The InterConnection VOLUME 5
ISSUE 1
JANUARY/FEBRUARY 2017
How Does NACM Connect Stay Relevant? With Leaders Like You! A familiar cover story for the first edition of the InterConnection for 2017. But there is nothing more important that we do this time of year than put together our leadership team for the next few years. Not only are we welcoming back all the many volunteers serving on the governing Board of Directors, Advisory Boards and numerous committees whose terms have not yet ended, we are all, present volunteers included, hoping to see some members that have not been active in governance present themselves this year. Our experienced volunteer leaders bring a wealth of knowledge and ideas to the Association and a track history in involvement helps; but, there is always room for fresh faces and fresh ideas as well. You will find in this issue of the newsletter the nomination form for the various volunteer positions for fiscal year 2017-2018, which runs from April 1 through March 31. It is a simple form and self-nominations are always welcome. And we warmly welcome nominations from our membership in all eight states. Simply fill it out and email it to Lillian Novak at lillian.novak@ nacmconnect.org. We are seeking four candidates for first year directors of the governing board. Board terms are three years, so those inducted as first year directors as of April 1, 2017
would serve until March 31, 2020. Also, as Larry O’Brien, CCE, C I C P, o u r current Chair moves on to the Councilor position and the annual shift occurs at the officer level, we will also be seeking a volunteer to step into the Treasurer ’s role; one that typically leads to the Chairman position.
TO RUN FOR THE OF D IRECTORS OR V OLUNTEER FOR A C OMMITTEE
B OARD
Nominations for the Board will be accepted through January 31. In early February Summary of Information forms will be sent to the candidates. These forms contain information on the candidates past history with the Association as a member, volunteer, designee, etc. both on the local and National level. The forms are due back to the Association in one week after which
time the Nominating Committee receives the forms for review in preparation of the Nominating Committee meeting which will be held in late February. The Nominating Committee, made up of the two most recent past chairs, two sitting Board members and three or four membersat-large then evaluate the information forms and put forth a slate of candidates to the membership. The slate can be protested, and those rules will be published with the slate.
In order to qualify for a volunteer position on the Board of Directors or one of the Advisory Boards, you must hold an NACM Connect membership in your name. Volunteers at the committee level must be employed by a member company. Preferred partners, professional members, student members Continued on Page 4
Emerging Leaders Program Prepares for Year Two The NACM Connect Emerging Leaders Program is about to go into year two, and we are seeking additional candidates for the program. We will be accepting nominations until January 15, 2017, and we will be opening up the program on a limited basis to members outside of the Chicago area. Criteria for the program include full backing by the candidate’s company to fully participate in Association events, candidates must be 35 years old or younger, and currently working in the
credit field. We are looking to these leaders to help us develop the leadership of the Association going into the future. They
must be willing to help us by serving on the Emerging Leaders Committee and by recruiting other young credit professionals to become members of the Association. A full explanation of the program and an outline of its benefits are included on the nomination form on page six of this newsletter. If you have any questions, please feel free to contact Susan Rooney at susan.rooney@nacmconnect.org. ■
2015-2016
Board of Directors
Chairperson Lawrence O'Brien, CCE, ICCE Potash Corporation Vice Chairperson John Fahey, CCE Edward Don & Company Treasurer Kurt Albright Uline, Inc. Directors—Terms Ending 2017 Larry Durrant, MBA, CCE, ICCE UPM Kymmene, Inc. Brent Heizelman Mid-Kansas Cooperative Association Deborah Kelly, CCE Knaack Manufacturing Company Dawn Wallace Cook, CCE Newton Manufacturing Company Directors—Terms Ending 2018 Ed Cohen, MBA OMRON Automation Americas Larry Grogan, CCE BP Products North America Larry Lipschutz, CCE, CICP French Gerleman Patrick Nelson, MBA ACCO Erica White, CCE Ferguson Enterprises Directors—Terms Ending 2019 Rob Hanus Carhartt, Inc. Mike Hill, CCE Mitek USA, Inc. David Sperduto, CCE VP Supply Corp. Rich Weiss, CBA Jaeckle Distributors
In This Issue Upcoming Events
Features Leaders Like You Keep NACM Connect Relevant
1
C&W Giveaway Winners
30
Year Two of Emerging Leaders Program
1
Gateway Region Award Nomination
31
2017 Institute of Credit Class Schedules
3
Webinar - Deep Dive into Ratios
32
Scholarship Applications Thru March 1
4
Webinar - Credit Card Surcharging
33
Central Region Conference Photos
5
2017 Scholarship Application
34
Collections/Communications Seminar
36
Elite Membership Nomination Form
6
Exam Review Class Schedule
37
Six Ways Credit Reporting Agencies Can Help Protect Existing Revenue
7
Institute of Credit Class Schedule
38
Illinois Construction Stuff and Stuff
9
Ohio - Business Credit Principles
39
NACM Gateway Hosts Open House
10
Great Lakes Credit Class Schedule
40
Ad Media Credit Group Celebrates Holiday
11
Indiana - Financial Statement Analysis I
41
Congrats to our New Designees
11
Roundtable - The Search for the Perfect Credit Application
42
Collections Giveaway Winners
13
Ohio - Basic Financial Accounting
43
Electrical Distributors Credit Group Celebrates Holiday
15
Indiana - Advanced Collection and Negotiation Skills Seminar
44
Wisconsin Roundtable Photo Gallery
16
45
Dissecting the Website
17
Roundtable - Credit Reporting Issues and Challenges Missouri - Business Credit Principles
46
New Members & Representatives
18
Analysis of the Statement of Cash Flows
19
Board & Committee Nomination Form
20
Credit Career Corner
23
Credit Group Meeting Calendars
24
Event Calendar
27
Credit Executive of the Year Nomination
29
President Phillip J. Lattanzio, CCE NACM/Chicago-Midwest Secretary Kerry Jensen, CPA NACM/Chicago-Midwest Councilor Chris Alix, ICCE The Chamberlain Group
Editorial Staff
Editor Susan Rooney Senior Marketing Administrator Associate Editors Lillian Novak, CGA V.P. of Education and Marketing Margaret Krafft Marketing Coordinator
THE INTERCONNECTION
NACM Connect Mission Statement
To provide a forum to its members within the credit profession for education, networking and business resources.
Vision Statement
Striving to have the most comprehensive and leading NACM affiliate serving the commercial credit profession by consistently exceeding the members’ expectations.
Value Statement
We are committed to the highest ethical standards and recognize that our Association must take a leadership role in our profession. Through our integrity and dedication we will earn the respect of our members as we know that our success as an Association depends on their trust in us. By creating strong relationships we will attain the loyalty of our members and alliance partners. We continuously seek to build an environment for learning to enhance the knowledge and expertise of our members.
The InterConnection newsletter is published bimonthly by NACM Connect, a not-for-profit Association affiliated with the National Association of Credit Management. For membership information, visit our website at www.nacmconnect.org, call 800.935.NACM or fax us at 847.253.6685. NACM Connect Headquarters is located at 3005 Tollview Drive, Rolling Meadows, IL 60008. JANUARY/FEBRUARY 2017
PAGE 2
Education Digest
Institue of Credit (IOC) 2017 Winter Schedule - Register Now Start the process of earning your professional designation and register today for the NACM Connect Institute of Credit (IOC) Quarter that begins in January of 2017. If you would
like more information, please contact the NACM Connect Education Department at 800.935.6226 or email Lillian Novak at lillian.novak@nacmconnect.org.
CBA (Credit Business Associate) Course Schedule
Each of these courses fulfills one of the CBA certification requirements.
Basic Financial Accounting
Thu & Sat, 1/7-3/16
Columbus, OH
Basic Financial Accounting
Thursdays, 1/5 - 3/9
Rolling Meadows, IL
Financial Statement Analysis I
Mondays, 1/16 - 3/20
Elkhart, IN
Business Credit Principles
Thursdays, 2/2 - 4/6
St. Louis, MO
Business Credit Principles
Mondays, 3/13 - 5/15
Rolling Meadows, IL
Financial Statement Analysis I Thursdays, 3/16 - 5/18 Rolling Meadows, IL
CBF (Credit Business Fellow) Course Schedule Mondays, 3/13 - 5/15
Rolling Meadows, IL
Institue of Credit (IOC) CBA and CBF class times are usually in the evenings. Please refer to the specific class registration form in this issue for more details on instructors, locations, fees and times.
2016 Exam Review Class Schedule (Exam Dates are Below) All Exam Reviews can be done via Teleconference.
Review Date
CBA
Monday, February 13
CBF
Monday, February 6
CCE
Tuesday, February 7
April 12 – Maryland Heights, MO
April 25 – Indianpolis, IN May 11 – Columbus, OH May 18 – La Vista, NE
Exam Review Classes Review Class
April 6 – Buffalo, NY
April 20 – Rolling Meadows, IL
Each of these courses fulfills one of the CBF certification requirements.
Business Law
2017 NACM Connect Annual Meetings
May 24 – Pewaukee, WI
Save the Dates!!
Exam Dates and Paperwork Deadlines Application and Paperwork Deadlines
Exam Dates
Monday, January 9, 2017
Monday, March 6, 2017
Monday, April 17, 2017
Sunday, June 11, 2017 (Credit Congress)
Monday, May 29, 2017
Monday, July 24, 2017
Monday, September 11, 2017
Monday, November 6, 2017
Web Seminar Schedule NACM Connect is now offering web seminars as part of our education and training initiative.
Webinar Topic
Date
Page
Deep Dive into Ratios
Jan 18
32
Credit Card Surcharge Rules and Fee Reductions – will you change the way you do business?
Feb 15
33
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JANUARY/FEBRUARY 2017 PAGE 3
News
How Does NACM Connect Stay Relevant? With Leaders Like You! (cont'd) Continued from page 1 and transitional members may not run for a Board position. The Board of Directors meets quarterly and Board members should be in attendance at each meeting. They are also assigned to various committees. Those in their third year are often assigned to executive level committees, such as the Executive Committee, Audit Committee, Finance Committee, etc. Second and first year board members are asked to serve as Chair and Vice Chair of the various departmental committees. Some committees meet via teleconference on a quarterly basis. Working committees, including some of our Education and Conference Committees, may meet in
person on an as-needed basis. The Advisory Boards’ time commitment also varies. In most cases the Advisory Boards meet via tri-annual conference call, as do the regional committees. There are a few exceptions to this rule-of-thumb, such as the NACM Gateway and NACM Midwest Education/Conference Committees. The members of the Wisconsin, Nebraska and Upstate New York Advisory Board also serve as the Education Committees for those regions. Finally and of high importance, those members running for a Board or Committee position should make sure they have the time and financial commitment from their
company to be not only at their meetings, but in attendance at the Association’s important events such as Annual Meetings, Conferences and social events. In order to be in a leadership position with NACM Connect, you really do have to connect with the members so that you can represent them to the best of your ability. Board members from outside the Chicago area are given a stipend of $250 per Board meeting for travel to Rolling Meadows. NACM Connect is the largest and one of the most successful affiliates in the NACM system. It is because of our membership, and especially our volunteer leaders, that we have achieved that success. Stop standing on the sidelines and get involved! ■
Scholarship Applications Being Accepted Through March 1, 2017 This edition (see pages 34-35) of The InterConnection includes an application for the 2017 Robert L. Vodraska Scholarship Foundation awards. We encourage members to start thinking now about any educational opportunities you would like to apply for. The form is also be available for
download on all the NACM Connect affiliate websites. Applications will be accepted from January 1 – March 1, 2017. The recipients will be announced at the NACM Midwest 2017 Annual Meeting on April 20. Winners from outside the Chicago area will be notified by phone and email on April 21. All members are welcome to apply for scholarships. If you are awarded with a scholarship the funds can be used towards these NACM Connect educational events:
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• All NACM Connect Regional Credit Conferences • All NACM Connect Regional Annual Meetings • Seminars in any of the NACM Connect Regions • Credit 101, 102 or 103 • Business Credit Principles • Basic Financial Accounting • Financial Statement Analysis I • Business Law • Credit Law • Review Classes / Testing Fees for NACM Designations If you have any questions, please contact Lillian Novak at 847.483.6478 or email lillian.novak@nacmconnect.org.■
JANUARY/FEBRUARY 2017
PAGE 4
NACM Great Lakes Region
NACM Central Region Credit Conference
NOVEMBER 9 & 10
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JANUARY/FEBRUARY 2017 PAGE 5
NACM Connect
2017 Elite Membership Nomination Form NACM Connect has a long-term interest in engaging more young people in the Association. To that end, this pilot program called, “The Elite Membership”, will honor six outstanding and exceptional young Credit Professionals per year. For the fiscal year from April 1, 2017 – March 31, 2018 only member companies in the greater Chicago area are eligible for this pilot program.Candidates must be 35-years-old and younger, and be employed by NACM Connect member companies in good standing. This program will recognize these young Credit Professionals for their service, talent and outstanding commitment. If you have a team member or co-worker that you think deserves extra recognition for their standout qualities, traits and characteristics, please take a few moments to complete this nomination form. Nominations will be accepted until January 15, 2017. Nominations will be reviewed by the Emerging Leaders Committee and winners will be notified no later than February 28, 2018. Candidates selected for one-year of Elite Membership beginning April 1, 2017 will receive: •
Free membership in NACM Connect as an Elite Member for one year.
•
Free admission to all NACM Connect educational programs including classes, seminars, webinars, the Annual Meeting and the fall Credit Conference.
•
Free admission to all NACM social events, including Golf outings, boat cruises, etc.
•
Elite Members will be appointed to the Social Media Committee.
•
Free admission to other special social/networking events planned for the Elite Membership group and geared for them and their peers.
•
Invitations to dinners and networking with key NACM Connect Board members.
•
Elite Members will receive extra recognition and introduction at all events, and will be featured in the NACM Connect publication, The InterConnection.
