

March 15

Institutional Credit Group

Ditka's, Oakbrook Terrace, IL

March 16

WISCA Credit Group

Parker's, Downers Grove, IL

Ad Media Credit Group

iHeart Media, Chicago, IL

March 20

SAP Users Group Credit Group

NACM Midwest, Rolling Meadows, IL

March 21

Metal Distributors Credit Group

Ditka's, Oakbrook Terrace, IL

March 23

Basic Material Credit Group

Ditka's, Oakbrook Terrace, IL

April 11

Electrical Distributors Credit Group

Ditka's, Oak Brook Terrace, IL

April 13

Northern Illinois Heating & Plumbing Credit Group

Devon, Oakbrook Terrace, IL

April 17

Midwest Roofing Credit Group

NACM Midwest, Rolling Meadows, IL

April 18

Metal Distributors Credit Group

Mon Ami Gabi, Oakbrook, IL

April 19

Floor Covering & Wall Tile Credit Group

NACM Midwest, Rolling Meadows, IL

April 20

Ad Media Credit Group

WCIU-Weigel Broadcasting. Chicago, IL

WISCA Credit Group

Ditka's, Oak Brook Terrace, IL

Basic Material Credit Group

Devon, Oak Brook Terrace, IL

April 27

NACM Connect National Industry Credit Group Meetings DATE

GROUP

MEETING LOCATION

March 8

National Lawn & Garden Credit Group

Embassy Suites, Concord, NC, 2-day

National Paper Packaging Credit Group

Embassy Suites Phoenix-Scottsdale, Phoenix, AZ, 2-day

March 9

National Suppliers to Window Manufacturers Credit Group

Holiday Inn Disney Springs, Lake Buena Vista, FL, 2-day

March 16

National Manufactured Housing Credit Group

Andrew Pinckney, Charleston, SC, 2-day

March 16

National Christian Suppliers Credit Group

DoubleTree Rocky Point, Tampa, FL, 2-day

National Electrical Manufacturers Credit Group

Hilton St. Petersburg, St. Petersburg, FL, 2-day

National Underground Utilities Supply Credit Group

Holiday Inn City Center, Charlotte, NC, 2-day

March 20

National Firearms and Ammunition Credit Group

DoubleTree Rocky Point, Tampa, FL, 2-day

March 23

National Metal Producers Credit Group

The Menger Hotel, San Antonio, TX, 2-day

March 24

National Metal Recyclers Credit Group

Hilton at the Arch, St. Louis, MO, 2-day

April 5

National Agricultural Credit Conference

Caesars Palace, Las Vegas, NV, 2-day

April 7

National Construction Credit Group

Double Tree Hotel, Cocoa Beach, FL, 2-day

April 12

National Water Products Credit Group

DoubleTree, Savannah, GA, 2-day

April 18

National Home, Nursing & Food Credit Groups

Hotel Indigo, Austin, TX, 4-day

April 20

National Garage Door & Operating Devices Credit Group

Hilton Garden Inn, Atlanta, GA, 2-day

April 26

Meatpackers of America Credit Group

Hotel B, Fort Lauderdale, FL, 2-day

THE INTERCONNECTION

MARCH / APRIL 2017

PAGE 20

Credit Group Meeting Calendar NACM Great Lakes Region Local Industry Credit Group Meetings DATE

GROUP

MEETING LOCATION

March 2

Michiana Credit Association Credit Group

Luccheses, Elkhart, IN

March 8

West Michigan Heating Plumbing Wholesalers Credit Group

Brann's, Wyoming, MI

March 9

Indiana Wholesale Floor Covering Credit Group

Conference Call

Lumber & Building Materials Credit Group

Pietro's, Grand Rapids, MI

March 14

Electrical/Industrial Trade Credit Group

Pietro's, Grand Rapids, MI

March 15

Michigan Electrical Supply Credit Group

Antonio's, Canton, MI

Indianapolis Building Trade Suppliers Credit Group

Blueberry Hill, Indianapolis, IN

March 16

Cincinnati Dayton Wholesale Electric Credit Group

Century Inn, Cincinnati, OH

March 17

Fort Wayne Building Materials Credit Group

Don Hall's Gas House Restaurant, Fort Wayne, IN

March 21

Indiana Electrical Suppliers Credit Group

Becker Conference Room, Indianapolis, IN

Automotive Suppliers Credit Group

Conference Call

Metal Service Center Credit Group

Antonio's, Canton, MI

Plumbing & Heating Wholesalers Credit Group

Blueberry Hill, Indianapolis, IN

Cleveland/ Akron/ Canton Food Suppliers Credit Group

Papa Joe's/Iacomini's, Akron, OH

Cincinnati Construction Suppliers Credit Group

Romano's Macaroni Grill, Cincinnati, OH

April 11

Electrical/Industrial Trade Credit Group

TGI Fridays, Kalamazoo, MI

April 12

West Michigan Heating Plumbing Wholesalers Credit Group

Brann's, Wyoming, MI

April 13

Michiana Credit Association Credit Group

Luccheses, Elkhart, IN

April 18

Indiana Electrical Suppliers Credit Group

Becker Conference Room, Indianapolis, IN

Automotive Suppliers Credit Group

Conference Call,

Michigan Electrical Supply Credit Group

Mojave Cantina, Clawson, MI

Indianapolis Building Trade Suppliers Credit Group

Blueberry Hill, Indianapolis, IN

April 20

Cincinnati Dayton Wholesale Electric Credit Group

Century Inn , Cincinnati, OH

April 21

Fort Wayne Building Materials Credit Group

Don Hall's Gas House Restaurant, Fort Wayne, IN

April 26

Cincinnati Construction Suppliers Credit Group

Romano's Macaroni Grill, Cincinnati, OH

Cleveland/ Akron/ Canton Food Suppliers Credit Group

Papa Joe's/Iacomini's, Akron, OH

Metal Service Center Credit Group

Antonio's, Canton, MI

Plumbing & Heating Wholesalers Credit Group

Blueberry Hill, Indianapolis, IN

March 22

April 19

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MARCH / APRIL 2017 PAGE 21

Credit Group Meeting Calendar NACM Gateway Region Local Industry Credit Group Meetings DATE

