The InterConnection VOLUME 9
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ISSUE 3
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MAY/JUNE 2021
State of the Association Remarks Phil Lattanzio, CCE President & COO
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ast year I wasn’t able to deliver my annual State of the Association address, but my remarks were published in our newsletter and they ended with this statement, “It’s going to be an interesting year, to say the least. No one right now has any real idea of where we are headed; but we do know that the Association has stood for over 125 years and we shall survive this crisis as well.” How true. It was a very interesting year. Not one I want to repeat, but it was interesting. And we did survive the crises of the pandemic even better than I had hoped we would. Our Board and my remarkable staff came through with ideas on not only how to survive, but how to make the proverbial lemonade from the lemons we were dealt. So, let me start by thanking both the Board and the staff, and especially Patrick Nelson, our outgoing
Phil Lattanzio, CCE, President and COO NACM Connect, delivering the State of the Association Address during the Annual Business Meeting via a ZOOM.
Chairman, who didn’t miss a beat leading us through this extraordinary year. I also want to thank Erica White for her continued service on the NACM National Board of Directors. Having her on the National Board ensures the voices of the NACM Connect membership are heard.
The Association applied for and received funds under both rounds of the Federal Paycheck Protection Program. We have already received forgiveness of the first draw loan and expect to receive forgiveness of the second later in 2021. The funds received gave the Association an Continued on page 4>>
Notes from the Outgoing and Incoming Chairs Incoming Chair, Mike Hill, CCE
Connect staff during this difficult time.
would like to first share my condolences to the entire NACMConnect family on the recent passing of 30-year employee Pat Speyer. I will miss seeing Pat during my frequent visits to the NACMConnect headquarters in Rolling Meadows, IL. Not to mention, seeing her wish me a good weekend or happy holidays in e-mail responses when I submitted our trade data. My thoughts and prayers are with the entire NACM-
I would like to thank NACM-Connect and all the members for allowing me to serve as Chairperson in 2021. It is one of the greatest honors of my life. I am very excited to work with everyone to help NACM-Connect continue to emerge from such unprecedented times in our world. I want to recognize our outgoing Chair, Patrick Nelson for his tremendous leadership during the COVID pandemic of 2020. The same goes for outgoing Board Members
I
Dave Zahller CCE, Staci Cima CCE, Diana Hoffmann, and Tracey Bland. I am confident that our new Board Members Edward Patrick, Deborah Rollman CICP, Dale Semple, and Regina Stricklin CBF will be up for the challenge of filling such large shoes. I would like to commend Phil Lattanzio, Lillian Novak, the rest of the good people at NACM-Connect, and all the vendor partners for their outstanding efforts during a very difficult 2020. They really did an exceptional job adapting Continued on page 6>>
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MAY/JUNE 2021 PAGE 1
2021-2022
Board of Directors CHAIRPERSON Mike Hill, CCE MiTek USA, Inc. VICE CHAIRPERSON Kevin Stinner, CCE, CCRA Pinnacle Agriculture Distribution TREASURER Brendon Misik, CCE, CICP Nutrien DIRECTORS—TERMS ENDING 2022 Joe Lange, CCE, CCRA Brenntag Great Lakes, LLC John-John McEvilly, CBA, CICP Encore Presentation Services Adam D. Ross, CCE Feralloy Corporation George Valletti, CFO/COO Ginsey Home Solutions DIRECTORS—TERMS ENDING 2023 Curtis Litchfield, CCE Land O' Lakes/Purina Mills Luz Moreno, CCE, CICP Klein Tools Jeff Weber Uline Yazmin Yepez, CBF, CCRA, CICP Mitsubishi Electric Automation Inc. DIRECTORS—TERMS ENDING 2024 Edward Patrick, MBA American Refining Group Deb Rollman, CICP Burnham Holdings, Inc. Dale Semple The Equity Regina Stricklin, CBF Robert Bosch Tool Corporation Open Position
In This Issue NACM Connect Missouri /Kansas Local Industry Group Meeting
20
NACM Connect Pennsylvania Local Industry Group Meetings
20
NACM Connect Indiana/Michigan/Ohio Local Industry Group Meetings
21
4
NACM Connect Nebraska Local Industry Group Meetings
21
Mike Hill, CCE, Named 2020 Robert M. Healy Credit Executive of the Year
5
NACM Connect National Industry Credit Group Meeting
22
Back to the Future NACM Connect Credit Conference Save-The-Date
7
NACM Connect New York Local Industry Credit Group Meeting
22
Virtual 2021 NACM Connect Annual Meeting Images
8
Events
23
Have We Gotta Group For You!
24
Welcome New Members and Reps
28
Institute of Credit Courses
30
Credit 101, 102 & 103
31
Credit Application Processing
32
Caine & Weiner 2021 Quarterly Giveaways: May, June July
33
Why You Should Use a CLLA Certified Agency
36
Merritt Search
38
NACM Southwest 2021 Quarterly Giveaways: May, June July
39
State of the Association Remarks
1
Notes from the Outgoing and Incoming Chairs
1
2021 Institute of Credit Class Schedules
3
Education Digest
3
2021-2022 NACM Connect Elite Members
Craig's Corner
10
Webinar: Unclaimed Property Survival Guide for Accounts Receivable
12
Indiana Best Practices Discussion Group: The 7 Worst Practices in AR
13
Illinois Construction Stuff and Stuff
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In Memoriam: Pat Speyer
16
Webinar: Effectively Managing the Mechanic's Lien Process From a National Perspective
17
Virtual Meetings Introduce a New Form of Etiquette
19
NACM Connect Illinois/Wisconsin Industry Credit Group Meetings
20
PRESIDENT Phillip J. Lattanzio, CCE, COO NACM/Chicago-Midwest SECRETARY Kerry Jensen, CPA NACM/Chicago-Midwest
NACM Connect
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.
COUNCILOR Patrick Nelson, MBA ACCO Brands, Inc.
Mission Statement To provide a forum to its members within the credit profession for education, networking and business resources.
EDITORIAL STAFF EDITOR Linda Herbst Senior Marketing Administrator
Vision Statement Striving to have the most comprehensive and leading NACM affiliate serving the commercial credit profession by consistently exceeding the members’ expectations.
ASSOCIATE EDITORS Lillian Novak, CGA V.P. of Education and Member Services Margaret Krafft Senior Marketing and Education Specialist
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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MAY/JUNE 2021 PAGE 2
Institute of Credit (IOC)
S
Education Digest
tart the process of earning your professional designation. If you would like more information, please contact the NACM Connect Education Department at 800.935.6226 or email Margaret Krafft at margaret.krafft@nacmconnect.org.
SUMMER/FALL 2021 Tuition Must be Paid Before the First Class Begins. Online registration only through www.NACMConnect.org. Registrations will not be accepted past the registration deadline. Classes are subject to cancellation based on enrollment. Questions? Contact Margaret Krafft at 847.483.6420 or send an email to margaret.krafft@nacmconnect.org.
Review Classes Rolling Meadows
CBF Available via Live Videoconference
Tuesday, June 8
VIA ZOOM Rolling Meadows, IL
CCE Available via Live Videoconference
Thursday, June 10
VIA ZOOM Rolling Meadows, IL
CBA Available via Live Videoconference
Tuesday, June 15
VIA ZOOM Rolling Meadows, IL
Congratulations New Designees Jay Coyle, CBA Carlisle Construction Materials LLC Tammy Cull, CBA Brenntag Great Lakes, LLC Elton Gove, CBA Creekstone Farms Premium Beef LLC
Credit 101, 102 & 103 Rolling Meadows
Credit 101 Available via Live Videoconference
Wednesday, May 5
VIA ZOOM Rolling Meadows, IL
Credit 102 Available via Live Videoconference
Wednesday, June 9
VIA ZOOM Rolling Meadows, IL
Credit 103 Available via Live Videoconference
Wednesday, July 14
VIA ZOOM Rolling Meadows, IL
All Credit 101, 102 &103 classes are from 9 a.m. to 4 p.m.
Mia Myers, CBA First Quality Consumer Products Wanda Perez, CBA Stericycle Pamela Thomas, CBA Upstate Systems Inc. Jeremy Uscowskas, CBA First Quality Consumer Products
Institute of Credit Courses Business Credit Principles Available via Live Videoconference
Monday, August 23
VIA ZOOM Rolling Meadows, IL
Business Law Available via Live Videoconference
Wednesday, August 25
VIA ZOOM Rolling Meadows, IL
Financial Statement Analysis l Available via Live Videoconference
Thursday, August 26
VIA ZOOM Rolling Meadows, IL
No Class on September 6 (Labor Day).
