When you are involved with a debt sale, merger and acquisition, dealing with a consultant or just a sales opportunity there are times in which you should lift your skirt a little and let the party on the other side of the table see your vulnerabilities and your processes.

Many people have a difficult time showing other people how they do business and where their weaknesses lie. When any of us do self-evaluation it is often hard to share the gory results with other people. In fact often we do not even admit our own weaknesses to ourselves. So the question is how, when and to whom do we release this sensitive information?

As a consultant I am often faced with how other CEO’s and COO’s are going to lift their skirt to me. I am the doctor so as a consultant I am one of the people to whom you should lift your skirt and lift it high when engaging for a consultation. But often I find that the managing partner or collection manager tries to hide their deficiencies from themselves and from me.

In order to make significant change happen in your organization you must lift your skirt and evaluate yourself closely. What you find will determine if you can make changes yourself or you may require help (a consultant). A good consultant will find the truth within the organization and can provide the needed change plan but until the decision maker will lift his own skirt and self-evaluate the business and personnel the changes will not be implemented and change will not occur.

If you are in a debt sale or M&A negotiation then you need to lift your skirt high enough for the person on the other side of the table to make a firm solid decision but so far as to expose your personal deficiencies. If you are in a sales opportunity it is often best to discuss the limitations of the product as well as the key positive factors.

Many people in this business refuse to lift their skirt to themselves and this has left them in the past. This group is still doing things close to the same way they were 10-20-40 years ago. There is also a group of rising businessmen that have no skirts and go around trying every new process and ideas, this group finds many jewels in the constant search but often need to find focus to gain real traction.

We all have to spend a few minutes and soul search ourselves and our businesses if you find you could use some help to make positive changes we can help.

• The way in which a consumer pays their bill will change, the movement to payments and in fact lower payments will become the norm.
• The use of offshore and near-shore collection strategies will increase in 2010
• The use of offshore will drive more US agencies to branch out to satellite offices they run in India and the Philippines.
• The use of offshore offices will begin to move to near-shore as the process seems to work but needs closer management. The use of near-shore allows for a 2-4 hour plane ride to the satellite office.
• The results of the best in class agencies and law firms will be ones who can go back to old school collections and manual calls.
• The manual calls will drive the costs up at US locations further driving the off shore strategy
• Compliance issues will only get worse in 2010
• Many agencies and law firms will create a strategy to mitigate the damages associated with the increase of lawsuits filed each month in 2010.
• The volume of consumer attorneys using the collection industry will increase in 2010 as other law firm strategies become un practical and un profitable
• Many new buyers and therefore placers of debt will enter the business in 2010
• Most of these buyers will only be marginally successful and a few will prosper and become part of the industry into 2011 and beyond.
• Many collection agencies and law firms will begin to fail in 2010 and this will create further mergers and acquisitions.
• The M&A that will occur among the debt buyers will allow the buyer to buy the entire company for a discounted price of just the debt assets. This will allow the strong to get stronger.
• The business will also lose many vendors that will not be able to survive the continued hard times in 2010
• Liquidity will increase in 2010 but ever so slowly and will not reach highs of past years ever again.
• The business will shrink as the issuers will reduce the number of buyers they are willing to deal with to reduce the compliance issues that exists in 2010
• The issuers will also reduce the number of agencies and law firms they are dealing with for the same reasons to reduce compliancy issues. By using the most trusted vendors the issuers will reduce exposure to bad collectors.
• This will also happen with the rest of the industry especially the debt buyers and this group will also lose many players ion 2010.
• The limitation of buyers by the issuers will reduce the number of resellers with fresh debt to half of what it was in 2009

Do you want to know how to stay ahead of the curve? Call me today, Phillip W. Duff 904.687.1687.

The DBA show was a record at the Mirage in 2010. The association will send me the actual numbers to compare to other years but it was obvious that the show was BIG! More vendors and more attendees than ever before.

Lighthouse Consulting sponsored a booth and it was also a high traffic location especially during the opening reception with the addition of two conference models

Deanna and Jody at the 2010 DBA booth of Lighthouse Consulting

Many people commented on the fact that the email blasts sent by Lighthouse Consulting are appreciated by the industry and it is because they have value to the end user and that is the philosophy of Lighthouse Consulting’s services. I am glad you feel there is substance to the articles an alerts, thank you for the comments.

Lighthouse Consulting, Ron Canter, Esq. and myself wish to thank you for coming by the booth and sharing opportunities to help each other with the business of debt collection. we were provide many opportunities for consulting, debt sale and compliance assistance and we are working to make contact with those persons as quickly as possible, well maybe not so quick today after 4 days in Vegas and delayed flights returning yesterday.

Please let me know what you thought of the show why was it a record turnout? Is the business growing? Was it desperation by some companies? I am very interested in your thoughts and then I will give you mine.

Post your thoughts below, no really do it,

NOW!

Thanks,

Phillip Duff

L3 Group

Lighthouse Law Leadership Group

This is an exclusive group of Law firm collection professionals who employ Mr. Duff as a mentor through an interactive connection including live voice, video and computer interface. This group of collection managers and managing partners attends a monthly cyber meeting with Mr. Duff as well as one on one weekly interactive training and question modules. Members of this exclusive group will have weekly access to the 30 years of knowledge and contacts of Mr. Duff, and all segments are facilitated directly by Mr. Duff.

• Interactive one on one live access to Mr. Duff weekly
• Monthly group meetings
• Industry insights and Vendor reviews
• Compliance advice
• Increase your profits
• Drive your revenue growth
• Results for today’s problems
• Networking opportunities

I know you have questions and I can answer them. This program can help you develop multiple processes with the direct assistance of a highly respected consultant at a highly reduced rate.

Every member of the group will get the following monthly;

• One-on-one counseling from Phillip W. Duff
• Entrance to a weekly group meeting with
• Guest speakers
• Vendor evaluations
• Networking opportunities
• Interactive webinars
• Video presentations
• Group blog
• Newsletter

This group will have a limited number of members and will remain exclusive and loyal to it’s membership. The level of access and number of members per organization will determine the cost. Acceptance of membership is solely that of Mr. Duff.

The group will be very limited and close membership quickly so get signed up today. The first meeting will begin on March 1 2010.

Lighthouse Consulting & Asset Management, Inc. is currently working on our website to better serve you. Take a look around and let us know if you have any questions or comments.