GROUP

MEETING LOCATION

March 3

Mid Missouri Construction Credit Group

Bartolino's, St. Louis, MO

March 15

Electrical Distributors Credit Group

Bartolino's, St. Louis, MO

March 17

Refrigeration & Warm/Cool Air Suppliers Credit Group

Bartolino's, St. Louis, MO

March 21

Midwest Regional Food Suppliers Credit Group

NACM Gateway Office, Creve Coeur, MO

March 22

Gateway Agricultural Credit Group

Bartolino's, St. Louis, MO

April 18

Midwest Regional Food Suppliers Credit Group

NACM Gateway Office, Creve Coeur, MO

April 19

Electrical Distributors Credit Group

Bartolino's, St. Louis, MO

April 21

Refrigeration & Warm/Cool Air Suppliers Credit Group

Bartolino's, St. Louis, MO

NACM Midwest-Nebraska Local Industry Credit Group Meetings DATE

GROUP

MEETING LOCATION

March 15

Omaha Builders Credit Group

Enterprise Center, Omaha, NE

April 19

Omaha Builders Credit Group

Teleconference

NACM Upstate New York Local Industry Credit Group Meetings DATE

GROUP

MEETING LOCATION

March 9

Rochester Plumbing & HVAC Credit Group

Humphrey House, Rochester, NY

March 10

Buffalo Building & Construction Credit Group

Eagle House, Williamsville, NY

March 14

Western NY Food & Beverage Supply Credit Group

llio DePaolo's Restaurant, Blasdell, NY

March 16

Rochester Building Credit Group

Cerame's Restaurant, Rochester, NY

March 21

Central New York Building Credit Group

Greenwood Winery, Syracuse, NY

March 27

Erie Building Credit Group

Ruby Tuesday, Erie, PA

March 28

Buffalo Plumbing & Electric Credit Group

Eagle House, Williamsville, NY

April 11

Western NY Food & Beverage Supply Credit Group

llio DePaolo's Restaurant, Blasdell, NY

April 13

Rochester Plumbing & HVAC Credit Group

Humphrey House, Rochester, NY

April 14

Buffalo Building & Construction Credit Group

Eagle House, Williamsville, NY

April 17

Albany Building Credit Group

Scarboroughs, Allbany, NY

April 18

Central New York Building Credit Group

Greenwood Winery, Syracuse, NY

April 20

Rochester Building Credit Group

Cerame's Restaurant, Rochester, NY

April 25

Buffalo Plumbing & Electric Credit Group

Eagle House, Williamsville, NY

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MARCH / APRIL 2017

PAGE 22

Event Calendar PRESENTER / INSTRUCTOR(S)

DATE

EVENT

LOCATION

TIME

March 8

NACM Great Lakes Region/Ohio - Cincinnati Credit 102

Cincinnati Container Co., Inc. Cincinnati, OH

9 a.m. – 4 p.m

Wanda McPhillips, CCE, CICP

NACM Midwest/Illinois Credit 102

NACM Midwest Rolling Meadows, IL

9 a.m. – 4 p.m

Rich Bellis, CCE

NACM Midwest/Wisconsin Roundtable Discussion

Rodeside Grill Windsor, WI

12 p.m. – 1:45 p.m.

Rich Weiss, CBA

NACM Great Lakes Region/Michigan - Detroit Credit 101

AK Steel Corp-Dearborn Works Dearborn, MI 48121

9 a.m. – 4 p.m

Jan Spalding, CCE, CICP

NACM Midwest/Illinois Business Credit Principles (10 weeks)

NACM Midwest Rolling Meadows, IL 60008

5:30 p.m. – 8:30 p.m

Jason Bogardt, CCE

NACM Midwest/Illinois Business Law (12 weeks)

NACM Midwest Rolling Meadows, IL 60008

5:30 p.m. – 8:30 p.m

John Jaeger, CCE, ICCE

NACM Great Lakes Region/Indiana - Fort Wayne Roundtable Discussion

Don Hall’s Old Gas House Restaurant Fort Wayne, IN Pinstripes - Oakbrook Oakbrook, IL 60523

11:30 a.m.–1:30 p.m.

Patricia Greve

5:30 p.m.–7:30 p.m.

______________________

March 9

March 13

March 14

NACM Midwest/Illinois Emerging Credit Leaders Event March 15

NACM Connect Webinar Streamline the Customer Onboarding Process (From Data Gathering to Credit Analysis)

________________________

11 a.m - 12 p.m

Dominic Biegel

March 20

NACM Connect SAP Credit and A/R Users Group Meeting

NACM Midwest Rolling Meadows, IL 60008

8 a.m. – 4 p.m

Linda Hass

March 23

NACM Midwest/Illinois Financial Statement Analysis I (10 weeks)

NACM Midwest Rolling Meadows, IL 60008

5:30 p.m. – 8:30 p.m

Larry Grogan, CCE

April 4

NACM Great Lakes Region/Ohio - Dayton Financial Statements - Reading Between the Lines Seminar

NACM GLR Dayton OH Office Dayton, OH

9 a.m. – 12:30 p.m

Tom Shimko, CCE

April 5

NACM Midwest/Illinois Credit 103

NACM Midwest Rolling Meadows, IL

9 a.m. – 4 p.m

Rich Bellis, CCE

April 6

NACM Upstate New York Annual Meeting

Creekside Banquets Buffalo, NY

9 a.m. – 5 p.m

Various

NACM Great Lakes Region/Ohio - Independence Creating the Perfect Credit Policy Seminar

