Bree:
hey Hal thanks for coming on the show today what’s going on bre well it’s nice to have you and I appreciate you joining me in the new studio the first episode
Hal:
of season 2 power of the per it’s really exciting absolutely happy to be here well you know and I’ve been following you for a long time and you you jump out at people with some of the posts that you put on LinkedIn and you know that but you know when I first found you it was like always like this this energy of you know these companies are going to get turned into the FBI and so it was it such an attention grabber but I really started seeing the value of when you would list off the companies that would be delinquent on their accounts how that was providing such a service for local oil fill companies in the peran absolutely you know uh we thought about this we we pondered on it we said hey we know the controversy sells but we want to protect people people from getting burned by other companies and what’s the uh safe and clear liability way of doing that and we talked to the attorneys and I was like hey these are this is public information can I list the cases that we Farm out to third party attorneys and they were like you can we have some concerns let us do some uh legal analysis and they came back and said you’re good to go this is public information what happened was is that first post had 55,000 Impressions within
Bree:
5 days and at that point I was like m we may be on to something here and you really were and and you know it’s like the the brand Ryan and Jacobs it’s like you would just start seeing it you you’re seeing it at a trade show you’re seeing your post and you’re starting to see like these are companies you know or um personal testimonies were coming out like they owed us money too or the crazy thing is when you see these companies that owe all that money and then they’re still going on vacations or they’re they’re investing in new personal vehicles or just like not concerned about it at all you know it’s it’s unfortunate and I think it all comes to a cash flow problem you know everybody’s trying to manage their cash flow from the top to the bottom and when the top slows the the roll it affects everyone and then You’ got these people that they know they owe the money but they’re not actively trying to communicate you know at the end of the day we’re trying to facilitate communication what’s this problem is there a solution to it and
Hal:
can we help you right right absolutely and it’s there’s such a need for it
Bree:
because I mean a small business they will just get eaten up by invoices not getting paid or you know the 30-day 60-day and it gets pushed out so far and then you’re just you’re in a bind and then there’s no way to to really get paid because like what are you going to do and so then that’s where you guys step in but like you told me before you have a lot of different approaches that
Hal:
you can that you can take oh absolutely absolutely so we have we have the whole Gambit from credit checks all the way to lawsuits and liquidation so credit checks we offer a credit check to where we can do a deep dive on the company to find out what’s going on have they are they involved in active litigation against vendors do they have tax Lan um is the the husband and wife of the business getting a divorce these are these are data that you’re not going to get from a Dun in Brad street search these are data from boots on the ground type of people like we are not only that we use are internal systems have they been in my office what was their demeanor do they have any honest intention what is the Sol are they solution driven right so we have credit checks we offer first-party Collections and those are that’s very uh centered around the client because we don’t want to hurt any of the business relationships right so we act as an extension of the AR to where you’re not even knowing that you’re talking to Ryan and Jacobs about you are okay uh then we have third party collections which is the hey send them for collections I’m done with them but we understand that each one of these customers if not now could be revenue streams in the future I have clients that have placed them for collections done business with them again place them for collections again really and I tell them they’re they call me go how you’re not going to believe what just happened I said oh no here we go again wow it’s just wild and then uh the last but not least is the the lawsuits we actively will have a lawsuit filed um it’s very cheap to get done um all the way to judgments receiverships and liquidations but this all goes back to the original the original task that we were hired to do we try to con convince someone to agree what they Importance of Timely Debt Recovery originally agreed to with the Creditor that’s all we try to do right right and and we have certain ways of doing that um but it all comes down to communication like where did the communication fail right well you know
Bree:
one thing I think and then just this is just me being an outside perspective and seeing it so for so many years it’s a lot of ways especially in the permy and it’s business as usual you just you kind of accept it and the more we accept it the the bigger that gets where people just aren’t paying their bills and then
Hal:
you just well you know we haven’t gotten paid and and they’ll go six months and finally call you and like you told me someone could go six months trying to get paid you make one phone call you know that’s we have a psychological advantage and you know I’ve had clients call me and go hey man I cannot believe you did this in one phone call and what happens is is that once you get a third party company involved they know that the the buck stopped oh okay and it’s time to get involved right and it’s funny you say six months because those are uh past the lean rights in the state of Texas so I always tell the clients hey try to get me involved before the lean rights expire right that’s I mean if you can lean a piece of property lean a well on an operator I mean we don’t want to do that but at the end of the day if somebody hasn’t been paid we’ve got to figure out all angles of getting paid just like if you for your house uh had a contractor that ordered a bunch of uh Lumber if they didn’t pay that bill they’re going to come after you it’s just property code right so it’s funny it’s it’s just we we can get involved and you know sometimes we get in trouble for doing our job so well yeah but you know my dad was a uh criminal defense attorney and I asked him one time I said hey you know if we get involved on a case I feel kind of a certain way about charging them our fee and he said no he goes you are du your fee you did your job they paid you they hired you to get a job that they could not get done whatever the case may be you were do your feet um so yeah I’m I’m I’m all about it you know no you definitely are
Bree:
and you’re very well known for it and I think that the the boldness you your approach and the the transparency one make you very credible and trustworthy because you’re not afraid to to put it out there and to to stand up for people and do what’s right I think there’s a lot of fear in our industry that you’re going to lose those contracts that you’ve worked so hard to get those msas you’re going to lose those vendors or you’re going to lose the um the social status or the social inclusion and and so it’s like you you become so tolerable that you you’re almost desensitized it’s like well we’re just not going to get paid for that contract or just you know hopefully eventually they’ll pay us and and you get this bill racked up like they’ve got a tab and and you’re you’re NE they’re going to they’re going to slow pay you or you know like I think we talked the other day it’s like there was one um client who had that had $700,000 that was owed to him and I think that the they got a $5,000 payment and he says
Hal:
well I don’t know if I should place them for collections and I’m like you’ve already paid the the the guys on the on the site you’ve already paid the insurance you’ve already paid everything we’re months down the road and this is in New Mexico where the the lean rights are even smaller this guy’s been in my office several times it’s not going to get better and he goes just wait till I get another job going with someone else and then I’ll Place some for collections guess what he still owed that money wow and the last payment is the last payment they paid him and you know the question it comes down to you know people always ask me when should I place them for collections well I tell people when you’re not a priority what were your terms even though that you may have an MSA that says 100 or 90 hopefully not 180 days you have a business to function you’re not going to get in trouble for asking them to pay the bill you just got to be able to do it and not worry about losing the relationship if they need you they’re going to keep you I tell everybody this in in in our company you will not get what you will not ask for in life in everything you have to ask for it what are they going to say no at at least you ask for it at least try and you know it’s the if they appreciate the relationship they will keep it right you know relationships come and go you lose one you got to find another one to replace it but at the end of the day if someone is into you for six figures whether it’s three figures five figures six figures you got to get paid yeah the The Risks of Factoring business doesn’t function without it and then right we go into this other thing what happens if what happens if he was to factor those invoices oh that’s a whole different animal that factoring the problem with factoring I I have we have clients that are factor clients and I’m I’m good with factoring but what what what’s scary is when you factor a company that is unable to be factored I have a whole list I would love to share that list but I would get in lots of trouble these are unfactorable invoices but yet company a Salesman decides to call them out there you decide to do business with them they run up $100,000 let’s say a couple hundred and you factor them you’ve already lost because they’re unfactorable but you don’t know they’re unfactorable until after the fact after the factorer comes back and says hey you owe us back this money I’m going to pull from your reever reserves and instead of it being 1% it’s now 15 20 30% and you’ve lost so now you’re out the money of the 100 plus thousand of the invoice plus the amount of the factor cost it’s it’s a SC it is a very slippery slope oh yeah that and if you don’t have that kind of knowledge like I mean and most people it you know they just they see like factoring is a you know a way to get some breathing room or they’re in a