•
Would be required to attend educational sessions at both the Annual Meeting and Credit Conference.
Nominee Name_____________________________________________________________________________________ Title or Position in Company___________________________________________________________________________ Member Company __________________________________________________________________________________ Nominee Email________________________________________________ Nominee Phone________________________ I am making the above nomination for Elite Membership for the following reasons: (attach additional pages if needed.) _________________________________________________________________________________________________ _________________________________________________________________________________________________ _________________________________________________________________________________________________
Nominations (including nominee’s resume) should be submitted on or before January 15, 2017, to Lillian Novak by mail (address below), by fax 847.253.6241 or email lillian.novak@nacmconnect.org. Nominated by______________________________________________________________________________________ Nominator Email_____________________________________________ Nominator Phone________________________ The above-nominated candidate for the Elite Membership Program has the full backing of his/her supervisor or manager and the company, and will be allowed to attend Association events, meetings, etc. that may take them away from their regularly scheduled work hours. Signature of Supervisor or Manager____________________________________________________________________ Members will be notified by the Emerging Leaders Committee no later than February 28, 2017. Self-nominations are not allowed. NACM Connect 3005 Tollview Drive, Rolling Meadows, IL 60008 P: 847.483.6400 . F: 847.253.6685 www.nacmconnect.org
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NACM MIDWEST Illinois
Nebraska
Wisconsin
NATIONAL ASSOCIATION OF CREDIT MANAGEMENT An NACM Connect Company
JANUARY/FEBRUARY 2017
PAGE 6
News
6 Ways Credit Reporting Agencies Can Help Protect Existing Revenue By Nick Pokrifcak
Credit reporting agencies compile, manage and report credit information on consumers and businesses. NACM Connect works with the top reporting agencies, and we make it easier for our members to obtain these reports. By working with your Credit Consultant, we can show you how to get reports at a favorable rate with top notch customer service.
marketing pipeline fast. The credit agencies can also clean up your existing customer and prospect lists by matching and deducing relevant information. Given the continual rate of business change, you need an up-to-date source of business leads and information to drive your business.
set automatic emails when accounts meet certain criteria, such as becoming 120 days delinquent with any of their venders. This gives you the ability to be proactive with your receivables as opposed to reactive.
3. Supply & Operations
Organizations such as Dun & Bradstreet, Experian Business Information Services, Equifax Commercial NACM and Skyminder supply credit reports on businesses; and, businesses of all sizes use these reports to help them decide whether to extend credit to customers and at what terms. The data they compile on millions of companies can be used, however, not only for credit risk decisions, but in other areas of your company as well.
How many times have you been asked to pull up a credit report on your own company? How many times have you been asked to pull up a report on a supplier? Your company’s
Reporting your accounts receivable history to a business credit agency gives other creditors notice of debts owed to your business. This not only lets other credit grantors know a company’s existing debt; but, also improves your company’s ability to recover your own debts. It is fact that businesses are more likely to pay their debits if they know that their payment history is being reported to a credit agency. And reporting your trade data to the credit reporting agencies is completely free. 6. Automate Credit Decisions
1. Manage Credit Risk Credit reports help companies decide if a potential new business customer is a good or bad credit risk. They can be used before deciding to trade with another company or agreeing to credit terms that will lower the risk of customers defaulting on their financial obligation. By utilizing business credit reports, you can find out the status of prospective customers' payment history, business conditions, UCC filings, and other in-depth company details. Business credit reports also can identify risk within a company’s existing customer base.
credit report is one factor that a bank will use to determine what terms you receive on loans. Also knowing the financial strength of suppliers is essential to managing the supply chain. Suppliers are fundamental to a business and selecting the ones that will be around for the long haul is essential.
2. Marketing
4. Business Credit Monitoring of Accounts
Business credit reporting agencies provide the opportunity to create targeted business prospect lists based on credit risks. The major credit reporting agencies have huge company databases providing the ability to turn a large amount of data into high-quality information. With this data, a business can target the right companies and people to fill a
Monitoring your customer’s payment history is a good predictive indicator on how you will be paid in the future. The credit reporting agencies make it easy to rank your customers to see which ones are the highest risk and which ones are the lowest credit risk which in turn can help you manage your exposure. Account monitoring allows you to
THE INTERCONNECTION
5. Improve Debt Recovery
Credit reporting agencies have services that allow you to build your own custom score card and use this criteria to instantly return a credit decision on a potential customer. These services can be added directly into your customer management system. A sales rep from your company can click a button in their CRM and get back a credit decision and potential line of credit even before meeting with the prospect. Also you can create a link on your company’s website that allows companies to enter their company information and receive back a consistently calculated line of credit. All of these services are offered to NACM Connect members at a substantial discount. To find out more information please contact NACM Connect Craig Smith Credit Solutions Manager at 847-483-6483 or email craig.smith@nacmconnect.org. ■
JANUARY/FEBRUARY 2017 PAGE 7
NACM Connect
ORDER FORM
The Illinois Mechanics Lien Law Statutes ...and other construction stuff
For over a decade Norm Cowie, CCE, has been writing an award-winning column for the NACM Connect newsletter, the InterConnection. His column breaks down, in his humorist fashion, the This seminar is designed as an interactive and informative forby Credit Illinois Lienprogram Act section section, professionals. making it far moreinteraction easy to comprehend for non-legal This is a dynamic and relevant event that includes group and case studies tominds. ensure
maximum program retention. Benefits include improved cash flow, increased profits, improved He topics has alsowill included in his column situations that customer interactions and increased sales. The following be discussed in this program:
arise in a typical credit department of a company related to the construction field, and in most cases in any typical credit department. For the first time, these articles have been accumulated into a book that we are pleased to offer at the member price of $29.95 plus S&H. Besides a great, funny read, this book will serve as a must-have reference guide to the often difficult-tointerpret Illinois Mechanics Lien Act.
QUANTITY ($29.95 each) ADD $4.95 S&H
$4.95
TOTAL:
BOOK ORDER INORMATION Name____________________________________________________________________________________________________________ Company___________________________________________Address________________________________________________________ City___________________________________________________ State __________________ Zip_________________________________ Phone ________________________ Fax _________________________ Email ________________________________________________ Mobile ___________________________________________________________________ Do you accept text messages?
Yes No
Payment Information
Check enclosed—(payable to NACM Connect) mail to: 3005 Tollview Drive, Rolling Meadows, IL 60008 Credit card—Pay by phone upon receipt of invoice: 1.800.935.6226
Please invoice me. Questions? Contact Lillian Novak at lillian.novak@nacmconnect.org or call 847.483.6478
Email this form to registration@nacmconnect.org. You will be invoiced shortly. THE INTERCONNECTION
JANUARY/FEBRUARY 2017
PAGE 8
News
Illinois Construction Stuff and Stuff By Norm Cowie, CCE
You know what I hate? (Here’s where you interrupt and say, ‘Yes, of course, we know what you hate. You’re always ranting about attorneys, people who rush to pass before the merge and the new deplorable style of wearing brown shoes with grey suits). Um, yeah, those, too. But what I’m hating today are those cretins who not only won’t give credit references, but they are ‘too busy’ to bother telling you you’re wasting your time. This leaves you spinning your wheels with second requests, third requests, maybe even a fourth before you realize they’re simply tossing your faxes, as opposed to simply having been off a couple days vacationing in Mexico before Donald’s wall gets built. The frosting on this putrid, stinking mess of cake is some of these same miscreants seem oblivious to the hypocrisy of asking you for your credit information. Or worse, before I got wise to the trick, a couple sneaky sneakers tricked me out of my credit information by utilizing third party agencies that do credit investigations. (Commercial break: NACM does this, so please use this most valuable service!), Some of these firms don’t always list the name of the company they are requesting the reference for. And some more disreputable agencies, realizing they were working for companies that wouldn’t reciprocate credit information, would … well… maybe not honestly name the company they were working for. I get it, they get paid for getting the information - but there’s no way I can reward this kind of behavior. Now I require that they give me a copy of the application with their credit reference request. Another issue with credit references is some firms stamp and return the reference with something like, “We only give information to D&B.” This disingenuous response (although I have to give them props for
bothering to respond at all), is helpful not at all, because, a) you have to buy the D&B report, and, b) there is no way to tell which one is this particular firm. So like I said, disingenuous. Another problem with references is that many of our customers are contractors who list ‘Big Box’ stores as references. Menards, Home Depot, Lowes. None of these firms give a whit about references, and you can send them until you’re blue in the face. So when a customer uses the Big Boxes for references, we simply ask them for other references who will be responsive. But sometimes they don’t have any other references. So how can you get info from the Big Box stores? Easy, ask the credit applicant to send six or twelve months of their statements from these firms. It won’t give you everything you need, but it might give you enough to make a somewhat informed credit decision. Another tactic for getting references from recalcitrant firms is to copy the customer on your third request. This shows your customer-to-be that the holdup in you granting credit isn’t you not doing your job, but one of his current vendors who should hopefully value his business enough to assist him. The other thing that rankles are people who take two or three requests to finally respond to your requests, but when they ask you for a reference, it’s RUSH! URGENT! ASAP! ORDER PENDING! THE SKY IS FALLING! BAGAWK! And lots of !!!!!!!!!!!!! Grrrr. While we’re petting the peeves, here’s another one. There was one company who responded, but greatly limited the information. They gave the starting date, terms and then just put a check mark next to the DSO. How helpful is that? There’s no high credit, they don’t say whether the customer pays according to terms, or anything else remotely helpful. Perhaps they think they are protecting themselves from an upset customer if someone ends up denying credit based on one of their references.
THE INTERCONNECTION
But here’s what I do. When I complete a credit reference, I don’t subjectively rate my customer. I give factual information, date opened, high credit and DSO. I don’t say whether I’m happy with the DSO, I simply tell what their DSO is (use Days Beyond Terms if you want). The person who sent the reference can determine if it’s a DSO they would be happy with. If a customer ever contacts me upset because someone denied him credit based on my reference, I will simply send him a copy of the reference, and ask him, ‘is it accurate?’ If so, it’s purely on him, and it’s not my fault if someone else didn’t find it acceptable. Obviously, it’s acceptable enough for me to keep selling, so I just won’t accept the blame. I’m about out of room here, so one last piece of advice, or a warning. I keep a spreadsheet of uncooperative references. If someone doesn’t reciprocate exchanges of credit information, they won’t get my information. If they restrict information, I will limit my information to the same information they give me. Peace out (mike drop). ■
Norm www.normcowie.com
Norman Cowie, CCE is Director of Credit for Paramont-EO, Inc. Besides his regular column for InterConnection, he has written articles appearing in the Chicago Tribune, Cynic Magazine, Business Credit and the Herald News. He also has seven published humor/ fantasy novels, some through traditional publishers Echelon Press, Quake Books and Draumr Publishing, although more recently he has transitioned over to Indie publishing. Norm can be reached at norm.cowie@ paramont-eo.com, or feel free to visit him at w w w. n o r m c o w i e . c o m w h i c h f e a t u r e s p a s t NACM articles.
JANUARY/FEBRUARY 2017 PAGE 9
NACM Gateway Region
Gateway Region Hosts 3rd Annual Open House and Toy Drive On December 7th, the NACM Gateway Region Office in Creve Coeur, MO, once again opened their doors for a Holiday Open House and Toy Drive for the third year in a row. The Gateway Region Social Committee organized the event and used it to combine the opportunity to network with other members, share some holiday cheer and help support families in the community. The members were once again very generous with their toy donations and a large collection will be donated to the Toys-for-Tots organization in the area. The Open House was an all-day event to make it easy for members to stop by and many popped in over the course of the day with holiday greetings and a generous donation. The Social Committee is hoping to continue this event on an annual basis and hopefully grow the opportunity for NACM Gateway Region members to give back to the community during the holiday season. â–
DECEMBER 7
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JANUARY/FEBRUARY 2017
PAGE 10
NACM Connect / NACM Midwest
Advertising Media Credit Group Celebrates Holidays and their 47th Year NACM Connect members in the Advertising Industry have a unique tool to help in the sharing of credit-related ideas and the implementation of best practices. It's the Advertising Media Credit Group. This group meets monthly and is for newspapers, outdoor advertisers, radio and television stations. This credit group was started in May 1969, so they're are celebrating their 47th year as an industry Credit Group with the Association. Several of the credit group members celebrated their annual Holiday Party at Frankie’s Scaloppine in downtown Chicago on Friday, December 9th. Past and Present Credit Managers of various radio and television stations attended as is the tradition each year. For more information on the group, or if you wish to join them at their next meeting contact Pat Speyer at 847-483-6464 or pat.speyer@nacmconnect.org. ■
Advertising Media Credit Group members met on December 9th to celebrate the holidays and their their 47th year as an Industry credit Group with NACM Connect.
Congratulations to our Newest Designees Tammy Tisa Gioseffi, CBA R.P. Fedder Corp.
website at http://www.nacmmidwest. org/chicago/education.htm.
Jeanmarie Luedtke, CBA Leeco Steel, LLC
Kelly Corlew, CBA Big Dutchman
Shawn O’Dell, CBA Rich Products Corp.
Darcy Ahrens, CBA Echo, Inc.
Exam reviews can be done via phone conference. For more information please contact Lillian Novak, Vice President of Education, at 847.483.6478 or email lillian.novak@nacmconnect.org. ■
CBA Designees
Julie Lucas, CBA Bosch Security Systems Inc. Paula Jurado, CBA Omron Electronics, LLC Daniel Hadam, CBA BASF Corp. Heather Fagel, CBA US Foods
CBF Designees Regina Stricklin, CBF Smith Medical Partners, LLC Martine Dyer, CBF ACCO Brands, Inc. See the 2017 Professional Designation class schedule on the
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JANUARY/FEBRUARY 2017 PAGE 11
NACM Southwest Collections
THIS IS YOUR MONEY DEPRECIATING A U.S. Department of Commerce Survey
-5%
The value of your decreasing receivables
100%
-26% -35% -70% -90%
1 Month
3 Months
4 Months
6 Months
12 Months
Months Past Due
EVERY DAY THAT YOUR RECEIVABLES ARE PAST DUE, THEY LOSE VALUE.