Crowne Plaza Cleveland South Independence, OH

8 a.m. – 12 p.m

NACM Great Lakes Region/Michigan - Detroit Credit 102

AK Steel Corp-Dearborn Works Dearborn, MI 48121

9 a.m. – 4 p.m

Thomas Fawkes, Esq. Brian Jackiw, Esq. Cathryn Stark Jan Spalding, CCE, CICP

NACM Great Lakes Region/Ohio - Dayton Credit 101

NACM Great Lakes Region Office Dayton, OH 45405

9 a.m. – 4 p.m

Tom Muter, CCE

NACM Great Lakes Region/Michigan - Grand Rapids Roundtable Discussion

Brann’s Steakhouse & Grille Grand Rapids, MI

11:30 a.m. – 2 p.m.

Matt Fluegge

NACM Gateway Region Annual Meeting

Orlando’s Banquets Maryland Heights, MO

9 a.m. – 5 p.m

Various

NACM Great Lakes Region/Ohio - Cincinnati Credit 103

Cincinnati Container Co., Inc. Cincinnati, OH

9 a.m. – 4 p.m

Wanda McPhillips, CCE, CICP

NACM Great Lakes Region/Michigan - Detroit Roundtable Discussion

Antonio’s Cucina Italiana Canton, MI

11:30 a.m. – 2 p.m.

Matt Fluegge

April 18

NACM Great Lakes Region/Ohio - Columbus Credit 101

Star Leasing Columbus, OH

9 a.m. – 4 p.m

Tom Muter, CCE

April 19

NACM Great Lakes Region/Ohio - Cleveland Credit 101

Lakeside Terrace Community Center Streetsboro, OH

9 a.m. – 4 p.m

Bonnie Grant, CCE

April 20

NACM Midwest - Illinois Annual Meeting

Meridian Banquet Center Rolling Meadows, IL

9 a.m. – 5 p.m

Various

April 25

NACM Great Lakes Region - Indiana Annual Meeting

Guesthouse Hotel & Conf Center Fort Wayne, IN

9 a.m. – 5 p.m

Various

April 26

NACM Connect Webinar Illinois Mechanics Lien Statutes – How its changes affect those who rely on it

________________________

10 a.m - 11:15 p.m

Norm Cowie

April 11

April 12

THE INTERCONNECTION

MARCH / APRIL 2017 PAGE 23

NACM Gateway Region Speakers, schedules and details at www.nacmconnect.org

NACM Gateway Region 2017 Annual Meeting

April 12 Orlando’s Banquets · Maryland Heights, MO

BUILDING ON THE BEST ANNUAL MEETING GIVEAWAY! Don’t miss the chance to win a free registration to Credit Congress, NACM Connect Social Events and other exciting giveaways!

Registration Form - All payments must be made one week prior to the meeting. I would like to attend:

qEducational Sessions $199 members, $398 non-members

Meeting Location:

qNetworking Event

(Two coupons per person are valid).

Free to all members (Open bar)

qNACM Gateway Region

Orlando’s Banquet Conference Center 2050 Dorsett Village, Maryland Heights, MO 63043

Name___________________________________________________________________________________________________________________ (Please print your name as you would like it to appear on your name badge.)

Zip____________________ Phone _________________________________

Do you accept text messages?

qYes qNo

Fax _______________________________

Our Sponsors Platinum Sponsors

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Email this form to registration@nacmconnect.org. You will be invoiced shortly. THE INTERCONNECTION

MARCH / APRIL 2017

PAGE 24

News

Understanding the Statement of Cash Flows (SCF) (cont'd) Continued from Page 17 Because they were subtracted on the Income Statement when calculating Net Income but no check was written – no Cash went out. These are called nonCash charges. 9. Question: In order to prepare a SCF, what statements are required? Answer: Most recent Income Statement and last 2 Balance Sheets. Some have noted the SCF is not really a new statement but rather a re-statement of items taken from the Income Statement and Balance Sheets. I would agree. 10. Cash Flow from Operations (CFO): the 1st section of the SCF • When you see the word ‘Operations’, think of all that is involved in the day to day buying and selling of goods: buying raw materials, manufacturing, and selling goods. Since the goods are manufactured from scratch or purchased for distribution, Accounts Payables are created. Since a business needs goods to sell, Inventory is created. Since goods are sold on credit, Accounts Receivables are created. • There are 3 key Operating accounts: two are Current Assets: Accounts Receivable and Inventory. One is a Current Liability: Accounts Payable. These accounts are constantly turning over and over and are using or providing Cash as they do. • Here are some of the ratios we use to analyse the health of these accounts – how they are turning over: Days Sales Outstanding, Inventory Days, and Payable Days. When the outcome of these three ratios is combined into one, you get the Cash Conversion Cycle (CCC) which is Days Sales Outstanding + Inventory Days – Payable Days. The lower the number of days in the cycle, the better. How fast they turn over matters. In fact, when Inventory and Accounts Receivable turnover slows, they end up using Cash rather than providing it. • We noted earlier how this section of the SCF is all about Current Assets and Current Liabilities. So we also look at the Current Ratio (Current Assets / Current Liabilities) as well as Working Capital (Current Assets – Current Liabilities). We even take into

