2018 Jan/Feb InterConnection Newsletter by NACM Connect

The InterConnection VOLUME 6

ISSUE 1

JANUARY/FEBRUARY 2018

NACM Connect Continues to Grow NACM Connect’s membership now spans nine states! Lillian Novak, CGA

elcome to the fold members of Western Missouri and the state of Kansas. We are excited to bring the products and services our members in the NACM Connect family have come to rely on. Our growth in this area is the result of the former affiliate choosing not to sign a new Affiliation Agreement presented to the NACM affiliates during 2017. The new Affiliation Agreement was a result of a two-year cooperative effort by all the NACM affiliates and the NACM National Board.

Members of our management team will welcome our new members at two free educational and networking events – one in the Kansas City area on January 24 and one in the Wichita area on January 25. These events will include a presentation on “Creating the Perfect Credit Policy” by attorneys Tom Fawkes and Brian Jackiw of Goldstein & McClintock followed by a reception with a few words from President Phil Lattanzio on what

our new members can expect going forward. One thing our members can expect is the addition of NACM Connect staff in Continued on page 4 >>

Welcome to www.nacmconnect.org's Redesign! Lillian Novak, CGA

aunched in early December, your Association’s website took on an entirely new look. We’ve made it easier to navigate and added content that will add value to our members. One new feature in particular is our new calendar and event registration. On the calendar, you can see what education, social events and other offerings are being held in all nine states, complete with links from the

calendar to event details and registration. Most of your old favorites are still available as well including links to all of our departments, Ask the Expert, and our Staff Directory, among other features. We invite you to explore the new website, and let us know what you think!

•

2017-2018

Board of Directors

In This Issue NACM Connect Continues to Grow

Exam Review Class Schedule

Welcome to nacmconnect.org's Redesign

MI - Financial Statement Analysis I

2017 Institute of Credit Class Schedules

Michigan - Roundtable Discussions

Board and Committee Nomination Form

Michigan - Roundtable Discussions

Indiana Credit Conference Photo Gallery

Indiana - Roundtable Discussions

Illinois Construction Stuff and Stuff

Indiana - Best Practices Discussion Group

Town Hall Meeting - Kansas City and Wichita

MI - OH - Credit Class Schedule

How to Acheive and Maintain an Excellent AR Aging

Ohio - Roundtable Discussions

Missouri Award Nomination Form

2018 Insitute of Credit Class Schedule

Missouri Members Host Holiday Toy Drive

Credit 101, 102 & 103 Class Schedule

Credit Career Corner

Still Using DSO to Measure Your Collections Team? Read This!

Webinar: Effective Communication is Equally as Important as Technology in Collections

Webinar: Unclaimed Property and the Credit Department

Collections Giveaway Winners

David Sperduto, CCE VP Supply Corp.

Welcome New Members and Representatives

2017-2018 Advisory Board Members

Rich Weiss, CBA Jaeckle Distributors

Financia Statement Anaysis

Credit Executive of the Year Nomination Form

Elite Membership Nomination Form

Credit Group Meeting Calendars

Event Calendar

2018 Scholarship Application

Missouri Networking Event

CHAIRPERSON John Fahey, CCE Edward Don & Company VICE CHAIRPERSON Kurt Albright Uline, Inc. TREASURER Erica White, CCE Ferguson Enterprises

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 USA Michele Pancotto, CCE, CICP Wheels Clipper DIRECTORS—TERMS ENDING 2019 Mike Hill, CCE Mitek USA, Inc.

Dave Zahller, CCE Tubular Steel DIRECTORS—TERMS ENDING 2020 Christine Culbreth ArcelorMittal International America Ed Stauber Wolters Kluwer Kevin Stinner, CCE, CCRA Pinnacle Agriculture Distribution Les Witrzek, CCE, CICP Kuriyama of America, Inc. PRESIDENT Phillip J. Lattanzio, CCE NACM/Chicago-Midwest SECRETARY Kerry Jensen, CPA NACM/Chicago-Midwest COUNCILOR Lawrence O'Brien, CCE, ICCE Potash Corporation

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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JANUARY/FEBRUARY 2018

PAGE 2

Education Digest

Institue of Credit (IOC)

tart the process of earning your professional designation and register today for the NACM Connect Institute of Credit (IOC) Quarter for Winter of 2017/2018. 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. **Class available via Videoconference

Financial Statement Analysis I **Business Credit Principles **Financial Statement Analysis I

Wednesdays, 2/7 - 4/18

2018 Annual Meetings SAVE THE DATES!

Zeeland, MI

Mondays, 3/12 - 5/14

Rolling Meadows, IL

Thursdays, 3/15 - 5/17

Rolling Meadows, IL

April 12 - St. Louis, MO April 19 - Chicago, IL April 24&25 - Rochester, NY

CBF (Credit Business Fellow) Course Schedule

May 8 - Wichita, KS

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

Business Law

Mondays, 3/19 - 5/21

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.

May 10 - Kansas City, MO May 15 - Omaha, NE May 17 - Elkhart, IN

Exam Review Classes

May 22 - Cleveland, OH

Exam Review Class Schedule (Exam Dates are Below)

May 24 - Pewaukee, WI

All Exam Reviews can be done via Teleconference.

Review Class

Review Date

CBA

Monday, February 12

CBF

Monday, February 5

CCE

Tuesday, February 6

More details coming soon!

Exam Dates & Deadlines Application and Paperwork Deadlines

Exam Dates

Friday, January 26, 2018

Monday, March 5, 2018

Friday, April 20, 2018

Sunday, June 10, 2018

Friday, June 1, 2018

Monday, July 23, 2018

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

Webinar Topic

Date

Page

Effective Communication is as Equally Important as Technology in Collections

Jan 17

Unclaimed Property and the Credit Department

Feb 21

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JANUARY/FEBRUARY 2018 PAGE 3

news

NACM Connect Continues to Grow (cont'd) Continued from page 1

the area, most likely in or near Kansas City. Our plans call for a Membership Consultant to be physically located in the territory to serve the needs of our members in any way possible. Also, a Credit Solutions Consultant will be assigned to cover this area. But as in all regions covered by NACM Connect, the entire staff is always available to help our members with anything they

may need. As all our members know, NACM Connect has led the pack in terms of affiliate size for several years. The addition of our new members in Missouri and Kansas will only add to the strength we enjoy through our economies of scale. We are pleased to be the NACM Affiliate in this additional territory,

and hope that all members of NACM Connect will find that there truly is strength in numbers as we continue to grow. As always, we invite all of our NACM Connect members to contact any of us with questions or concerns at any time. You can find contact information for the entire NACM Connect staff on our website, www.nacmconnect.org.

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NOVEMBER 8

Fall 2017: Credit 102 Graduates!

From left: Shaakira Grant (LaSalle Systems Leasing, Inc.); Oralia Huizar (Echo, Inc.); Kimberly Burns (Leeco Steel); Ewelina Kaga (Hu-Friedy Manufacturing); Heidi Vega (Hu-Friedy Manufacturing); Anna Coco (NACM Connect); Instructor Rich Bellis, CCE; Nancy Sarlo (NACM Connect) - not shown.

DECEMBER 6

Fall 2017: Credit 103 Graduates!

From left: Kimberly Burns (Leeco Steel); Shaakira Grant (LaSalle Systems Leasing, Inc.); Oralia Huizar (Echo, Inc.); Instructor Rich Bellis, CCE

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JANUARY/FEBRUARY 2018

PAGE 4

NACM Connect

2018

Annual Call for Volunteers and Nominations nate mmittee or nomi Volunteer for a co the on rve se to s ague s. one of your colle Board of Director t es idw o-M ag NACM/Chic

Deadline January 31, 2018

BOARD MEMBER NOMINATION

The NACM/Chicago-Midwest Nominating Committee is seeking nominations for the NACM/Chicago-Midwest Board of Directors, the governing board of NACM Connect. Please use this form to submit the name of a member you feel should be considered for a position. Members are also encouraged to nominate themselves. All nominees will be required to submit a summary of information form and a current resumé.

I would like to nominate: Name __________________________________________________________________________________________________________________ Company_______________________________________________________________________________________________________________ Phone ___________________________________________________ Email _______________________________________________________

Nomination made by: Name __________________________________________________________________________________________________________________ Company_______________________________________________________________________________________________________________ Phone ___________________________________________________ Email _______________________________________________________

COMMITTEE VOLUNTEER - Advisory Boards and Committees are affiliate specific.

I would like to volunteer for the following committee(s):

Chicago Education/Conference Gateway Advisory Kansas City/Wichita Advisory GLR Advisory Gateway Education Nebraska Advisory New York Advisory GLR Education/Conference Gateway Social Wisconsin Advisory Scholarship Name _________________________________________________________________________________________________________________ Company ______________________________________________________________________________________________________________ Phone ___________________________________________________ Email _______________________________________________________ Please submit your nomination to Lillian Novak by January 31, 2018 Mail to: NACM Connect Headquarters, 3005 Tollview Drive, Rolling Meadows, IL 60008 Email: lillian.novak@nacmconnect.org or fax: 847.483.6478

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JANUARY/FEBRUARY 2018 PAGE 5

Indiana Event

NACM Connect Credit Conference

NOVEMBER 15 & 16

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JANUARY/FEBRUARY 2018

PAGE 6

News

Illinois Construction Stuff and Stuff Norm Cowie, CCE

probably shouldn’t admit this, but I don’t startle well. Ask the two guys who got too close behind my wife and me when we were walking the other night. When I figured out they were there (a few moments after my wife noticed them… yeah, bad peripherals), I suddenly whirled around on them and took up a defensive position, nearly scaring them out of their boxers. There was nothing voluntary about it, and it was pure reflex. My wife and kids know this, and they kid that I’m ‘coiled,’ even when napping, and they give me room if they have to wake me. I don’t like being surprised. So when I was reading a twenty-one page contract the other day, and saw something that shocked the heck out of me, I leaped up from my chair, spun 360 degrees, and unleashed a lethal karate kick that took out my calculator, stapler and an innocent ivy plant that had wandered too close. I stomped on the stapler once more to make sure it was truly dead, and carefully sat back down to make sure I had seen what I thought I had seen. Yep, there it was. A term in the contract. One that was favorable to my company. You heard me, er, read me. There was a term in the contract, prepared by the poo poo head (attorney) who represented the client, that actually was written to protect my firm, while being unfavorable to the client. Gripping my desk to make sure I wouldn’t Uechi-ryu another group of nervously watching office supplies, I scanned the document, reading the term again to make sure it didn’t read differently due to context, and it was indeed clearly written to give our side rights in case things fell apart in the contract. Yep, the customer s contract actually read that if payment was not on time, they would pay 1 ½% service charge. And not only that, but there was another term stipulating they would pay our attorney costs and fees if we sued them. Now I was hyperventilating. Two terms… written for our protection?