HOW DO YOU PROTECT ONE OF YOUR COMPANY’S MOST VALUABLE ASSETS? Indiana - Michigan - Ohio
For more information on how we can collect for your company contact us today! Kelly Hall 317.225.4281 kelly.hall@nacmconnect.org NACM Great Lakes Region | 41 White Allen Avenue | Dayton, OH 45405 | nacmgreatlakesregion.com
THE INTERCONNECTION
JANUARY/FEBRUARY 2017
PAGE 12
NACM Southwest Collections
NACM Southwest Collections Monthly Giveaway Winners Congratulations to the October and November winners of the NACM Southwest Collections and NACM Connect Monthly Giveaways. The winners for the Great Lakes Region
during these months will be eligible for one entry into the drawings. Please support this important partner! â–
November Winner
October Winner
$50 Home Depot Gift Card
$50 Crate & Barrel Gift Card Great Lakes Region Melinda Lucky, Lewco
January Giveaway
are listed below. The January giveaway is a $50 Nike gift card and the prize for claims placed in February is a $50 gift card to the Gap. Each claim you place with NACM Southwest Collections
Great Lakes Region Jo Lynn Hiles, RNDC of Indiana
February Giveaway
New Collections Representative NACM Connect in partnership with NACM Southwest Collections Services is pleased to announce that Kelly Hall, CGA, has taken on the additional responsibilities of working with our Great Lakes Region members in the area of collections.
to ensure that they are aware of the benefits available to them. If you have any immediate questions or are in need of a collections solution, Kelly can be reached at Kelly.hall@ nacmconnect.org or at 317.225.4281. â–
Hall will serve as the staff liaison between our members and our alliance partner, NACM Southwest in Dallas. Her responsibilities will include contacting members of NACM Great Lakes Region
Kelly Hall, CGA
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JANUARY/FEBRUARY 2017 PAGE 13
NACM Connect
st
1
2016 Credit Professionals r Compensation Survey Eve Is Closed!
Results Available for Purchase in January! Timeline
Survey distribution: October 11, 2016 Survey deadline: November 11, 2016 Results published: January 9, 2017
Pricing
Survey participants - $25 Non participants - $200
Questions?
Leslie Harrison, SPHR 847.483.6485
leslie.harrison@nacmconnect.org
NACM Connect is announcing the launch of their first Credit Professionals Compensation Survey. This survey will be the most comprehensive salary study in the Credit Industry, and will include information relevant to credit professionals including designations, certifications and emerging trends in Credit department hiring. The survey will provide detailed information covering compensation information for each credit department position benchmarked. The survey will be conducted/compiled by Management Association of Downers Grove, IL, a firm specializing in secure compensation surveys. We recognize the highly sensitive nature of this information and this way we can assure confidentiality. You will receive an email from the Management Association company inviting you to participate in the survey on October 11th. The survey will remain open for five weeks, and the deadline to participate will be November 11th. The results will be tabulated and are expected to be available for purchase on January 9, 2017 at a discounted rate of $25 to each participating member. Non-participating members can purchase a copy of the results for $200. The survey results are not available to non-members. This survey and its results will be exclusively for member companies of NACM Connect, an affiliate of the National Association of Credit Management.
NACM Connect 3005 Tollview Drive Rolling Meadows, IL 60008 P: 847.483.6400 F: 847.253.6685 www.nacmconnect.org
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JANUARY/FEBRUARY 2017
PAGE 14
NACM Midwest
Electrical Distributors Credit Group Celebrates 27th Year
The NACM Midwest Electrical Distributors Credit Group held their annual holiday party at Bob Chinn’s restaurant in Wheeling, IL this past December. Lobster tail and Mai Tais were on the menu as the group celebrated its 27th year as a credit group. The members of this group are distributors of electrical products selling to contractors, industrial accounts, builders and construction companies. For information on joining this Credit Group contact Themis Vlahos at themis.vlahos@nacmconnect.org or at 847.483.6428. Happy Holidays!! â–
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JANUARY/FEBRUARY 2017 PAGE 15
NACM Midwest - Wisconsin
Recent Roundtable Discussions in Wisconsin Credit Group Members Share Ideas & Best Practices
December 8 Milwaukee-area members
December 9 Fox Valley-area members
December 13 Madison-area members THE INTERCONNECTION
JANUARY/FEBRUARY 2017
PAGE 16
NACM connect - Dissecting the Website
Dissecting the Website - Meet Our Experts! Did you know that if you have questions about credit related topics you have a free resource available to you at your fingertips?
• Jeffrey Cohen, Esq., Bankruptcy • Bruce Nathan, Esq., Bankruptcy
On the home page for each of the NACM Connect websites is a link to Ask the Experts. Here you will find several top authorities on various subjects, and they are just an email away.
• Michael Williams, UTA, Check Guarantees and Electronic Funds Transfer
Our experts include:
• Matt Fluegge, Vantiv, Credit Cards
• Wanda Borges, Esq., Antitrust and Credit Exchange • Todd Fierstein, NACM Connect, A/R Management and Collections • JC Barone and Maggie Moosbrugger, JP Morgan Chase, A/R Puts
• Carl Metz, Esq., Construction Law and Lien Law, Wisconsin
• Lee Fahrenz, Euler Hermes, Credit Insurance
• David Anderson, FCIB, International Credit • Norm Cowie, CCE, Lien LawIllinois • Chris Ring, NACM Secured Transactions, UCC/ Mechanics Liens • Joe Carr, BDO, Unclaimed Property • Lillian Novak, NACM Connect, Any other topics – she’ll get you to the right place! ■
• Craig Smith, NACM Connect, Credit Report Solutions • Diana Crowe, IAB, Deductions
Register for the
Credit 101, 102, 103 Series Upcoming NACM Midwest 2017 Class Dates Credit 101
Credit 102
Credit 103
• February 8
• March 8
• April 5
• June 7
• July 12
• August 9
• October 4
• November 8
• December 6
Registration Information Class Time 9 a.m. – 4 p.m. Location
NACM Midwest 3005 Tollview Drive, Rolling Meadows, IL 60008 $230 per class Members
$460 per class Non-Members
Visit www.nacmmidwest.org for more information and registration.
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JANUARY/FEBRUARY 2017 PAGE 17
NACM Connect
New Members and Representatives New Members
Aaron Baker Olympic Steel, Inc.
Carrie Bratley Funko, LLC
Frank Sebastian Adidas Group
Teressa Perrone Paychex, Inc.
Nikki Bennett Future X
Tom Sembach Coopervision, Inc.
Jo Lynn Hiles RNDC of Indiana fka National Wine & Spirit
John Hengel Jason Inc.
Anna Shotts Crosspoint Power &Refrigeration Zeb Miller Dubal America Lisa Roberts Elder Manufacturing Company, Inc. Nancy Tourtellott Fortune Growers, LLC Rick Raimondo Graybar Cleveland Pat Miele Kenney Manufacturing Co. Christine Geller LMI Aerospace Dan Pevonka LSC Communications Mildred Weston LSC Communications Kristen Spoehr LSC Communications Kathy Alagna National Safety Council Sylvia Davis O-At-KA Milk Products Cooperative, Inc.
Dennis Price Sabian Ltd. Marie Tomlin-Boerner Sargento Foods Cathy Haught Timken Steel Corporation Rose Grunewald US Venture, Inc. Mike Podjasek WAV Inc.
New Representatives Maryna Neyman Addition Manufacturing Technologies Debra Sawyer Barth Electric Co., Inc.
Mark Losson Kohler Company Lisa Tanner Nidec Motor Company Nadine Ullmer North American Company of America Brett Angevine Olympic Steel, Inc. Shane Stevenson Pharmedium Healthcare Corporation Mary Kunz Teledyne Isco, Inc. Howard Brondfield The ALL Family of Companies Leslie Taylor Thomas & Skinner
Ron Roemer Byer Steel Co. Chris Bottoms Ferguson Enterprises Rich Kettler French Gerleman Amy Wells Frisch's Inc.
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JANUARY/FEBRUARY 2017
PAGE 18
News
Analysis of the Statement of Cash Flows: Tips & Ratios to Consider By Larry Grogan, CCE, Lead Analyst, BP - Americas
I remember attending a seminar many years ago where the speaker spent most of the session explaining how to construct a Statement of Cash Flows using the Indirect method. By the time we were done, the session was over and I was wondering how to analyze an already prepared Statement of Cash Flows back on the job. This article shares much of what I learned between then and now from recent NACM seminars, on the job experience and from teaching NACM’s FSA I class. The content assumes use of the Indirect method of presentation. Let’s jump right in! Cash Flow from Operations (CFO) Section 1. Cash Flow from Operations should be positive. One reason it’s important to know when a business was started is to understand what life cycle phase it is in. A new start-up or a company in a growth phase may have negative CFO as planned as it ramps up Inventory and offers liberal payment terms to attract Customers which in turn leads to increased Accounts Receivable. Both of these actions can result in large uses of Cash which can cause CFO to be negative as the company navigates these life cycle phases. If the business has been around for years and is in its mature phase, CFO should generally be positive. Knowing the story behind the negative CFO will prevent you from over or under weighing it. However, if CFO is negative 2-3 years in a row, that would be cause for concern. Why? The business may be failing its key mission of converting its accrual Net Income into Cash. If it is not generating Cash internally from its operations, then it is likely borrowing it externally which increases its leverage and its interest expense which reduces both Net Income and Cash. Or it might try to sell stock which has the effect of diluting existing shareholder interests. When they can’t borrow any more or the market doesn’t want their stock, they may resort to selling their long-term as-
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sets to raise needed Cash. Sears has been on this path for years. 2. Cash Flow from Operations and Net Income should move in similar directions. For example, if Net Income is increasing and CFO is decreasing, investigate to find out why. For Example: Firm had Net Income of $3m and CFO of $1m. To understand this $2m Cash ‘gap’, look at their A/R and Inventory on the Cash Flow Statement. It’s a good bet one or both of these key operating accounts increased from the prior year, using Cash. If the A/R amount is shown as a negative number or in parentheses, it means the A/R increased year over year and used Cash. If the year over year difference had been shown as a positive number, it means the company collected the A/R (A/R decreased year over year) which means it provided Cash.Think of it this way: when you collect money from a Customer, the Cash is in your company’s checking account. It becomes a source of Cash. When it is uncollected, the Cash is in your Customer’s checking account. This is considered a use of Cash. The accrual Net Income number assumes Cash was
collected but we know a sale on credit turns into A/R which is ‘potential Cash’. You might recall the slogan ‘A Sale is not complete until the money is collected’ which highlights the important role of collections in the Cash conversion cycle. 3. A/R and Inventory should not increase at a faster rate than Sales In general, these two key operating accounts should follow sales up or down.Using a spread sheet, you can calculate the year over year rate of increase in all three using the following formula: (this year’s value – last year’s value) / last year’s value. For example, if Sales increased 10% and A/R, Inventory each increased 30%, it suggests further investigation is necessary as they are not tracking with Sales. 4. Cash Flow from Operations should Exceed Net Income: ‘Quality of Earnings’. It’s said that a firm’s earnings are of higher quality when the Net Income number is backed up with plenty of Cash. For example, if Net Income was $500k and CFO was $500k or greater (100% Continued on Page 21 JANUARY/FEBRUARY 2017 PAGE 19
NACM Connect
2017
Annual Call for Volunteers and Nominations nate mmittee or nomi Volunteer for a co serve on the to s ue ag lle co one of your ectors. idwest Board of Dir NACM/Chicago-M
Deadline January 31, 2017
BOARD MEMBER NOMINATION
The NACM/Chicago-Midwest Nominating Committee is seeking nominations for the NACM/Chicago-Midwest Board of Directors, the governing board of NACM Connect. Please use this form to submit the name of a member you feel should be considered for a position. Members are also encouraged to nominate themselves. All nominees will be required to submit a summary of information form and a current resumé.
I would like to nominate: Name __________________________________________________________________________________________________________________ Company_______________________________________________________________________________________________________________ Phone ___________________________________________________ Email _______________________________________________________
Nomination made by: Name __________________________________________________________________________________________________________________ Company_______________________________________________________________________________________________________________ Phone ___________________________________________________ Email _______________________________________________________
COMMITTEE VOLUNTEER - Advisory Boards and Committees are affiliate specific.