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Rolling Meadows
E THE DAT V E A
DESIGNATION EXAM DATES & DEADLINES Exam Dates Monday, July 26, 2021 Sunday, October 10, 2021 Credit Congress, Kansas City, MO Monday, November 8, 2021
Application and Paperwork Deadlines Friday, May 28, 2021 Friday, August 6, 2021 Friday, September 10, 2021
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MAY/JUNE 2021 PAGE 3
NACM Connect
State of the Association Remarks <<Continued from page 1 historic opportunity to accomplish and plan for some things we would not have otherwise been able to do. Management also felt strongly that the intent for the PPP money was to be used to keep employees employed, which we have done, create employment opportunities where needed and inject money into the economy. With that thought, the Association has added one staff addition with another one is planned and have budgeted investments in new technology and infrastructure repairs to the two Association buildings in Rolling Meadows. At the height of the pandemic, the Association installed new air filtration systems in both Association owned buildings. Test results have shown that at thirty minutes following the introduction of a virus, 99.4% of the virus was inactivated, including the Covid-19 virus. With the reduced interest rates in the past year, the Association refinanced the mortgage loans on the two buildings in Rolling Meadows to a lower interest rate, resulting in a savings of approximately $1,000 per month in interest expense. The 2020 – 2021 fiscal year is projected to finish strong. Even without the funds from the Paycheck Protection Program loans, cash flow has remained strong and actual net income for the year beat budgeted net income. Despite the lockdowns, travel restrictions and members working from home, our sales teams were still able to make a positive impact this year. Our Membership Consultants were able to maintain an 89% retention rate as well as bringing in 117 new members. Our newest territory, the six states in New England, where we are building membership from scratch, saw an increase of 20 members. We added 31 new data contributors
and retained 93% of our group membership within our 88 industry credit groups. We continue to hold our group meetings remotely for the most part, either through conference calls or video, although some groups are beginning this month to meet face-toface, particularly our local groups.
here is that going forward we will offer one conference each year in a hybrid format so that members have the choice of attending in person or virtually, enabling us to reach more members. This year, our St. Louis and Columbus, OH conferences will be live; Chicago will be both live and virtual.
Collections revenue grew by 26% with our two collections partners, Caine & Weiner and NACM Southwest, obtaining 61 new placers.
Class enrollment was at 86 students for our boot camp and credential classes, just down slightly from the 98 students last year, but the 20212022 fiscal year is beginning with 24 students enrolled in our Financial Statement Analysis class – the largest class we have had in a very long
Our Credit Report Solutions team expanded their portfolio to 10 credit bureau options, and we are expanding our team to include a Consumer Credit
“
Despite the lockdowns, travel restrictions and members working from home, our sales teams were still able to make a positive impact this year.
Consultant. We are now providing members with access to the Insight2 report, which combines commercial credit information from NACM and Experian. Despite the pandemic, revenue grew 5% and for the 7th consecutive year our Credit Reporting team outperformed budget. The Credit Application Processing service had a 14% growth in income over the previous year with a 15% increase of the number of applications processed. We also added 5 new users to the service. So much of educational experience was missing this year since everything had to be virtual, but we were able to be successful and learned some lessons that we will carry into the future. Our virtual conference realized net income of $46,000 over plan as expense was negligible. Over 200 members participated in the conference, many for the first time as for some travelling to the conference sites is not feasible. Lesson learned
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time. I want to thank our instructors as well. They have done an amazing job switching to virtual teaching and I believe it is because of them our enrollment remains strong. We are introducing two new member benefits this year. In our staffing department, due to the shift to online job search and recruiting platforms, we are moving to a job board model rather than a traditional staffing unit. NACM Connect is partnering with Naylor Association Solutions to attract highly qualified prospects and connect them with our member companies in an easy cost effective solution. Naylor provides assistance to both candidates and member companies in attaining their hiring goals while producing nonrevenue dues for the association. Our other new benefit is a roll out of an online association community; a place where our members can come together within special interest groups to collaborate across all 17 of the states within our region. Special interest MAY/JUNE 2021 PAGE 4
NACM Connect
groups will include such things as Department of One, Bankruptcy Law, Construction Credit, and technology just to name a few. Members will be able to sign up for the special interest groups and then pose questions, suggest answers, and network with fellow credit professionals. We can create as many groups as the membership wants and are definitely open to ideas. Lillian Novak will be heading up this initiative and you will begin to see more information regarding our online community, which will be branded as InterConnection, within the next few months. We are extremely excited to be able to offer this free benefit to our members. I personally belong to several communities through the associations I belong to and have found them to be the first place I turn to when I have a particular issue for which I need
guidance. As I close, I want to mention that I look forward to getting back to face to face events and meetings with you, as you all have been missed. And finally, I want to end my comments by recognizing that not everyone came through the pandemic unscathed and our hearts go out to those of you who may have lost a loved one or suffered hardships in other ways during the last year. And I would like to thank our many members who took the time this year to volunteer in any way to help ease the burdens the pandemic laid at so many people’s feet. I am now happy to answer any questions you may have for me. ■
Presenting the 2021-2022 NACM Connect Elite Members
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lease join us in congratulating the following Elite Members who will be joining the program for the fiscal year beginning April 1, 2021. Our Elite Member program is designed for younger credit professionals who have an interest in advancing their career and becoming influencers for their generation. They serve in volunteer roles for the Association on various working committees. Several of our past Elite Members have gone on to leadership positions on the NACM Connect Board of Directors. Congratulations to them all!
• Andra Buckner
The Boelter Companies Waukesha, Wisconsin
• Zachary Ciekutis
Ferguson Enterprises Addison, IL
• Shelby Cockcroft
Ferguson Enterprises Addison, IL
• Tammy Cull
Brenntag Great Lakes, LLC Wauwatosa, Wisconsin
• Noah Gardner
Fifth Wheel Freight Grand Rapids, MI
• Matt Mezger
Uline, Inc. Pleasant Prairie, WI
• Josiah St. John
Curtis Lumber Co. Inc. Ballston Spa, NY
• Yamira Partida
Ferguson Enterprises, LLC Addison, Illinois
• Katelyn Ratteree
Watlow Electric Manufacturing Co. St. Louis, Missouri
• Valerie Ristau
OMNOVA Solutions Beachwood, Ohio
• Jared Silver
M Holland Company Northbrook, Illinois
• Derrick Swaney
MiTek USA, Inc. Chesterfield, Missouri
THE INTERCONNECTION
Incoming Chair, Mike Hill, CCE receives the 2020 Robert M. Healy Credit Executive of the Year Award via ZOOM.
Mike Hill, CCE, Named 2020 Robert M. Healy Credit Executive of the Year
O
ur 2020 Credit Executive of the Year is all about volunteering. Since joining the Association in 2008 he has served on over 20 NACM Connect boards, advisory boards and committees as well as holding positions on his industry credit group’s board including Chair. Additionally, “No” is never the answer when asked to speak, serve on a panel, or help in any other way. He earned his CCE designation at the end of NACM National’s Graduate School of Credit, Finance and Management which was attended at Dartmouth in 2014 and 2015. His list of accomplishments also includes the 2014 NACM Gateway Region Member of the Year award. Please join us in congratulating our incoming Chairman and this year’s recipient of the Robert M. Healy Credit Executive of the Year award, Mike Hill. ■
MAY/JUNE 2021 PAGE 5
NACM Connect
Notes from the Incoming and Outgoing Chairs <<Continued from page 1 on the fly to a completely new way of doing business. By quickly shifting to a virtual format, they were able to keep members connected at a time when we had to be. I know I could not have directed a Credit Department through such an uncertain economic climate in 2020 without NACM-Connect and all the members I learned so much from throughout the year. I am sure many of you look forward to doing business in-person again and may struggle with having to do so much virtually. I certainly prefer in-person and I hope we get back to that safely by the end of 2021. That is one of my biggest goals for NACM-Connect over the next year. With that said, I believe all of us need to embrace a new normal. I think we all know the future of business is a hybrid of in-person and virtual interactions. Hopefully, we all do our best to embrace that and continue to fine-tune the new way of conducting business. We will need people with inperson experience working with those knowledgeable on technology to set-up the best possible future for the Credit profession. NACM-Connect has an eye on the future with a new community platform and job board coming over the next year, in addition to other continuous improvements. I would like to challenge every member to get more involved with NACMConnect. Please consider joining a Committee or Board. It is easier than you think to get started. Getting more involved was one of the best decisions I have ever made. I have made so many friends and learned so much from them. I am forever grateful for that and to all of you for allowing me to serve you as Chairperson of NACMConnect in 2021. Now, let us all make 2021 a year to remember by reminding everyone what Americans do after facing adversity! Thank you!
Outgoing Chair, Patrick Nelson, MBA receives a service award from Phil Lattanzio, CCE, President and COO NACM Connect, via ZOOM.