desperate situation and so if they don’t have that that kind of knowledge on the front end like hey there’s some companies out there that are unfactorable but your sales rep might not tell you that and you’re going to get in this bind you’re going to get deeper than you would have been before you even started factoring absolutely we know and it’s funny we know based on the collections just to them being if they’ve ever been in my office I know if they’re factorable or not I know if and then I hear somebody just factors them and I’m like what kind of credit check are they running how are they not seeing that they are unfactorable I always say this in everything that you do you need to find a great business partner you need to find a great Factory you need to find a great collection company Ryan Jacobs you need to find great Bank you got to find great people around you and that’s kind of one of the reasons why we went into business there are bad players in this industry just as there are in the oil and gas industry there are players that are out there to not pay people right there are a ton of players in the industry and that’s why Ryan and Jacobs was started Liz my business partner genius level marketing and operations uh we used to work at this other company and we thought hey we can do this better we can breathe a breath of fresh FR air into the industry we can operate with transparency in everything that we do we open up our books to our clients not many people do that I want you to see exactly what’s going on I give them a login a portal um we turn around and have payments sent back to them within seven days via a or or however you want to be paid yeah it’s a turnkey process and what happens is that has allowed us to scale to uh crazy you know crazy scaling that we’re very happy with it’s getting to be it’s getting to be a monster in a good way and uh I’m here for the ride right no absolutely and I mean your your energy is is
Bree:
contagious and I think that you know people appreciate seeing your transparency and of course you know we all know that when we see a post by you and it has a list of the company’s filing bankruptcy or the exact amount of money that they owe and I I found it interesting because you have listed off a couple of companies that I’ve worked for in the past and it’s so valid
Hal:
for me because I’m like those companies knew what they were doing 5 years ago when I worked there they knew that they were overextending their credit they knew that they weren’t paying their vendors they weren’t paying their people right and they knew eventually that bankruptcy was going to be the answer they never took proactive steps to of any type of corrective action they instead invested in themselves and vacations and luxury cars and and things of that nature and you know meanwhile they are doing the same business that a reputable good company is doing they’re getting the same contracts from this everybody’s got the same msas like why are they able to get this business and then this company over here that’s doing everything right that’s paying their
Bree:
bills are suffering and that that’s their competition that’s not a competitor but like you said people will go into the oil and gas industry knowing they have no intention of doing good business they have no intention of surviving that long they’re going to get in in a boom and they’ll file bankruptcy before the bust and they walk away with I mean they have no Integrity I mean if you have integrity you wouldn’t want to do that that’s not what you’re in it for but if you start with that mindset like you aren’t ever going to be someone that is worthwhile to do any kind of business with you know it’s scary that I think about where at what point could that be stopped right and how far after the company was already circling the drain you know five years ago and I know which one we’re talking about right five years ago and yet they’re still going on vacations to Tulum and yada y yada right and at one point you have to can you imagine as a Salesman for that company yeah what kind of mindset that you have to operate under knowing that you’re the vendor is not going to get paid you still got to sell it but you’re still going to be paid your commission right oh my goodness you you take that home with you you function that with you you take that to your family that mindset The Emotional Journey of Sobriety
Hal:
and you know I’m real big on that I believe that uh you you can level up change you know this is a version of how that I’m I’m happy with right now but in a year I want to be I want to change and that’s kind of I’ve been on a seven-year Journey right seven-year journey of recovery I’m been sober for seven years and it is the best decision I ever made I’m going to get emotional uh it’s the best decision I ever made getting sober um it has changed my life in more ways than one I’m a I’m a friend of Bill one day at a time right I have found that um I gave myself this kind of marker that says hey whatever I’m going through if I can say that alcohol or drugs can fix that then I can go use and guess what not once have I is it ever going to happen it’s never going to fix the problem it’s only going to train wreck everything and burn everything to the ground right but going back to it you you know these companies you know what is their intention and how long do they you know I wish I knew how many companies right now were on the verge of bankruptcy I kind of have a pretty good idea right because just to really know that exact number absolutely