•

account how liquid or ‘near to Cash’ they are when we calculate the Quick Ratio ((Current Assets – Inventory) / Current Liabilities)) since Inventory has to be sold before it even has a chance of being converted into Cash. It’s interesting to consider how accounting is similar to sports. Football, for example, has 4 quarters. Baseball has 9 innings. In both cases, we want a final score when the game is over. Business would be incredibly boring and un-motivating if it just continued on and on without being broken down into distinct time periods. All stakeholders have a need to know on a regular basis how the business is doing relative to its past performance and that of its competitors. Why is this important? If your business sold goods on a Cash basis it wouldn’t matter so much. But most businesses sell on an accrual basis which means the sale counts even if the Cash has not been received. If a sale was made on Net 30 days terms on 12/15/16, it will not get paid in 2016 but will cross over into another accounting period. It may get paid when due of on 1/14/17, get slow paid or not get paid at all. So timing differences are at work. That sale made on credit is counted in the calculation of Net Income for 2016. But now you see why it would not count as Cash flow until 2017. The SCF converts the accrual Net Income number to a Cash Income number by taking these timing differences into account. While Wall Street may put a lot of weight on Net Income, creditors take it a step further and look to CFO to determine if that Net Income number is backed up with Cash. Here’s where it gets interesting. The ‘flow’ in the ‘Cash Flow Statement’ suggests why we need 2 years of Balance Sheet data. We are interested in the differences in the Current Asset and Current Liability accounts from one period to the next. When you look at the CFO section on a 12/31/16 SCF, you are not seeing the A/R as of 12/31/16 but difference in A/R from 12/31/16 to 12/31/15. This suggests a simple subtraction. The difference between the two tells if

THE INTERCONNECTION

from one year to the next the change (or difference) in A/R, Inventory and A/P ‘provided’ or ‘used’ Cash. There are rules to help us decide: Increase in an Asset account = Use of Cash. Decrease in an Asset account = Source of Cash Increase in a Liability or Equity account = Source of Cash Decrease in a Liability or Equity account = Use of Cash • Here is a short cut way of remembering this: most of us are very familiar with how A/R and A/P behave. A/R is a Current Asset. When we collect an A/R, we know the Cash is now in our company’s bank account. This is a source of Cash. If we do not collect the A/R, the money is still in our Customer’s bank account. This is considered a use of Cash. All Asset accounts behave the same way. Now consider A/P which is a Current Liability account. We know when our company pays a supplier invoice, our Cash account goes down since we wrote them a check. Decreasing A/P is a use of Cash. If we delayed paying the invoice, our Cash account would go up – since the Cash would still be in our account. All Liability and Equity accounts (those on the right side of the balance sheet) behave in the same way. If you think of these two accounts (A/R and A/P) and the checkbook analogy used above, you can figure out how any Balance Sheet account impacts Cash when it increases or decreases from one year to the next. • More on the Income Statement: Net Income is an accrual number. When a firm sells on credit, the A/R is assumed to be collected but that may not be the case due to timing differences (open account terms of sale, slow pay, bad debt etc.). That’s one reason why Net Income and CFO are rarely equal and why the Indirect method starts with the accrual Net Income number and step-by-step converts it into a Cash number. • In general, public companies try to

MARCH / APRIL 2017 PAGE 25

News

Understanding the Statement of Cash Flows (SCF) (cont'd) maximize Net Income to drive up their Earnings Per Share (EPS) which in turn increases their stock price. Private companies often strive to minimize their Net Income to avoid taxes. 11. Cash Flow from Investing (CFI): the 2nd section of the SCF • This section shows changes in Long Term or non-current Assets • The bottom line of this section should be negative since the firm is using Cash to invest in its future and to stay competitive • The largest item found here is usually Capital Expenditures, often called ‘Cap-Ex’ and represents Cash used to maintain or enhance the productive capacity of the business. • Also found here is ‘Proceeds from sale of Assets’ which could represent the salvage value of old assets being sold or it could be the proceeds from selling off major assets, either to get out of a failing line of business (which can be a good thing) or to raise needed Cash because the operation itself is no longer providing Cash but using it instead. Sears has been ‘selling itself’ for years to raise the Cash it needs to continue to operate. Its day to day operations are ‘burning cash’. Most business don’t last very long if when they get into this position. The only reason Sears is still around is their have plenty of assets to throw into the fire. However, this is not sustainable. They will soon run out of Assets. • When the bottom line of this section is positive, it’s a strong red flag and merits further investigation. Sears CFO has been negative for years and as a result, its CFI has been positive to deliver needed Cash to the business. It’s CFF has been positive as well as it also raises Cash by borrowing. • In general, we like to see CFO cover CFI. A notable exception occurs when a business is in an acquisition mode and CFI

expands far beyond a maintenance level of spending. In these cases, observe the impact on the Cash account on the Balance Sheet as well as the borrowing impact in the CFF section of the SCF. • Finally, if Capital Expenditures are minimal or zero, is the business allowing its productive assets to deteriorate in an effort to conserve precious Cash? One way to judge is to compare annual Depreciation expense on the Income Statement to Capital Expenditures. Some suggest firms need to invest in their asset base at least as much as their annual Depreciation expense. 12. Cash Flow from Financing (CFF): the 3rd section of the SCF • This is where you can observe the company borrowing and paying back debt • Dividends or Distributions to owners (S Corp’s, LLC’s etc.) can be found here as well If a firm is not generating

THE INTERCONNECTION

sufficient CFO or if it is expanding fast, the CFF section will usually be positive which reflects Cash being sourced from Financing activities (taking on debt or selling stock). If it is generating plenty of CFO, the CFF section may be negative which suggests it is paying down debt and/or paying out Dividends. • The next section will hopefully bring it all together and leave you interested in learning more about this useful statement.