Then I narrowed my eyes, yeah, I get it. They put these terms in to distract me, so they could add some nefarious stuff they knew they couldn’t smuggle through in a normal contract. That’s why they needed a twenty-one page contract, to obscure the little trojan ponies they’d try to sneak through. And sure enough, there was extended warranty, FOB destination, indemnity, and even a clause where they could cancel the contract if it simply proved convenient to them to do so. Smiling smugly now that I’d discovered their scheme, I crossed off the objectionable phrases, altered others and even kept some minor ones to show that I wasn’t being all one-sided myself. There were a few others that we would run by the manufacturers and see if they would accept, particularly the warranty and indemnifications. I called the customer’s purchase agent, and thanked him for the contract and for the terms that protected me, and explained that as a supplier, there were other parts of the contract that we couldn’t accept, and he said, “sure, send it over and we’ll run it by our poo-poo head.” Only he said, ‘attorney.’ Then I scanned the altered document, and emailed it to him, figuring it was merely the second round of a wrestling contest over terms. A bit later, he called me and said, “Okay, we looked them over, and we’re fine with your changes.” “What?!” Suddenly, I jumped up and karate-kicked my in-basket into my out-trash can, and I almost missed him adding, “I’ll have my attorney revise the document with the new terms.” Shakily, I sat down, and numbly started paging through the contract again. Surely I must have missed something. There’s no way someone with attorney-advice would construct and engage in a contract fair

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to all parties. There must be something wrong. Something that I missed. Later that day, as promised, they sent the revised contract. With a smirk, I sat down to read it. I’ll bet they didn’t think I would pour over the entire document again, so they probably slipped something else into it. What they really wanted. The thing they were trying to get past me. That’s why they wanted to revise the whole thing rather than simply using the version I’d marked up. I had been careful, and even made it so that my usually careless, barely comprehensible writing, was clear and concise, and neatly done. It would have sufficed, so it was clearly a ploy to slide something under the door. And to my surprise, it wasn’t. Everything was the way I’d amended. They didn’t change a thing to make it more to their advantage. That’s when I karate chopped my phone to bits. (*Almost all of my previous articles are available in my new book, THE ILLINOIS MECHANICS LIEN STATUTES … AND OTHER CONSTRUCTION STUFF available at NACM Connect!) Norm 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.

JANUARY/FEBRUARY 2018 PAGE 7

missouri and Kansas event

Town Hall Meeting Complimentary Meet-and-Greet Reception

You’r

e Inv ited! Join us!

NACM Kansas City and Wichita Members...

Welcome to the NACM Connect Family! We’re anxious to get to know each and every one of you! Please join Phil Lattanzio, CCE, President of NACM Connect and other members of the management team at a complimentary meet-and-greet event. Share your thoughts and ideas for the future. Get to know the management team on a one-on-one basis along with your fellow association members.

What: Town Hall Meet-and-Greet Reception (RSVP Required) Join us for complimentary cocktails and hors d’oeuvres.

When/Where: Jan 24, 2018: DoubleTree by Hilton Kansas City - Overland Park 10100 College Boulevard, Overland Park, KS 66210 Jan 25, 2018: DoubleTree by Hilton Wichita Airport 2098 Airport Road, Wichita, KS 67209 Agenda: 3:30-4:30pm - Presentation: “Creating the Perfect Credit Policy” Thomas Fawkes & Brian Jackiw, of Goldstein & McClintock

4:30-6:00pm - Networking Event Continuing Education Units/CCE Recertification Points will be awarded for attendance at these events.

RSVP to Janet Raap at janet.raap@nacmconnect.org NACM Connect

| www.nacmconnect.org | 847.483.6400 | info@nacmconnect.org

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JANUARY/FEBRUARY 2018

PAGE 8

NACM Connect

How to Achieve & Maintain an Excellent AR Aging Ben Kramer

he role of a Credit Manager in an organization has evolved through the years. More and more credit professionals are getting involved in other areas of the company such as vendor compliance, operations and even customer service. When I started my credit career, the most widely used gauge on how effective a Credit Manager is in an organization is by DSO or Days Sales Outstanding. It is a calculation used by a company to estimate their average collection period. It is a financial ratio that illustrates how well a company's accounts receivables are being managed. There are multiple different ways of calculating DSO. But the most common calculation is by dividing

“

Manager for more than 20 years and one common statement that most, if not all my previous bosses will say about me is how good I maintain my AR Aging. In one company I worked for, their AR Aging was so bad when I was hired, that only 46% of their

The true measure of a good Credit Manager is how current their AR aging is. Period. It's that simple.

the amount of accounts receivable during a given period by the total value of credit sales during the same period, and multiplying the result by the number of days in the period measured. Which in my opinion is not an accurate measure of how good a Credit Manager is doing because it means when sales decline, the DSO increases. The true measure of a good Credit Manager is how current their AR aging is. It's that simple. Establish a comparative analysis of each aging columns against the previous week, the previous month and the previous year. I've been working as a Credit

•

Run and review your aging report daily. Some Credit Managers only run their aging report once a week. Some may even only run it once a month. By the time they review it, another 7 or 30 days have passed. Cash is king!

• Never leave a payment

unapplied. The rule of thumb is, if you don't apply the payment, the invoice or invoices the payment was meant for will continue to age.

• When there's a chargeback or receivables were current. There were numerous unapplied payments, immense number of open credit memos and most of the customer deductions were also left open on invoices to age. At first glance, you can't even tell which are legitimate invoices and which ones are open deductions. Six months after I started in that job, their current receivables went from 46% to 99%. So the question is, how did I do it? It's very simple. Here are some key things that a Credit Manager should remember in order to achieve and maintain an excellent AR aging:

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customer deduction, resolve the issue immediately. There is no reason why a deduction should stick around on your aging report for more than 30 days. Chargebacks are either valid or invalid. If you know that it's valid, get rid of it.

• Small balances matter. Most

credit professionals don't pay much attention to invoices or open balances of less than $100. Trust me, they add up. So the quicker you collect them, the cleaner your aging will look.

• Use your sales representative to JANUARY/FEBRUARY 2018 PAGE 9

nacm connect

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JANUARY/FEBRUARY 2018

PAGE 10

news

How to Achieve & Maintain an Excellent AR Aging (cont'd) collect. I always find it helpful to develop a great relationship with my sales reps out in the field. They are my eyes and ears. Even though they feel it's a conflict of interest to sell and collect, I always tell them that it's their money, it's their commission.

• Know when to press harder on

your customers for payment. Maintaining a good relationship with your customers is key. They need to be comfortable and trusting enough with you that when there's a problem, they will tell you. There are some that will take advantage of you if you are too nice. So always know when to press harder for payment and establish authority. Don't be afraid to put an account on hold, regardless of their size.

• Hold your Sales Team

accountable. I've always had great relationships with my sales teams and I always encourage them to notify me of any "special deals" they make because the more you know, the quicker you can react.

• Open credits and open payments

are just as important as open invoices. Don't let open credits or open payments linger on your aging longer than they should. Always encourage your customer to use them. If your customer is inactive, send them a refund check immediately.

• Get everything in writing. It is

important to have something to back you up when pushed in a corner. Make sure that everything you say and do are documented.

• And finally, trust your gut feeling. If you have worked in credit as long as I have, chances are you have encountered just about every excuse possible. When approving a new account for terms, review the information they provide you and if you feel something is not right, chances are they're not.

•

Ben Kramer, is the Credit and Collections Manager for Outdoor Research in Seattle, WA since 2016. He’s been doing Credit Management since 1993, his prior experience includes tenures at Funko, Pacific Market International, Brooks Sports and Dakine. Since joining NACM in 1993, he’s been a member of the National Footwear and Apparel Credit Group and the National Consumer Products Credit Group, where he served as Board of Director from 2005-2010.

Classes now Available via Videoconference! Register for the

Credit 101, 102, 103 Series Upcoming NACM Connect 2018 Class Dates Credit 101

Credit 102

Credit 103

• Feb 7

• Mar 7

• Apr 4

• Jun 6

• Jul 11

• Aug 8

• Oct 3

• Nov 7

• Dec 5

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

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

$460 per class Non-Members

Visit www.nacmconnect.org for more information and registration.

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JANUARY/FEBRUARY 2018 PAGE 11

Missouri Event

NACM CONNECT MISSOURI HONORS AND AWARDS NOMINATION Each year the membership of NACM Connect—Missouri selects fellow members who are active in the organization and whose outstanding performance and accomplishments have made an impact on the credit profession. The lists of qualifications are below. Please indicate which award is being selected. All members are encouraged to nominate someone who has displayed exemplary service in the profession. The awards are selected by the Advisory Board and the NACM Connect Staff and will be presented during the NACM Connect—Missouri Annual Meeting.

Eligibility Criteria 2018 Member of the Year Award

2018 Credit Excellence Award

 Nominated by members, including self-nominaƟons  Nominated by members, including self-nominaƟons  No professional designaƟon (CBA, etc.) required  NACM professional designaƟon (CBA, etc.) required  Recognizes beginners as well as experienced credit pro-  History of involvement with NACM through volunteer-

fessionals

 Can be won mulƟple Ɵmes

ing on the Advisory Board, EducaƟon CommiƩee, teaching/speaking at educaƟonal events including classes, seminars and the annual conference, or serving in another capacity for the beƩerment of the NACM

Nominee Information Name__________________________________________________Company_________________________________________ Address______________________________________City_______________________________State_________Zip________ Phone_____________________________________________ Email________________________________________________

Nominee Qualifications - Indicate NACM involvement, credit accomplishments or achievements or other qualifications. (Attach a separate sheet of paper if necessary) _______________________________________________________________________________________________________

_________________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ Please provide the following information about yourself Name__________________________________________________Company_________________________________________ Contact Number___________________________________Email Address___________________________________________

Fax this form to Lillian Novak at 847-253-6241

For more information please email Lillian.novak@nacmconnect.org

Nominations Must be Received no Later Than March 1

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missouri event

Missouri Members Host Holiday Toy Drive Rochelle Wilson, CGA

he NACM Connect Missouri office welcomed members with holiday treats on Wednesday, December 7th for their Annual Open House & Toy Drive.