Bree:
I think we have $10 million in lawsuits out right now um and the unfortunate problem is that maybe 30% of them get paid and you got to look at on the flip side of that think about you know those companies that did all that what about the the the smaller companies that you know have you know less than 10 people and are trying to operate and that was the big part of their revenue and now you’re not paying them and it just it trickles down it’s it’s it comes to you know managing a business you know I got a guy that we’re going after right now for a little over two million and he flat out said he goes look I came from the field I didn’t come from finance and I appreciate him telling me that because that’s like that’s more of
Hal:
a humanistic approach going hey I’m I’m glad you told me that it lets me kind of understand what we need to take can we find a solution with this I don’t want to have you sue man I don’t want to put you out of business I don’t want to ruin your MSA with the big guys you know we’re always solution based trying to find a solution for all the problems and
Bree:
I think that you know with some people the like you said the vulnerability of him admitting that and it’s really just the admission of like you don’t know that part of of running a business and you now you’ve gotten yourself in this financial bind and you’d like to get out of it but to be able to work towards the solution most people want to avoid the problem especially when it comes to money because if you don’t have the money or even when like the company that we referring to even when they would receive you know a a big payment or they they would they would be um you know financially uh Stronger they would use it for the wrong things and and there was that that greed and that hoarding and that sense of un the unwillingness to do what was right right the unwillingness to pay their bills to pay their debts is ultimately you know has led to their demise which we all saw it coming we knew that it would happen but it’s a cancer in our industry that there are so many players that are like that
Hal:
but if you know we have more of that transparent conversation of this is solution based we have to fix the problem this is part of running a business you need to pay your debts you need to take responsibility and take the necessary steps moving in the right direction we can really do a lot to turn the industry around absolutely you know it comes down to who are they focused on are they focused on themselves are they focused on their customers and their clients we operate focused on on clients we’re client focused which is why I want we want long-term relationships I don’t want the one and done I want some I want to be the guy that you call now six Importance of Financial Integrity
Bree:
months from now two years from now that’s how I think that a lot of these companies start but then the money gets involved and they’re like you know everybody wants to be a jru but everybody don’t want to pay their bills right I get it you want to be this big big shot perm and you want to be a spa you want to do this you want to be up at the Mojo Stadium do all this right right I get that man but you got to do business right you got to do it right
Hal:
you know and it’s crazy that we operate with imagine this you collect money you pay your clients you get more accounts to collect what a what a concept wow that’s how we started and that’s it’s the same no matter what you’re doing no matter if you’re selling Widgets or you know Frack pumps yeah it’s the same concept same concept pay the bills that are owed and protect yourself for protect yourself from getting burned ask references just because this slick salesman is convincing you to do business with them do some references I have so many clients right now that frustrates me to know in they’re doing you know well you know we’re doing 60 70 million a year okay what kind of credit application do you have well we don’t what you’re telling me you’re going on base on this guy that well I went to high school with him and you know my my uncle knows a sister right and granted I still have clients that literally will write an invoice for $75,000 no company man stamp no nothing you just go hey here you go turn this in and I’m like it literally is on a piece of paper that says whale heads wow it’s wild I believe that I don’t have a I don’t have a lease location I don’t even know who the operator is you know we got to and that’s how things were done back in the 70s 80s right maybe even the 90s but we’re getting to be a techn technologically driven world yeah right so everything has to function around by that you have to adapt you do and grow absolutely well you know and the thing about all of that these advances that we have in technology is it’s holding people more accountable absolutely it’s not it’s no longer the the handshake and you know we we’re going to owe our cousin and see him at Christmas and we’re six months delinquent but nobody’s going to say anything because nobody wants to ruffle any feathers it’s like we really have to hold each other to a higher standard because it’s not like that anymore and it it’s it’s not working and you know you see these companies and like you said you know they’ll