Outgoing Chair: Patrick Nelson, MBA
I
want to first thank all the outgoing board members. While I had hoped we could have met in person I really enjoyed working with all of you and thank you for the participation, guidance and leadership during the past year. Looking back at my comments from a year ago I was discussing the “new normal” that we had all fallen into. Most of us were a month into working from home and I was hoping, as many of us were, that in 2-3 months we’d all be in our offices and back to our usual lives. Obviously, the past year has been anything but usual and we’ve all had to make changes. With that, I am incredibly proud and constantly impressed with how Phil and the NACM Connect team evolved to ensure they supported all of our membership. This is evident in that today we successfully held the educational programming of our annual meeting and are now able to carry on with our business meeting. Over the past year the NACM Connect staff quickly pivoted to a work from home environment and with that built the infrastructure to move meetings virtual. This cannot be compared to most of the member companies that have an IT staff or mainly support a local presence. This team needs to support membership that resides throughout the country and do so with a minimal budget. Luckily Phil & team
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had adopted a virtual mindset prior to the onset of the pandemic. What they learned is what they used to quickly scale the capabilities and over the past year they held over 900 meetings with membership to ensure they continued to support our community. As we all know, during economic downturns Credit teams receive the spotlight as they are tasked with mitigating a growing risk factor, and during those times the NACM Connect team has always been there to support the members and I believe will continue to do so for many more years. During the past year the team has done many other great things. For example, successfully getting two loans from the paycheck protection program, did not furlough or reduce pay for any workers, onboarded a new employee to bolster the marketing team, and as you will hear from Phil exceeded their operations budget despite the hardships. I believe the devotion to the membership and ensuring we were all supported during these trying times speaks to the resolve and determination of Phil and his team. I was proud to help during the past year and wish Phil and the NACM Connect staff good fortune in out next fiscal year. ■
MAY/JUNE 2021 PAGE 6
NACM Connect Webinar
SAVE THE DATE! GATEWAY
September 15-16
CHICAGO
October 20-21
OHIO
November 10-11
VIRTUAL NACM Connect Annual Meeting - Virtually! 2021 ANNUAL MEETING
APRIL 22, 2021
WITH A Little HELP FROM OUR FRIENDS
CELEBRATING OUR
PARTNERS
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MAY/JUNE 2021 PAGE 8
NACM Connect Annual Meeting - Virtually!
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MAY/JUNE 2021 PAGE 9
Craig's Corner
CRAIG’S
CREDIT CORNER WHAT IS NEW AND EXCITING IN THE WORLD OF CREDIT INFORMATION TOOLS THAT HELP MITIGATE RISK.
Access To Two Credit Bureaus Is Better Than Just One - The New Insight2 Credit Report is Now Available
M
ore often, we are seeing the advantages of having access to information from multiple credit bureaus becoming very important. When you are making difficult credit decisions or one credit agency has limited information on a potential customer, companies are looking for a more complete picture in the decision process. At NACM Connect, our Credit Solutions Consultants are comparing and contrasting credit reports for our members so they can determine which credit agency best meet their information needs. During this process, we see at times how different the trade and other information vary from one credit bureau compared to another credit agency report.
Craig Smith, Director of NACM Connect Credit Report Solutions
NACM has a solution for you, the Insight2 credit report. This report combines trade data from NACM and from Experian to give you a better understanding of credit risk. The report provides an NTCR predictive score on whether or not a company will go delinquent in the next 6 months and two Experian scores on the likelihood of serious delinquency or bankruptcy. We have added the Insight2 purple access button near the National Trade Credit Report button on your NACMConnect.org dashboard. To learn more about the Insight2 credit report, visit www.nacmconnect.org and click on Credit Report Solutions. Please contact one of our Credit Solutions Consultants or me, Craig Smith, Director of Credit Solutions by calling 847-483-6484 ■
You’re the Expert! When you participate in the Credit Managers’ Index, you are contributing to a leading economic indicator. It only takes a minute—no math is involved. Just indicate if something is better, the same or worse than the month before. Sign up today for our monthly email reminder to participate.
Listen to NACM Economist Chris Kuehl, Ph.D., discuss the latest CMI and give his view of what’s to come. bcm.nacm.org/index.php/podcasts
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MAY/JUNE 2021 PAGE 10
NACM Connect Credit Reporting Solutions
ACCESS ALL
THE SOLUTIONS IN ONE PLACE Shop and compare all these credit Bureaus with one contact person. Be sure to ask about our FREE trial offers.
We provide a full suite of credit reporting solutions exclusively to NACM Connect members at deep discount pricing. We pass big savings to you through our volume purchasing and National Buying Discount. We assist with setup, training and support for all products and solutions. Let us help you increase efficiency, reduce costs and maximize profitability for your organization.
INTERNATIONAL OPTIONS
U.S. OPTIONS OPTION
OPTION
OPTION
OPTION OPTION
OPTION
OPTION
OPTION OPTION
(CONSUMER) OPTION OPTION
(CONSUMER) OPTION
Questions? Contact Craig Smith @ craig.smith@nacmconnect.org or call 847.483.6484 THE INTERCONNECTION
MAY/JUNE 2021 PAGE 11
PROFESSIONAL EDUCATIONAL
Unclaimed Property Survival Guide for Accounts Receivable
WEBINARS
FREE WEBINAR
Tuesday, May 11
2–3 p.m. Central Time (12–1 p.m. PT; 3–4 p.m. ET) ABOUT THE WEBINAR As states move to close budget gaps due to the recent economic recession, an increase in enforcement action relating to unclaimed property is expected. Join us for an informative webcast which will give you an overall understanding of unclaimed property as it relates your organization as a whole, with an emphasis on policies and procedures pertaining to accounts receivable credit management. Participation points are available for this webinar
ABOUT THE PRESENTERS ANTHONY BIELBY
True Partners Consulting
Anthony Bielby is a Manager in the Unclaimed Property Practice in True Partners Consulting’s Chicago office. He has been a part of True Partners since 2015 during which time Anthony has specialized in unclaimed property consulting with a focus on the analysis, quantification and mitigation of potential unclaimed property exposure, as well as assisting with the strategic defense for unclaimed property audits and voluntary disclosure agreements.
JOHN MARBACH
True Partners Consulting
John is a Senior Consultant in the Unclaimed Property Practice in True Partners Consulting’s Chicago office. He has been a part of True Partners since 2016, during which time John has specialized in unclaimed property consulting with a focus on the analysis, quantification and mitigation of potential unclaimed property exposure, as well as assisting with the strategic defense for unclaimed property audits and voluntary disclosure agreements.
THE INTERCONNECTION
WEBINAR REGISTRATION All registrations for NACM Connect educational events are taken online at nacmconnect.org
SAVE THE DATE! May 25
| Effectively Managing the Mechanic’s Lien Process From a National Perspective
June 15
| Hyper Automation of AR Process with Digital Tools
July 12
| The Journey to Smarter Accounts Receivable Management with AI
Questions?
Contact Lillian Novak at lillian.novak@nacmconnect.org or call 847.483.6478 MAY/JUNE 2021 PAGE 12
WEBINAR ZOOM MEETING INDIANA BEST PRACTICES DISCUSSION GROUP We understand that information in today’s credit world is vital. Participating in a Best Practices Discussion Group will provide you with credit-specific education, contacts in the local credit community and the opportunity to share ideas with fellow colleagues.
Next Meeting Topic: The 7 Worst Practices in AR
About the Best Practices Discussion Group
Presenter: Aaron LeHew
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.
Esker, Inc. Middleton WI
Date: Thursday, May 20, 2021 11:30 a.m. – 1:00 p.m. EST
About the Group Meetings
Location: Webinar/Zoom Meeting
Four times each year, the Best Practices Discussion Group will hold a roundtable discussion. Local meetings will be held in the Indianapolis, Indiana area. We will focus on various credit-related topics relevant to today’s business professional. NACM personnel, a member company or guest speaker will facilitate a lunch meeting.
Objectives of the Best Practices Discussion Group • Determine necessary improvements for your credit and/or accounting departments and organization.
For More Information or to Register: Please contact Kelly Hall at kelly.hall@nacmconnect.org or 317.225.4281
• Analyze how other organizations achieve high performance levels. • Use gathered information to enhance your company’s performance.
nacmconnect.org THE INTERCONNECTION
MAY/JUNE 2021 PAGE 13
Illinois Construction Stuff and Stuff
Illinois Construction Stuff and Stuff Norm Cowie, CCE
W
arning: None of the names in this story have been changed to protect anybody, because, well, the names were fake to start with - except the name of the firm, which is a real company, so I used a fake name for them, even though they did nothing wrong. The following email was forwarded to me from our general email address. Subject Net terms ! Dear Sales, Our company board member have decided to make a purchase for some items in your store, Kindly get back with your company credit application form for Net30 Terms Looking forward to read from you.
☺
Have a productive day ahead
GLEN CHITWOOD FAKE NAME ELECTRICAL CONTRACTORS, INC Okay, yeah, maybe it wasn’t the most grammatically-correct missive I’d ever received, but if I judged the writers of emails by the language of every email I receive, our top salesman would look pretty bad. Plus, this Glen guy added the happy face, so he’s obviously friendly. I quickly sent him a credit application and went back to drinking decaf and doing credit manager stuff. Then, not long after, I received this. Dear Norm, Please find the credit application form filled in your attach file plus our company W9 form. Kindly see to these and get back soon with the credit approval. Looking forward to do business with you.
“
I suspected the companies existed in real life, but I also suspected the fax numbers actually were routed to the scamster. Their scam was sophisticated enough they had the area codes correct.
Again, not very well phrased, but like I said, other people like my salesman have sent me some hideously phrased emails in the past, so I’ve learned not to judge. Before sending it to my assistant to start faxing the credit references, I looked at the application and a few things jumped out. The application was nicely, no, not nicely, extremely neat and tidy, beautifully typed with artistic electronic checkmarks in some of the boxes and a signed guaranty by their principal. They claimed to be a $17M electrical contractor located near St. Louis and were asking for an $85,000 limit. They also sent a W-9, which made no sense since they would be paying us, not vice-versa. My Credit Manager Warning Flags suddenly ruffled, and I looked closer to see what had gotten them so excited.