They helped bring the joy of the holiday season to less fortunate children by having members bring a new and unwrapped toy (which was donated to Toys for Tots). It's a GREAT opportunity to help needy children and families, celebrate the holiday

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season and connect with friends and credit colleagues! Every member that attended the open house and donated a toy for the drive received a complimentary drink ticket for an afterhours holiday networking event.

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JANUARY/FEBRUARY 2018 PAGE 13

NACM Connect

Credit Career Corner | New Opportunities

www.nacmmidweststaffing.com Job #

Title

Location

776

Collections Specialist

Deerfield, IL

• Review aging of assigned portfolio of approximately 800 accounts with credit limits < $25k. • Identify high risk / delinquent accounts and initiate collection action, including but not limited to placing

orders on hold and contacting customer for payment via email, fax, and/or phone, documenting customer contact and collection actions taken in the accounts receivable system and physical file as needed. • Make recommendations on accounts receivable reserve for accounts within assigned portfolio. 780

Senior Collector

Wood Dale, IL

• Three to five years of progressive collections experience with large public companies. • Oracle experience is preferred or SAP – in general must be comfortable with ERP’s and Excel. • Business to Business background only. • Excellent communicator and problem solver. 775

Cash Application and Deduction Specialist

Deerfield, IL

• Researches the validity of credit requests and deductions by reviewing data and following policies and

procedure. Must be proficient with order entry, credit memo and accounts receivable systems in order to gather data. • If credit requests are found to be valid, associate issues customer credit memo via deduction management system. Associate communicates with customer to inform them of approval or denial.

Contact Leslie Harrison, leslie.harrison@nacmconnect.org Paula Carruth, paula.carruth@nacmconnect.org Monika Howard, monika.howard@nacmconnect.org

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

- Audrey Hepburn

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

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JANUARY/FEBRUARY 2018

PAGE 14

News

Still Using DSO to Measure Your Collections Team? Read This! Cheryl Pinson, CCE

or years upper management has wanted you to report your DSO. To many, it is the golden measurement of payment collection progress. Management sees it as a measure of how quickly your team is converting the receivables to cash. And it certainly is a measure of that process. However, it can be misleading. Especially if you have managers who just think “bigger DSO is bad, smaller DSO is good” and really do not understand the full story behind this metric. Sometimes an increase in DSO can be good for business or completely out of the control of the collection team. DSO = Total AR / (Total Sales over XX days / XX days) DSO, which take your total outstanding AR and divides is by Total Sales over a given period of time, comes up with the average number of days it takes to collect payment. If your DSO is 37, is that good? If it goes from 37 to 39, is that bad? The answer is maybe, maybe not. You see if your payment terms are all net 20, then a DSO of 37 days may not be very good. If your payment terms are all net 45, then a DSO of 37 may be really strong. But most of us have a variety of different payment terms, stretching from prepayment to net 90+, depending on the industry we are in and the make up of our customer base. Further, we have larger businesses who are coming to us demanding longer payment terms (Anyone? Just me?) While net 30 terms may have been the industry standard in the past, most larger businesses are starting to require net 60, net 90 or even longer

if you want to keep the business. You know they are not a cash flow risk or a credit risk but it is going to increase your DSO if you grant one of your largest customer’s longer terms. But you may lose the business if you don’t, and that is probably worse! So, for business reasons more than credit reasons, you agree to extend the longer terms knowing your DSO will go up, even if that customer pays on time with the new, longer terms. At the next management meeting the Vice Presidents demands to know why your DSO went up three days. Isn’t your team doing its job? You try to explain about the longer payment terms but to managers it just sounds like excuses. So what can you do? First, educate your managers. Tell them DSO does measure the average number of days it takes to collect payment but it is not does not consider if a dollar is current or past due. The calculation considers Total Receivables and not which aging bucket they fall in. So, if you suddenly have a big jump in sales during a month – which is a great thing to have– your DSO can jump up considerably! Here's what I mean: If you have total AR of $1 million and Total Sales over a ninety day period of $3 million, your DSO is 30 days. If you have a rock star sales guy who gets an extra $500,000 sales this month on net 30 terms, you now have $1.5 million in Total AR and $3.5 million in sales over the same period and your DSO jumps to 38.6! What? More sales hurt me? But we WANT more

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sales! That is supposed to be a good thing! And it is, but it will alter your DSO. Share this with them to show them how DSO measures more than collection activity, therefore it shouldn’t be used as only a collection activity measurement. Second, give them better measurements that focus on how well you are collecting on the past due balances. Because that is what collectors do, right? They tend to the dollars that were not paid on time. So let’s measure what they actually do! DDSO (Days Delinquent Sales Outstanding) measures only the AR balances that are beyond their payment terms. It is the same calculation as DSO but instead of using Total AR you only use the Past Due AR balance. Keeping with our previous example, let’s say that of that $1 million in Total AR, only $200K is past due. You still use the $3 million in sales over 90 days in your calculation. Now your DDSO is 2 days. Meaning your average past due dollar is collected in two days. Now when that great sales guy makes a new sale of an extra $500,000, your DDSO actually

JANUARY/FEBRUARY 2018 PAGE 15

nacm connect

If Accounts Receivable is a cash flow problem,

For more information on how we can collect for your company locally, nationally or internationally contact us today!

Kelly Hall 317-225-4281 kelly.hall@nacmconnect.org

Try NACM Southwest Discover how our association is different from collection agencies...we can turn your debt into cash assets at a price no one can beat! NACM Connect has partnered with NACM Southwest to bring you a great collection service.

NACM Southwest 751 Plaza Blvd. Coppell, TX 75019 972.518.0019 www.nacmsw.com

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JANUARY/FEBRUARY 2018

PAGE 16

nacm connect

Still Using DSO to Measure Your Collections Team? Read This! (cont'd) goes down to 1.7 days! So more sales makes a positive impact on your numbers. This is how it should be! Better sales should reflect better on all metrics. Of course the math works the other way too. If sales were to go down to $2.5 million your DDSO goes up to 2.4 days. Now collections is penalized for bad sales. But, our metrics are all tied together in the company and when sales are down, it makes sense

“

PDP would be and then track your actual PDP to that goal. Continuing with our example, if your Past Due AR is $200,000 and your Total AR is $1 million, you have a past due percentage of 20%. If your PDP last month was 22% then you have tightened up your collection efforts and you are pleased with that lower number. If your PDP last month was 18% and you are now and 20% you might be a little concerned and need to do some investigating. Was there

If your DSO is 37, is that good? If it goes from 37 to 39, is that bad? The answer is maybe, and maybe not.

that other metrics are also impacted. This is a bit easier to explain to management – they all understand what a “dip in sales” can mean to the overall business. Let’s look at a metric that doesn’t consider sales at all. Past Due Percentage, also called “delinquency rate,” ignores sales and strictly focuses on past due balances. Warning…. there are no scape goats in this metric, it is all about the performance of the collection department! No blaming Sales or anyone else! The Past Due Percentage (PDP) simply takes the Total Past Due AR divided by the Total AR balance to give you a percentage. Following this trend month over month can tell you if your team is doing a better job at collecting the past due balances or if they are struggling to collect them. In this case you want to set a goal of what you think a reasonable

one or two big balances that caused the increase? Did your best collector leave the company and you are trying to replace her? What caused an increase in PDP? This gives you an opportunity to really look into your past due balances and see where opportunities for improvement may lie.

primary measurement of the Collections Department, you are selling yourself and your team short! Start working to educate management that there are better methods to use to measure the effectiveness and productivity of your team.

•

Cheryl Pinson, CCE has worked in the Credit and Collections field for more than 20 years working for Brown Shoe Co and GE Capital. She was the Credit Manager at Watlow Electric Manufacturing Co. until 2005, responsible for both domestic and international collections for the company and is also Six Sigma / Greenbelt certified. She is now Regional Credit Officer at Bunge North America, Inc, Cheryl also teaches various courses for the NACM Connect Institute of Credit. She was awarded with the NACM Gateway President’s Award in 2012 for her many contributions to the Association. She also received the National Instructor of the Year Award at Credit Congress in 2015.

Further, if you have specific collectors responsible for specific accounts, you could do a DDSO and PDP metric for each collector to identify your stronger collectors and those who may need more training. You can also use this to give them individual goals to achieve for the yearly Performance Management Plans. Now, all of this does not mean that DSO is not a useful metric. It certainly can be! But it isn’t a metric that is indicative of only the collection activity. It is a measurement of cash flow also influence by Sales and business decisions to increase payment terms. If you are still using DSO as your

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JANUARY/FEBRUARY 2018 PAGE 17

Caine & Weiner News

Caine & Weiner Collections Quarterly Giveaway

ater this month we will announce the October-NovemberDecember winner of the Caine & Weiner Quarterly Giveaway. The

winner will receive a $150 Zappo's gift card for the fourth quarter of 2017. For the first quarter of 2018 the giveaway is a $150 gift card for Home Depot. Each

claim you place with Caine & Weiner Collections during this quarter will be eligible for one entry into the drawing. Please support this important partner!

â&#x20AC;˘

January-February-March Giveaway $150 Home Depot Gift Card Enter as often as you like!

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

Warren Northern

716.839.1200

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

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847.407.2348

JANUARY/FEBRUARY 2018

PAGE 18

nacm connect

Welcome New Members and Reps

Jessica Simpson Carlton Technologies

New Members

Aimee Shinosky La-Z-Boy, Inc.

Penny Beller Dorner Manufacturing

Richard Fowler Alliance Sports Group, LP

Tyler Hawkins MTD Products, Inc.

Devin Conlin FCX Performance, Inc.

Brian Phillips Amhert Partners

John Balonier MTD Products, Inc.

Bob Brownlee Fishel Company

Elizabeth Palmer Applied Home Healthcare Equipment

Dianne Garlinger NFocus Consulting, Inc.

Aaron Newland Foley Industries Inc.

David Marquard Applied Home Healthcare Equipment

Cynthia Weber Nidec Motor Corporation

Kim Grant Gardner Inc.

Kim Ellis Ashland, Inc.

Dila Ochilboyeva Oriental Trading Company, Inc.

James Erickson Graybar Electric

Linda Bancroft BFG Supply

Tammy Federn Oriental Trading Company, Inc.

Rachel Toops Hickman Williams & Co.

Toni Poth Brenntag Great Lakes, LLC

Kevin Stinner Pinnacle Agriculture Distribution

Justin Smith Hufcar, Inc.

Shirley Perkins Brenntag Great Lakes, LLC

Beth Baker Quality Edge, Inc.