they’ll file bankruptcy and walk away and then all these vendors aren’t getting paid and they’re suffering and and so who who is supposed to struggle here the person that on good faith gave them the business and now they’re out this money or the ones that had no Integrity to begin with and they’re just going to walk away no punishment and just go down the road and start another business I mean I’ve seen so many companies do that as well you can so how how is that okay how do how do people do that it all comes to integrity and you know if you do a you know quick Google search and find out that this person has ran three companies in the last five years you may not want to do business with them because successful entrepreneurs don’t have to change job titles every two years yes you know we’ll keep it 100 on that uh you’ve been the CEO of four different companies but you know but you know it’s so there’s so many smoking mirrors out there like that where it’s just like somebody sees their title and we’re impressed and I’m like look beyond that title anybody could type that out yeah show show me that you’re managing a group of people on a daily basis where you’re basically managing an adult daycare right then I know you’re then I know you’ve gained that title not because you and uh your buddy or in a truck going to a wellsite right yeah and you guys decided to give yourselves these you’re the you’re the president I’m the vice president and that’s it and that there’s so many people that are are fooled by that because you want the business you don’t understand the industry this is especially true with oil and gas because there’s so many that can come in do something in a hurry and get out and not be the wiser they can change their name they can change their title they can slap a new company logo on the side of their truck and all of a sudden
Bree:
everybody’s congratulating them on this new Venture they’re on but if like you said you peel back the curtain you go on Google or you call how and say how I want to do a credit check on these guys you can just uh deduce quickly that hey they’re not reputable it’s all just on the front end and you mean you can make
Hal:
anything look good oh absolutely I had a client call me uh I’ve been going after this guy for a while he owes several Importance of Credit Checks million dollars and finally I gave it up Let It Go did what I needed to do to make sure that he was held accountable but I had a client called me and go hey what do you think I this is new guy I’m thinking about doing like half a million dollars in business with him and I was like I wouldn’t giv him I wouldn’t give him a Jack In The Box taco he’s like what do you mean I was like run away shut the shut the deal down right now oh wow me back a week later and he goes man you just saved me what that what does that cost what does that cost me he said it doesn’t cost me anything give me some business when you got it you know people ask us why do you do the credit checks and we have a a subscription based fee now because we were just getting I mean just of week right and uh I’d rather save you money on the front end then watch you get burned on the back in yeah right I know look you’re already a client we’re doing business I’m not going to just do business with somebody just for credit checks I I want to collect some business right give me you know and and you know it’s it’s you got to protect yourself and always possible and I’m as this thing grows that we’ve created you know it’s going to evolve and get better and better and better and you know we change processes all the time everybody loves change at the office yeah I tell everybody to you know I used to have people preach this to me you gotta you gotta be adaptable to change no I don’t but you do you know we understand the processes from looking down at the organization and what can make us better and what what can make us you know make decisions quicker well you know and the thing is about change is you go through different experiences with different clients and
Bree:
customers and you learn things and you’ll learn what worked and what didn’t what could be better and I think that you know one with you doing the the credit credit checks as as a courtesy like you said like in the beginning you know one or two you know that’s building that relationship and it is allowing you to also build your reputation because they’re going to tell their buddy or their business partners like hey you know this is this is who you need to call when you’re having these these Financial issues with you collecting and so that that’s huge right there that’s definitely working but then as you go further in and you get in these deeper situations it’s like you are going to get into very unique situations everybody has got you know some and like you said it’s emotional it’s psychological you’re dealing with money and people don’t want to admit their financial problems they don’t want to talk about it and like you said it’s you you have an approach that you can get paid today whereas it may take your client six months and so then you you deal with that and so as you guys grow and evolve and you come in deeper in the industry you’re crossing over your other Industries you’re getting all of that wisdom and so being able to give a little bit of that to your clients and
Hal:
and show people show people what you’re capable of then you’re not having to sell anything absolutely uh you know it’s crazy um a big part of our business is referrals you know we’ll we’ll work some magic and collect on a big account that they had no idea that they could even collect on right so far outside of lean R you couldn’t lean anything but we end up getting it resolved and what happened was I’ll get three four phone calls about it going hey did you collect on this like yeah we did hey I need you to do this this this and this and it’s a referral chain what happens is the guy gets paid and he goes man they just paid me I just got paid repl it 30 days ago and I just got paid 150,000 and what happens is we’ll get into and and then what happens is is that I build a rapport with the customer that owes the money right let’s say they’re an operator right I got to have a rapport with them to get my clients paid I cannot be adversarial with them unless they are they just don’t want to pay it’s okay fine then we’ll let the judge decide right I’ll let you I’ll make you spend money on an attorney but let’s figure out a solution what happens is you know we reach across the aisle and we M we start making these business relationships where I can make somebody calls from my office they know it’s Ryan and Jacobs if house calling they know uh oh we have a problem and we find a solution right you know there’s a solution to be had things that I can’t help with are bankruptcies and out of business but anything else we can help well that’s yeah there’s there’s a lot of there’s a lot that builds up to that
Bree:
point where you can step in and solve the problem and I think having that Solutions based that positive energy of Building Trust in Financial Resolutions wanting to help both sides come to the resolution I mean I think that you know like you said you’re building trust with with both types of clients because then you’ve got the um the emotional investment the the anger the resentment the avoidance like there’s so many different uh emotions going on here and reactions like the way people are when it comes to their finances so when you can be that Center Point and you can connect the two and you have such a transparent process it’s you know being able to to log in the portal and see what’s going on like that is going to let those walls come down as well so I mean the way that you guys have developed your system is is very unique but it’s it’s refreshing because you think Collections and it’s just this this image of a third- party telemarketer calling non-stop demanding money threatening you I mean whatever happens in that that type of circumstance but when you’re calling or you’re getting to know people you know the platform of LinkedIn that’s a business platform so you’ve inserted yourself on LinkedIn and you know you are the expert when it comes to recovering finances you are very honest
Hal:
and straightforward with these are the companies that are currently listed that have now gone bankrupt and we can all look at that and gain the knowledge and but when you make your FBI post we also know that how can be very serious man that one got me man it was uh you know a problem where you know we get to see Trends you know it’s all about data and Trends and if I see that you’ve changed you know six or seven companies in the last three years and I’m watching people just get burned between millions and millions and millions of dollars and I there’s no attorney and the perum that will even take a case against them wow I’m like okay well at this point this looks like fraud I’m going to turn it over to these guys those three-letter word guys and see if they can take a look at this and what happens is I developed a rapport with them okay I started developing a rapport and every time that I feel that there’s a problem I turn it over and go hey look this looks like I I’m not the expert on fraud you are take a look at this and I have no problem taking getting a look at it because at the end of the day if someone intention willfully hired someone to do work and made no intention on ever paying them completely runs straight to default that’s got to be looked at right yeah especially when it’s in the six figure especially when that company that did the work trying to get paid can’t pay their health care because you didn’t pay them because you had no intention of paying them oh that gets me going big time I’m sure it does what happens is like these companies mom and pop companies are are falter faltering because of a guy that just they’re just trying to build the revenue up to stay in business next year mhm it’s crazy it really is and and I agree because there is there is a lot of that like there’s so many different types of of businesses and personalities uh in the peran you know you’ve got people that are you know family you know husband and wife Duo running the business together you you’ve got CEOs that you know come from these you know Fortune 500 companies helping start startups and others that are Grassroots built it from the ground up and they want to help people I mean you’ve got a lot of Integrity but then you’ve got the flip side to that you’ve got ones that are not responsible with their finances that are corrupt that are uh knowingly committing fraud and having no intention of doing good business and so you to be able to kind of go through those different
Bree:
types of relationships like you said you have the Rapport you also have a way of handling those cases where you know that this is very intentional this is ill will and so with an ill will type situation there are certain steps that you’re going to take as well it’s there are certain companies out there that will run up a vendor Bill no intention on paying them wait until legal action or an agency is involved to settle the debt knowingly do it they’ve done it a lot yeah I’ve worked for a couple of those companies how do you protect people it’s you know and the thing is it’s like then everyone there’s so many people that get burned in that process because you got your sales rep that’s that’s calling the vendor and and setting it up and you know able to buy the material because you they’ve built this relationship together and it then once it gets to that point those relationships are damaged and burned and the people that were you know counting on those inv invoices getting paid are are burned and but then you’ve got the Identifying Red Flags in Business person that from the very beginning lying to your face knowing that they have no intention of paying this vendor and they’re going to say anything to get the business to get the MSA to to to be able to to get the material and like make all of these promises but they know what what they’re going to do they’re going to leave town they’re going to you know file bankruptcy they’re going to go work for another company they’re going to do whatever they have to do to save their own ass and and get away from the
Hal:
situation it’s like light it on fire and leave it to burn I always tell people red flag is if you’re getting solicited to do business with them if it’s a new salesman new salesman who has not a lot of Rapport at the business you know let’s say they’re three to six months been there and they’re trying to get you to do this job okay red flags number one what ask yourself why are they calling you right there’s a bunch of people that can do routs why are they calling you there’s a bunch of people that do equipment rental why are they calling you not the bigger guys right there’s a reason they’re calling you because they’ve B probably burn the other guys their credit’s no longer good there so I tell people to be very aware of that because some people are like oh my gosh we’re getting to do this Frack job we’re going to make all this money no you’re not they’re not going to pay you they’re going to give you a payment up front maybe not even that or a pay or a 30-day payment and then after that run it till it’s 30 60 901 120 180 push you pass lean rights and at that point what are you going to do you’re going to call Hal and I’m going to go you should have done the credit reference check you should have now we’re now we’re going full full collections on them yeah and then that company’s strained because they need that money and they’ve gone through all that emotional turmoil waiting all that time to get paid and then they’re you know they’re they’re calling you know and then oh my gosh it’s that whole process of yeah yeah we’re going to pay you we’re going to send you a check we got it coming and then then there’s the relief then a week goes by you still don’t receive the check and you go through that process again now they’re saying something else we’ve been out of town we’ve had a we’ve had all these internal issues we’re sorry oh we had to let this person go and you know we’re we’re going to get that payment to you and so you go through this emotional roller coaster and then you’re so devastated by the time they’re calling you or they’re in a situation where that they don’t even know to call you they don’t even know what to do because we’re so uneducated on some of these practices because you don’t know until you get into that situation and so really being able to be proactive here like you and I are just being able to discuss it and kind of talk it out and what people can do the steps to take to prevent them to protect themselves to prevent this from
Bree:
happening is upfront like you said look at how long the sales rep has been in their position why did this job come so easily to you do the credit check ask
Hal:
around you know like are they reputable in the first place like dud there’s a lot that we can do on the front end to protect ourselves but when you start getting into that gray area and the vulnerability of well I don’t want to push getting a payment because I don’t want to lose the business when they’re already defaulted when they’re all you know and it’s like well you’re not really it’s like the idea of getting paid like you know that like there’s it’s dangling the carrot absolutely you know they’re dangling the carrot like well they owe you $100,000 and they’re promising to pay you so you don’t want to rock that boat because you don’t want to lose your 100 Grand but really keeping it real you were never going to get it in the first place yeah and then they call me and they go well you know what about the future business okay well right now we we don’t even we need to focus on getting you paid right um everybody you know it’s when should I place them for collections right I tell people to look at your AR how many of them are past your terms well we got a big 1 to 30 30 31 to 60 what’s past 90s s what past 90 send it all to me and what happens is me and lizzle uh we’ll fly anywhere to go see somebody I’m we’re all about relationship