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Ah, there it was, the first anomaly. They listed three credit references, but none were electrical distributors. You’d think a $17M electrical contractor would have at least one of our competitors as a reference. I frowned and looked more carefully at Glen’s email address, and noticed something else. His email address was glen.chitwood@fakenameselectrical. com. There was an ‘S’ after the name of the company that seemingly didn’t belong there. Anomaly #2. Now I was pretty sure it was a fake, so I got on the Illinois Corporate Directory and confirmed the company existed. It did, so I Googled the company. Not to my surprise, it had a different phone number than was on the application, though the area codes matched. I called the number from the Internet. MAY/JUNE 2021 PAGE 14
Illinois Construction Stuff and Stuff “Hi,” I said to the woman who answered. “I’m just calling to confirm that a credit application we received actually came from your firm.” I heard a big sigh. “Oh, no, not another one,” she said in an exasperated tone. “Oh, so I’m not the first?” She blew out more air. “No, we’ve been getting calls and invoices nearly every day.”
Then I received this email. Dear Norman, How are you doing today, Well we will like to know if there's any good news regarding the credit approval. Kindly see to these and get back as soon as possible. Thanks GLEN CHITWOOD
“Huh?”
I thought for a moment, and grinned. “You’re on, dude.” I emailed the application to my assistant and called her explaining the fraud and how I planned to toy with the guy. She loved the idea because she hates scamartists, too. It would have been nice to set up a sting with law officials, but I knew from past experience they wouldn’t bother to chase down this kind of white-collar crime. I would have to get my petty revenge another way and it started with Kelli sending faxes to the three references listed on the form. Without bothering to check, I suspected the companies existed in real life, but I also suspected the fax numbers actually were routed to the scamster. Their scam was sophisticated enough they had the area codes correct. Not to my surprise, the next day we received all of the references back without us having to send any second requests (anomaly #3 if you’re keeping count). And get this, all three were very nicely typed with credit limits of $100k, $85k and $65k and DSOs of 29, 30 and 29. I couldn’t remember the last time, much less any time I responded to a credit reference by typing my response on the reference form. All three of these were beautifully formatted, and I grinned when I thought how much time they wasted to type these.
Sound good and thank for the great news, Please find the financial file in your attachment and let me know when the approval availability PRODUCT: Klein Tools - CL800 Meter PRODUCT: Klein Tools CL700 Meter Kindly see to these and get back soon with the quotation, Once you have us approve then i can be able to forward you with our official purchase order. Thanks
So, it was a fake application from some jerk trying to screw us over. I thought about simply sending a denial letter, but then my funny bone piped up, “Mess with him,” it said.
“Mess with him. Make him think you’re going to approve it. Waste his time and then just dump on him.”
Norm,
Of course, he knew we received all of the references. It was time to mess with his head a bit, so I sent this. Hi Glen, Thank you for your interest. We are processing your application and I know at least one reference responded and we pulled the D&B report as well. It's looking good so far. In the meantime, there were a couple items we still would appreciate receiving. While you guaranteed the account, you did not give your social security number so we can pull a credit report. Would you please forward this? If you have concerns about the safety of the number we have precaution protocols to protect your credit. Also, for the line you are requesting, we ask that you provide financials. They don't have to be audited, you can just send a balance sheet. Best, Norm It only took two hours for him to respond, and he sent the following email with part of what I asked for, a wonderfully type-written Financial Statement for the year-ending December 31, 2020.
THE INTERCONNECTION
Maybe he didn’t expect me to compare the application to the financials, but the financials showed yearly sales of $1.48M while the application showed $17M. And he didn’t send a Social Security number, so it was time to ruffle his feathers again. I sent a short email saying, “Thank you. I’m not seeing the Social Security number?” After an hour, he sends this. Norm, Please find the SSN # below #721-07-4426 Thanks To which I responded: Hi, Glen, Thanks for your quick replies. A couple discrepancies came up, so I’m asking for more information. First, on your application, you show your yearly sales are $17million, yet on your financials for the year ending 2020 it shows sales were $1.4 million. Please explain the discrepancy. Also, Social Security numbers beginning with 721 were issued to the Railroad Board and the practice was discontinued in 1963. Are you sure about this number? Otherwise, I think we have everything else back we need. Best, Five hours later he hadn’t responded, so I guessed he’d figured out I was baiting him. I figured that was it, and it was time to move on to what I was Continued on page 27>> MAY/JUNE 2021 PAGE 15
News
In Memoriam - Pat Speyer
I
t is with a heavy heart that I am announcing to the members and associates of NACM Connect that Pat Speyer, our Data Administrator, passed away on April 20th. Many, many members have gotten to know Pat over her tenure with the Association which began in 1991. Pat served the Association not only as our Data Administrator, but as a Group Administrator for many of our local groups. Pat will be sorely missed as a colleague and as a friend by those of us on staff at NACM Connect, the staffs of the NACM affiliate network, and our many members and partners. If you have any immediate questions about your group or data submissions, please contact Themis Vlahos, CCE, Director of Group Services at themis.vlahos@nacmconnect.org or at 847.483.6428. ― Phillip J. Lattanzio, CCE, COO & President, NACM Connect
“ “ “ “
Pat was a wonderful administrator for our group, an outstanding representative of NACM, and a great friend to us all. She will be sorely missed.
...She was one of the most trustworthy, conscientious, respectful people I have ever known... What a gift to have known such a wonderful person, and a great loss.
She made me laugh and sometimes that is hard to do. I miss her.
“ “ “ “ “ “
She was a tremendous person who always was positive about everything she did. She will truly be missed by me and ... others members of our group. She was a kind soul.
“
She's kind of a legend in the NACM Connect community. No one handled data like Pat handled data. She will be sorely missed.
I am shocked and will miss Pat. We used to joke back and forth every month when I sent our data file. My prayers are with Pat's family and all of NACM Connect Staff.
I am so sorry to hear this news. She was an awesome person to work with.
“
Wow I am speechless Pat will be missed.
She was a great woman and will be deeply missed by all of us. She was a delightful lady and I enjoyed talking to her... She will be greatly missed.
THE INTERCONNECTION
MAY/JUNE 2021 PAGE 16
PROFESSIONAL EDUCATIONAL
WEBINARS
Effectively Managing the Mechanic’s Lien Process From a National Perspective Tuesday, May 25
FREE WEBINAR
2–3 p.m. Central Time
(12–1 p.m. PT; 3–4 p.m. ET)
ABOUT THE WEBINAR Managing the mechanic’s lien process is difficult when you have job accounts in 1 state. If you have job accounts in multiple states or all 50 states, it becomes more difficult. How you set up team members to manage responsibilities and lead those team members to success is vitally important. This session will assist you with training and responsibility techniques to drive success.
ABOUT THE PRESENTER CHRIS RING
NACM’s Secured Transaction Services
Chris Ring is the Nation Sales R e p r e s e n t a t i ve f o r N A C M ’ s Secured Transaction Services and he specializes in assisting credit professionals secure their receivables using Mechanic’s Lien Laws and Article 9 of the Uniform Commercial Code. Chris consults with companies on a daily basis leading them to find the best way to use these credit tools to assure that they are in the best possible position to get paid. Since 2002, Chris has completed seminars on both Mechanic’s Liens and UCC Filings for companies, NACM Affiliate Credit Conferences, NACM Industry Credit Groups, CFDD Meetings, and NACM’s Secured Transaction Services seminars.
THE INTERCONNECTION
Participation points are available for this webinar
WEBINAR REGISTRATION All registrations for NACM Connect educational events are taken online at nacmconnect.org
SAVE THE DATE! June 15 July 12
| Hyper Automation of AR Process with Digital Tools | The Journey to Smarter Accounts Receivable Management with AI
Questions?
Contact Lillian Novak at lillian.novak@nacmconnect.org or call 847.483.6478 MAY/JUNE 2021 PAGE 17
PROFESSIONAL EDUCATIONAL
Hyper Automation Of AR Process With Digital Tools Tuesday, June 15
WEBINARS
FREE WEBINAR
2–3 p.m. Central Time (12–1 p.m. PT; 3–4 p.m. ET) ABOUT THE WEBINAR Digital trifecta automation, analytics and AI bring exponential advantage to the accounts receivable process and delivering hyper automation. From automating repetitive tasks to driving datadriven intelligent processes to augmenting workforce with digital assistants, next generation tools help businesses achieve new levels of world-class performance in credit, collections, deductions and cash application. This webinar will provide an introduction to popular digital technologies RPA, AI/ML Chatbots, Document Capture AI and how to use them in your order-to-cash process.