Creating an estimated CFO Number using the Three Key Operating Account Method – Example 1: Positive CFO (see figure 1 below) Not all Customers pay their accountant to prepare a SCF. Or, they have one but choose not to provide it unless their Creditors press for it. If we have an Income Statement and 2 Balance Sheets, we can manually calculate a CFO number that provides a useful ballpark

MARCH / APRIL 2017

PAGE 26

News

Understanding the Statement of Cash Flows (SCF) (cont'd) estimate that we can use in making a credit decision. • We grabbed the most recent Income Statement • Noted Net Income of $10,000 and below it Depreciation of $7,000 • Grabbed the last 2 Balance Sheets and calculated the differences from last year to this year for the following 3 key Operating accounts: Accounts Receivable, Inventory and Accounts Payable. Then applied the Source/Use rules to determine if the differences should be added to or subtracted from Net Income in calculating estimated CFO. Rules: a year-over-year: • Increase in an Asset account = Use of Cash. • Decrease in an Asset account = Source of Cash • Increase in a Liability or Equity account = Source of Cash • Decrease in a Liability or Equity account = Use of Cash

Example 2: Creating an estimated CFO number: Negative CFO (See figure 2 above) • Grabbed the most recent Income Statement • Noted Net Income of $10,000 and below it Depreciation of $7,000 • Grabbed the last 2 Balance Sheets and calculated the differences from last year to this year for the 3 key Operating accounts. Then applied the Source / Use rules. Disclaimer: The above approach uses the 3 key Operating Accounts. There are also other Current Assets and Current Liabilities that need to be considered when calculating

CFO. However, since these 3 accounts are what normally have the largest impact on CFO, there is a basis for focusing on them. Actual CFO may vary significantly. My hope is the reader takes away an understanding of how CFO is calculated in general and actually uses this method when a Customer provides Income Statements and Balances Sheets but does not provide a SCF. Using the same approach consistently will show trends and when CFO is calculated and is negative, it suggests the Customer has problems in its operations in converting its accrual Net Income into actual Cash that can pay bills. More often than not, the problem lies with Inventory and/or Accounts Receivables. ■

THE INTERCONNECTION

L arry Grogan, CCE, is a Credit Analyst with BP Products NA and previously held credit roles with D&B and Nalco Holdings. With over 25 years of credit experience, Grogan played a lead role in implementing credit score carding at BP and is past Chairman of the NACM Midwest Board of Directors. Grogan received a Bachelor of Science degree in Marketing from Bradley University and an MBA from Benedictine University. He is also a graduate of NACM's Graduate School of Credit & Financial Management at Dartmouth College. Grogan is currently on the faculty of NACM Connect’s Institute of Credit’and has taught classes, seminars and delivered on-site training on the topic of Financial Statement Analysis.

MARCH / APRIL 2017 PAGE 27

NACM Connect

Streamline the Customer Onboarding Process (From Data Gathering to Credit Analysis) Wednesday, March 15, 2017 11 am - 12 pm CT

WEBINAR

About the Webinar

Credit personnel are always working from a position of information asymmetry. Even if a customer offers full transparency, credit still needs to review and interpret the information prior to a credit decision. Complete customer disclosure is rare, as most companies limit their exchange of information. Gathering information is more difﬁcult than simply asking for it. Pushing too hard for information can result in a lost sale, or lacking clarity in the questions can lead to delays in credit processing. As a result, implementing strategies to take back control of credit information gathering can lead to both better and faster credit decisions. During this 60-minute webinar you will learn: • Why reference automation is a huge time saver • How to regain and automate your information gathering • How companies have increased productivity through technology

About the Presenter

Dominic Biegel is a graduate from University of Illinois, Champaign-Urbana in Economics, Dominic joined Bectran in 2014 as an Account Executive. Now as a Business Development Manager, Dominic is responsible for direct relationships with customers, establishing Bectran’s national presence at conference events, and implementation management on key accounts. Dominic has worked with over a dozen different Fortune 1000 companies in implementing Bectran and is a key manager for designing customer’s Credit Scoring, IT implementation, and improvement in the customer’s credit workﬂow process.

WEBINAR REGISTRATION Participation points are available for this webinar.

Date Wednesday, March 15, 2017

Time 11a.m. — 12p.m. CST

Cost (per connection) $99 - Member, $198 - Nonmember (Only one coupon will be accepted)

Name_______________________________________________________________ Member #____________________________________________ Company___________________________________________Address________________________________________________________________ City____________________________________________ State _________________________ Zip_________________________________________ Phone ________________________ Fax _________________________ Email _______________________________________________________ Mobile __________________________________________________________________________ Do you accept text messages?

Yes No

All payments must be made prior to receiving link for the webinar. Check—Payable to NACM Connect and mail to: 3005 Tollview Drive, Rolling Meadows, IL 60008 Credit card—Pay by phone upon receipt of invoice: 1-800-935-6226. Please invoice me. I’m using a coupon for this event. Cancellation Policy: Cancellations must be received in writing, via fax, email or mail, no later than two weeks prior to the event date to qualify for a full refund. Cancellations received later than two weeks prior to the event date do NOT qualify for a refund of registration fees. Sorry, phone cancellations cannot be honored. If you have any questions, please email info@nacmconnect.org.

Email this form to registration@nacmconnect.org. You will be invoiced shortly. THE INTERCONNECTION

MARCH / APRIL 2017

PAGE 28

NACM Connect

Illinois Mechanics Lien Statutes – How its changes affect those who rely on it Wednesday, April 26, 2017 10 am - 11:15am CT

WEBINAR

About the Webinar The Illinois Lien statute is an evolving beast, tugged on by competing interests like banks, title companies, property owners, subcontractors, contractors and suppliers. These parties with conﬂicting goals often attempt to push through changes in the statutes, and when they are successful, quite often it’s at the expense of other interested parties. This webinar will discuss some of the changes that have taken place in the past and will focus on the most recent change that took place in January, 2016 titled “Section 38.1, Substitution of Bond for Mechanics Lien.” We’ll discuss the changes, and how they will impact various parties in a construction project, and what you might do to protect yourself. During this 75-minute webinar you will learn: • Highlighting past changes in the lien law • Spotlight on Section 38.1 • A way to tweak the lien law that would change everything

About the Presenter

Norm Cowie is Director of Credit for Paramont-EO, Inc, and is a former two-time Board Member of NACM-Midwest, Chairman of the Legislative Committee, Chairman of the Illinois Improved Construction Committee. He is a regular columnist for NACM-Connect, has authored several articles appearing in Business Credit and the Chicago Tribune, and has authored a book titled “Illinois Mechanics Lien Statutes...and other construction stuff”. He’s also the author of seven humor novels. Visit Norm at www.normcowie.com

WEBINAR REGISTRATION Participation points are available for this webinar.