building I want to shake the hand of the people that we’re doing business business with which is why six and a half years ago when I started going out into the peran I was out there 40 or 52 weeks out of that year wow shaking hands kissing babies doing the you know running you know but building a brand in a relationship and and our our brand is is Effective Strategies for Debt Collection one of the biggest things go look at our our ratings our ratings are phenomenal collection agencies don’t have ratings like that why because we’re doing it right right you know it’s we can go out to a business and they’ll turn their entire AO over to us past a certain time and that’s what I wish more people did because you’re holding on to these guys for emotional reasons for take the emotions out of it take the emotions out of it do they owe you money okay then we’ll go we’ll go try to collect it that’s the best that we can do yeah once they take that emotional you know part out of it it’s it’s we get past it we can move on we just had a settlement for a client and the client was like Hey I’m not taking the settlement he owes me this money I like I all that he has nine judgments against him right now okay I’m happy to get you a judgment what’s that going to what’s that going to get you it’s going to get you a piece of paper and you can do what you will with it right we can try to go after ass we can try to go after bank accounts but this guy changes bank accounts like I change shirts right and that could be 18 months two years down the road this is what we can do right now can we get it done and they’re like get it done yeah and I’m like I can take you I can take you on a steak dinner for this I can’t take you anything on that on Pro hopefully that we get some money now yeah right they’re already in the store buying the product it’s time to get the sale done yeah absolutely you
Bree:
know I think like being able to cut your losses and say you know what this is this is where we can just move forward you don’t drag it out don’t don’t hold on to empty promises or you know hoping that you’re going to get what you were owed because you’re either going to get what you can now which is is phenomenal because it’s either that or nothing it’s the the idea of something that people are holding on to and it’s it’s something that it’s you know everybody struggles with as business owners and you know doing any kind of business in the peran you know in the oil field any industry but you know especially the peran because it’s such a Melting Pot people come from all over and so you don’t know a lot of times who you’re doing business with or it’s the other side that it’s your you know buddy and your you know went to high school together you guys used to play football together whatever the the association is and so you don’t want to rock the boat but having you come in having Ryan and Jacobs come in to be that mediator to be that that connector you can keep a lot of those relationships intact and build more business and and build um help people rebuild their businesses some people you know ask me going hey how can we make sure that we don’t rock the boat because if I place them for collections
Hal:
I’m going to lose the business okay we got first party for that we call us you well how does that work well your accountant your CFO all your your people in your office they get paid whether they collect or not correct okay we don’t we got to get it collected so we got we we’ve got a lot more we can handle it with with professionalism intact keeping your business be keeping your the business relationship intact but letting us go after it a different way we just have a approach that’s different well how can you do it then because we’re not getting paid till we get paid right we’re going to find the right people you know it’s all about talking to the right person so many people are like well they owe me you know this much money and I’ve been talking to this company man well that company man does not sign the checks right I had a guy one time go we were working under someone else’s MSA for a big Energy company um so they were third party under someone else’s MSA the rig had closed a year ago rig had moved years ago years ago and the location had been hit by a tornado and I contacted the operator and I contacted the uh sub and they’re like hey we cannot go and get these Company Men to sign all this Ms Company Men assign one of these invoices they they’re already moved and moved on it it’s going to take months and I was like no it’s not and we convinced them and with one little button they had all of those invo is signed within one day and that at that point I knew things could be done that they’re saying can’t be done you can get a W9 and set up as a vendor in one day for a big company if you find the right person you don’t have to wait 30 60 90 well let me get you set up in the accounting no no no you talking to the right person they’re like okay let me get you out of my life
Bree:
that’s awesome very cool well that I think that it’s a service that so many people in the peran can benefit from and I really enjoy hearing a lot about what you guys are doing at Ryan and Jacobs and you are doing amazing things and I appreciate you coming on today and talking all about it Hal awesome I appreciate it Breezy you bet thanks and thanks everyone for watching power of the peran we’ll see you next time