Martin Charvat Johnson Controls

Julie Rector Brenntag Great Lakes, LLC

Mary Beth Riley Sodexo, Inc. & Affiliates

Stephanie Brault Jones Sign Company

Katherine Lear Dover Buisness Services

Rachel Layman Software One, Inc.

Jason Theis LafargeHolcim US

Caroline Bishop First American Resources Company

Michelle Stevens Standard Change-Makers, Inc.

Carol Swart Notions Marketing Corp.

Jamie McLain Furst Mc Ness Co.

Josh Holtz Stiles Machinery, Inc.

Jill Tilley Nucor Steel Gallatin

Richard Martinelli GAF

Amy Caram Valassis

Brian Ansell Polsinelli PC

Katherine McNerney Henry Company

Ryan Evanoff Valassis

Collen Kohlhaas Reliable Trailer Systems

Renee Dillon Heritage Food Services Group

Lisa Dutched Waldo & Associates

Mark Golden Scholastic

Josh Price HHL Group, Inc.

Katelyn Ratteree Watlow Electric Mfg.

Tamara Cole Spartech

Dan Ambrose Jet Support Services/NC (JSSI)

Jane Kleveland Woods Equipment Co.

Doug Grimwood Kellwood Shared Services

New Representatives

Rachel Bain Kenwal Steel Corp.

Bonnie LaRock Byrne Dairy

Merefele Mammoccio Keystone Technologies

Vikki Reasons Caleres

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Shaina Beem The Walking Cradle Company, LLC Tim Vandenberg Vandenburg Bulb Ruth Gainer Wasserstrom Greg Sorrell Wolverine World Wide, Inc. JANUARY/FEBRUARY 2018 PAGE 19

news

Financial Statement Analysis Excerpted from the 2017 Credit Conference Presentation. Larry Grogan, CCE

inancial Statement Analysis is set of clearly identifiable skills. Identifying them by name and defining them will put the attendee on the path to mastering them. Below is two of the eighteen skills that were excerpted from the full presentation on this topic that was presented at the 2017 Credit Conference in Rolling Meadows, IL. Skill 6: How to Right-Size a Credit Limit “How do you know if you are overextending credit to your customers? How do you know when to ask for security and how much? A best practice is to combine a Customer’s risk rating (Low, Medium or High) with a certain percent of their Shareholder’s Equity to arrive at a right-sized Credit Limit”.

both Shareholders’ Equity and Risk Rating:

• Find total Shareholders’ Equity, Goodwill and Intangible Assets on the customer’s Balance Sheet. Intangible assets include patents, trademarks, customer lists and leasehold improvements.

• Subtract the Goodwill and

Intangibles from Shareholders’ Equity. This yields a more conservative number called Tangible Net Worth (TNW). Some say it approximates the value that would be realized if the company’s assets were liquidated.

• Determine the percent of TNW

you are willing to extend to each risk level. Example: Low Risk would get 25% of Company’s TNW as shown in table below (.25 * 500,000 = $125,000).

discount terms or payment by credit card are other options. You could also choose not to bridge the gap or create a tolerance level. Example: ‘OK to go up to 20% over Recommended Limit’.

• Some companies use D&B

or Experian ‘Credit Limit Guidelines’ but these are generally based on high credits other creditor’s extended. You never know if they factored any Customer financial data into their credit decisions.

4. What if TNW is negative? This

can happen if the Customer had significant Net Losses or if Goodwill and Intangibles exceed Shareholders Equity. Instead you could give a certain percent of Working Capital or 3 year average Cash Flow from Operations (CFO), based on Risk Level. Some might elect to use Shareholders Equity without

1. Credit Limits should be tied to a

common value that represents the owner’s stake in the business. Shareholders’ Equity is perhaps the most frequently used, but not the only option. Some companies use a percent of Working Capital or 3 year average Cash Flow from Operations. Or a combination of several values. Goal is to set up guidelines and use them consistently across a portfolio.

2. Risk should be factored in as well. In general, a low risk account merits a higher Credit Limit than a high risk one, assuming each has a similar amount of Shareholders’ Equity.

3. The following approach factors in

Hypothetical Risk Matrix:

• What if Customer has a TNW

of $500k and table suggests a maximum Limit of $125k, but they need a $200k Limit? Several options: bridge the gap (all or part) with some form of security: Letter of Credit, Cash Deposit, Personal Guaranty, Corporate Guaranty, Credit Insurance etc. Shorter terms,

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any adjustments for Goodwill or Intangibles (which might make it a positive number).

5. When a method like this is used

across a portfolio, it prevents the over-extension of credit. Many credit card companies intentionally give their cardholders more credit they can handle (keep in mind, the interest rates they charge

JANUARY/FEBRUARY 2018

PAGE 20

NEWS

are often north of 15%). Trade creditors don’t have the luxury of allowing that to happen. And mortgage lenders and banks try to avoid doing the same to their Customers. Skill 8: How to be an Effective Credit Journalist

1. Credit and A/R people wear many hats. I bet you never thought you would be wearing this one!

“

and what they are doing to turn it around.

4. In your role as a credit journalist,

you always assume there’s a story behind the numbers that is worth going after. While the numbers themselves might suggest Cash In Advance or full security, the story behind the numbers (and what’s being done to improve them), could lead to a totally different credit decision.

After talking to many customers over the years about their high risk financial statements, I can’t recall a time when I did not feel better about the risk after the conversation.

But in the fast coming age of AI (aka Artificial Intelligence), this skill will someday become a key differentiator between you and a bot or an algorithm.

2. Public company financials are

always audited and include a section called Management Discussion and Analysis (MD&A). It’s usually good at explaining why changes occurred in the financial statements. However, private companies generally do not have any analysis built into them. The sad part is, there is always a past story, present story and future story in a business that the numbers usually do not reveal. And by the time you get the financials, they are often several months old, and the business of has moved on - for better or worse.

3. The better companies are those

that when they have a bad year, they don’t just send the financials, but also add a cover letter, the contents of which own up to having a bad year, what caused it,

5. Movie critics critique movies.

They don’t make movies. Trade Creditors who analyze financial statements generally don’t own or run a business. The number one trait of a solid credit journalist is humility. They contact the customer with comments such as: “How’s your year going?” Then they pause and listen to learn. They will often use a phrase like “I saw a large decline in your Net Income, could you help me understand what caused it and what is being done to turn it around?”

6. It’s been my experience that nearly every time I talk to a business owner, their CFO, or their CPA, I feel better about the risk. Why? Because most business owners love their business, it’s part of who they are. They depend on your company’s continued support to succeed. Often, before I can ask, they will tell me what went wrong in the prior year and explain what they are doing to turn it around. It’s good to be on the phone with a living, breathing Customer. No

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one said a ‘Customer visit’ had to be in person and on-site. While it’s not possible to call most of your Customers, if you identify the High Risk ones with large Credit Limits, and reach out to them, you can make a difference and deliver a well- informed credit decision.

7. End the call requesting quarterly

financial statements so that their progress is made visible. And they usually have no problem with that request. If they have a bank line of credit, ask what is available on it currently and if they are in compliance with all loan covenants. Covenants are usually ratios with a pre-determined performance level that must be met. They function like guard rails on a road to keep the business from getting into financial trouble.

8. I’ve also found the list of questions to ask does not differ much from call to call. It can follow the basics outlined earlier: ask about Sales, Operating Income, Net Income, CFO, Debt levels, bank line of credit and covenant compliance. If your analysis identified other problems, ask them what they are doing to turn it around. Do they have support of their bank? Other creditors? See where the conversation goes. And then tell the story in your credit write-up.

•

Larry 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.

JANUARY/FEBRUARY 2018 PAGE 21

NACM Connect Submit Your Nomination for the NACM Connect

Robert M. Healy

Credit Executive of the Year

Each year, the membership of NACM Connect elects a fellow member whose outstanding performance and accomplishments have made an impact on the credit profession. In order to qualify for a nomination, the credit executive must have a Certified Credit Executive (CCE) designation and be in good standing with the Association. All members are encouraged to nominate someone who has displayed exemplary service in the profession, including teaching, speaking, writing, mentoring, etc. The award will be presented during the NACM Connect-Midwest Annual Meeting on April 20.

Nominee Information Name_______________________________________________________ Company______________________________________________ Address ___________________________________________________________________________________________________________ City____________________________________________ State _________________________ Zip _________________________________ Phone ______________________________________________Email ________________________________________________________

Nominee Qualifications

(Attach a separate sheet of paper if necessary)

Please provide the following information about yourself: Name____________________________________________________ Company_________________________________________________

Fax this form to Lillian Novak at 847-483-6478. For more information please email info@nacmconnect.org.

Nominations Must be Received no Later Than March 1 THE INTERCONNECTION

JANUARY/FEBRUARY 2018

PAGE 22

NACM Connct

Elite Membership Nomination Form NACM Connect has a long-term interest in engaging more young people in the Association. To that end, this pilot program called, “The Elite Membership”, will honor outstanding and exceptional young Credit Professionals. For the fiscal year from April 1 – March 31 all members of NACM Connect are eligible for this program.Candidates must be 35-years-old and younger, and be employed by NACM Connect member companies in good standing. This program will recognize these young Credit Professionals for their service, talent and outstanding commitment. If you have a team member or co-worker that you think deserves extra recognition for their standout qualities, traits and characteristics, please take a few moments to complete this nomination form. Nominations will be accepted until January 31. Nominations will be reviewed by the Emerging Leaders Committee and winners will be notified no later than February 28. Candidates selected for one-year of Elite Membership beginning April 1 will receive: •

Free membership in NACM Connect as an Elite Member for one year.

•

Free admission to all NACM Connect educational programs including classes, seminars, webinars, the Annual Meeting and the fall Credit Conference.

•

Free admission to all NACM social events, including Golf outings, boat cruises, etc.

•

Elite Members will be appointed to the Emerging Leaders/Social Media Committee.

•

Free admission to other special social/networking events planned for the Elite Membership group and geared for them and their peers.

•

Invitations to dinners and networking with key NACM Connect Board members.

•

Elite Members will receive extra recognition and introduction at all events, and will be featured in the NACM Connect publication, The InterConnection.

•

Would be required to attend educational sessions at both the Annual Meeting and Credit Conference.