I would like to volunteer for the following committee(s):
Chicago Education/Conference Gateway Advisory Nebraska Advisory New York Advisory Gateway Education Wisconsin Advisory Scholarship Gateway Social GLR Advisory GLR Education/Conference Name _________________________________________________________________________________________________________________ Company ______________________________________________________________________________________________________________ Phone ___________________________________________________ Email _______________________________________________________ Please submit your nomination to Lillian Novak by January 31, 2017 Mail to: NACM Connect Headquarters, 3005 Tollview Drive, Rolling Meadows, IL 60008 Email: lillian.novak@nacmconnect.org or fax: 847.253.6241
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JANUARY/FEBRUARY 2017
PAGE 20
News
Analysis of the Statement of Cash Flows (cont'd) or more), it could be said the firm’s earnings are backed-up with Cash. By observing the Quality of Earnings ratio of CFO / Net Income over several periods, you will get a good idea how well the company is converting its Net Income to Cash or if the Net Income number is loaded with accruals (uncollected A/R, unsold Inventory etc.). Remember: Net Income is not the same as Cash and only Cash can pay bills and make a payroll.If the ratio is significantly less than 100%, review the firm’s 3 key operating accounts: Accounts Receivable, Inventory and Accounts Payable to determine why they might be using Cash rather than providing it. Causes could include liberal credit terms, poor collections, bloated or obsolete inventory or impatient creditors pressing for sooner payment of their invoices.Interesting to note: CFO is usually larger than Net Income because Depreciation and Amortization are subtracted when calculating Net Income but are added back when calculating CFO. 5. Positive Free Cash Flow (FCF) is highly desirable: Definitions vary but this one is common: (CFO – Capital Expenditures – Dividends). Capital Expenditures (at least a maintenance level of spending) and Dividends (or Distributions) are considered mandatory Investing and Financing Cash out flows. Capital Expenditures are necessary to stay competitive while Dividends are necessary to satisfy shareholders (public companies) or for shareholders to pay their taxes in the case of S-Corps, LLC’s etc. Once they are covered, the company can use the remaining Cash to pay down debt or invest in new opportunities. The more Free Cash Flow, the better. Cash Flow from Investing (CFI) Section 1. CFO should cover CFI. Said another way, CFO should be > CFI. Is the company generating enough Cash from its Operations to cover its Investing activities? In most cases, the largest Cash investment a company makes is in Cap-Ex (short for Capital Expenditures for Plant Property & Equipment). This
may represent a maintenance level of spending or may go above and beyond that level with investment in acquisitions. The latter could result in CFO being insufficient to cover these and then the analysts’ task is to review the Cash Flow from Financing (CFF) section to see how they financed the Investment. Analyst would look to see if Debt (short term or long term) and/or Equity financing was used to cover it and then check leverage and interest coverage ratios to ensure the firm is able to afford it and is not in danger of breaking any bank covenants. 2. CFI section should be negative: this section should be a net user of Cash The last time Sears Cash Flow from Investing activities (CFI) was negative was in 2012 when it showed a net Cash outflow of $309m. From 2013 to 2016 it trended to a net Cash inflow of $2.5b! When CFI is negative, it means the business is using Cash to invest in its future and by doing so, hopes to increase sales, remain competitive and even gain some kind of advantage over its competition. When CFI is positive, it could suggest 2 things: a) the company is strategically divesting itself of unprofitable operations or assets as a way to return to or increase profitability or b) it is selling its assets to raise needed Cash because its CFO is negative and/ or they have no more room to borrow from their bank. Or the market has no interest in buying their stock. This describes Sears current predicament. 3. Capital Expenditures should at minimum equal the Depreciation charge for the period and ideally, they should exceed it When a company buys an asset, the expenditure appears under the CFI section. Since physical assets deteriorate, GAAP requires that a reduction in their value be recognized as an expense on the Income Statement. This non-cash reduction is based in part of the expected life span of the asset. Many believe in order for a firm to remain viable and competitive it should be upgrading and replacing its aging assets in an amount
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at least equal to the annual reduction of the assets value i.e. Depreciation. One way some firms manipulate Net Income to appear better in the short-term is to reduce maintenance related expenditures. While doing so may lead to higher Net Income and impress creditors or investors, it may negatively impact their ability to compete and remain viable in the long-term. Here’s the ratio: Capital Expenditures / Depreciation Expense. Capital Expenditures are found in the CFI section of the Statement of Cash Flows and Depreciation Expense can be found on the Income Statement, in the Plant Property and Equipment footnote or near the top of the CFO section of the Statement of Cash Flows. Other Analysis Tools 1. The 1 -2- 3 Statement of Cash Flow Review. The statement has 3 sections. CFO, CFI and CFF. Before using the 1-2-3 approach, consider how your personal financial life mirrors the 3 sections. For example: 1) Your CFO comes from your pay checks. 2) Your CFI might include investments in a new cell phone and big screen TV as well as your mortgage. If your CFO is not sufficient to cover your CFI, then you would need to tap Cash from 3) your CFF which could be from your home equity line or a loan from a friend. Conversely, if your CFO is more than sufficient to cover your CFI investments, then you could use the surplus Cash to pay down debt (CFF section) and possibly end the month with an increase in the amount of Cash in your checking account. I’ll admit, it took me a while to grasp this simple method! Here it is: Grab a Statement of Cash Flows (sec.gov is a good source for data on any public company). Find the Statement of Cash Flows and look for the CFO number. If it’s positive, was it sufficient to cover the CFI number? If not, look at the CFF section to see where the Cash came from to fill the gap. It could have come Continued on Page 22 JANUARY/FEBRUARY 2017 PAGE 21
News
Analysis of the Statement of Cash Flows (cont'd) from 2 places: the firm borrowed (which is debt) or sold stock (which is equity). Note: they also could also have sold long-term assets (CFI section) and / or used existing Cash on the Balance Sheet - see Change in Cash section at the bottom of the statement or observe the year over year change in Cash on the Balance Sheet. We simply observed and compared the 3 sections of the statement to each other in 1-2-3 order. Did section 1 cover 2? If not, look to 3 etc.
been negative in each of the last 5 years. CFI has been positive in the last 4 years. Another example: Amazon.com: At year end 12/31/15, they had positive CFO of $11.9b, negative CFI of $6.5b and negative CFF of $3.8b. What happened? Their Operations provided tons
ˮ
$755m. They used Cash on hand to make up for their CFO not being able to cover CFI and CFF uses of Cash. Ideally, we like to see positive CFO, negative CFI and negative CFF. In general, this means the Operation is providing internally generated Cash (the best kind – no interest expense attached to it), the firm is investing in its future (recall the CFI section should be negative) and we’ll assume CFF being negative is good because they are paying down Debt as well as paying Dividends to Shareholders.
The worst case scenario, in general, would be negative CFO, positive CFI and positive CFF.
Let’s run through another example: We grab another Statement of Cash Flows. CFO is negative $5m. CFI is negative $3m. CFF is positive $8m. What happened? Instead of being a source of Cash, the Operation used $5m of Cash. They still invested $3m in long-terms assets (CFI). How did they make up for this net outflow of $8m in Cash? They borrowed $8m (CFF).
Let’s use Sears as an example: At year end 1/30/16, they had negative CFO of $2.2b, positive CFI of $2.5b and negative CFF of $.3b. What happened? Instead of being a source of cash, their operations used $2.2b! To fill the gap, they sold $2.7b in assets and invested $211m in new property & equipment (likely a maintenance level of spending) for a net CFI of $2.5b. Wow. That gave them sufficient Cash to cover the CFO deficit and enabled them to pay down debt that was falling due (CFF section). As noted earlier, CFI should be negative. When it is positive, it’s a red flag. What Sears is doing is not sustainable. Eventually, they will run out of assets to sell. Their problem is they are unable to generate positive CFO from their operations. This suggests their brand is dead and strategies to revive it are not working. Put another way, their day to day operation is burning Cash. It’s only a matter of time before they run out of Cash. Their stock price recently fell to a new 52 week low – below $10 a share. Other red flags: Sales have trended down over the last 5 years. Operating Income, Net Income and CFO have
of Cash. What did they do with it? They invested in Plant, Property & Equipment and acquisitions (CFI section), used some of it to pay down capital lease and debt obligations (CFF section). Taking CFO less CFI less CFF resulted in a positive change in Cash of $1.3b. The net total of the 3 sections of the Statement of Cash Flows explained the year over year increase in Cash. The above situation is somewhat ideal: CFO was sufficient to cover all CFI and CFF Cash needs and enabled the company to end the year with a $1.3b addition to its Cash account. This suggests excellent operations. A final example: United States Steel: At year end 12/31/15, they had CFO of positive $359m, negative CFI of $510m and negative CFF of $407m. What happened? In spite of a Net Loss of $1.6b, after adding back Depreciation and other non-Cash items that were deducted on the Income Statement, their operations actually provided positive Cash flow. The Investments (CFI section) actually exceeded CFO and you might expect to see borrowing in the CFF section to cover the gap. Instead, they actually paid Dividends and paid down debt, using more Cash. Taking CFO less CFI less CFF resulted in a decrease in Cash of $599m as noted at the bottom of the Statement of Cash Flows. They started the year with $1.4b in Cash on their Balance Sheet and ended it with
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ˮ
The worst case scenario, in general, would be negative CFO, positive CFI and positive CFF. This suggests the operation is using Cash rather than providing it as it should. To make up for it, the firm is selling its assets (CFI) and borrowing more (CFF). In some cases, a firm may borrow to pay Dividends. In general, this can be a red flag as Dividends should come from solid operations, not from increased debt 2. CFO to Interest Expense: you may already be familiar with the Times Interest Earned ratio (TIE) which is Earnings Before Interest and Taxes (EBIT) / Interest Expense. It’s an accrual based ratio. For an alternative view that recognizes only Cash can pay bills including Interest expense, try this ratio. Especially when EBIT is negative and the TIE ratio doesn’t compute. Observe it over several years. Some companies use both ratios. 3. Cash Conversion Cycle (CCC): this combines 3 ‘days’ based ratios into one number which can be observed over time. The 3 ratios include the 3 key operating accounts – those that are turning over and over in the day to day operating of the business in converting its Inventory Continued on page 28 JANUARY/FEBRUARY 2017
PAGE 22
Midwest Business Staffing
Credit Career Corner | New Opportunities in 2017
www.nacmmidweststaffing.com Job # Title
Location
706
Vernon Hills, IL
Credit Coordinator
• Daily reviewing of shippable orders in "credit review" status in SAP for immediate release or further investigation and resolution of delinquent billings. • Timely collection calls and emails on past due billings on delinquent customer accounts. • Alerting credit manager promptly to any potentially serious non-payment and/or potential bad debt write off issues. • Process new customer credit applications and changes for domestic and international customer accounts. • Work with credit manager on larger credit limits, special credit terms.
708
709
Collector
Elk Grove Village, IL
Collector
Columbus, OH
• Collect on past due mechanical contract accounts. • Identify when an account becomes past due. • Contact and negotiate payment timelines for open accounts. • Build and maintain positive working relationships with customers.
• Collect on past due accounts and provide customer service support to customers. • Contact customers by telephone to collect payment for past due invoices. • Record information about status of collection efforts. • Work with profit center employees to resolve customer service issues. • Assist in obtaining job information for use to protect lien rights.
710
Accounts Receivable Representative
Northfield, IL
• Conduct daily collection calls to customers. • Reconcile activity for a medium size territory of accounts that are more challenging and require a higher level of service. • Notify sales personnel of potential problem accounts, blocked orders, and reconciliation issues such as short pays, short ships and tax issues. • Identify problem accounts and provide timely notice to the supervisor.
Contact Leslie Harrison, leslie.harrison@nacmconnect.org Paula Carruth, paula.carruth@nacmconnect.org
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"Opportunities don't often come along, so when they do, you have to grab them."
