Bartering Fees - An Alternative

99% of the time your fees will be paid in CASH. That is how most clients operate and, frankly, how most debt negotiators prefer to be paid.

Occasionally, though, you will encounter a client strapped for cash but who may possess a skill or merchandise you can use. If you can be flexible on how you get paid, BARTERING your fee in trade for something else of equal value can sometimes benefit both YOU and YOUR CLIENT.

One of my favorite barter situations occurred several years ago when I negotiated a substantial discount on a debt with a local nursery. My fee was set at a percentage of the savings and came to over $2,000. Unfortunately, my client was unable to pay both my fee and the settlement. Since I did not want him to lose the excellent settlement nor did I want to miss the fee, I suggested we barter for a product instead. I had just completed building my new home at the time and needed sod for my front lawn. So, in trade for my fee, my client provided me with a truck load of 20 palettes of sod along with the starter fertilizer.

Of course, I could have purchased the sod with the same money I should have received for my fee, but this made it easier for my client to make payment.

Use your imagination and keep an open mind as you deal with your clients. It need not even involve a large fee... I once worked for a $300 box of cigars from a local cigar shop in lieu of a cash fee.

Bartering your fee can add a new dimension to your practice and benefit both parties.

Scott F. Soape

Networking Groups

Networking groups exist for the sole purpose of promoting business for their members. To find out about networking groups in your area, start by contacting your local Chamber of Commerce and asking who they know that you can call. Chances are there will be several groups in your area to choose from and you may join as many as you want if they are accepting new members.

Most groups try to limit the type of businesses represented in order to avoid competition for referrals. A group may have members consisting of one CPA, one Printing Company, one Insurance Agent, one Restaurant, one Real Estate Agent, one Banker, one Dry Cleaner, one Mortgage Broker, etc. Typically, they like a broad spectrum of business types.

You can almost be sure they won't have any Commercial Debt Specialists and many groups will be more than happy to include you as a member. Join as many as you like. They usually meet once a month but some have weekly meetings either for breakfast or lunch or even early in the evening depending on every one's schedules. Find one (or more) with meeting times that fit your schedule.

These groups are a great way to spread the word about your unique service and you will find most group members have never even heard about your profession.

Include networking groups in your marketing efforts and you will find them to be a very effective and inexpensive way to get referrals.

Scott F. Soape

Negotiation Techniques

Some people thinking about getting into this profession are concerned they will need to be "hard nosed" aggressive negotiators in order to be successful. They are worried they don't have the proper personality or disposition to negotiate head-to-head with the creditor agents and "win" a settlement for their clients.

The good news is you can work this profession in whatever manner best fits your own personal style and attitude. If you want to be a hard-nosed aggressive negotiator, then go for it! If, on the other hand, you prefer to take a more subtle approach, that can work just as well.

My Business Plan System material provides all the information needed to negotiate settlements and you may use it to fit your own personal style and comfort level when dealing with clients and creditor agents.

As I have said before, the negotiation process is not difficult. Often, all that is required is making a properly worded offer or two before a settlement is finalized (see my Blog entry of August 20, 2008). And most of the time there is no need for face-to-face contact or even a telephone conversation with the creditor agents! My sample Settlement Offer Letters usually do all the work.

Anyone, regardless of the personality type, can operate a successful commercial debt resolution practice using my system.

Scott F. Soape