ABOUT THE PRESENTERS VEENA GUNDAVELLI Emagia
Veena Gundavelli is the Founder & CEO of Emagia and also an award-winning serial technology entrepreneur with extensive experience in the fields of artificial intelligence, data analytics, automation for enterprise financial services. She is highly recognized for her visionary ideas and paradigm-shifting innovations. Under her leadership, Emagia emerged as the leader in order-to-cash automation solutions with its award-winning Gia, AI-powered enterprise digital finance workforce for enterprises and the awardwinning Emagia AI-powered order-to-cash platform which processes several billions of dollars in receivables and payments for many global companies. She is an avid speaker on AI and digital transformation. She is also a recognized philanthropist serving on the Board of Touch-A-Life Foundation, a digital kindness exchange and is involved with other nonprofits helping entrepreneurs, women, youth and the underprivileged.
DEXTER PEAVY Emagia
Dexter Peavy is the Director of Order-to-Cash Transformation for Emagia. With over 25 years of hands on and consulting experience, across multiple industries, Dexter not only ensures the successful delivery of the Emagia solution set, but offers Emagia’s clients best practice process design and the relevant metrics to drive collections, minimize risk, improve cash flow and provide senior management with quality information to support the decision making process. Dexter’s areas of expertise include: Business transformation, Credit and collections, Order entry and Customer service, Invoice presentment, Dispute management, and Cash application Dexter works with his clients to introduce and utilize automation technologies to reduce re-work and non-value activities – this can range from RPA for cash application or Machine Learning to read a customer remit-to email, automated prioritizations for collections and digital assistants for collecting small balance accounts. All of these tools allow the client to focus more of their time on Key account issues. “What’s nice about working for Emagia is that we produce tangible benefits for our customers”. In his spare time Dexter enjoys woodworking and fly fishing.
THE INTERCONNECTION
Participation points are available for this webinar
WEBINAR REGISTRATION All registrations for NACM Connect educational events are taken online at nacmconnect.org
SAVE THE DATE! July 13 The Journey to Smarter Accounts Receivable Management with AI
Questions?
Contact Lillian Novak at lillian.novak@nacmconnect.org or call 847.483.6478 MAY/JUNE 2021 PAGE 18
News
Virtual Meetings Introduce a New Form of Etiquette Andrew Michaels, Editorial Associate, NACM
I
f you ask business credit professionals about their work environment, the majority will likely describe an office setting equipped with desks, computers, landlines and other tools often found in an office building. Last year, the COVID-19 pandemic turned the tables on what a standard office environment is, leaving many scrambled to create new workspaces in their homes, albeit lacking the usual office resources. An abrupt transition from a desk to a kitchen table and/or strong internet connections to spotty connections can be complicated, yet perhaps the most challenging change is the way credit professionals communicate with their employers, colleagues and customers. Leaving their previous office settings meant credit professionals could no longer stop by another’s office to ask a question or host/attend an in-person
“
and more. In a recent NACM survey, more than half of the respondents said they implemented and used new technology, such as these platforms, since the onset of the pandemic that they didn’t use prior to COVID-19. However, just because the work
An abrupt transition from a desk to a kitchen table ... can be complicated, yet perhaps the most challenging change is the way credit professionals communicate with their employers, colleagues and customers.
meeting in the conference room. Phone calls and emails were the next natural steps toward maintaining constant communication, but today’s technological advances also allowed companies to explore the concept of virtual meetings through platforms such as Skype, Zoom, Microsoft Teams
environment changes doesn’t mean professionals can put proper etiquette on hold. In April 2020, U.S. News & World Report discussed “the do’s and don’ts of virtual meetings” to teach companies how etiquette changes during the transition from working in an office space to working from home.
Being on Time Means You’re Late Although the world has hit many technological strides, there is always room for error. Before the meeting begins, attendees will find it beneficial to set up any of the necessary equipment early, e.g., computers, internet, headphones, etc. The U.S. News & World Report article recommends logging in to the video platform at least five minutes prior to the meeting to ensure everything is working properly, in turn, also showing courtesy to the meeting’s host and other attendees. “If time is money, then by arriving five minutes late you’ve just stolen something of value from the other person, which is not a great way to start any important business negotiation,” wrote the author of an article for Cydcor outsourced sales services. “The other person feels like they’ve already given you something, so they’re not going to be as likely to give you more.” Corporate Credit Manager D’Ann Johnson, CCE, said while no one can avoid every technical issue, doing Continued on page 34>>
THE INTERCONNECTION
MAY/JUNE 2021 PAGE 19
Credit Group Meeting Calendar NACM Connect - Illinois/Wisconsin Local Industry Credit Group Meetings DATE
GROUP
MEETING LOCATION
May 11
Electrical Distributors Credit Group
Zoom
May 11
Masonry Credit Group
Ditka's, Oakbrook, IL
May 13
Northern Illinois Heating & Plumbing Wholesalers Credit Group
Weber Grill, Schaumburg, IL
May 18
International Credit Professionals Group
TBD
May 18
Metal Distributors Credit Group
TBD
May 18
Builders Suppliers Credit Group
Greek Islands, Lombard, IL
May 19
Institutional Credit Association Credit Group
Ditka's, Oakbrook, IL
May 20
Ad Media Credit Group
Zoom
May 27
Basic Material Credit Group
Ditka's, Oakbrook, IL
June 10
Northern Illinois Heating & Plumbing Wholesalers Credit Group
Ditka's, Oakbrook, IL
June 15
Electrical Distributors Credit Group
Zoom
June 15
Metal Distributors Credit Group
TBD
June 16
Floor Covering & Wall Tile Credit Group
Conference Call
June 17
Ad Media Credit Group
Zoom
June 24
Basic Material Credit Group
TBD
NACM Connect - Missouri/Kansas Local Industry Credit Group Meetings DATE
GROUP
MEETING LOCATION
May 7
Central IL Electrical Distributors
Bella Milano, Springfield, IL
May 13
Kansas City Building Materials Credit Group
TBD
May 19
Electrical Distributors Credit Group
Bartolino's, St Louis, MO
May 21
Refrigeration Warm/Cool Air Suppliers Credit Group
Bartolino's, St Louis, MO
June 10
Kansas City Builders Credit Group
TBD
June 11
Mid Missouri Construction Credit Group
TBD
June 16
Electrical Distributors Credit Group
Bartolino's, St Louis, MO
June 18
Refrigeration Warm/Cool Air Suppliers Credit Group
Bartolino's, St Louis, MO
NACM Connect - Pennsylvania Local Industry Credit Group Meetings DATE
GROUP
MEETING LOCATION
May 12
Building Trades Credit Group
Marzoni's, Altoona, PA
May 18
Construction/Plumbing & Heating Credit Group
Bravo, Cranberry Twp, PA
May 19
Food Suppliers Credit Group
Bravo Waterfront, Homestead, PA
May 25
Electrical Suppliers Credit Group
Bravo Waterfront, Homestead, PA
June 9
Building Trades Credit Group
Marzoni's, Altoona, PA
June 15
Construction/Plumbing & Heating Credit Group
Bravo, Cranberry Twp, PA
June 16
Food Suppliers Credit Group
Bravo Waterfront, Homestead, PA
June 22
Electrical Suppliers Credit Group
Bravo Waterfront, Homestead, PA
THE INTERCONNECTION
MAY/JUNE 2021 PAGE 20
Credit Group Meeting Calendar NACM Connect Indiana/Michigan/Ohio Local Industry Credit Group Meetings DATE
GROUP
MEETING LOCATION
May 6
Michiana Credit Association Credit Group
TBD
May 11
Electric Industrial Supply Credit Group
Brann's, Wyoming, MI
May 11
Fort Wayne Building Materials Credit Group
Don Halls, Ft Wayne, IN
May 12
West Michigan Heating & Plumbing Wholesalers Credit Group
Conference Call
May 13
Indiana Wholesale Floor Covering Credit Group
Conference Call
May 13
Columbus Wholesale Electric Supply Credit Group
Conference Call
May 13
Lumber & Building Materials Credit Group
Conference Call
May 18
Indiana Electrical Suppliers Credit Group
Conference Call
May 18
Automotive Suppliers Credit Group
Conference Call
May 19
Indianapolis Building Trade Suppliers Credit Group
Blakley Corp., Indianapolis, IN
May 19
Metal Service Center Credit Group
Conference Call
May 20
Michigan Electric Supply Credit Group
Mojave Cantina, Clawson MI
May 20
Cincinnati Dayton Wholesale Electric Credit Group
Century Inn, Cincinnati, OH
May 26
Plumbing & Heating Wholesalers Credit Group
Ferguson, Indianapolis, IN
May 26
Cincinnati Construction Suppliers Credit Group
Conference Call
May 26
Cleveland/Akron/Canton Food Suppliers Credit Group
Zoom
June 8
Electric Industrial Supply Credit Group
Brann's, Wyoming, MI
June 8
Fort Wayne Building Materials Credit Group
Don Halls, Ft Wayne, IN
June 9
West Michigan Heating & Plumbing Wholesalers Credit Group
TBD
June 10
Michiana Credit Association Credit Group
TBD
June 10
Columbus Wholesale Electric Credit Group
Conference Call
June 15
Indiana Electrical Suppliers Credit Group
Conference Call
June 15