- Audrey Hepburn
JANUARY/FEBRUARY 2017 PAGE 23
Credit Group Meeting calendar NACM Midwest Illinois/Wisconsin Local Industry Credit Group Meetings DATE
GROUP
MEETING LOCATION
January 10
Electrical Distributors Credit Group
Ditka's, Oakbrook Terrace, IL
January 11
Institional Credit Group
Ditka's, Oakbrook Terrace, IL
January 12
Northern Illinois Heating & Plumbing Credit Group
Ditka's, Oakbrook Terrace, IL
January 16
Midwest Roofing Suppliers Credit Group
NACM Midwest, Rolling Meadows, IL
January 17
Metal Distributors Credit Group
Ditka's, Oakbrrok Terrace, IL
January 19
Ad Media Credit Group
WBBM-TV, Chicago, IL
WISCA
Ditka's, Oakbrook Terrace, IL
January 26
Basic Material Credit Group
Ditka's, Oakbrrok Terrace, IL
February 9
Northern Illinois Heating & Plumbing Credit Group
TBA
February 14
Masonry Credit Group
Ditka's Oakbrrok Terrace, IL
Electrical Distributors Credit Group
Ditka's, Oakbrook Terrace, IL
Ad Media Credit Group
TBA
WISCA Credit Group
Devon, Oakbrook Terrace, IL
Floor Covering Credit Group
NACM Midwest, Rolling Meadows, IL
February 21
Metal Distributors Credit Group
Ditka's, Oakbrook Terrace, IL
February 23
Basic Material Credit Group
Devon, Oakbrook Terrace, IL
February 16
NACM Connect National Industry Credit Group Meetings DATE
GROUP
MEETING LOCATION
January 12
National Manufactured Housing Credit Group
Emily Morgan, San Antonio, 2-day
January 17
National Home Healthcare, Nursing Home & Food Credit
Riviera Resort, Palm Springs, CA
Groups National Water Products Credit Group
DoubleTree Rocky Point, Tampa, FL, 2-day
January 18
National Musical Instruments Credit Group
Sheraton Park Hotel, Anaheim, CA
January 26
Meatpackers of America Credit Group
Chaparral Suites, Embassy Suites, Scottsdale, AZ, 2-day
National Garage Door & Operating Devices Credit Group
Doubletree Suites Charleston, Charleston, SC, 2-day
February 7
National Packaged Products Suppliers Credit Group
Sonesta Fort Lauderdale Beach, Fort Lauderdale, FL
February 8
National Horticultural Distributors Credit Group
DoubleTree Suites, Lake Buena Vista, FL, 2-day
February 14
National Home Centers Credit Group
Hilton New Orleans St. Charles, New Orleans, LA, 2-day
February 15
National Steel Mill Credit Group
Westin, Fort Lauderdale, FL, 2-day
February 16
National Consumer Products Credit Group
Hilton New Orleans St. Charles, New Orleans, LA, 2-day
National Coated Paper Credit Group
The Hotel of South Beach, Miami Beach, FL
National Metal Buildings & Components Credit Group
The Hotel Of South Beach, Miami Beach, FL, 2-day
February 23
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JANUARY/FEBRUARY 2017
PAGE 24
Credit Group Meeting Calendar NACM Great Lakes Region Local Industry Credit Group Meetings DATE
GROUP
MEETING LOCATION
January 10
Michiana Credit Association Credit Group
Luchesse's, Elkhart, IN
Electrical/Industrial Trade Credit Group
Pietro's, Grand Rapids , MI
January 11
West Michigan Heating Plumbing Wholesalers Credit Group
Brann's, Wyoming, MI
January 12
Indiana Wholesale Floor Covering Credit Group
Conference Call
Lumber Suppliers Credit Group
Pietro's, Grand Rapids MI
Regional Food Suppliers Credit Group
Book
Indiana Electrical Suppliers Credit Group
Becker Conference Room, Indianapolis, IN
Automotive Credit Group
Conference Call
Indianapolis Building Trade Suppliers Credit Group
Blueberry Hill, Indianapolis, IN
Michigan Electrical Supply Credit Group
Antonio's, Canton, MI
January 19
Cincinnati-Dayton Wholesale Electric Supply Credit Group
Century Inn, Cincinnati, OH
January 20
Fort Wayne Building Materials Credit Group
Don Hall's Gas House Restaurant, Fort Wayne, IN
January 25
Cincinnati Construction Suppliers Credit Group
Uno Pizzeria & Grill, West Chester, OH
Plumbing & Heating Wholesalers Credit Group
Blueberry Hill, Indianapolis, IN
Metal Service Center Credit Group
Antonio's, Canton, MI
Cleveland/ Akron/ Canton Food Suppliers Credit Group
Iacomini's/Papa Joe's, Akron, OH
February 8
West Michigan Heating Plumbing Wholesalers Credit Group
Brann's, Wyoming, MI
February 9
Regional Food Suppliers Credit Group
Book
Michiana Credit Association Credit Group
Luchesse's, Elkhart, IN
February 14
Electrical/Industrial Trade Credit Group
Pietro's, Grand Rapids MI
February 15
Indianapolis Building Trade Suppliers Credit Group
Blueberry Hill, Indianapolis, IN
Michigan Electrical Credit Group
Mojave Cantina, Clawson MI
February 16
Cincinnati-Dayton Wholesale Electric Supply Credit Group
Century Inn, Cincinnati, OH
February 17
Fort Wayne Building Materials Credit Group
Don Hall's Gas House Restaurant, Fort Wayne, IN
February 21
Indiana Electrical Suppliers Credit Group
Becker Conference Room, Indianapolis, IN
Automotive Credit Group
Conference Call
Plumbing & Heating Wholesalers Credit Group
Blueberry Hill, Indianapolis, IN
Metal Service Center Credit Group
Antonio's, Canton, MI
Cincinnati Construction Suppliers Credit Group
Uno Pizzeria & Grill, West Chester, OH
Cleveland/ Akron/ Canton Food Suppliers Credit Group
Iacomini's/Papa Joe's, Akron, OH
January 17
January 18
February 22
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JANUARY/FEBRUARY 2017 PAGE 25
Credit Group Meeting Calendar NACM Gateway Region Local Industry Credit Group Meetings DATE
GROUP
MEETING LOCATION
January 6
Mid Missouri Construction Credit Group
Bartolino's, St. Louis, MO
January 17
Midwest Regional Food Credit Group
Gateway Region Office, Creve Coeur, MO
January 18
Electrical Distributors Credit Group
Bartolino's, St. Louis, MO
January 20
Refrigeration & Warm/Cool Air Suppliers Credit Group
Bartolino's, St. Louis, MO
February 3
Central IL Electrical Distributors Credit Group
Engrained Brewing Company, Springfield IL
February 21
Midwest Regional Food Credit Group
Gateway Region Office, Creve Coeur, MO
February 15
Electrical Distributors Credit Group
Bartolino's, St.Louis MO
February 24
Refrigeration & Warm/Cool Air Suppliers Credit Group
Bartolino's, St.Louis MO
NACM Midwest-Nebraska Local Industry Credit Group Meetings DATE
GROUP
MEETING LOCATION
January 18
Omaha Builders Credit Group
Teleconference
February 9
Omaha Builders Credit Group
The Enterprise Center, Omaha, NE
NACM Upstate New York Local Industry Credit Group Meetings DATE
GROUP
MEETING LOCATION
January 10
Western NY Food Credit Group
Ilio DiPaolos, Blasedell, NY
January 12
Rochester Plumbing Credit Group
Humphrey House, Penfield, NY
January 13
Buffalo Building & Construction Credit Group
Eagle House, Williamsville, NY
January 16
Erie Building Credit Group
Conference Call
January 17
Central New York Building Credit Group
Greenwood Winery, Syracuse, NY
January 19
Rochester Building Credit Group
Cerame's, Rochester, NY
January 24
Buffalo Plumbing/Electric Credit Group
Eagle House, Williamsville, NY
February 9
Rochester Plumbing Credit Group
Humphrey House, Penfield, NY
February 10
Buffalo Building & Construction Credit Group
Eagle House, Williamsville, NY
February 14
Western NY Food Credit Group
Ilio DiPaolos, Blasdell, NY
February 16
Rochester Building Credit Group
Cerame's, Rochester, NY
February 17
Benchmarking Credit Group
Eagle House, Williamsville, NY
February 20
Albany Building Credit Group
Scarborough's, Latham, NY
February 21
CNY Building Credit Group
Greenwood Winery, Syracuse, NY
February 23
CNY Benchmarking Credit Group
Spaghetti Warehouse, Syracuse, NY
February 28
Buffalo Plumbing & Electric Credit Group
Eagle House, Williamsville, NY
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JANUARY/FEBRUARY 2017
PAGE 26
Event Calendar DATE
EVENT
LOCATION
TIME
PRESENTER / INSTRUCTOR(S)
January 5
NACM Midwest/Illinois Basic Financial Accounting (10 weeks)
NACM Midwest Rolling Meadows, IL
5:30 p.m. – 8:30 p.m
Tom Wuich, CCE
January 7
NACM Great Lakes Region/Ohio - Columbus Basic Financial Accounting
Viking Supply Net Columbus, OH
Wanda McPhillips, CCE, CICP
January 11
NACM Midwest/Illinois Training - Collections
NACM Midwest Rolling Meadows, IL
Thursdays 6:30 p.m. 9:30 p.m. Saturdays 9:00 a.m. 12:00 p.m. 9 a.m. – 4 p.m
January 12
NACM Great Lakes Region/Ohio - Solon Roundtable Discussion
Panera Bread Community Room Solon, OH
8:30 a.m–10:30 a.m
Deborah Iammarino
January 16
NACM Great Lakes Region/Indiana - Elkhart Financial Statement Analysis I (10 weeks)
Conn-Selmer, Inc. Elkhart, IN
6 p.m. – 9 p.m
Jim Montague, CCE
January 17
NACM Great Lakes Region/Indiana - Elkhart Roundtable Discussion
Baymont Inn & Suites Elkhart, IN
11:30 a.m. – 1:30 p.m
Jim Kelly
January 18
NACM Connect Webinar Deep Dive into Ratios
________________________
11 a.m - 12 p.m
John Jaeger, CCE
January 20
NACM Midwest/Wisconsin Best Practices Discussion Group
Lola’s Restaurant Elkhart Lake, WI
11:45 pa.m. – 1:45 p.m.
Christine Culbreth
February 2
NACM Gateway Business Credit Principles (10 weeks)
Bunge North America St. Louis, MO
5:30 p.m. – 8:30 p.m
Cheryl Pinson, CCE
February 6
CBF Exam Review
NACM Midwest Rolling Meadows, IL
5 p.m. – 8 p.m
John Jaeger, CCE
February 7
NACM Great Lakes Region/Indiana - Elkhart Credit 102
Mid City Supply Co. Inc. Elkhart, IN
9 a.m. – 4 p.m
Jim Montague, CCE
CCE Exam Review
NACM Midwest Rolling Meadows, IL
5 p.m. – 8 p.m
John Jaeger, CCE
NACM Great Lakes Region/Ohio - Cincinnati Credit 101
Cincinnati Container Co., Inc. Cincinnati, OH
9 a.m. – 4 p.m
Wanda McPhillips, CCE, CICP
NACM Midwest/Illinois Credit 101
NACM Midwest Rolling Meadows, IL
9 a.m. – 4 p.m
Rich Bellis, CCE
February 9
NACM Gateway - Member Networking Event Bowling
Tropicana Lanes Richmond Heights, MO
6 p.m.
_________________
February 13
CBA Exam Review
NACM Midwest Rolling Meadows, IL
5 p.m. – 8 p.m
John Jaeger, CCE
NACM Great Lakes Region/Ohio - Independence Business Credit Principles (10 weeks)
Kichler Lighting Independence, OH
5:30 p.m. – 8:30 p.m
David Feigenbaum, CCE
February 15
NACM Connect Webinar Credit Card Surcharge Rules and Fee Reductions – will you change the way you do business?
________________________
10 a.m - 11 a.m
Matt Fluegge
February 16
NACM Great Lakes Region/Indiana - Indianapolis Advanced Collections and Negotiation Skills Seminar
Fatima Event Center Indianapolis, IN
9 a.m. – 4 p.m
Barry J. Elms
NACM Great Lakes Region/Ohio - Columbus Roundtable Discussion
Star Leasing Columbus, OH
8:30 a.m–10:30 a.m
H. David Holsinger
February 8
THE INTERCONNECTION
Rich Bellis, CCE
JANUARY/FEBRUARY 2017 PAGE 27
News
Analysis of the Statement of Cash Flows (cont'd) Continued from page 22
into Cash. Here is the formula: Inventory Days + DSO Days – Payable Days = CCC Days. The lower the number – even negative, the better. If the CCC is 15 days, that is the number of days the business must finance their Cash Flow Cycle. Hopefully they have a line of credit to support it else they may rely on stretching trade creditors to cover it. If you notice a material change in this ratio over time, review the components and related ratios to see what is driving it. It’s interesting to note when a company delays paying its creditors, A/P increases and anytime a liability account increases, it is a source of Cash for the business. Why? The business has not yet written the check and still has the Cash in their checking account. Beware if CFO ispositive only because A/P increased (visible on the Statement of Cash Flows as a positive number when this is the case). 4. Available Liquidity: Cash + Marketable Securities + Availability on Line of Credit This ‘ratio’ is useful when CFO is minimal or negative or when your Customer’s Current and/or Quick ratios appear insufficient. The line of credit availability may be in the financial footnotes but if it is not, a quick email to the Customer is in order. Also ask if they were compliant with all covenants. If not, it can put the line of credit in jeopardy and also lead to higher interest rates. While lots of A/R and Inventory can make the Current Ratio look better, they are potential sources of Cash and may not be converted into cash as quickly as the firms Current Liabilities are coming due. In some cases, a portion of these assets may not be realized at all (bad debt, stale inventory). Taking into account a firm’s line of credit and availability on it can alleviate some of the analyst’s concerns if CFO or working capital is negative or minimal. i.e. if the line is $1m and they only used $250k so far, the firm has $750k in available liquidity which is not shown on the balance sheet.
5. CFO / Sales: also known as the Cash Margin It’s easy to observe an increase in a number like CFO and think all is well. I like this ratio because it relates CFO to Sales and uncovers trends you may miss by looking at the CFO number alone. After using it for a while you get a good idea of how this ‘Cash Margin’ relates to the ‘Net Margin’ or Return on Sales ratio which is Net Income / Sales. Since Net Income may not be the best indicator of performance because it is accrual based, why not add a Cash based ratio to your spreadsheet and observe how it changes over time?
trade creditor, I seem to do a better job of making the credit decision including getting all the information I need, assigning an appropriate risk rating and right sizing the Credit Limit in line with the Customer’s stake in the business (Tangible Net Worth). This article focused on analysis. In the future, I will cover more Statement of Cash Flow topics including the basics and how to create a simple Statement of Cash Flows when your customer does not provide you with one. ■
6. Three year average CFO: (CFO Year 1 + CFO Year 2 + CFO Year 3) / 3 CFO can sometimes be a bit erratic and calculating a moving 3 year average may give you a better idea of a Customer’s Cash generating capability over time. 7. Call your Customer: perhaps the best way to round-out your credit review Anytime you are reviewing Customer financials, note any missing data. For example: Operating Leases, Rent Expense, availability on line of credit, covenant compliance, and interim financials if year-end was 6 or more months ago etc.). Also accumulate any questions you might have. Then email the Customer with this request in advance of calling so they have time to review it and to find the best person to call you back. I have never had a negative experience when taking this approach. Business owners love to tell their story and in most cases, when there have been problems in the financials, I found the owners were already doing something about it to turn it around. I would not have known that by reading their financials. It’s also a great way to learn about how a business really works. Sometimes it’s as easy as asking, ‘How is the new year shaping up so far?’ to get the ball rolling. While I’m a credit analyst and not a banker, when I think like a banker who is extending a loan and not a mere
THE INTERCONNECTION
Larry Grogan, CCE, is a Credit Analyst with BP Products NA and previously held credit roles with D&B and Nalco Holdings. With over 25 years of credit experience, Grogan played a lead role in implementing credit score carding at BP and is past Chairman of the NACM Midwest Board of Directors. Grogan received a Bachelor of Science degree in Marketing from Bradley University and an MBA from Benedictine University. He is also a graduate of NACM's Graduate School of Credit & Financial Management at Dartmouth College. Grogan is currently on the faculty of NACM Connect’s Institute of Credit’and has taught classes, seminars and delivered on-site training on the topic of Financial Statement Analysis.
JANUARY/FEBRUARY 2017
PAGE 28
NACM Midwest Submit Your Nomination for the NACM Midwest
Robert M. Healy
2017 Credit Executive of the Year
Each year, the membership of NACM Midwest elects a fellow member whose outstanding performance and accomplishments have made an impact on the credit profession. In order to qualify for a nomination, the credit executive must have a Certified Credit Executive (CCE) designation and be in good standing with the Association. All members are encouraged to nominate someone who has displayed exemplary service in the profession, including teaching, speaking, writing, mentoring, etc. The award will be presented during the NACM Midwest Annual Meeting on April 20, 2017.