Date Wednesday, April 26, 2017

Time 10a.m. — 11:15a.m. CST

Cost (per connection) $99 - Member, $198 - Nonmember (Only one coupon will be accepted)

Yes No

Email this form to registration@nacmconnect.org. You will be invoiced shortly. THE INTERCONNECTION

MARCH / APRIL 2017 PAGE 29

NACM Midwest - Illinois

SAP Credit and A/R Users Group Meeting Open Forum Discussion Moderated by

Linda Hass, SAP Consultant

Monday, March 20, 2017 NACM Midwest 3005 Tollview Drive Rolling Meadows, IL 60008

Open Forum 8:00 A.M. – 4:00 P.M. Cost SAP User Group Members Registration Fees

Non-Member Fees

$175, SAP User Group Members, first attendee  $145, Each additional attendee from the same company

 $350, Non-SAP group member  $450, Non-NACM member

Price includes continental breakfast and lunch. Sorry, no coupons accepted for this event.

Registration Form Name:____________________________ Company: ___________________________________Member #_________________ Address: ___________________________________________ City: ______________________ State: ____ Zip: __________ Phone: _______________________________ E-mail: _________________________________ Fax: _______________________ What do you consider your level of expertise in SAP:

 Beginner  Intermediate  Advanced

You will be invoiced for this meeting. Please submit payment once invoice has been received. Upon receipt of the invoice, if you wish to pay by credit card please call 1-800-935-6226.

Please e-mail your discussion topics to themis.vlahos@nacmconnect.org. Fax this registration form to 847-483-6428 no later than Thursday, March 16, 2017. For more information, please contact Themis Vlahos, CCE at 800-935-6226, ext. 6428. Rooms are available at the Holiday Inn Rolling Meadows for $99 per night. Please call 847-259-5000 and mention NACM.

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PAGE 30

NACM Midwest - Illinois NACM Connect

Emerging Credit Leaders

Emerging Leader Series Professional Development, Networking & Credit Leadership Training

Introducing the Emerging Leader Series, educational and networking events just for the young credit and A/R professionals in the Chicago area. If you are 35 or younger and are working in the credit or A/R ﬁeld, come see what we are all about! Our goal is to provide this audience with a place where you can gather with people that share your career interests. For more information about the program, or to suggest someone to receive an invite, please contact Susan Rooney, at susan.rooney@nacmconnect.org or by phone at 847.483.6426.

Bocce and Speed Networking Networking can be one of the most powerful and productive activities you can do to launch and manage your career.

How much can you learn about someone in just seven minutes or less? We’re going to see if we can find out. During the speed networking session you will visit with as many of the attendees as possible while chatting about specific subjects, exchanging cards and finding common ground. Every seven minutes you will switch who you are visiting with, but if you do meet someone you want to find out more about you have the option of seeking that person out after the exercise is complete. The best way of making as many new best friends in a short amount of time possible. Bring business cards and take notes!

REGISTRATION Date/Time Tuesday, March 14, 2017 5:30 p.m. — 7:30 p.m. CT

Location Pinstripes - Oakbrook 7 Oakbrook Center Drive Oakbrook, IL 60523 P: 630.575.8744

Cost $50 - per person (Includes Bocce, appetizers, drinks and “Speed Networking” session.)

Yes No

All payments must be made prior to event. Check—Payable to NACM Connect and mail to: 3005 Tollview Drive, Rolling Meadows, IL 60008 Credit card—Pay by phone upon receipt of invoice: 1-800-935-6226. Please invoice me. Cancellation Policy: Cancellations must be received in writing, via fax, email or mail, no later than two weeks prior to the event date to qualify for a full refund. Cancellations received later than two weeks prior to the event date do NOT qualify for a refund of registration fees. Sorry, phone cancellations cannot be honored. If you have any questions, please email info@nacmconnect.org.

Email this form to registration@nacmconnect.org. You will be invoiced shortly. THE INTERCONNECTION

MARCH / APRIL 2017 PAGE 31

NACM Midwest - Illinois Speakers, schedules and details at www.nacmconnect.org

NACM Midwest - Illinois 2017 Annual Meeting

April 20 Meridian Banquets · Rolling Meadows, IL

BUILDING ON THE BEST ANNUAL MEETING GIVEAWAY! Don’t miss the chance to win a free registration to Credit Congress, NACM Connect Social Events and other exciting giveaways!

Registration Form - All payments must be made one week prior to the meeting. I would like to attend:

qEducational Sessions $199 members, $398 non-members

Meeting Location:

qNetworking Event

Free to all members (Open bar)

(Two coupons per person are valid).

qNACM Midwest - Illinois

Meridian Banquet Conference Center 1701 W Algonquin Rd, Rolling Meadows, IL 60008

Name___________________________________________________________________________________________________________________ (Please print your name as you would like it to appear on your name badge.)