Automotive Suppliers Credit Group
Conference Call
June 16
Indianapolis Building Trade Suppliers Credit Group
Blakley Corp., Indianapolis, IN
June 16
Metal Service Center Credit Group
Conference Call
June 17
Cincinnati Dayton Wholesale Electric Credit Group
Century Inn, Cincinnati, OH
June 17
Michigan Electric Supply Credit Group
Mojave Cantina, Clawson MI
June 23
Plumbing & Heating Wholesalers Credit Group
Ferguson, Indianapolis, IN
June 23
Cincinnati Construction Suppliers Credit Group
Conference Call
June 23
Cleveland/Akron/Canton Food Suppliers Credit Group
TBD
NACM Connect - Nebraska Local Industry Credit Group Meetings DATE
GROUP
MEETING LOCATION
May 11
Nebraska Builders Credit Group
Conference Call
June 8
Nebraska Builders Credit Group
Conference Call
THE INTERCONNECTION
MAY/JUNE 2021 PAGE 21
Credit Group Meeting Calendar NACM Connect National Industry Credit Group Meetings DATE
GROUP
MEETING LOCATION
May 11
National Metal Industry Raw Materials Credit Group
TEAMS
May 12
NE Regional Metal Distributors Credit Group
TEAMS
May 12
National Home Centers & Building Materials Credit Group
TEAMS
May 13
National Consumer Products Credit Group
TEAMS
May 14
National Circuit Board Credit Group
Zoom
May 18
National Plumbing, Pipe & Heating Credit Group
TEAMS
May 20
National RV Manufactured Housing Credit Group
Sanibel Island Beach Resort, Sanibel Island, FL
June 10
National Electrical Manufacturers Credit Group
Zoom
June 10
National Paper Packaging Credit Group
TBD
June 17
National Metal Producers Credit Group
Zoom
June 18
National Underground Utilities Credit Group
Zoom
June 22
National Coated Paper & Film Credit Group
Zoom
June 23
National Metal Buildings & Components Credit Group
Zoom
June 24-25
National Steel Mill Credit Group
Zoom
June 25
National Leisure Living Credit Group
Zoom
NACM Connect - New York Local Industry Credit Group Meetings DATE
GROUP
MEETING LOCATION
May 11
WNY Food & Beverage Supply Group
Conference Call
May 12
Rochester Plumbing/HVAC
Conference Call
May 14
Buffalo Building/Construction
Eagle House, Buffalo,NY
May 18
Central New York Building Credit Group
Colemans, Syracuse,NY
May 20
Rochester Building Credit Group
Cerames, Rochester,NY
May 25
Buffalo Plumbing & Electric Credit Group
Eagle House, Buffalo,NY
June 8
Western New York Food & Beverage Supply Credit Group
Eagle House, Buffalo,NY
June 9
Rochester Plumbing & HVAC Credit Group
Conference Call
June 11
Buffalo Building & Construction
Eagle House, Buffalo,NY
June 14
Albany Building Credit Group
Conference Call
June 15
Central New York Building Credit Group
Colemans, Syracuse,NY
June 17
Rochester Building Credit Group
Cerames, Rochester,NY
June 18
Best Practices Group
Eagle House, Buffalo,NY
June 22
Buffalo Plumbing/Electric Group
Eagle House, Buffalo,NY
THE INTERCONNECTION
MAY/JUNE 2021 PAGE 22
Event Calendar TIME
PRESENTER / INSTRUCTOR(S)
Zoom Videoconferencing
9:00 a.m. – 4:00 p.m. CST
Dave Condon, CCE
NACM Connect FREE Webinar Unclaimed Property Survival Guide for Accounts Receivable
Zoom Videoconferencing
2:00 p.m. – 3:00 p.m. CST
Anthony Bielby John Marbach
May 20
NACM Connect Indiana Best Practice Discussion Group
Zoom Videoconferencing
11:30 a.m. – 1:00 p.m. EST
Aaron LeHew
May 25
NACM Connect FREE Webinar Effectively Managing the Mechanic’s Zoom Videoconferencing Lien Process From a National Perspective
2:00 p.m. – 3:00 p.m. CST
Chris Ring
June 8
NACM Connect CBF Exam Review
Zoom Videoconferencing
5 p.m. – 8 p.m. CST
John Jaeger, CCE
June 9
NACM Connect CREDIT 102
Zoom Videoconferencing
9:00 a.m. – 4:00 p.m. CST
Dave Condon, CCE
June 10
NACM Connect CCE Exam Review
Zoom Videoconferencing
5 p.m. – 8 p.m. CST
John Jaeger, CCE
June 15
NACM Connect FREE Webinar Hyper Automation of AR Process with Digital Tools
Zoom Videoconferencing
2:00 p.m. – 3:00 p.m. CST
Veena Gundavelli Dexter Pevey
June 15
NACM Connect CBA Exam Review
Zoom Videoconferencing
5 p.m. – 8 p.m. CST
John Jaeger, CCE
DATE
EVENT
May 5
NACM Connect CREDIT 101
May 11
LOCATION
Follow Us On Social Media
THE INTERCONNECTION
MAY/JUNE 2021 PAGE 23
NACM Connect Industry Groups
Have We Gotta Group for You! Make better choices, reduce outstanding delinquent receivables and write-offs by joining a group today! New groups are formed every day!
Network with other credit executives in your industry by joining an NACM Connect Industry Credit Group. Group members share invaluable factual credit information that may be used to make independent decisions with respect to the extension of credit. Discussions include shared information on common customers, the latest in technology for credit management and other creditrelated topics. Group members have access to expanded tradeline data from over 25 additional NACM affiliates participating in this valuable database enhancement at no cost. Group activities are monitored by NACM trained and certified administrators to ensure compliance with the Federal Antitrust Regulations.
Stay Connected with NACM Connect! Face to face group meetings are the best way for group members to meet, network and discuss industry payment trends and hot topics. Group members need to stay connected with each other and stay on top on how the current pandemic is affecting their industries. Our Group Administrators are working with each group to see when we can safely meet again in person. Every city and state has different rules regarding capacity limits in restaurants and hotel meeting rooms. Several of our local industry credit groups have already met in person. Other groups are planning to meet again in person this summer or in the fall. In a climate of uncertainty, getting back to the basics of good old-fashioned communication is keeping our groups grounded and in touch. Participating and exchanging information confirms the value of being a member of an industry credit group. Group members always follow federal, state and local Anti Trust rules and regulations during all meetings. ■
* To qualify for the $50 American Express gift card, the referring Member must contact the prospective Group Member and provide their contact information to a representative from NACM Connect to follow up. Prospect must join an NACM Connect Credit Group.
THE INTERCONNECTION
MAY/JUNE 2021 PAGE 24
NACM Connect industry Groups
Join Today! NATIONAL
• Agricultural Credit Conference • Architectural Metal & Glass • Auto Glass • Circuit Board Suppliers • Christian Suppliers • Coated Paper & Film Manufacturers • Construction • Consumer Products Manufacturers • Electrical Manufacturers • Firearms & Ammunition • Foodservice Distributors • Garage Door & Operating Devices Manufacturers
• Home Centers & Building Materials • Home Healthcare Suppliers • Horticultural Distributors • International Flat Rolled Steel • Leisure Living Manufacturers • Lawn & Garden • Manufactured Housing • Meat Packers • Metal Buildings & Components • Metal Industry Raw Material Suppliers
• Metal Producers • Musical Instruments • Nursing Home Suppliers • Paper Packaging • Plumbing, Pipe & Heating Manufacturers
• Professional Apparel Manufacturers • Steel Mill Industry • Tool & Accessories Manufacturers • Truck, Trailer & Waste Equipment Manufacturers
• Underground Utilities • Water Products
Contact Themis Vlahos, CCE, CGA, Director of Group Services at (800) 935-6226 x6428 or themis.vlahos@nacmconnect.org ILLINOIS | NEBRASKA | WISCONSIN
• Advertising Media • Basic Material • Building Suppliers • Electrical Distributors • Floor Covering & Wall Tile • Institutional Credit Association • International Credit Professionals • Masonry • Metal Distributors • Northern IL Heating & Plumbing Wholesalers
• Nebraska Builders & Industrial Suppliers
• Wisconsin Best Practices INDIANA | MICHIGAN | OHIO
• Automotive Suppliers • Cincinnati Construction Suppliers • Cincinnati/Dayton Wholesale Electric Supply
• Cleveland/Akron/Canton Food Suppliers
• Columbus Wholesale Electric Supply
• Ft Wayne Building Materials • Grand Rapids Electrical/Industrial Suppliers Grand Rapids Lumber & Building Materials
• Indiana Electrical Suppliers • Indiana Wholesale Floor Covering • Indianapolis Building Trade Suppliers
• Indiana Best Practices • Metal Service Center • Michiana Credit Association – Manufactured Housing
MISSOURI
• Agricultural • Caterpillar Dealers • Central Illinois Electrical Distributors • Electrical Distributors • Kansas City Building Materials • Mid Missouri Construction • Midwest Regional Food Service & Supply Purveyors
• Refrigeration & Warm/Cool Air Suppliers
NEW YORK
• Albany Building Supply • Best Practices • Buffalo Building & Construction • Buffalo Plumbing and Electric Supply
• Central New York Building Supply • Central New York Food & Beverage Supply
• Rochester Building Supply • Rochester Plumbing and HVAC • Western New York Food & Beverage Supply
PENNSYLVANIA
• Pittsburgh/Altoona Building Trades • Pittsburgh Construction, Plumbing & Heating
• Pittsburgh Electrical Suppliers • Pittsburgh Food Suppliers • Northeast Regional Metal Distributors
USER AND SPECIALTY GROUPS
• Law Firm Forum • National SAP Credit & A/R Users
• Michigan Electrical Supply • Plumbing & Heating Wholesalers • West Michigan Heating Wholesalers
THE INTERCONNECTION
MAY/JUNE 2021 PAGE 25
ONE AUTOMATED ACCOUNTS RECEIVABLE PLATFORM TO SPEED UP YOUR CASH COLLECTION CYCLE Esker’s accounts receivable software solution removes the all-too-common obstacles preventing today’s businesses from collecting receivables in a timely manner. With Esker, users can automate at their own pace — creating a faster, more streamlined AR process.