Nominee Information Name_______________________________________________________ Company______________________________________________ Address ___________________________________________________________________________________________________________ City____________________________________________ State _________________________ Zip _________________________________ Phone ______________________________________________Email ________________________________________________________
Nominee Qualifications
(Attach a separate sheet of paper if necessary)
__________________________________________________________________________________________________________________ __________________________________________________________________________________________________________________ __________________________________________________________________________________________________________________
Please provide the following information about yourself: Name____________________________________________________ Company_________________________________________________
Fax this form to Lillian Novak at 847-253-6241. For more information please email info@nacmconnect.org.
NACM MIDWEST Illinois
Nebraska
Wisconsin
NA IONAL ASSOCIATION OF CREDIT MANAGEMENT NAT An NACM Connect Company
Nominations Must be Received no Later Than March 1, 2017 THE INTERCONNECTION
JANUARY/FEBRUARY 2017 PAGE 29
Caine & Weiner News
Caine & Weiner Monthly Giveaway Winners Congratulations to the October and November winners of the Caine & Weiner and NACM Connect Monthly Giveaways. The winners for each region are listed
below. The January giveaway is a $50 Nike gift card and the prize for claims placed in February is a $50 gift card to the Gap. Each claim you place with
October Winners
$50 Crate & Barrel Gift Card
November Winners
$50 Home Depot Gift Card
Omaha Brian Chambers, Sysco Lincoln
Omaha
Wisconsin Wannitta Chernon, Actuant Corp
Wisconsin
Gateway Region Mark Teepee, Sotel System
Gateway Region
Upstate New York Kelly Konifka, Decrescente
Upstate New York
Midwest Dale Mommaerts, Silliker Laboratories
January Giveaway
Caine & Weiner during these months will be eligible for one entry into the drawings. Please support this important partner! â–
Midwest
Kathleen Reynolds, Dultmeier Sales Kate Cantrall, Waukesha Bearing Lisa Marler, Negwer Materials Lori Weichenthal, Xylem Inc. Diane Smith, Cortz In The Swim
February Giveaway
Your Best Choice for a Win/Win Relationship Did you know that 30% of any contingent fees you pay to Caine & Weiner for services goes to NACM Connect?
NACM Connect members are encouraged to consider Caine & Weiner as their collection agency source. This is important to the association as it provides funding for our essential member services including:
EDUCATION l WORKSHOPS l PUBLICATIONS CREDIT CONFERENCES l NETWORKING EVENTS Terri Cramer
Upstate New York Region Regional Director, Alliance Partner
terri.cramer@caine-weiner.com
todd@nacmconnect.org
502.425-0308
Warren Northern
716.839.1200
Jim McGee
Midwest Region Manager, Client Services
Midwest/WIsconson/Omaha Region Assistant VP, Client Services
warren.northern@caine-weiner.com
jim.mcgee@caine-weiner.com
847.407.2330
THE INTERCONNECTION
Todd Fierstein
Gateway Region Senior Manager, Client Services
847.407.2348
JANUARY/FEBRUARY 2017
PAGE 30
NACM Gateway Region
NACM GATEWAY REGION HONORS AND AWARDS NOMINATION Each year the membership of NACM Gateway selects fellow members who are active in the organization and whose outstanding performance and accomplishments have made an impact on the credit profession. The lists of qualifications are below. Please indicate which award is being selected. All members are encouraged to nominate someone who has displayed exemplary service in the profession. The awards are selected by the Advisory Board and the NACM Staff and will be presented during the NACM Gateway Annual Meeting.
Eligibility Criteria 2017 Gateway Member of the Year Award
2017 Credit Excellence Award
Nominated by members, including self-nominations Nominated by members, including self-nominations No professional designation (CBA, etc.) required NACM professional designation (CBA, etc.) required Recognizes beginners as well as experienced credit pro- History of involvement with NACM through volunteerfessionals ing on the Advisory Board, Education Committee, Can be won multiple times teaching/speaking at educational events including classes, seminars and the annual conference, or serving in another capacity for the betterment of the NACM
Nominee Information Name__________________________________________________Company_________________________________________ Address______________________________________City_______________________________State_________Zip________ Phone_____________________________________________ Email________________________________________________
Nominee Qualifications - Indicate NACM involvement, cr edit accomplishments or achievements or other qualifications. (Attach a separate sheet of paper if necessary) _______________________________________________________________________________________________________
_________________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________
_________________________________________________________________________________ Please provide the following information about yourself Name__________________________________________________Company_________________________________________ Contact Number___________________________________Email Address___________________________________________
Fax this form to Lillian Novak at 847-253-6241
For more information please email Lillian.novak@nacmconnect.org
Nominations Must be Received no Later Than March 1, 2017 THE INTERCONNECTION
JANUARY/FEBRUARY 2017 PAGE 31
NACM Connect
Deep Dive into Ratios Wednesday, January 18, 2017 11 am - 12pm CT
WEBINAR
About the Webinar
During this webinar you’ll take a close look at key ratios covering liquidity, activity, leverage, operating performance and cash flow analysis. Review and analysis of standard financial ratios will include the formula, calculation, interpretation and use. Also included: comparisons, trends and combinations. During this 60-minute webinar you will learn: • How to review both absolute dollars and percentages. • Where to obtain financial statements for public companies. • What management can do to influence the ratios. • How to use the ratios in comparison analysis.
About the Presenter
John Jaeger, CCE has been in Credit Management for over forty years with four different companies in different industries, servicing both domestic and international customers. He recently retired as the Manager of Credit and Accounts Receivable for Follett Higher Education Group of River Grove, IL. He received his CCE Designation in November 1999. He received his MBA Degree from Northern Illinois University, DeKalb, IL, and his BA Degree in Management from Loras College, Dubuque, IA. He has served on the board of NACM Connect as well as various committees including the Education and Conference Committees. He also serves as an instructor for the NACM Connect Institute of Credit.
WEBINAR REGISTRATION Participation points are available for this webinar.
Date Wednesday, January 18, 2017
Time 11a.m. — 12p.m. CST
Cost (per connection) $99 - Member, $198 - Nonmember (Only one coupon will be accepted)
Name_______________________________________________________________ Member #____________________________________________ Company___________________________________________Address________________________________________________________________ City____________________________________________ State _________________________ Zip_________________________________________ Phone ________________________ Fax _________________________ Email _______________________________________________________ Mobile __________________________________________________________________________ Do you accept text messages?
Yes No
All payments must be made prior to receiving link for the webinar. Check—Payable to NACM Connect and mail to: 3005 Tollview Drive, Rolling Meadows, IL 60008 Credit card—Pay by phone upon receipt of invoice: 1-800-935-6226. Please invoice me. I’m using a coupon for this event. Cancellation Policy: Cancellations must be received in writing, via fax, email or mail, no later than two weeks prior to the event date to qualify for a full refund. Cancellations received later than two weeks prior to the event date do NOT qualify for a refund of registration fees. Sorry, phone cancellations cannot be honored. If you have any questions, please email info@nacmconnect.org.
Email this form to registration@nacmconnect.org. You will be invoiced shortly. THE INTERCONNECTION
JANUARY/FEBRUARY 2017
PAGE 32
NACM Connect
Credit Card Surcharge Rules and Fee Reductions – will you change the way you do business? Wednesday, February 15, 2017 10 am - 11am CT
WEBINAR
About the Webinar
Credit card acceptance and substantial fees have become common for most B2B companies. Industry changes and information may impact the way B2B card acceptors should process payments. This presentation will discuss the Card Network’s Surcharge Rules and how B2B merchants can significantly reduce the processing fees that they are paying. During this 60-minute webinar you will learn: • The Card Network’s Rules for Surcharging • Surcharge Considerations for the B2B Industries • The Differences Between Surcharges, Convenience Fees, Service Fees, and Discounts • Virtual Terminal Example of Processing the Necessary Surcharge Data • How to Reduce Your Credit Card Processing Fees
About the Presenter
Matt Fluegge is an Executive Consultant with Vantiv and the manager of Vantiv’s partnership with the NACM and UTA. Vantiv is the nation’s 2nd largest purchase transaction acquirer. Matt has been with Vantiv for 14 years and specializes in credit card acceptance and payment processing in the Businessto-Business industries. He has a Business Administration degree in Finance, and he and his family live in Madison, WI. Vantiv and its partner company, United TranzActions, have been the NACM affiliates’ preferred payment processing partners for over 18 years. Matt also works one-on-one with NACM members to provide payment processing services that improve efficiency, security, and income.
WEBINAR REGISTRATION Participation points are available for this webinar.
Date Wednesday, February 15, 2017
Time 10a.m. — 11a.m. CST
Cost (per connection) $99 - Member, $198 - Nonmember (Only one coupon will be accepted)
Name_______________________________________________________________ Member #____________________________________________ Company___________________________________________Address________________________________________________________________ City____________________________________________ State _________________________ Zip_________________________________________ Phone ________________________ Fax _________________________ Email _______________________________________________________ Mobile __________________________________________________________________________ Do you accept text messages?
Yes No
All payments must be made prior to receiving link for the webinar. Check—Payable to NACM Connect and mail to: 3005 Tollview Drive, Rolling Meadows, IL 60008 Credit card—Pay by phone upon receipt of invoice: 1-800-935-6226. Please invoice me. I’m using a coupon for this event. Cancellation Policy: Cancellations must be received in writing, via fax, email or mail, no later than two weeks prior to the event date to qualify for a full refund. Cancellations received later than two weeks prior to the event date do NOT qualify for a refund of registration fees. Sorry, phone cancellations cannot be honored. If you have any questions, please email info@nacmconnect.org.
Email this form to registration@nacmconnect.org. You will be invoiced shortly. THE INTERCONNECTION
JANUARY/FEBRUARY 2017 PAGE 33
NACM Connect
The Robert L. Vodraska
Scholarship Foundation Scholarship Application Please complete all sections of this application to be considered for a scholarship. Please print or type. Applications must be mailed to the NACM Connect Headquarters office at 3005 Tollview Drive, Rolling Meadows, IL 60008 or emailed as an attachment to lillian.novak@nacmconnect.org between January 1 and March 1. Applications must be dated on or before March 1, for consideration of scholarships for the fiscal year commencing April 1. An online scholarship application can be accessed at www.nacmconnect.org.
Contact Information Name: Title: Candidate may attach additional pages if needed.
Company: Mailing Address: Phone: E-mail:
Reason or Need for Scholarship Please indicate your specific intended use for the scholarship funds if they are awarded to you: qRegional Credit Conference qCredit 101 qSeminars qCredit 102 qWebinars qCredit 103
qBusiness Credit Principles qBasic Financial Accounting qFinancial Statement Analysis I
qBusiness Law qCredit Law qReview Classes/Testing Fees
Explain how a scholarship will help you achieve your academic and/or career goals.
Does your employer pay for education?
qPartial
qFull
qNo
Have you ever attended or completed the event/selection for which you are requesting a scholarship?
qYes
qNo
Are you currently working in the credit industry? If so, how long? ___________________________________________________________
Education
Name of College or University
Number of years completed
Degree earned
Name of College or University
Number of years completed
Degree earned
THE INTERCONNECTION
JANUARY/FEBRUARY 2017
PAGE 34
NACM Connect
Courses Courses (not part of your degree above) and seminars completed within the last two years: Course Title
Course Sponsor or Institution
Date Completed (mm/dd/yy)
Professional Designations: Candidate may attach additional pages if needed.
qCBA qCBF qCCRA qCCE qCICP qICCE qOther Please list the other designations: ___________________________________________
NACM Involvement
Please contact Lillian Novak at lillian.novak@nacmconnect.org or call 800-935-6226, ext. 6478 for a transcript request on past NACM Connect events and classes attended.
Name of NACM affiliate in which you/your company hold primary membership: Other NACM family of organizations memberships, including credit groups: Number of years as an NACM member: NACM involvement in the past five years: Include information about service on an NACM committee, task force or Board of Directors (NACM includes NACM-National, FCIB, CFDD National, NACM Affiliates and CFDD Chapters.) Be sure to provide date information (for example, May 2010 – June 2012) when listing terms of service. Also include information about participation in NACM sponsored conferences and programs. Local Involvement
Regional Involvement
National Involvement
We reserve the right to interview applicants. I, , attest to the validity of the information within this application to the best of my knowledge. False or misleading information or statements are grounds for disqualification from the scholarship process and ineligibility in the program indefinitely. Applicant’s name (representing signature)
Date
Terms and conditions: 1. Scholarships can be used for NACM Connect sponsored class or seminar fees, Credit Conference, Annual Meeting, fees for credit certification testing, and the NACM Connect Institute of Credit certification review classes. 2. Applicant must complete class and pass with a minimum grade of “C” or reimburse the Scholarship Foundation for course fees. 3. Course must be successfully completed within one year or less from date of award. 4. Applications will be reviewed and awarded by the NACM Connect Scholarship Committee.
THE INTERCONNECTION
JANUARY/FEBRUARY 2017 PAGE 35
NACM Midwest - Illinois
Wednesday, January 11
NACM Midwest Headquarters
│
3005 Tollview Drive
│
Instructor: Richard Bellis, CCE
has been a Credit Professional and Senior Manager for over forty years working for such companies as Polaroid Corporation, Platinum Technology, Robert Bosch Tool Corporation, Unilever and most recently, KeHe Food Distributors, Inc. He has taught Operations Management at the graduate level and has previously served on the Board of Directors for NACM Midwest. Richard currently is an instructor for NACM Midwest, teaching Credit Courses and is an active member of the Association of Credit Executives (ACE). His professional expertise is in the area of Credit and Collections, Cash Forecasting and Order-To-Cash processes with emphasis on organizational structure, policy and procedural improvements.
q
A Guide to Proactive Collections Good collectors are proactive – they anticipate the responses and the attitudes of their customers before they make the collection call so they can act and react in a positive manner. In the morning session you will learn to be proactive by improving your skills related to collections. Through this interactive workshop you will learn to establish an effective routine, set collection call priorities and measure your collection effectiveness.