Zip____________________ Phone _________________________________

Do you accept text messages?

qYes qNo

Fax _______________________________

NACM MIDWEST Illinois

Nebraska

Wisconsin

NATIONAL ASSOCIATION OF CREDIT MANAGEMENT An NACM Connect Company

Cancellation Policy: Cancellations must be received in writing, via fax, email or mail no later than one week prior to the meeting date to qualify for a full refund. Cancellations received later than one week prior to the meeting date DO NOT qualify for a refund of registration fees. Sorry, phone cancellations cannot be honored. If you have any questions, please email info@nacmconnect.org.

Our Sponsors Platinum Sponsors

Gold Sponsors

Silver Sponsors

Bronze Sponsors

Email this form to registration@nacmconnect.org. You will be invoiced shortly. THE INTERCONNECTION

MARCH / APRIL 2017

PAGE 32

NACM Midwest - Wisconsin

Each roundtable permits me to interact with local credit managers and learn. I find this process to be invigorating, having new perspectives on common problems.

–Richard Steele Kellwood Company, LLC

2017 Wisconsin

March Roundtable Discussions

Habits of Highly Successful Credit Managers Madison q

NEW DATE! Thursday, March 9 12:00 p.m. - 1:45 p.m. (lunch)

Facilitator: Rich Weiss (Jaeckle Distributors)

q Fox Valley/Green Bay Tuesday, March 21 NEW DATE! 8:15 a.m. - 10:00 a.m. (breakfast)

Facilitator: Joel Barta (Green Bay Packaging)

Location: Rodeside Grill 6317 Rostad Circle

Location: Village Grille 801 Hoffman Road (Highway XX)

Windsor, WI 53598

Green Bay, WI 54301

(I-90/94 & Highway 19 exit)

(1/2 mile south of Highway 172 between Webster and Monroe-Hwy GV)

CEU points and CCE recertification points are available for this meeting.

Cost per Meeting

$25 members, $50 non-members, one coupon per person. Pre-registration is required. Name ___________________________________________________________ Company __________________________________________ Please write your name as you would like it to appear on your name badge.

Address____________________________________ City _______________________________________ State ________ Zip_____________ Phone______________________________________ Fax ______________________________Mobile ________________________________ Email______________________________________________________________________ Do you accept text messaging? qYes qNo

Online registration is available on www.nacmmidwest.org q q q

Check enclosed—(payable to NACM Connect) mail to: 3005 Tollview Drive, Rolling Meadows, IL 60008 Please invoice me: Credit card—Pay by phone upon receipt of invoice: 1.800.935.6226 Check—Mail upon receipt of invoice. Coupon—Limit one coupon per person.

All payments must be received one week prior to meeting start date. Cancellation Policy: Cancellations must be received in writing via fax, email or mail no later than one week prior to the meeting date to qualify for a full refund. Cancellations received later than one week prior to the meeting date DO NOT qualify for a refund of registration fees. Sorry, phone cancellations cannot be honored. If you have any questions, please email info@nacmconnect.org.

Email this form to registration@nacmconnect.org. You will be invoiced shortly. THE INTERCONNECTION

MARCH / APRIL 2017 PAGE 33

NACM Great Lakes Region - Indiana Speakers, schedules and details at www.nacmconnect.org

NACM Great Lakes - Indiana 2017 Annual Meeting

April 25 Don Hall’s Guesthouse · Fort Wayne, IN

BUILDING ON THE BEST ANNUAL MEETING GIVEAWAY! Don’t miss the chance to win a free registration to NACM Connect Social Events and other exciting giveaways!

Registration Form - All payments must be made one week prior to the meeting. I would like to attend:

qEducational Sessions $189 members, $378 non-members

Meeting Location:

qNetworking Event

Free to all members

qNACM Great Lakes Region - Indiana

(Two coupons per person are valid).

Guesthouse Hotel & Conference Center 1313 W. Washington Center Rd, Fort Wayne, IN 46825

Name___________________________________________________________________________________________________________________ (Please print your name as you would like it to appear on your name badge.)

Zip____________________ Phone _________________________________

Do you accept text messages?

qYes qNo

Fax _______________________________

Our Sponsors Platinum Sponsors

Email this form to registration@nacmconnect.org. You will be invoiced shortly.

THE INTERCONNECTION

MARCH / APRIL 2017

PAGE 34

NACM Great Lakes Region - Indiana

Each roundtable permits me to interact with local credit managers and learn. I find this process to be invigorating, having new perspectives on common problems.

–Richard Steele Kellwood Company, LLC

2017 NACM Great Lakes Region

March Roundtable Discussion

CREDIT REFRESHER Moderator: Patricia Greve, Steel Dynamics, Inc.

Have you reviewed your credit process lately? Come join us in a discussion with other credit professionals on steps to assist in your credit processing technique.

Tuesday March 14 11:30 a.m.–1:30 p.m.

Location: Don Hall’s Old Gas House Restaurant 305 E. Superior St. Fort Wayne, IN 46802-1206

CEU points and CCE recertification points are available for this meeting.

Cost per Meeting

$30 members, $60 non-members. One coupon per person is valid. Lunch included. Name ___________________________________________________________ Company __________________________________________ Please write your name as you would like it to appear on your name badge.

Online registration is available on www.nacmgreatlakesregion.com q q q

Indiana - Michigan - Ohio

Email this form to registration@nacmconnect.org. You will be invoiced shortly. THE INTERCONNECTION

MARCH / APRIL 2017 PAGE 35

NACM Great Lakes Region - Michigan Each roundtable permits me to interact with local credit managers and learn. I find this process to be invigorating, having new perspectives on common problems.

–Richard Steele Kellwood Company, LLC

2017 NACM Great Lakes Region

April Roundtable Discussion

CREDIT CARD ACCEPTANCE AND SUBSTANTIAL FEES Moderator: Matt Fluegge, Vantiv

Credit card acceptance and substantial fees have become common for most B2B companies. Industry changes and information may impact the way B2B card acceptors should process payments. This presentation will discuss the Card Network Rule Changes allowing Surcharging, how B2B merchants can significantly reduce their processing fees, and PCI Compliance.