Nominee Name_____________________________________________________________________________________ Title or Position in Company___________________________________________________________________________ Member Company __________________________________________________________________________________ Nominee Email________________________________________________ Nominee Phone________________________ I am making the above nomination for Elite Membership for the following reasons: (attach additional pages if needed.) _________________________________________________________________________________________________ _________________________________________________________________________________________________ _________________________________________________________________________________________________

Nominations (including nominee’s resume) should be submitted on or before January 31, to Lillian Novak by mail (address below), by fax 847.483.6478 or email lillian.novak@nacmconnect.org. Nominated by______________________________________________________________________________________ Nominator Email_____________________________________________ Nominator Phone________________________ The above-nominated candidate for the Elite Membership Program has the full backing of his/her supervisor or manager and the company, and will be allowed to attend Association events, meetings, etc. that may take them away from their regularly scheduled work hours. Signature of Supervisor or Manager____________________________________________________________________ Members will be notified by the Emerging Leaders Committee no later than February 28. Self-nominations are not allowed. NACM Connect 3005 Tollview Drive, Rolling Meadows, IL 60008 P: 847.483.6400 . F: 847.253.6685 www.nacmconnect.org

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JANUARY/FEBRUARY 2018 PAGE 23

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

GROUP

MEETING LOCATION

January 9

Electrical Distributors Credit Group

Ditka's, Oak Brook Terrace, IL

January 10

Institutional Credit Association Credit Group

Ditka's, Oak Brook Terrace, IL

January 11

Northern Illinois Plumbing & Heating Wholesalers Credit Group

Weber Grill, Schaumburg, IL

January 16

WISCA Credit Group

Ditka's, Oak Brook Terrace, IL

Metal Distributors Credit Group

Ditka's, Oak Brook Terrace, IL

January 18

Ad Media Credit Group

WBBM-TV, Chicago, IL

January 25

Basic Material Credit Group

Devon, Oakbrook Terrace, IL

February 8

Northern Illinois Heating & Plumbing Wholesalers Credit Group

Ditka's, Oak Brook Terrace, IL

February 13

Electrical Distributors Credit Group

Ditka's, Oak Brook Terrace, IL

Masonry Credit Group

Ditka's, Oak Brook Terrace, IL

Ad Media Credit Group

iHeart Media, Chicago, IL

WISCA Credit Group

Devon, Oak Brook Terrace, IL

Floor Covering & Wall Tile Credit Group

NACM Connect, Rolling Meadows ,IL

Metal Distributors Credit Group

Ditka's, Oak Brook Terrace, IL

Basic Material Credit Group

Ditka's, Oak Brook Terrace, IL

February 15

February 20

February 22

NACM Connect National Industry Credit Group Meetings January 9

National Home Healthcare, Nursing Home & Food Credit Group

Embassy Suites, Scottsdale AZ, 4-day

January 11

Horticultural Credit Council

Hyatt Place, Baltimore, MD, 2-day

National Tool & Accessories Manufacturers Credit Group

NACM Connect, Rolling Meadows, IL

National Water Products Credit Group

Homewood Suites, Orlando, FL, 2-day

Meatpackers of America Credit Group

Kona Kai, San Diego, CA, 3-day

January 18

National Garage Door & Operating Devices Credit Group

Hotel Albuquerque Old Town, Albuquerque, NM, 2-day

January 24

National Manufactured Housing Credit Group

Lago Mar, Fort Lauderdale, FL, 3-day

National Musical Instruments Credit Group

Sheraton Park Hotel, Anaheim, CA

National Horticultural Distributors Credit Group

Embassy Suites Westshore, Tampa, FL, 2-day

National Construction Credit Group

Doubletree Hotel, Melbourne, FL, 3-day

National Architectural Metal & Glass Credit Group

Doubletree Hotel, Melbourne, FL, 3-day

National Auto Glass Credit Group

Doubletree Hotel, Melbourne, FL, 3-day

February 14

National Circuit Board Credit Group

Flamingo, Las Vegas, NV, 3-day

February 15

National Coated Paper Credit Group

Sheraton Sand Key, Clearwater Beach, FL

National Steel Mill Credit Group

The Gates, DoubleTree Hotel, Miami, FL, 2-day

February 20

National Home Centers Credit Group

Hotel Valencia, San Antonio, Texas, 2-day

February 22

National Christian Suppliers Credit Group

Best Western Inn of Tempe, Tempe, AZ, 2-day

National Consumer Products Credit Group

Hotel Valencia, San Antonio, Texas, 2-day

National Metal Buildings & Components Credit Group

Home 2 Suites by Hilton, Austin, TX, 2-day

January 17

February 7

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JANUARY/FEBRUARY 2018

PAGE 24

Credit Group Meeting Calendar NACM Connect Indiana/Michigan/Ohio Local Industry Credit Group Meetings DATE

GROUP

MEETING LOCATION

January 4

Michiana Credit Association Credit Group

Luchesse's, Elkhart, IN

January 9

Electric Industrial Supply Credit Group

Pietro's, Grand Rapids, MI

January 10

West Michigan Heating & Plumbing Wholesalers Credit Group

Brann's, Wyoming , MI

January 11

Indiana Wholesale Floor Covering Credit Group

Conference Call

Lumber & Building Materials Credit Group

Pietro's/Grand Rapids MI

Columbus Wholesale Electric Supply Credit Group

Becker Conference Room, Columbus, OH

Indiana Electrical Suppliers Credit Group

Becker Conference Room, Indianapolis, IN

January 16

Automotive Suppliers Credit Group

Conference Call

January 16

Indianapolis Building Trade Suppliers Credit Group

Blueberry Hill, Indianapolis, IN

January 17

Michigan Electric Supply Credit Group

Antonio's, Canton MI

Fort Wayne Building Materials Credit Group

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

January 18

Cincinnati Dayton Wholesale Electric Credit Group

Century Inn, Cincinnati, OH

January 24

Metal Service Center Credit Group

Antonio's, Canton MI

Cincinnati Construction Suppliers Credit Group

Uno Pizzeria & Grill, West Chester, OH

Cleveland/Akron/Canton Food Suppliers Credit Group

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

Columbus Wholesale Electric Suppliers Credit Group

Becker Conference Room, Columbus, OH

Michiana Credit Association Credit Group

Luchesse's, Elkhart, IN

February 13

Electric Industrial Supply Credit Group

Pietro's, Grand Rapids, MI

February 14

West Michigan Heating & Plumbing Wholesalers Credit Group

Brann's, Grand Rapids, MI

February 15

Cincinnati Dayton Wholesale Electric Credit Group

Century Inn, Cincinnati, OH

February 16

Fort Wayne Building Materials Credit Group

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

February 20

Indiana Electrical Suppliers Credit Group

Becker Conference Room, Indianapolis, IN

Automotive Suppliers Credit Group

Conference Call

Indianapolis Building Trade Suppliers Credit Group

Blueberry Hill, Indianapolis, IN

Michigan Electric Supply Credit Group

Mojave Cantina, Clawson, MI

Plumbing & Heating Wholesalers Credit Group

Blueberry Hill, Indianapolis, IN

Metal Service Center Credit Group

Antonio's, Canton, MI

Cincinnati Construction Suppliers Credit Group

Uno Pizzeria & Grill, West Chester, OH

Cleveland/Akron/Canton Food Suppliers Credit Group

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

February 8

February 21

February 28

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JANUARY/FEBRUARY 2018 PAGE 25

Credit Group Meeting Calendar NACM Connect - Missouri Local Industry Credit Group Meetings DATE

GROUP

MEETING LOCATION

January 16

Midwest Regional Food Credit Group

NACM Misoouri Office, Creve Coeur, MO

January 17

Electrical Distributors Credit Group

Bartolino's, St.Louis, MO

January 19

Refrigeration & Warm/Cool Air Suppliers Credit Group

Bartolino's, St.Louis, MO

February 2

Central Illinois Electrical Distributors Credit Group

Engrained Brewing, Springfield, IL

February 14

Electrical Distributors Credit Group

Bartolino's, St.Louis, MO

February 16

Refrigeration & Warm/Cool Air Suppliers Credit Group

Bartolino's, St.Louis, MO

February 20

Midwest Regional Food Credit Group

NACM Misoouri Office, Creve Coeur, MO

December 15

Refrigeration & Warm/Cool Air Suppliers Credit Group

Bartolino's, St.Louis, MO

December 19

Midwest Regional Food Credit Group

Il Bel Lago, Creve Coeur, MO

NACM Connect - Nebraska Local Industry Credit Group Meetings DATE

GROUP

MEETING LOCATION

January 16

Omaha Builders Credit Group

Teleconference

February 20

Omaha Builders Credit Group

The Enterprise Center & Teleconference

NACM Connect - New York Local Industry Credit Group Meetings DATE

GROUP

MEETING LOCATION

January 9

Western New York Food & Beverage Supply redit Group

Ilio DePaolo's Restaurant, Blasdell, NY

January 11

Rochester Plumbing & HVAC Credit Group

Humphrey House, Penfield, NY

January 12

Buffalo Construction & Building

Eagle House, Williamsville, NY

January 15

Erie Building Credit Group

Ruby Tuesday, Erie, PA

January 16

Central New York Building Credit Group

Coleman's Syracuse, NY

January 18

Rochester Building Credit Group

Cerame's Restaurant, Rochester, NY

January 23

Buffalo Plumbing & Electric Credit Group

Eagle House, Williamsville, NY

January 24

Upstate NY Energy

Conference Call

February 8

Rochester Plumbing & HVAC Credit Group

Humphrey House, Penfield,NY

February 9

Buffalo Building & Construction Credit Group

Eagle House, Williamsville, NY

February 13

Western New York Food & Beverage Supply Credit Group

Ilio DePaolo's Restaurant, Blasdell, NY

February 15

Rochester Building Credit Group

Cerame's Restaurant, Rochester, NY

February 16

Benchmarking Credit Group

Eagle House, Williamsville, NY

February 19

Albany Building Credit Group

Scarborough's, Latham, NY

February 20

Central New York Building Credit Group

Coleman's Syracuse, NY

February 27

Buffalo Plumbing & Electric Credit Group

Eagle House, Williamsville, NY

February 28

Upstate NY Energy

Conference Call

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JANUARY/FEBRUARY 2018

PAGE 26

Event Calendar DATE

EVENT

LOCATION

TIME

PRESENTER / INSTRUCTOR(S)

January 12

NACM Connect Ohio - West Chester Roundtable Discussion

Uno’s Pizzeria & Grill West Chester, OH

11 a.m. – 1 p.m

Tim Plummer

January 17

NACM Connect Ohio - Cleveland Roundtable Discussion

Oatey Company Cleveland, OH

8:30 a.m. – 10:30 a.m.