PAYMENT
INVOICE DELIVERY
Facilitate faster payment & reconciliation with customer portal featuring tools for autopay, discount management & more.
Manage credit & collections with automated credit applications & reminders, task lists & KPIs.
CRED IT &
CREDIT & COLLECTIONS MANAGEMENT
NS CTIO E L L CO
Provide the perfect invoice thanks to intelligent AR automation tools for formatting, compliance, delivery & archiving
CASH APPLICATION
Speed up cash application with Esker’s recognition engine, 2 or 3-way matching & automated ERP reconciliation
To learn more about Esker’s AR automation solution visit
www.esker.com/AR
THE INTERCONNECTION
MAY/JUNE 2021 PAGE 26
News
Illinois Construction Stuff and Stuff << Continued from page 15 being paid for. Turning him down was an essential part of my job, but purposely tormenting him wasn’t in my job description. But it was still fun. Meanwhile, I sent copies of the application to my competitors in our NACM trade group so they would be warned. Then the next morning ‘Glen’ emailed me again. Hello Norman, Thank you so much for your feedback, What's our company account number and you may go ahead with the quotation. Once i have these then i can be able to provide you with our official purchase order. Thanks Wait? What? The fish was still on the hook? My funny bone was nearly shaking with excitement, and I sent this response. Approval on the new account is pending your response to the questions I asked below (see below in red). Please advise as requested and we can move forward. He responded with this somewhat terse email, and I could see I was trying his patience. What questions? Can will please proceed with this business all the information's i provided was the only information i have at this time. Kindly let us know if will can continue with this business or not. Thanks I sent this email figuring it might, just might, be the final email which would cause him to sever ties. Sorry for the confusion. I wanted to know why you listed $17 million on the application, but your financials show sales of $1.4 million. That is a very large discrepancy. And I asked about the social security number. the Social Security Administration doesn’t issue numbers beginning with 7
And get this, he still didn’t jump ship! To my funny-bone’s absolute delight he responded. Thank you for the clarification. Our yearly income was $17 million but the one will had last due to the COVID 19 was $1.4 million and the SSN number i provided was the one i have on my system am sorry for the confusion with time i can be able to have the correct SSN # let us know if will can proceed with this business. Now I had him perfectly set up for the final coup de gras I had been hoping for, but first, he needed a couple more hours to hang, so I sent this at 10:30. Okay, hang tight please. I‘ll be back with you shortly. And I let him dangle on the hook. And dangle some more. And some more. Finally, at 6:00 PM, I sprung the trap. Dear Glen, Thank you again for your interest in our products and services. Your credit references and financials were very impressive for a firm with your excellent standing, and we are pleased to say that we will not be opening an account for you. I realized right away that you were a fraud and a crook and was just messing with you to waste your time and get your hopes up. I regret that I cannot tell you where you messed up in your slimy plot, because I want it to bug you. I knew you were a fraud within sixty seconds of receiving your application. Normally, I’d wish you the best of luck, but I really hope you end up behind bars. Yours not at all, Norm
THE INTERCONNECTION
Of course, I never heard back. A few days later, a competitor sent an alert about a very similar fraudulent application they had received that mimicked many of the earmarks of this scenario. Whether it’s the same parties or just someone utilizing similar tactics matters not, because it just shows they are still out there. And watch out, they are getting smarter and more sophisticated. They may start cleaning up their broken English. They may set up phony websites. And since much of this is through email, carefully note the email addresses. We had someone pose as a University purchasing agent once, and when I looked at the contact page, I saw the email address differed in format rather than just an added letter. If I could make a suggestion to my fellow credit managers, it would be to confirm every application they receive is legitimate by confirming with the actual applicant using independent methods of communication, either calling, comparing email and phone numbers with information on the customer’s ‘contact’ page on the Internet, utilizing state corporate directories, etc. Just my two cents. Norm (My latest book, MOONED, is a young adult book adults can read about a dog and cat turned into were-humans by their werewolf master. "So enthralling, it will leave you howling for more." Denise M Baran-Unland, Shaw Media/ Herald News. Check it out on Amazon.) ■ Norman Cowie, CCE is Director of Credit for Paramont-EO, Inc. 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 www.normcowie.com which features past NACM Connect articles.
MAY/JUNE 2021 PAGE 27
Member News
e m o elc ers
W rsb beem m M e M w w
Ne
Welcome New Members & Reps
Ne
A M Castle & Company Craig Jarva
Marmon Keystone LLC Mike Joy
Drew DeJonge Gordon Food Service Inc
Admiral Metals Service Center David Pascucci
Meritor, Inc. Jack Leung
Leslie Bartley Great Lakes Data Racks & Cabinets
Agri - Mark Inc Laura dePrato
Nordson Corporation Sarah Blaha
Sean Holmes Guttman Energy
Alta Equipment Company, Inc. Ellen Judd
Obara Corporation Joe Sanda
Diane Bortoluzzi Habegger Corporation
Apex Marine, Inc. Mark Dupuie
R.H. Foster Julie Anderson
Vanessa Bordeaux Hill-Rom, Inc.
Bayer CropScience Lisa Gaines
Saint Gobain, DBA: Saint Gobain Ceramic Materials Tlffany Milotte
Stefani Blankenberger Ikonix USA LLC
Belden Cable Amber Hale Branford Building Systems Bernadette Marie C.H. Robinson Worldwide Inc. Paul White Capitol City Container Corp Kaye Mctighe Chromascape LLC Anne Melke Ernst Meat & Seafood Kimberly Knight Flexcon Company Inc. Rachel Rodgers Hypertherm, Inc. Brandy Sailers Insignia Technology Services Rebecca Reinke Ivaco Rolling Mills 2004 L.P. Wesley Sifflet JM Smucker Dan Iosue Kalmbach Feeds, Inc. Valerie Baum Keystone Paper & Box Company, Inc. Robert Guertin
The J M Smucker Company Matt Peters
NEW REPRESENTATIVES Othniel Robinson Glover-Tay Anixter Inc. Darlene Traficanti AAR Corp. Jim Kaiser Avery Dennison Label & Packaging Greg Zemaitis Bunge North America Tracy Ronsman Cole-Parmer Instrument Company Josiah St. John Curtis Lumber Daphne Ingles Dot Foods, Inc. Bob Markowski Elkay Manufacturing Co. Terry Jordan Emagia Corporation
Marc Molinaro IPEG Inc Andrea White Jackson Welding Supply Co Frank LaRocca Kronos Foods Rachel Cronen Liberty Insurance Agency Deanna Baker New Scale Technologies, Inc. Heidi Fisher North American Corporation Of Illinois Tom Boynton Robert Weed Plywood Terry Kapeller Security Equipment Supply Inc. Trish Bogda Southfield Corporation dba Rose Brick - Fort Wayne Scott James The ALL Family of Companies Brian Warner Willert Home Products
Jen Reed Fusion IT
THE INTERCONNECTION
MAY/JUNE 2021 PAGE 28
BEST-IN-CLASS PEOPLE, BEST-IN-CLASS TECHNOLOGY
Even the greatest tools and technology need experts behind them. We work with our clients to arrive at an ideal solution, deliver it seamlessly, and support it unconditionally. And there is always someone to answer questions. Throughout your AR life cycle, we have resources to help get you paid. From beginning with UCC and Mechanic’s Lien services to end with our Collection services, we have you covered.
Contact us today to secure more sales! ®
Securing Your Tomorrow ®
NCScredit.com 800.826.5256 NCSsales@NCScredit.com
Collection Services | UCC Services | Notice & Mechanic’s Lien Services | Education & Resources THE INTERCONNECTION
MAY/JUNE 2021 PAGE 29
Institute of Credit (IOC)
Institute of Credit
2021 Course Schedule
3005 Tollview Drive Rolling Meadows, IL 60008 Phone: 847-483-6478 Fax: 847-253-6241 nacmconnect.org
All courses are available through live videoconferencing! CBA COURSES
SPRING
FALL
Business Credit Principles
---
Mondays August 23 – November 1**
Financial Statement Analysis I
---
Thursdays August 26 – October 28
(10 weeks)
(10 weeks)
CBF Business Law
---
(12 weeks)
Credit Law
Wednesdays August 25 – October 27
---
(10 weeks)
* No Class on April 22 (Chicago Annual Meeting). ** No Class on September 6 (Labor Day).