Wednesday, April 12 11:30 a.m. - 2:00 p.m.

Location:

Antonio’s Cucina Italiana 2220 N. Canton Center Road Canton, MI 48187

CEU points and CCE recertification points are available for this meeting.

Cost per Meeting

Online registration is available on www.nacmgreatlakesregion.com q q q

Indiana - Michigan - Ohio

All payments must be received one week prior to meeting start date.

Cancellation Policy: Cancellations must be received in writing via fax, email or mail no later than one week prior to the meeting date to qualify for a full refund. Cancellations received later than one week prior to the meeting date DO NOT qualify for a refund of registration fees. Sorry, phone cancellations cannot be honored. If you have any questions, please email info@nacmconnect.org.

Email this form to registration@nacmconnect.org. You will be invoiced shortly. THE INTERCONNECTION

MARCH / APRIL 2017

PAGE 36

NACM Great Lakes Region - Michigan

Each roundtable permits me to interact with local credit managers and learn. I find this process to be invigorating, having new perspectives on common problems.

–Richard Steele Kellwood Company, LLC

2017 NACM Great Lakes Region

April Roundtable Discussion

CREDIT CARD ACCEPTANCE AND SUBSTANTIAL FEES Moderator: Matt Fluegge, Vantiv

Tuesday, April 11 11:30 a.m. - 2:00 p.m.

Location:

Brann’s Steakhouse & Grille 4157 Division Ave S. Grand Rapids, MI 49548

CEU points and CCE recertification points are available for this meeting.

Cost per Meeting

Online registration is available on www.nacmgreatlakesregion.com q q q

Indiana - Michigan - Ohio

All payments must be received one week prior to meeting start date.

Email this form to registration@nacmconnect.org. You will be invoiced shortly. THE INTERCONNECTION

MARCH / APRIL 2017 PAGE 37

NACM Great Lakes Region - Ohio A half-day seminar designed for Credit Professionals

Financial Statements

READING BETWEEN THE LINES While financial statements are an important source for analyzing the financial health of an account, “Financial Statements - Reading Between the Lines” goes beyond calculating ratios while looking behind the numbers in order to assess credit risk. Topics will include: ►

Suggestions for obtaining financial statements

►

Searching for potential security

►

Audited versus unaudited statements

►

Important tool for planning a credit strategy

►

► ►

What to look for on balance sheets, income statements and statements of cash flows Financial ratios and what they really mean Cash flow analysis

NACM GLR Dayton OH Office

│

►

What is revealed in the notes to financial statements Identifying financial statement deceptions

►

Importance of following up with the account

►

Instructor: Tom Shimko, CCE

41 White Allen Avenue

│

Dayton, OH 45405

Tuesday, April 4 Registration deadline, March 21 Date

Tuesday, April 4

Time

9:00 a.m. - 12:30 p.m.

Where

NACM GLR Dayton OH Office 41 White Allen Ave Dayton, OH 45405

Cost (Includes breakfast)

$139 - Members

(One coupon per person)

$278 - Nonmembers

Name_____________________________________________________________________________________________________ Company___________________________________________Address________________________________________________ City___________________________________________________ State _______________ Zip____________________________ Phone ________________________ Fax _________________________ Email ________________________________________ Mobile ___________________________________________________________ Do you accept text messages?

qYes qNo

Online registration is available on www.nacmgreatlakesregion.com q q q

All payments must be received one week prior to meeting start date.

Questions? Contact Kelly Hall at kelly.hall@nacmconnect.org or call 317.225.4281 Email this form to registration@nacmconnect.org. You will be invoiced shortly.

THE INTERCONNECTION

MARCH / APRIL 2017

PAGE 38

NACM Great Lakes Region - Ohio

A half-day seminar designed for Credit Professionals

CREATING THE PERFECT

CREDIT POLICY Speakers: Thomas Fawkes, Esq. and Brian Jackiw, Esq. Goldstein & McClintock Cathryn Stark Director of Credit and Collections, American Greetings

PERFECT CREDIT POLICY

Risk can be mitigated through the institution of a formal credit policy, and during this presentation our panelists will discuss the benefits of a thoughtful and carefully-drafted policy, both within the company and in dealings with customers. A sound credit policy can increase consistency in dealing with troubled accounts, reduce conflict among sales and credit professionals and enhance protections in the event that a customer becomes insolvent. Best practices and sample credit policies will be shared as well as suggestions on how to sell your company on adopting a formal credit policy.

Crowne Plaza Cleveland South

│

5300 Rockside Road

│

Independence, OH 44131

Thursday, April 6 Registration deadline, March 23 Date

Thursday, April 6

Time

8:00 a.m. - 12 p.m.

Where

Crowne Plaza Cleveland South 5300 Rockside Road Independence, OH 44131

Cost (Continental Breakfast at 8:00)

$139 - Members $278 - Nonmembers (One coupon per person)

qYes qNo

Online registration is available on www.nacmgreatlakesregion.com q q q

Check enclosed—(payable to NACM Connect) mail to: 3005 Tollview Drive, Rolling Meadows, IL 60008 Please invoice me: Credit card—Pay by phone upon receipt of invoice: 1.800.935.6226. Check—Mail upon receipt of invoice. Coupon—Limit one coupon per person.

Questions? Contact Kelly Hall at kelly.hall@nacmconnect.org or call 317.225.4281 Email this form to registration@nacmconnect.org. You will be invoiced shortly. THE INTERCONNECTION

MARCH / APRIL 2017 PAGE 39

NACM Gateway Region | NACM Great Lakes Region | NACM Midwest | NACM Upstate New York

The InterConnection

800.935.NACM

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