Matthew Meyer, CCE

NACM Connect Webinar Effective Communication is Equally as Important as Technology in Collections

________________________

10 a.m. – 11 p.m.

Glenn Simmons

January 18

NACM Connect Michigan - Dearborn Roundtable Discussion

Carhartt, Inc. Dearborn, MI

8:30 a.m. – 10:30 a.m.

Rob Hanus

January 23

NACM Connect Indiana - Indianapolis Roundtable Discussion

Central Indiana Hardware Co Inc. Indianapolis, IN

11 a.m. – 1 p.m

Judy Wagner, CCE, MBA

February 5

NACM Connect Illinois CBF Exam Review

NACM Connect Rolling Meadows, IL

5 p.m. – 8 p.m

John Jaeger, CCE

February 6

NACM Connect Illinois CCE Exam Review

NACM Connect Rolling Meadows, IL

5 p.m. – 8 p.m

John Jaeger, CCE

February 7

NACM Connect Illinois Credit 101

NACM Connect Rolling Meadows, IL

9 a.m. – 4 p.m

Rich Bellis, CCE

NACM Connect Michigan - Zeeland Financial Statement Analysis I

Herman Miller, Inc. Zeeland, MI

6 p.m. – 9 p.m

Curt Johnson, CCE

February 8

NACM Connect Michigan - Grand Rapids Roundtable Discussion

Brann’s Steakhouse & Grille Grand Rapids, MI

11:30 a.m. – 1:30 p.m.

Shawn Perdue

February 12

NACM Connect Illinois CBA Exam Review

NACM Connect Rolling Meadows, IL

5 p.m. – 8 p.m.

John Jaeger, CCE

February 15

NACM Connect Indiana Best Practices Discussion Group

Blueberry Hill Pancake House Indianapolis, IN

11:30 a.m. – 1:30 p.m.

Jonathan Sundheimer

February 21

NACM Connect Webinar Unclaimed Property and the Credit Department

________________________

10 a.m. – 11 p.m.

Matthew B. Chenowth and Jim Weigand

February 22

NACM Connect Missouri NACM Connect Member Networking Event

Brunswick Zone Chesterfield, MO

6 p.m - 8 p.m.

__________________

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JANUARY/FEBRUARY 2018 PAGE 27

NACM Connect

The Robert L. Vodraska

Scholarship Foundation Scholarship Application Please complete all sections of this application to be considered for a scholarship. Please print or type. Applications must be mailed to the NACM Connect Headquarters office at 3005 Tollview Drive, Rolling Meadows, IL 60008 or emailed as an attachment to lillian.novak@nacmconnect.org between January 1 and March 1. Applications must be dated on or before March 1, for consideration of scholarships for the fiscal year commencing April 1. An online scholarship application can be accessed at www.nacmconnect.org. Applications are encouraged from members who do not have available to them employer-sponsored reimbursement programs.

Contact Information Name: Title: Candidate may attach additional pages if needed.

Company: Mailing Address: Phone: E-mail:

Reason or Need for Scholarship Please indicate your specific intended use for the scholarship funds if they are awarded to you: qRegional Credit Conference qCredit 101 qSeminars qCredit 102 qWebinars qCredit 103

qBusiness Credit Principles qBasic Financial Accounting qFinancial Statement Analysis I

qBusiness Law qCredit Law qReview Classes/Testing Fees

Explain how a scholarship will help you achieve your academic and/or career goals.

Does your employer pay for education?

qPartial

qFull

qNo

Have you ever attended or completed the event/selection for which you are requesting a scholarship?

Are you currently working in the credit industry? If so, how long? ___________________________________________________________

Education Name of College or University

Number of years completed

Degree earned

Name of College or University

Number of years completed

Degree earned

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NACM Connect

Courses Courses (not part of your degree above) and seminars completed within the last two years: Course Title

Course Sponsor or Institution

Date Completed (mm/dd/yy)

Professional Designations: Candidate may attach additional pages if needed.

qCBA qCBF qCCRA qCCE qCICP qICCE qOther Please list the other designations: ___________________________________________

NACM Involvement

Please contact Lillian Novak at lillian.novak@nacmconnect.org or call 800-935-6226, ext. 6478 for a transcript request on past NACM Connect events and classes attended.

Name of NACM affiliate in which you/your company hold primary membership: Other NACM family of organizations memberships, including credit groups: Number of years as an NACM member: NACM involvement in the past five years: Include information about service on an NACM committee, task force or Board of Directors (NACM includes NACM-National, FCIB, CFDD National, NACM Affiliates and CFDD Chapters.) Be sure to provide date information (for example, May 2014 – June 2016) when listing terms of service. Also include information about participation in NACM sponsored conferences and programs. Local Involvement

Regional Involvement

National Involvement

We reserve the right to interview applicants. I, , attest to the validity of the information within this application to the best of my knowledge. False or misleading information or statements are grounds for disqualification from the scholarship process and ineligibility in the program indefinitely. Applicant’s name (representing signature)

Date

Terms and conditions: 1. Scholarships can be used for NACM Connect sponsored class or seminar fees, Credit Conference, Annual Meeting, fees for credit certification testing, and the NACM Connect Institute of Credit certification review classes. 2. Applicant must complete class and pass with a minimum grade of “C” or reimburse the Scholarship Foundation for course fees. 3. Course must be successfully completed within one year or less from date of award. 4. Applications will be reviewed and awarded by the NACM Connect Scholarship Committee.

THE INTERCONNECTION

JANUARY/FEBRUARY 2018 PAGE 29

missouri event

BOWL A PERFECT GAME AT THE

NACM Connect Member Networking Event Brunswick Zone

│

176 Four Seasons Shopping Center

Thursday, February 22 REGISTRATION Deadline February 16

│

Chesterfield, MO 63017

6 p.m. – 8 p.m. $30.00 per person Guests Welcome

Includes: 2 hours of bowling, shoe rental, appetizers and 1 drink. Alcohol and additional food available for purchase. No coupons.

If you have any questions, please contact Rochelle Wilson at rochelle.wilson@nacmconnect.org or 314.677.2803

All registrations for NACM Connect events are taken online at www.nacmconnect.org While registering online, you will have the opportunity to choose your payment method. We are happy to take a credit card online or invoice you. You will also have the opportunity to apply coupons as allowed. All payments must be received one week prior to meeting 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.

JANUARY/FEBRUARY 2018

PAGE 30

NACM Connect

Institute of Credit 3005 Tollview Drive Rolling Meadows, IL 60008 P: 847.483.6478 F: 847.253.6241 W: www.nacmmidwest.org

CONNECT Institute of Credit

2018 Exam Review Class Schedule Instructor: John Jaeger, CCE Location: NACM Connect

3005 Tollview Drive Rolling Meadows, IL 60008

Time: 5 â&#x20AC;&#x201C; 8 p.m. CST Tuition: $125 per class (One Coupon Accepted)

AVAILABLE THROUGH VIDEOCONFERENCING!* As a remote student you are able to take live classes via our videoconferencing platform from the comfort of your home or office. Questions? Contact Margaret Krafft at 847.483.6420 or margaret.krafft@nacmconnect.org * While videoconferencing is available to all members, please keep in mind that the best educational experience is live, in classroom. Students are highly encouraged to attend live classes if available in your area.

CBA

CBF

CCE

Monday, February 12

Monday, February 5

Tuesday, February 6

For questions or more information, please contact Lillian Novak at 847.483.6478 or email lillian.novak@nacmconnect.org

Cancellation Policy: Cancellations must be received in writing, via fax, e-mail or mail, no later than one week prior to the class date to qualify for a full refund. Cancellations received later than a week prior to the class date do not qualify for a refund of registration fees. Sorry, phone cancellations cannot be honored.

JANUARY/FEBRUARY 2018 PAGE 31

michigan event

NACM Connect Institute of Credit - CBA Certification Course

Financial Statement Analysis I Financial Statement Analysis I is a 10-week introductory course that provides you with a fundamental understanding of how to interpret accounting data presented in financial statements issued by corporations.

The following topics will be covered: • Financial Statements: An Overview • The Balance Sheet • The Income Statement • Statement of Cash Flows • A Guide to Earnings & Financial Reporting Quality • The Analysis of Financial Statements

Instructor

Curt Johnson, CCE

Registration Deadline January 24

Wednesday Evenings, February 7 – April 18

6 p.m. – 9 p.m. ET

Herman Miller, Inc. │ 855 E Main Avenue │ Zeeland, MI 49464 $450, member (plus $115 textbook fee)* Two coupons are valid per person.

$900, non-member (plus $230 textbook fee)*

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

Cancellation Policy: Cancellations must be received in writing, via fax e-mail 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. *Registration fees increase by $80 for members and $160 for non-members if registration form is not submitted two weeks prior to start of class.

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michigan event

Roundtable discussions are a great opportunity to review, discuss, question and learn best practices with credit professionals of countless experience and backgrounds, across various industries and company sizes. It is a great opportunity to network with other credit professionals that you can later reach out to regarding the roundtable discussion or other related credit processes or circumstances. They are equally beneficial to both the newer and the more experienced. –Chuck Levy, CCE Credit Manager Fabick CAT

2018 Michigan

February Lunch Roundtable Discussion

USEFUL TOOLS FOR YOUR

CREDIT DEPARTMENT

Moderator: Shawn Perdue, Herman Miller, Inc

Thursday February 8

• Does your company use a customized credit scoring model? • What penalties/incentives is your company using to reduce exposure and/or improve DSO? • When is the appropriate time to purchase Credit Insurance or possibly use a collections agency?

11:30 a.m. – 1:30 p.m.

• Credit Reports

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

• Credit Application Processing • NACM.org Website • Other informational websites

Cost per Meeting

$30 members, $60 non-members. One coupon per person is valid. Lunch included. Attendance at this roundtable discussion is worth .2 Continuing Education Units/CCE Recertification points

JANUARY/FEBRUARY 2018 PAGE 33

michigan Event

2018 Michigan

January Lunch Roundtable Discussion

BEST PRACTICES

OPENING NEW ACCOUNTS Moderator: Rob Hanus

• What information do you require from new accounts?

• What sources do you use to gather credit intelligence for new accounts? • Do you use an automated work flow system when setting up new accounts? • We will explore these questions while sharing processes used in opening new accounts • You should leave this roundtable armed with best practices in opening new accounts

Thursday January 18 8:30 a.m. – 10:30 a.m.