PLEASE NOTE: All mid-terms and finals will be administered online during regular business hours. Please contact Lillian Novak at lillian.novak@nacmconnect.org if you have any questions.
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.
Evening Class Times: 5:30 – 8:30 p.m. As a remote student, you can 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
Tuition Must be Paid Before the First Class Begins.
All registrations for NACM Connect educational events are taken online at nacmconnect.org Absolutely no registrations will be accepted after one week prior to the class date. No exceptions. 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.
Classes are subject to cancellation based on enrollment.
Questions? Contact Lillian Novak at lillian.novak@nacmconnect.org or call 800.935.6226 THE INTERCONNECTION
MAY/JUNE 2021 PAGE 30
Credit 101, 102 and 103
Members: $230 (per class) Non-Members: $460 (per class) Two coupons are valid per person
All classes are from 9 a.m. – 4 p.m. CST Location: Zoom Classroom
CREDIT 101
CREDIT 102
CREDIT 103
May 5
June 9
July 14
September 8
October 6
November 10
Zoom Classroom Questions?
Contact Margaret Krafft at 847.483.6420 or margaret.krafft@nacmconnect.org All registrations for NACM Connect educational events are taken online at 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: • • • •
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.
Register online at nacmconnect.org THE INTERCONNECTION
MAY/JUNE 2021 PAGE 31
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THE INTERCONNECTION
MAY/JUNE 2021 PAGE 32
Caine & Weiner Giveaway
$150
2021 Quarterly Giveaways
APRIL | MAY | JUNE Place a collections claim with Caine & Weiner anytime during the months of April, May and June and become eligible to win a $150 HOME DEPOT gift card.
Each claim you place will be eligible for the drawings. Enter as often as you like! For information on placing claims, please contact Jim McGee at 847.407.2348. You may also place a claim online at www.caine-weiner.com.
THE INTERCONNECTION
MAY/JUNE 2021 PAGE 33
News
Virtual Meetings Introduce a New Form of Etiquette << Continued from page 19 a test ensures that the majority of issues can be worked through before having a waiting and captive audience. Depending upon the presentation or the information, she said, people may sign off or sign off early because of delays due to an overlap for another meeting or a call that takes precedence. In addition to weakening the late attendee’s position, being late may give the host and other attendees the idea that the late party lacks integrity, respect and reliability. Therefore, barring a real emergency, virtual meeting attendees must arrive early. Sight and Sound Think back to the days when departments had in-person meetings. Whether in an office or a conference room, attendees gathered around in their seats for a face-to-face discussion. Today, these discussions are more likely face-to-video-to-face interactions. Although questions of where the meeting will be held and
whether there are enough seats for everyone are no longer issues, virtual meetings introduce changes to how one sees and hears others.
in the aforementioned article that just because an attendee thinks they’re quiet doesn’t rule out the possibility of ambient noise.
Justin Anovick, chief product officer of digital experience platform provider Episerver, told U.S. News & World Report that a common mistake users make involves lighting. For example, setting up a computer near a window may cause problems with lighting, making it difficult for other meeting participants to see the attendee. The same can be said if the attendee sets up somewhere dark such as a basement. It is proper etiquette that individuals attend their virtual meeting in a space with adequate lighting,therefore, maintaining a form of face-to-face interaction.
“When you’re on these conferences and you’re not talking, it’s very, very helpful to put yourself on mute,” Ihlefeld said. The muffled noise of an air conditioning or heating unit, or the thumping of a washer or dryer can easily become an instant distraction.
Sound also comes into play as attendees have the option to mute themselves or even the entire meeting. Tim Ihlefeld, president and CEO of Harqen, a company that provides digital interviewing technology, said
THE INTERCONNECTION
“Even if you are working in an office setting, any background noise or conversation can be picked up and cause interference with the speakers or overshadow what is being said,” Johnson added. “Additionally, I’ve been on calls where someone is shuffling papers close to their microphone without realizing that the sound is being broadcast to the attendees.” With such distractions aside, credit professionals can lead and attend successful virtual meetings. ■
MAY/JUNE 2021 PAGE 34
The Gold Standard in Unclaimed Property Advisory Services • Audit Defense • Voluntary Disclosures • Exposure Quantification
• Annual Compliance • Policies and Procedures • General Consulting
Tpctax.com/services/unclaimed-property • (312) 588-3430 • Troy.Wangen@TPCtax.com Atlanta | Boston | Chicago | Dallas | Long Island | Los Angeles | New York City | San Jose | Tampa
NON-CREDITWORTHY CUSTOMERS DO THEIR BEST TO BLEND IN With Euler Hermes’ proactive risk monitoring and data analysis, we help you spot the unstable customers before they default.
eulerhermes.us/creditworthy
Euler Hermes is the global leader in trade credit insurance. We give companies the confidence to trade, and be paid. When the unexpected happens, our AA credit rating means we have the resources, backed by Allianz, to provide compensation to maintain your business.
THE INTERCONNECTION
MAY/JUNE 2021 PAGE 35
CERTIFIED BY CLLA ENDORSED BY IACC
WHY YOU SHOULD USE A CLLA COMMERCIAL COLLECTION CERTIFIED AGENCY Maximum dollar recovery
10 REASONS
Prompt remittance of funds Adherence to rigorous Code of Ethics Minimum Surety Bond protection Separate trust accounts Reputable collection practices Agency stability Mandatory continuing education for agency executives Audited annually by an independent third party CPA firm Endorsed by the International Association of Commercial Collectors (IACC)
Since 1975, the Commercial Law League of America (CLLA) has been certifying commercial collection agencies who have earned the right to be recognized as industry experts. CLLA certification is a voluntary, in-depth examination process that requires agencies seeking certification to meet or exceed standard financial guidelines. Look for the CLLA/IACC Certification Seal. CLLA Certified Agencies are members of the Commercial Law League of America • www.clla.org
To find a CLLA Certified Agency near you visit www.clla.org/certification THE INTERCONNECTION
MAY/JUNE 2021 PAGE 36
There is a lot to learn about how the economy will bounce back from the Coronavirus Pandemic and how it will affect the credit management industry. This fall, catch up with your fellow credit managers and industry providers at the NACM Connect Fall Conferences and the NACM Credit Congress!
Look forward to connecting with you in person!
Join Caine & Weiner at these conferences!
FALL CONFERENCES MISSOURI SEPTEMBER 15 & 16
ILLINOIS
OCTOBER 20 & 21
www.caine-weiner.com
oct 10-13, 2021
BOOTH 513
Merritt Search One of the best tools we use in the Chicagoland market is Merritt Credit Bureau. With their services we can check out a job to see if there are any mechanics liens or foreclosures. Between Merritt and our NACM Distributors Group, we can see almost everything going on in our marketplace. I heartily endorse both organizations. Norman Cowie, CCE, Director of Credit Paramont-EO, Inc.
avoid getting involved in a project that already has lawsuits with other suppliers, tax liens or mechanics liens in the chicagoland market.
YOU HAVE A NEW RESOURCE AVAILABLE! County coverage includes: Cook | DeKalb | DuPage | Grundy | Kane | Kankakee Kendall | Lake | McHenry | McLean | Peoria | Will Winnebago and more.. Cost for each search:
To request a “Merritt History” search, complete the form located on the NACM Connect website under the Services tab. Choose Merritt Search from the dropdown menu. Your request will be submitted to Merritt Credit Bureau, Inc. Results will be returned directly to you.
►
Company name (as plaintiff & defendant) search: $40
►
Owner/Member/President search: $40
($36 when requested as an additional search w/company name)
►
Job site address search: $40
►
State of Illinois UCC Search: $40
►
Copies of UCC: $2 per page
►
No information/Search fee applies: $40
For additional information, please contact Paula Slyder at 937.401.2710 or paula.slyder@nacmconnect.org THE INTERCONNECTION
MAY/JUNE 2021 PAGE 38
NACM Southwest Giveaway
$150
2021 Quarterly Giveaways
APRIL | MAY | JUNE Place a collections claim with NACM Southwest anytime during the months of April, May and June and become eligible to win a $150 HOME DEPOT gift card.
Each claim you place will be eligible for the drawings. Enter as often as you like! For information on placing claims, please contact Kelly Hall at 317.225.4281. For more information visit www.nacmconnect.org.
THE INTERCONNECTION
MAY/JUNE 2021 PAGE 39
The InterConnection
800.935.NACM
Stay Connected
The 125th Credit Congress & Expo is scheduled to be held October 10-13, 2021 in Kansas City, Missouri. We realize that times are uncertain but we also know the importance of the conference to our members and NACM as an organization. We are planning to present an amazing in-person event, as we recognize the critical need for our NACM family and friends to RE-CONNECT! With this in mind, we also understand that some people may not be willing or able to travel; therefore, we will also be presenting a unique online event June 8-10. The online conference will have a small library of recorded sessions and ongoing live programming in addition to an Expo. To learn more, visit https://creditcongress.nacm.org/.