Morning session
Effective Credit Department Communications
Half day seminar:
q Morning Session (9 am–12 pm) q Afternoon Session (1 pm–4 pm) $149 - Member, $298 - Nonmember (one coupon per person)
q
Rolling Meadows, IL 60008
Full day seminar: (lunch included)
$199 - Member, $398 - Nonmember (two coupons per person)
By definition “Communication” is the act or process of using words, sounds, signs, or behavior to express or exchange information or to express your ideas, thoughts, feelings, etc. to someone else. Important in both internal and external conversations, communcating in the right fashion will reap much more meaningful results. After this session you will know the attributes of good communication, types of communication, strategies for effective communications and the 7 C’s of Good Credit Communications.
Questions? Contact Lillian Novak at lillian.novak@nacmconnect.org or call 847.483.6478
Afternoon session
Registration deadline: December 28 Name_____________________________________________________________________________________________________ Company___________________________________________Address________________________________________________ City___________________________________________________ State _______________ Zip____________________________ Phone ________________________ Fax _________________________ Email ________________________________________ Mobile ___________________________________________________________ Do you accept text messages? q q q q
qYes qNo
Online registration is available on www.nacmmidwest.org
Check enclosed—(payable to NACM Connect) mail to: 3005 Tollview Drive, Rolling Meadows, IL 60008 Credit card—Pay by phone upon receipt of invoice: 1.800.935.6226 Please invoice me. Coupon(s)___ All payments must be received one week prior to meeting start date.
Cancellation Policy: Cancellations must be received in writing via fax, email or mail no later than one week prior to the meeting date to qualify for a full refund. Cancellations received later than one week prior to the meeting date DO NOT qualify for a refund of registration fees. Sorry, phone cancellations cannot be honored. If you have any questions, please email info@nacmconnect.org.
Email this form to registration@nacmconnect.org. You will be invoiced shortly. THE INTERCONNECTION
JANUARY/FEBRUARY 2017
PAGE 36
NACM Connect
Institute of Credit 3005 Tollview Drive Rolling Meadows, IL 60008 P: 847.483.6478 F: 847.253.6241 W: www.nacmmidwest.org
CONNECT Institute of Credit
2017 Exam Review Class Schedule Instructor:
John Jaeger, CCE
Location:
NACM Midwest 3005 Tollview Drive - Rolling Meadows, Illinois Review classes are available to participate via phone conference.
Time:
5 – 8 p.m.
Tuition:
$125 per class (One Coupon Accepted)
Please check the Review Class you would like to attend:
CBA o Monday, February 13, 2017
CBF
CCE
o Monday, February 6, 2017
o Tuesday, February 7, 2017
REGISTRATION
For questions or more information, please contact Lillian Novak at 847.483.6478 or email lillian.novak@nacmconnect.org. Name_______________________________________________________________ (Please write your name as you would like it to appear on your name badge)
Member # __________________________
Company____________________________________________________________________________________________________ Address_____________________________________________________________________________________________________ City__________________________________________________ State _____________________ Zip _________________________ Phone _______________________________________________
Fax _______________________________________________
Mobile ______________________________________________________________
Do you accept text messaging?
Yes
No
E-mail ______________________________________________________________________________________________________
Online registration is available on www.nacmmidwest.org/chicago/ioc.html Payment Method
q Check—Payable to NACM Connect and mail to: 3005 Tollview Drive, Rolling Meadows, IL 60008 q Credit card—Pay by phone upon receipt of invoice: 1.800.935.6226 q Please invoice me. q Coupon—Limit one coupon per person. Cancellation Policy: Cancellations must be received in writing, via fax, e-mail or mail, no later than one week prior to the class date to qualify for a full refund. Cancellations received later than a week prior to the class date do not qualify for a refund of registration fees. Sorry, phone cancellations cannot be honored. For more information, please email info@nacmconnect.org.
Email this form to registration@nacmconnect.org or fax to 847.253.6241. You will be invoiced shortly.
THE INTERCONNECTION
JANUARY/FEBRUARY 2017 PAGE 37
NACM Midwest - Illinois
Institute of Credit 3005 Tollview Drive Rolling Meadows, IL 60008 Phone: 847-483-6478 Fax: 847-253-6241 Website: www.nacmmidwest.org
CONNECT Institute of Credit
2017 Class Schedule CBA Courses Course Description
Winter 2017
Spring 2017
Business Credit Principles
Summer 2017
Monday 3/13 - 5/15
Basic Financial Accounting
Monday 8/21 - 10/30*
Thursday 1/5 - 3/9
Thursday 6/15 - 8/17
Financial Statement Analysis I
Fall 2017
Thursday 3/16 - 5/18
Thursday 8/24 - 10/26 Thursday 8/24 - 10/26
CBF Courses Course Description
Winter 2017
Spring 2017
Summer 2017
Fall 2017
Monday 3/13 - 5/15
Business Law
Monday 8/21 - 10/30*
Credit Law
Evening Class Times: 5:30 – 8:30 p.m. *No Classes on September 4 (Labor Day)
Professional Certification Program Test Dates Application and Paperwork Deadlines
Exam Dates
September 12, 2016
Monday, November 7, 2016
January 9, 2017
Monday, March 6, 2017
April 17, 2017
Sunday, June 11, 2017 Credit Congress, Dallas, TX
May 29, 2017
Monday, July 24, 2017
September 11, 2017
Monday, November 6, 2017
Classes are subject to cancellation based on enrollment.
For more information on becoming a certified credit professional, please visit the NACM Midwest website at www.nacmmidwest.org, or contact Lillian Novak by phone at 800-935-6226,or via email at lillian.novak@nacmconnect.org.
THE INTERCONNECTION
JANUARY/FEBRUARY 2017
PAGE 38
NACM Great Lakes Region - Ohio
Business Credit Principles Business Credit Principles is a 10-week course that provides a fundamental understanding of business credit procedures and policy. This class will also give students information about credit investigation and evaluation along with an overview of legal issues affecting the extension of commercial credit.
The following topics will be covered: • • • • • • • • •
Credit in the business world Credit in the company Organizing the credit department The legal environment of credit Credit policy and procedures Terms and conditions of sale Negotiable instruments The legal forms of business The uniform commercial code
Instructor David Feigenbaum, CCE
• • • • • • • • • • •
Credit investigations Know your customer Making credit decisions International trade Financing and business insurance Business credit fraud Credit availability decisions Customer visits The credit-sales partnership Out-of-court settlements Bankruptcy code proceedings
REGISTRATION DEADLINE: JANUARY 30, 2017 Dates February 13 – April 17, 2017
(Monday evenings - No class March 13)
Time 5:30 – 8:30 p.m.
Location
Cost
Kichler Lighting
$450, member (plus $80 textbook fee)
7711 E. Pleasant Valley Rd.
Only two coupons are valid.
Independence, OH 44131
$900, non-member (plus $160 textbook fee)
Name_______________________________________________________________ Member #_______________________________ Please write your name as you would like it to appear on your name badge.
Company_____________________________________________________________________________________________________ Address______________________________________________________________________________________________________ City____________________________________________ State _________________________ Zip ____________________________ Phone ___________________________________________
Fax ______________________________________________________
Mobile ___________________________________________________________
Do you accept text messages?
Yes
No
E-mail _______________________________________________________________________________________________________
Online registration is available on www.nacmgreatlakesregion.com
Check enclosed—(payable to NACM Connect) mail to: 3005 Tollview Drive, Rolling Meadows, IL 60008 Credit card—Pay by phone upon receipt of invoice: 1.800.935.6226 Please invoice me. Coupon—Limit two coupons per member.
All payments must be received one week prior to class start date.
Cancellation Policy: Cancellations must be received in writing, via fax e-mail or mail, no later than two weeks prior to the event date to qualify for a full refund. Cancellations received later than two weeks prior to the event date do NOT qualify for a refund of registration fees. Sorry, phone cancellations cannot be honored. If you have any questions, please email info@nacmconnect.org.
Email this form to registration@nacmconnect.org. You will be invoiced shortly. THE INTERCONNECTION
JANUARY/FEBRUARY 2017 PAGE 39
NACM Great Lakes Region
Credit 101, Credit 102, & Credit 103 Time: All classes are from 9 a.m. – 4 p.m.
(Continental breakfast at 8:30 a.m., lunch not included)
Cost: Members $199 (per class)
Non-Members $398 (per class)
2017 REGISTRATION FORM CREDIT 102
CREDIT 103
--------------------------
February 17, 2017
March 27, 2017
AK Steel Corp-Dearborn Works 14661 Rotunda Dr, Lobby A Dearborn, MI 48121
March 9, 2017
April 6, 2017
May 18, 2017
Barnes & Thornburg LLP 171 Monroe Avenue N.W. Suite 1000 Grand Rapids, MI 49503
August 30, 2017
September 27, 2017
October 25, 2017
Cincinnati, OH:
Cincinnati Container Co., Inc. 5060 Duff Dr. (Upper Conference Room) Cincinnati, OH 45246
February 8, 2017
March 8, 2017
April 12, 2017
Cleveland, OH:
Lakeside Terrace Community Center 9140 Sandpiper Dr. Streetsboro, OH 44241
April 19, 2017
May 24, 2017
June 28, 2017
Columbus, OH:
Star Leasing 4080 Business Park Dr. Columbus, OH 43204
April 18, 2017
May 16, 2017
June 20, 2017
NACM Great Lakes Region Office 41 White Allen Ave. Dayton, OH 45405
April 11, 2017
May 9, 2017
June 6, 2017
Please register me for:
Elkhart, IN:
Mid City Supply Co. Inc., 940 Industrial Pkwy. Elkhart, IN 46516 (Conference Room)
Detroit, MI: Grand Rapids, MI:
Dayton, OH:
CREDIT 101
Name__________________________________________________________________________________________Designation(s) ________________ Please print name as you would like it to appear on your name badge.
Company Name ______________________________________________________Address_________________________________________________ City ________________________________________________________________________ State ______________
Zip______________________
Phone ________________________________________________________ Fax ________________________________________________________ E-mail _____________________________________________________________________________________________________________________ Mobile ____________________________________________________________________________ Do you accept text messages?
Yes No
PAYMENT METHODS All payments must be received one week prior to event date.
Check enclosed—(payable to NACM Connect) mail to: 3005 Tollview Drive, Rolling Meadows, IL 60008 Credit card—Pay by phone upon receipt of invoice: 1.800.935.6226 Please invoice me. I am using ___ coupon(s). Limit two coupons per person.
Please Note:
• • • •
Payment must be received one week prior to class start 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.
Email this form to registration@nacmconnect.org. You will receive an invoice shortly. Online registration is available at www.nacmgreatlakesregion.com
THE INTERCONNECTION
JANUARY/FEBRUARY 2017
PAGE 40
NACM Great Lakes Region - Indiana NACM Connect Institute of Credit - CBA Certification Course
Financial Statement Analysis I Monday Evenings, January 16 – March 20, 2017
Financial Statement Analysis I is a 10-week introductory course that provides you with a fundamental understanding of how to interpret accounting data presented in financial statements issued by corporations.
The following topics will be covered: • Financial Statements: An Overview • The Balance Sheet • The Income Statement • Statement of Cash Flows • A Guide to Earnings & Financial Reporting Quality • The Analysis of Financial Statements
Instructor
Jim Montague, CCE
Registration Deadline December 29
REGISTRATION FORM Dates
Mondays, January 16 – March 20, 2017
Time
6:00 p.m. – 9:00 p.m.
Location
Conn-Selmer, Inc. 600 S. Industrial Parkway Elkhart, IN 46516
Cost*
$450, member (plus $115 textbook fee)
Only two coupons are valid per person.
$900, non-member (plus $230 textbook fee)
Name____________________________________________________________________________________________________________ Company_________________________________________________________________________________________________________ Address__________________________________________________________________________________________________________ City________________________________________________ State _________________________ Zip ____________________________ Phone ___________________________________________
Fax __________________________________________________________
Mobile _______________________________________________________________________ Do you accept text messaging? □Yes □No Email ____________________________________________________________________________________________________________
Online registration is available on www.nacmgreatlakesregion.com q Check enclosed—payable to NACM Connect) mail to: 3005 Tollview Drive, Rolling Meadows, IL 60008 q Credit card—Pay by phone upon receipt of invoice: 1.800.935.6226 q Please invoice me. q I am using ___ coupon(s) for this event. All payments must be received one week prior to class start date.
Cancellation Policy: Cancellations must be received in writing, via fax e-mail or mail, no later than two weeks prior to the event date to qualify for a full refund. Cancellations received later than two weeks prior to the event date do NOT qualify for a refund of registration fees. Sorry, phone cancellations cannot be honored. If you have any questions, please email info@nacmconnect.org. *Registration fees increase by $80 for members and $160 for non-members if registration form is not submitted two weeks prior to start of class.
Email this form to registration@nacmconnect.org. You will be invoiced shortly. THE INTERCONNECTION
JANUARY/FEBRUARY 2017 PAGE 41
NACM Great Lakes Region - Ohio
“Each roundtable permits me to interact with local credit managers and learn. I find this process to be invigorating, having new perspectives on common problems”.
–Richard Steele Kellwood Company, LLC
2017 NACM Great Lakes Region
January Roundtable Discussion
WAKE UP AND LEARN includes breakfast
The Search for thePerfect Credit Application Moderator: Deborah Iammarino
Thursday, January 12 8:30 a.m. - 10:30 a.m. Panera Bread Community Room 6130 Kruse Drive Solon, OH 44139
l
Should your credit application be revised?
l
Is your credit application seeking the right information?
l
l
Review your credit application and share your credit application process and experience. The role of the attorney in reviewing your credit application.