Carhartt, Inc. 5750 Mercury Drive Dearborn, MI 48126

Cost per Meeting

$25 members, $50 non-members. One coupon per person is valid. Continental breakfast included. Attendance at this roundtable discussion is worth .2 Continuing Education Units/CCE Recertification points

JANUARY/FEBRUARY 2018

PAGE 34

indiana event Roundtable discussions are a great opportunity to review, discuss, question and learn best practices with credit professionals of countless experience and backgrounds, across various industries and company sizes. It is a great opportunity to network with other credit professionals that you can later reach out to regarding the roundtable discussion or other related credit processes or circumstances. They are equally beneficial to both the newer and the more experienced. –Chuck Levy, CCE Credit Manager Fabick CAT

2018 Indiana

January Lunch Roundtable Discussion

DEDUCTIONS Moderator: Judy Wagner, CCE, MBA, Roche Diagnostics

Tuesday January 23 11 a.m. – 1 p.m.

• Understanding your Customer’s deduction process • Understanding how other departments in your company function • The role of relationship building in regards to deductions • Learning to be proactive verses reactive to deductions • Being the liaison between your customer and your own company’s departments

Central Indiana Hardware Co Inc. 9190 Corporation Drive Indianapolis, IN 46256

• You’ve already done the work, now just make sure you pass the information on • Fixing a reoccurring problem verses processing a single deduction

Cost per Meeting

$30 members, $60 non-members. One coupon per person is valid. Lunch included. Attendance at this roundtable discussion is worth .2 Continuing Education Units/CCE Recertification points

JANUARY/FEBRUARY 2018 PAGE 35

indiana event

NACM CONNECT INDIANA

BEST PRACTICES DISCUSSION GROUP We understand that information in today’s credit world is vital and participating in such a group will provide you with credit-specific education, contacts in the local credit community, along with the opportunity to share ideas and best practices with fellow colleagues. About the Best Practices Discussion Group Unlike traditional credit groups, the NACM Connect Indiana Best Practices Discussion Group is not industry specific. Your entire company may attend each meeting including your associates, members of the credit department and even the CEO of your organization. Any NACM Connect member company is welcome to join the group. Each meeting will discuss best practices and no specific customers will be mentioned.

About the Group Meetings Four times each year, the Best Practices Discussion Group will hold a roundtable discussion. Local meetings will be held in the Indianapolis, IN area. We will focus on various credit-related topics relevant to today’s business professional. NACM Connect personnel, a member company or guest speaker will facilitate a lunch meeting. Annual dues are $250, lunch is billed separately.

Next Meeting Topic:

BANKRUPTCY 101 FOR CREDIT MANAGERS: What to Do When Customers Break Your Heart Guest Speaker: Jonathan Sundheimer Barnes & Thornburg LLP Date:

Thursday, February 15 11:30 a.m. – 1:30 p.m. Location:

Blueberry Hill Pancake House Meeting Room 7803 E. Washington Street Indianapolis, IN 46219 Information or to Register:

For more information, please contact Kelly Hall at kelly.hall@nacmconnect.org or 317.225.4281

Objectives of the Best Practices Discussion Group • Determine necessary improvements for your credit and/or accounting departments and organization. • Analyze how other organizations achieve high performance levels. • Use gathered information to enhance your company’s performance.

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indiana - michigan-ohio Event

Credit 101, Credit 102, Credit 103 Time: All classes are from 9 a.m. – 4 p.m. (Continental breakfast at 8:30 a.m., lunch not included)

Cost: Members $199 (per class)

Non-Members $398 (per class)

INDIANA | MICHIGAN | OHIO

MICHIGAN

Grand Rapids

OHIO

Dayton

Behler Young Co. 4900 Clyde Park Ave. SW Grand Rapids, MI 49509

NACM Connect 41 White Allen Ave. Dayton, OH 45405

CREDIT 101

CREDIT 102

CREDIT 103

August 29

September 26

October 31

April 10

May 8

June 5

Please Note:

• • • •

Payment must be received one week prior to class date “No Shows” will be responsible for full amount Classes subject to cancellation based on enrollment 0.6 CEUs available

Cancellation Policy: Cancellations must be received in writing (via fax email or mail) no later than one week prior to the class date to qualify for a full refund. Cancellations received later than one week prior to the class date do not qualify for a refund of registration fees. Sorry, phone cancellations cannot be honored. A 20% surcharge applies to late registrations and rebooking. If you have any questions, email info@nacmconnect.org.

JANUARY/FEBRUARY 2018 PAGE 37

Ohio Event Roundtable discussions are a great opportunity to review, discuss, question and learn best practices with credit professionals of countless experience and backgrounds, across various industries and company sizes. It is a great opportunity to network with other credit professionals that you can later reach out to regarding the roundtable discussion or other related credit processes or circumstances. They are equally beneficial to both the newer and the more experienced. –Chuck Levy, CCE Credit Manager Fabick CAT

2018 Ohio

January Lunch Roundtable Discussion

BEST PRACTICES

IN COLLECTION EFFORTS Moderator: Tim Plummer, Cengage Learning

Friday January 12

Come to share your Best Practices in Collections • Discuss what Collection Systems you use (examples: Get Paid, Web-Collect)

11 a.m. – 1 p.m.

• What delinquency reports or tools drive your collection activities

Uno’s Pizzeria & Grill 9246 Schulze Drive West Chester, OH 45069

• Any automation used in collection for letters or calls • Dunning Letter Strategies, etc… Cost per Meeting

$30 members, $60 non-members. One coupon per person is valid. Lunch included. Attendance at this roundtable discussion is worth .2 Continuing Education Units/CCE Recertification points

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

JANUARY/FEBRUARY 2018

PAGE 38

ohio event

2018 Ohio

January Lunch Roundtable Discussion

WAYS TO REDUCE DSO Moderator: Matthew Meyer, CCE, Valtris Specialty Chemicals

Wednesday January 17 8:30 a.m. – 10:30 a.m.

• How does monitoring DSO support strategies for collections &

controlling, or at least capping extended terms when possible?

• At your company, how do you recognize value when balancing the cost of money against receivables paid on time vs. extended terms or past due accounts?

• What processes can you optimize using collection strategies,

Oatey Company 20600 Emerald Pkwy. Cleveland, OH 44135

System functionality, optimizing customer vendor websites and collaborating with Customer Service to reduce DSO?

• What is your company’s DSO and what is your goal. What has been successful and what has worked?

Cost per Meeting

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

JANUARY/FEBRUARY 2018 PAGE 39

NACM connect

Institute of Credit 3005 Tollview Drive Rolling Meadows, IL 60008 Phone: 847-483-6478 Fax: 847-253-6241 Website: www.nacmconnect.org

CONNECT Institute of Credit

2018 Course Schedule CBA Courses Course Description

Spring 2018

Business Credit Principles

Mondays 3/12 - 5/14

Fall 2018 Mondays 8/20 - 10/29*

Available through videoconferencing

Thursdays 6/14 - 8/16

Basic Financial Accounting

Financial Statement Analysis I

Summer 2018

Available through videoconferencing

Thursdays 8/23 - 10/25

Thursdays 3/15 - 5/17

Available through videoconferencing

As a remote student you are able to take live classes via our videoconferencing platform from the comfort of your home or office. Questions? Contact Margaret Krafft at 847.483.6420 or margaret.krafft@nacmconnect.org

CBF Courses Course Description

Spring 2018

Business Law

Mondays 3/19 - 5/21

Summer 2018

Fall 2018

Mondays 8/20 - 10/29*

Credit Law

Evening Class Times: 5:30 – 8:30 p.m. * No Classes on September 3 (Labor Day)

Course Fees:

Member – $450 (plus textbook fee*) Two coupons are valid per person.

Non-Member –$900 (plus textbook fee*)

*Additional rush charges may occur if registration is not submitted two weeks prior to start of class.

***Tuition Must be Paid Before the First Class Begins***

Classes are subject to cancellation based on enrollment.

Questions? Contact Lillian Novak at lillian.novak@nacmconnect.org or call 800.935.6226 THE INTERCONNECTION

JANUARY/FEBRUARY 2018

PAGE 40

NACM Connect

Institute of Credit 3005 Tollview Drive Rolling Meadows, IL 60008 Phone: 847-483-6478 Fax: 847-253-6241 Website: www.nacmconnect.org

CONNECT Institute of Credit

Course Name

Required Textbook*

Textbook Fee Member

Textbook Fee Non-Member

CAP: Business Credit Principles

Principles of Business Credit

$100

$200

CAP: Basic Financial Accounting

Accounting

$350

$700

CAP: Financial Statement Analysis I

Understanding Financial Statements

$115

$230

ACAP: Business Law

Business Law Today

$365**

ACAP: Credit Law ISBN: 10:0538452803

Business Law Today

$365**

ISBN: 9781133607601

ISBN: 10:0132655063

ISBN: 10:0538452803

Version subject to change.

By Warren, Reeve and Duchac

By Lyn Fraser-Aileen Ormiston

By Miller-Jentz

$730**

* Textbook editions can change at any time. If you are not purchasing a book through NACM Connect, please confirm the edition with Lillian Novak, lillian.novak@nacmconnect.org, before you buy. All students must have same edition - no exceptions. ** The same textbook can be used for both classes in most cases.

Prices are subject to change without prior notice. A 20% surcharge applies to late registrations and rebooking

Professional Certification Program Test Dates Application and Paperwork Deadlines

Exam Dates

January 26, 2018

Monday, March 5, 2018

April 20, 2018

Sunday, June 10, 2018 Credit Congress, Phoenix, AZ

June 1, 2018

Monday, July 23, 2018

September 14, 2018

Monday, November 5, 2018

JANUARY/FEBRUARY 2018 PAGE 41

NACM connect

Credit 101, Credit 102, & Credit 103 Course Objectives Credit 101 and Credit 102: An Introduction to Credit Management Credit 101 and Credit 102: An Introduction to Credit Management provides a thorough foundation for credit staff to advance in the commercial credit world. The completion of this program ensures that each employee will be able to effectively contribute to both minute and complex changes made within an organization.

Credit 101: is a basic-level orientation program that introduces newcomers to the multifaceted field of credit management. This session examines the credit function, the procedures and tasks performed in a typical credit department, and how those procedures impact an entire organization. Credit 102: is an intermediate-level program designed for inquisitive credit personnel who wish to exceed the basics of credit management. This professional educational program examines the underlying knowledge required to successfully function and advance in today’s ever-changing credit department.

Credit 103: Grounded in Basics—Advancing Toward Goals Credit 103: is designed for mid-level credit professionals who would like to learn where they fit into the corporate structure and give them tools, which are not widely talked about and creating a positive impact on the mission of their credit department. This course is interactive and will include scenarios that will teach students ways to use the tools presented in the class. Credit 101, 102 and Credit 103 are interactive and invite the class to give real world examples of the credit department environment. In each class, NACM Connect provides a textbook for each student to take back to the office and use as a reference guide. The intention of these courses is to teach students about credit and prepare them for the work place. These classes also set the stage for continuing education in future seminars and Institute of Credit classes, in which students prepare to earn their professional designations.

Course Curriculum

Credit 101 • The credit department function • Credit investigation • Credit policy • The legal forms of business • Basic bankruptcy • Sales/credit relationship • NACM Connect Education and the Institute of Credit Credit 102: • Credit decisions • Legal issues and out-of-court settlements • Negotiable instruments • Bankruptcy • Financial statements • NACM Education and what it can do for you

Credit 103: • The role of the credit department within an organization • An ethical look at the credit department • Choosing professional vendors • Putting the pieces together; how to use the tools • The importance of education and obtaining your certification

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PAGE 42

NACM Connect

Credit 101, Credit 102 & Credit 103

AVA I L A B L E T H R O U G H V I D E O C O N F E R E N C I N G ! As a remote student you are able to take live classes via our videoconferencing platform from the comfort of your home or office. Questions? Contact Margaret Krafft at 847.483.6420 or margaret.krafft@nacmconnect.org

Location: NACM Connect

3005 Tollview Drive

Rolling Meadows, IL

Time: All classes are from 9 a.m. – 4 p.m. (Continental breakfast served at 8:30 a.m.) Cost: Members $230 (per class)

Non-Members $460 (per class)

CREDIT 101

CREDIT 102

CREDIT 103

February 7

March 7

April 4

June 6

July 11

August 8

October 3

November 7

December 5

PAYMENT METHODS All registrations for NACM Connect educational events are taken online at www.nacmconnect.org While registering online, you will have the opportunity to choose your payment method. We are happy to take a credit card online or invoice you. You will also have the opportunity to apply coupons as allowed.

Please Note: • “No Shows” will be responsible for full amount • Maximum two coupons will be accepted

• Classes subject to cancellation based on enrollment • 0.6 CEUs available Cancellation Policy: Cancellations must be received in writing (via fax email or mail) no later than one week prior to the class date to qualify for a full refund.Cancellations received later than one week prior to the class date do not qualify for a refund of registration fees. Sorry, phone cancellations cannot be honored. If you have any questions, email info@nacmconnect.org.

JANUARY/FEBRUARY 2018 PAGE 43

nacm connect

Effective Communication is Equally as Important as Technology in Collections Wednesday, January 17, 2018 10 am - 11 am CT About the Webinar

WEBINAR

In today’s collection environment there are many leadership personnel that believe superior technology will give them an edge over their competition. While I’d agree technology has meaningful purpose in the collection industry we must never forget that effective communication will ultimately be a deciding factor whether a debtor pays his/her obligation.

Typically you will encounter two types of debtors on a day to day basis; Those debtors who dispute a bill and those debtors who are unable to pay for financial reasons. The ability to reason with both types of debtors will start and end with your ability to effectively communicate your position. In this 60-minute live webinar we will cover: • • • • •

Professional conversation Asking the right questions Listening and documenting pertinent information Use of “Thank you”, “ I understand”, “I’m sorry” Let the debtor vent

About the Presenter

Glenn Simmons Glenn Simmons is the lead Collection Manager at Caine & Weiner. He currently resides in the Chicago office. His responsibilities include overseeing both the Kentucky & Chicago collection staff and the Chicago legal Forwarding team. Mr. Simmons has over 25 years of collection experience which includes law firms, call centers and collection agencies. His expertise in collector motivation and collection analytics has provided many successful years of industry leading production. He has been married to Julie Simmons for 23 years and has 2 daughters Rachael and Taylor. In his spare time Mr. Simmons enjoys golfing, cooking and spending quality time with his family traveling.

WEBINAR REGISTRATION INFORMATION Participation points are available for this webinar.

Date Wednesday, January 17, 2018

Time 10a.m. — 11a.m. CST

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

All registrations for NACM Connect educational events are taken online at www.nacmconnect.org While registering online, you will have the opportunity to choose your payment method. We are happy to take a credit card online or invoice you. You will also have the opportunity to apply coupons as allowed. 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.

Questions? Contact Lillian Novak at lillian.novak@nacmconnect.org or call 847.483.6478 THE INTERCONNECTION

JANUARY/FEBRUARY 2018

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NACM connect

Unclaimed Property and the Credit Department Wednesday, February 21, 2018 10 am - 11 am CT About the Webinar

WEBINAR

Most credit departments are already aware of unclaimed property and how it arises. However, they often feel that the rules surrounding unclaimed property contradict many of their normal credit processes and procedures. This session will address how unclaimed property can arise in the credit department and how to address potential unclaimed property so that it can be resolved, or reported, correctly.

In addition, this session will also address the impact of unclaimed property audits on the credit department and how to develop, and implement, effective unclaimed property policies and procedures. In this 60-minute live webinar we will cover: • • • •

Where Unclaimed Property is Hiding and Why it’s Overlooked Unclaimed Property Audit Developing Effective Internal Procedures Why Being in compliance for AR Isn’t So Difficult

About the Presenters Matthew B. Chenowth

Matthew Chenowth is a Senior Manager in the Unclaimed Property Practice of True Partners Consulting LLC. Matthew has extensive experience in unclaimed property consulting, specializing in the development and implementation of planning opportunities, as well as the performance of comprehensive diagnostic reviews, and audit defense. Matthew has over thirteen years of experience working in public accounting. Matthew lso spent three years in the tax department at a large entertainment company where he ssisted on numerous mergers and acquisitions allowing him to gain experience in the technical issues surrounding corporate restructurings.

Jim Weigand

Jim is a Senior Manager in the National Unclaimed Property Practice of True Partners Consulting LLC. Jim has extensive experience in unclaimed property consulting, including audit defense, comprehensive diagnostic reviews, quantitative analysis, exposure remediation and various voluntary settlement procedures. Additionally, Jim lays an integral role in assisting clients with their annual unclaimed property compliance processes. He has been a speaker for holder education seminars sponsored by various professional groups, including Unclaimed Property Professionals Organization, Association for Financial Professionals, and Strafford Publications.

WEBINAR REGISTRATION INFORMATION Participation points are available for this webinar.

Date Wednesday, February 21, 2018

Time 10a.m. — 11a.m. CST

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

Questions? Contact Lillian Novak at lillian.novak@nacmconnect.org or call 847.483.6478 THE INTERCONNECTION

JANUARY/FEBRUARY 2018 PAGE 45

NACM Connect

2017-2018 Advisory Board Member Volunteers 2017-2018 Missouri Advisory Board CHAIRPERSON Kevin Stinner, CCE Pinnacle Agriculture Distribution

DIRECTORS Term Ending 2018 Rob Hanus Carhartt, Inc. COUNCILOR Jim Montague, CCE Lippert Components, Inc.

VICE CHAIRPERSON Curtis Litchfield Land Oâ&#x20AC;&#x2122;Lakes/Purina Mills SECRETARY Staci Cima Crescent Parts & Equipment DIRECTORS Term Ending 2018 Debbie Harper, CCE Truck Centers, Inc. Jason Mott MFA, Inc. DIRECTORS Term Ending 2019 Brent Heizelman Mid-Kansas Cooperative Assn. Tiffany Sudduth American Metals COUNCILOR Chuck Levy, CCE John Fabick Tractor Company

2017-2018 Great Lakes Advisory Board

2017-2018 Upstate New York Advisory Board CHAIRPERSON

Bonnie Bonavito Try It Distributing

SECRETARY Deborah Coder NOCO Inc. DIRECTORS Term Ending 2021 Deanna Jonas, CCE Daikin Applied DIRECTORS Term Ending 2022 Anthony Mitchell Crop Production Services

2017-2018 Nebraska Advisory Board CHAIRPERSON Gary Kennett Nebco Inc. VICE CHAIR Terri Lawver Hornady Manufacturing DIRECTORS Term Ending 2018 Janet Henseleit Vulcraft - Division of Nucor CFDD REPRESENTATIVE Brett Bartling Warren Distribution

2017-2018 Wisconsin Advisory Board CHAIRPERSON

VICE CHAIRPERSON Curt Johnson, CCE S. Abraham and Sons, Inc.

DIRECTORS Term Ending 2018 Cindy Fredericksen Regal-Beloit Corporation

SECRETARY Caroline Perkins, CCE Mickey Thompson Performance Tire

COUNCILOR Rich Weiss, CBA Jaeckle Distributors

COUNCILOR Bonnie Shantler

CHAIRPERSON

Michael Gould Logicalis, Inc.

Eleanore Jones Lakeside Manufacturing

Diana Hoffman Rockline Industries

Mary Hotvedt, CCE Waupaca Foundry

THE INTERCONNECTION

JANUARY/FEBRUARY 2018

PAGE 46

NACM Connect

Are you selling to this customer?

I’ve got them on Credit hold.

Bob in their AP department always returns my calls.

They’ve always paid us within terms. We’ve sent that account to collections.

They took an unauthorized deduction on their last invoice.

Join this Industry Credit Group. Save time. Save money. Stay informed. Benefits of Industry Credit Group Membership: •

Exchange credit information on common customers.

•

Participate in discussions on accounts and delinquent account reports.

•

All Credit Groups are monitored by certified and trained NACM Connect administrators to insure compliance with Federal Antitrust Regulations.

•

Analyze relevant data to make unilateral credit decisions.

•

Expand your professional network.

•

Membership can more than pay for itself with one insightful decision.

NACM Connect www.nacmconnect.org 847.483.6400 info@nacmconnect.org

To learn more about joining an Industry Credit Group in your area contact Themis Vlahos at 847.483.6428 or email themis.vlahos@nacmconnect.org.

THE INTERCONNECTION

JANUARY/FEBRUARY 2018 PAGE 47

The InterConnection

800.935.NACM

Stay Connected

For 122 years, National Association of Credit Management (NACM) has presented the Credit Congress & Expo to business credit professionals from across the country. Credit Congress is the largest annual gathering of business credit professionals in the United States. Share with us the eclectic mix of urban energy and striking desert landscapes in Phoenix. Bask in its golden rays as NACM hosts its 122nd Credit Congress & Expo, June 10-13, 2018.

Visit creditcongress.nacm.org for registration and program details.