You should leave the roundtable with new ideas to improve your company’s credit application.
CEU points and CCE recertification points are available for this meeting.
Cost per Meeting
$25 members, $50 non-members. One coupon per person is valid. Breakfast included. Name ___________________________________________________________ Company __________________________________________ Please write your name as you would like it to appear on your name badge.
Address____________________________________ City _______________________________________ State ________ Zip_____________ Phone______________________________________ Fax ______________________________Mobile ________________________________ Email______________________________________________________________________ Do you accept text messaging? qYes qNo
Online registration is available on www.nacmgreatlakesregion.com q q q q
Check enclosed—(payable to NACM Connect) mail to: 3005 Tollview Drive, Rolling Meadows, IL 60008 Credit card—Pay by phone upon receipt of invoice: 1.800.935.6226 Please invoice me. Coupon—Limit one coupon per person.
Indiana - Michigan - Ohio
All payments must be received one week prior to meeting start date. Cancellation Policy: Cancellations must be received in writing via fax, email or mail no later than one week prior to the meeting date to qualify for a full refund. Cancellations received later than one week prior to the meeting date DO NOT qualify for a refund of registration fees. Sorry, phone cancellations cannot be honored. If you have any questions, please email info@nacmconnect.org.
Email this form to registration@nacmconnect.org. You will be invoiced shortly. THE INTERCONNECTION
JANUARY/FEBRUARY 2017
PAGE 42
NACM Great Lakes Region - Ohio
BASIC FINANCIAL ACCOUNTING Accounting is the language of business. It provides a framework for capturing business transactions in a coherent manner. More formally, accounting is defined as “the process of identifying, measuring, and communicating economic information to permit judgments and decisions by users of the information.” This course will provide participants with a good understanding of accounting and how the accountant thinks about transactions. With the knowledge, participants will gain a strong foundation to comprehend financial information contained in financial statements.
The following topics will be covered: •
Introduction to Accounting and Business
•
Receivables
• •
Analyzing Transactions The Adjusting Process
• • •
Completing the Accounting Cycle Accounting Systems Accounting for Merchandising Businesses
• • •
Fixed Assets and Intangible Assets Current Liabilities and Payroll Accounting for Partnerships and Limited Liability
•
Corporations Corporations: Organization, Stock Transaction, and
•
Inventories Sarbanes-Oxley, Internal Controls, and Cash
•
Dividends Statement of Cash Flows
NACM Connect Institute of Credit
Instructor
Certification Course
Wanda McPhillips, CCE, CICP
Registration Deadline: DECEMBER 20, 2016* Dates
Time
Cost
Location
Only two coupons are valid per person.
(Thursday evenings)
Thursdays 6:30 p.m. - 9:30 p.m. Saturdays 9:00 a.m. - 12:00 p.m.
**Saturday classes: January 7, February 4 No class Thursday - February 2
Viking Supply Net 2333 International Street Columbus, OH 43228
January 7 - March 16, 2017**
$450, member (plus $390 textbook fee) $900, non-member (plus $780 textbook fee)
Name_______________________________________________________________________________ Designation_________________________________ Please print name as you would like it to appear on your name badge.
Company___________________________________________Address______________________________________________________________________ City_______________________________________________________________________________________ State ________ Zip_____________________ Phone ______________________________________________________ Fax ______________________________________________________________ Email __________________________________________________________________________________________________________________________ Mobile ________________________________________________________________________________ Do you accept text messages?
qYes qNo
Online registration is available on www.nacmgreatlakesregion.com q q q q
Check enclosed—(payable to NACM Connect) mail to: 3005 Tollview Drive, Rolling Meadows, IL 60008 Credit card—Pay by phone upon receipt of invoice: 1.800.935.6226 Please invoice me. Coupon(s)___Limit two coupons per person.
All payments must be received one week prior to class start date.
Cancellation Policy: Cancellations must be received in writing, via fax e-mail or mail, no later than two weeks prior to the event date to qualify for a full refund. Cancellations received later than two weeks prior to the event date do NOT qualify for a refund of registration fees. Sorry, phone cancellations cannot be honored. If you have any questions, please email info@nacmconnect.org. *Registration fees increase by $80 for members and $160 for non-members if registration form is not submitted two weeks prior to start of class.
Email this form to registration@nacmconnect.org. You will be invoiced shortly. THE INTERCONNECTION
JANUARY/FEBRUARY 2017 PAGE 43
NACM Great Lakes Region - Indiana
Advanced Collections and Negotiation Skills
Featuring:
Barry J. Elms America’s Business Coach
A dynamic full-day seminar for Credit Professionalsac
h This his seminar is designed as an interactive and informative program for Credit professionals. This is a dynamic and relevant event that includes group interaction and case studies to ensure maximum program retention. Benefits include improved cash flow, increased profits, improved customer interactions and increased sales. The following topics will be discussed in this program:
Thursday, February 16, 2017
Part I – Morning Session • The 5 keys to gaining agreement in all collection negotiations. • Dealing with “power players”. How to negotiate with assertive customers. • 6 strategies that ensure successful collections negotiations.
Part II – Afternoon Session • Personal profile. Attendees will discover how to maximize their natural negotiating style. • The keys to finding creative solutions to complex collection issues, including: The 6 variable trading options that ensure equal value solutions. • The 7 keys to negotiating like a pro.
This is an interactive seminar that includes extensive case studies
Date /Time
Where
Thursday, February 16, 2017
Fatima Event Center 1040 N. Post Road Indianapolis, IN 46229
9 a.m. - 4 p.m.
Cost (Continental Breakfast and Lunch Included)
$189 - Members, $378 - Nonmembers $175 if 3 or more from same company (Two coupons per person)
Registration deadline - February 9, 2017
Name____________________________________________________________________________________________________________ Company___________________________________________Address________________________________________________________ City___________________________________________________ State __________________ Zip_________________________________ Phone ________________________ Fax _________________________ Email ________________________________________________ Mobile ___________________________________________________________________ Do you accept text messages?
qYes qNo
Online registration is available on www.nacmgreatlakesregion.com
All payments must be made prior to the event. q q q q
Check enclosed—(payable to NACM Connect) mail to: 3005 Tollview Drive, Rolling Meadows, IL 60008 Credit card—Pay by phone upon receipt of invoice: 1.800.935.6226 Please invoice me. Coupon(s)___
Cancellation Policy: Cancellations must be received in writing, via fax, email or mail, no later than two weeks prior to the event date to qualify for a full refund. Cancellations received later than two weeks prior to the event date do NOT qualify for a refund of registration fees. Sorry, phone cancellations cannot be honored. If you have any questions, please email info@nacmconnect.org. Questions? Contact Lillian Novak at lillian.novak@nacmconnect.org or call 847.483.6478
Email this form to registration@nacmconnect.org. You will be invoiced shortly. THE INTERCONNECTION
JANUARY/FEBRUARY 2017
PAGE 44
NACM Great Lakes Region - Indiana Each roundtable permits me to interact with local credit managers and learn. I find this process to be invigorating, having new perspectives on common problems.
–Richard Steele Kellwood Company, LLC
2017 NACM Great Lakes Region
January Roundtable Discussion
NACM CREDIT REPORTING Moderator: Jim Kelly, NACM Connect
Come and share your ideas and suggestions while networking with other NACM members to find solutions to your credit reporting
issues and challenges
l
Getting calls from companies you never heard of selling credit reports?
l
Looking for more cost-effective credit report solutions?
l
Looking for information regarding credit reports and trends?
l
Using just one credit reporting agency for your credit reports?
l
Do you have situations where you can’t find any credit information on a company?
l
Looking for a one-stop shop for your credit report needs?
Tuesday, January 17 11:30 a.m. - 1:30 p.m.
Lunch included
Location: Baymont Inn & Suites 3010 Brittany Court Elkhart, IN 46514
CEU points and CCE recertification points are available for this meeting.
Cost per Meeting
$30 members, $60 non-members, $25 each 3 or more from same company. One coupon per person is valid. Lunch included. Name ___________________________________________________________ Company __________________________________________ Please write your name as you would like it to appear on your name badge.
Address____________________________________ City _______________________________________ State ________ Zip_____________ Phone______________________________________ Fax ______________________________Mobile ________________________________ Email______________________________________________________________________ Do you accept text messaging? qYes qNo
Online registration is available on www.nacmgreatlakesregion.com q q q q
Check enclosed—(payable to NACM Connect) mail to: 3005 Tollview Drive, Rolling Meadows, IL 60008 Credit card—Pay by phone upon receipt of invoice: 1.800.935.6226 Please invoice me. Coupon—Limit one coupon per person.
Indiana - Michigan - Ohio
All payments must be received one week prior to meeting start date. Cancellation Policy: Cancellations must be received in writing via fax, email or mail no later than one week prior to the meeting date to qualify for a full refund. Cancellations received later than one week prior to the meeting date DO NOT qualify for a refund of registration fees. Sorry, phone cancellations cannot be honored. If you have any questions, please email info@nacmconnect.org.
Email this form to registration@nacmconnect.org. You will be invoiced shortly. THE INTERCONNECTION
JANUARY/FEBRUARY 2017 PAGE 45
NACM Gateway Region
Business Credit Principles Business Credit Principles is a 10-week course that provides a fundamental understanding of business credit procedures and policy. This class will also give students information about credit investigation and evaluation along with an overview of legal issues affecting the extension of commercial credit.
The following topics will be covered: • • • • • • • • •
Credit in the business world Credit in the company Organizing the credit department The legal environment of credit Credit policy and procedures Terms and conditions of sale Negotiable instruments The legal forms of business The uniform commercial code
Instructor Cheryl Pinson, CCE
• • • • • • • • • • •
Credit investigations Know your customer Making credit decisions International trade Financing and business insurance Business credit fraud Credit availability decisions Customer visits The credit-sales partnership Out-of-court settlements Bankruptcy code proceedings
REGISTRATION DEADLINE: JANUARY 19, 2017 Dates
February 2 – April 6, 2017 (Thursday evenings)
Time
5:30 – 8:30 p.m.
Location
Cost
Bunge North America 11701 Borman Drive 1st Floor St. Louis, MO 63146
$450, member (plus $80 textbook fee) Only two coupons are valid.
$900, non-member (plus $160 textbook fee)
Name_______________________________________________________________ Member #_______________________________ Please write your name as you would like it to appear on your name badge.
Company_____________________________________________________________________________________________________ Address______________________________________________________________________________________________________ City____________________________________________ State _________________________ Zip ____________________________ Phone ___________________________________________
Fax ______________________________________________________
Mobile ___________________________________________________________
Do you accept text messages?
Yes q
No q
E-mail _______________________________________________________________________________________________________
Online registration is available on www.nacmgateway.org q q q q
Check enclosed—(payable to NACM Connect) mail to: 3005 Tollview Drive, Rolling Meadows, IL 60008 Credit card—Pay by phone upon receipt of invoice: 1.800.935.6226 Please invoice me. Coupon(s)___Limit two coupons per member.
All payments must be received one week prior to class start date.
Cancellation Policy: Cancellations must be received in writing, via fax e-mail or mail, no later than two weeks prior to the event date to qualify for a full refund. Cancellations received later than two weeks prior to the event date do NOT qualify for a refund of registration fees. Sorry, phone cancellations cannot be honored. If you have any questions, please email info@nacmconnect.org.
Email this form to registration@nacmconnect.org. You will be invoiced shortly. THE INTERCONNECTION
JANUARY/FEBRUARY 2017
PAGE 46
NACM Gateway Region
Bowl a Perfect Game at the
NACM Gateway Region Member Networking Event
on t u ss o wl! i ’t M y Bo n Do raz C REGISTRATION Deadline February 2 Date Thursday, February 9, 2017 Time 6:00 p.m. 1 regular game, 1 crazy bowl game
Location Tropicana Lanes 7960 Clayton Road Richmond Heights, MO 63117
Cost $30 per person— Guests Welcome. Includes bowling, shoe rental, appetizers and beverages. Alcohol & additional food available for purchase. No coupons will be accepted.
If you have any questions, please contact Rochelle Wilson at rochelle.wilson@nacmconnect.org or 314.677.2803 Name_______________________________________________________________ Member #___________________________________________________ Please write your name as you would like it to appear on your name badge.
Guest____________________________________________________________________________________________________________________________ Company___________________________________________Address_______________________________________________________________________ City____________________________________________ State _________________________ Zip________________________________________________ Phone ________________________ Fax _________________________ Email _____________________________________________________________ Mobile _____________________________________________________ Do you accept text messages?
qYes qNo
Online registration is available on www.nacmgateway.org All payments must be received one week prior to event date. q q q
Check enclosed—(payable to NACM Connect) mail to: 3005 Tollview Drive, Rolling Meadows, IL 60008 Credit card—Pay by phone upon receipt of invoice: 1.800.935.6226 Please invoice me.
Cancellation Policy: Cancellations must be received in writing, via fax e-mail or mail, no later than two weeks prior to the event date to qualify for a full refund. Cancellations received later than two weeks prior to the event date do NOT qualify for a refund of registration fees. Sorry, phone cancellations cannot be honored. If you have any questions, please email info@nacmconnect.org.
Email this form to registration@nacmconnect.org. You will be invoiced shortly. THE INTERCONNECTION
JANUARY/FEBRUARY 2017 PAGE 47
NACM Gateway Region | NACM Great Lakes Region | NACM Midwest | NACM Upstate New York
The InterConnection
800.935.NACM
Stay Connected
For over 120 years, the National Association of Credit Management (NACM) has presented the Credit Congress & Expo to business credit professionals from across the country. Credit Congress is the largest annual gathering of business credit professionals in the United States. Visit creditcongress.nacm.org for registration and program details.