Happy New Year!

Wishing everyone a Happy, Healthy and Profitable New Year!  Make 2014 your best year ever!

Scott F. Soape

More Repeat Business

I have mentioned the importance of repeat business several times before in previous entries here as well as in my commercial debt resolution Business Plan System.  The most important part of gaining repeat business is ASKING.

Although landing clients is not especially difficult in this profession, it probably entails 50% of your time.  Gathering qualified leads, contacting the principal parties and following up with them until they retain your service takes some time.  Once you have a client it is much easier to simply ASK them if they have other problem debts you can assist with.

As an example, the same client with which I settled the judgment mentioned in my last post had another problem debt that was being pursued by a collection agency.  All I did was ASK my client if he had any other situations he would like me to work.  This case was successfully settled:
,
Debt:             $8,340
Settlement:   $4,670
SAVINGS:    $3,670

Of course, I earned a fair fee for my efforts.

Most clients have more than one problem debt so always ASK for more business.  You're already half way to earning another fee!

Scott F. Soape

Judgment Settlements

Every type of business debt is eligible for our settlement service, including judgments.

Monetary judgments are awarded to plaintiffs (creditors) if the defendant (debtor) either fails to prove their case or simply does not respond to a lawsuit.  These judgments can provide additional avenues for creditors to collect on the amounts awarded but they do not guarantee payment.  Additionally, creditors still face the extra time, effort and expense of tracking down debtor assets.  This means these creditors are often willing to accept less.

As an example, I just finalized a successful settlement on a judgment.  My client had a judgment issued against his company for $20,646.86.  Although I did not have access to the details, this amount probably included the principal debt plus attorney's fees, court costs and back interest.  I was able to convince the judgment owner company to accept a discounted settlement of $12,000 on a payment plan of $1,000 per month:

Judgment:    $20,646.86
Settlement:  $12,000.00
SAVINGS:   $  8,646.86

As usual, all parties were pleased with the outcome and I earned a handsome fee for my efforts.

Be sure to check your local jurisdictions for judgments issued against businesses.  I think you will find both sides responsive to your risk free offer of negotiating a settlement.

Scott F. Soape

Another Successful Settlement

Just last week, I finalized an extremely favorable settlement for a client. A commercial creditor had filed a lawsuit claiming over $11,300 to be due from a sign company (my client). They were also seeking over $3,700 in attorney's fees along with a couple hundred dollars for court costs.

I was able to negotiate this entire claim down to a lump-sum payment of just $1,500... saving my client more than $13,800.
As with all cases, this one had some specific considerations that impacted the final settlement amount. In the end, though, both parties found the settlement to be acceptable and the lawsuit is being dismissed with prejudice (which means it cannot be pursued in court again).

All parties benefited from this settlement, including myself with a nice fee earned for my skilled negotiations.  My program material provides all the information needed for anyone to do the same.

Scott F. Soape

A Busy Time of Year!

This is usually a very busy time of year as companies scramble to collect payment of past due receivables before year end.  You will probably notice an increase in lawsuits from now until mid December (when things slow down a bit for the holidays).

I encourage you to "make hay while the sun shines" and hustle to land as many cases as you can comfortably work during this busy time.

Scott F. Soape

Non-Payment of Fees

I have successfully negotiated settlements to hundreds of cases over the past 16 years.  Out of all of these cases, I have only had problems getting paid 4 or 5 times.

Non-payment of fees is extremely rare in this profession.  My complete commercial debt resolution Business Plan System provides information on ways to ensure you get paid your fee as soon as settlements are accepted, before the creditors receive a dime.

However, there still may come a time when a client accepts a settlement but does not pay your fee.  This occurred with a recent client of mine.  In this specific situation, I thought it best to allow my client to delay payment of my fee so that they would not lose the extremely favorable settlement I had negotiated on their behalf.  My client assured me payment would be forthcoming and even went so far as to email me a pdf copy of a check made payable to my company in the amount of my fee.

Unfortunately, the check was never mailed and this fee is now over 60 days past due.  I have mailed a demand letter for payment within 10 business days and I will file suit locally if it is not received.

Sadly, I have now become just another creditor to this client despite having assisted with a much larger debt.

The good news is that these situations do not arise very often and can typically be avoided in the normal course of business.

Scott F. Soape

UPDATE:  Within a few days of sending my demand letter for payment and threatening a lawsuit, I received a check for my $1,000 fee.

 

 

Negotiation

I recently attended a business group luncheon in Austin where the keynote speaker addressed the topic of negotiation.  This speaker's background was in an entirely different industry and it was good to get another perspective on this topic.

This speaker made the point that negotiations could be either:

1. Competitive, where one side wins and one side loses.
2. Collaborative, where both sides gain and therefore both sides are pleased with the results.

In this regard, our commercial debt settlement negotiations are almost always collaborative.  All parties benefit from our successful negotiations.   Otherwise, there would be no agreement on terms and no settlement.

Creditors must agree to settlement terms and so must our clients, the debtor companies.  If there is no agreement on terms, there is no settlement.

My program provides a number of negotiation techniques that have allowed me to reach successful results for my clients nearly 100% of the time over the past 16 years.  All of these settlements have been Win / Win scenarios for the parties involved, with no "loser" on either side.


Click the link below for a brief article in Entrepreneur Magazine on "3 Things Entrepreneurs Get Wrong When Negotiating"...

http://www.entrepreneur.com/article/228398

Scott F. Soape

Create a Web Site

My complete commercial debt resolution Business Plan System details way to market your business.  One of the most important things to do as soon as possible is to create a web site for your practice.

Inc. Magazine's online information provides some excellent tips on how to do this.  Please click the link below for a recent article:

http://www.inc.com/john-brandon/4-tools-to-create-a-website-by-the-end-of-today.html

Scott F. Soape

Repeat Business

Here is a prime example of multiple cases from one client.

The same client from the case I just posted on July 29th contacted me late last week to assist with another pending lawsuit.  Obviously, he was pleased with the outcome from the first settlement and we are both hoping for similar results with this new case.  Since my success rate is near 100%, I am highly confident I can negotiate an acceptable out-of-court settlement with this new creditor and their attorney.

The answer date deadline on this new case is imminent so I am working fast.  I am also requesting an extension from the creditor's attorney while we are in negotiations to settle.  I have never dealt with this attorney before but most are willing to grant short extensions or at least abate further action on a lawsuit if a settlement is expected.

The main point here is to always ask your clients if they have other cases you can assist with.  One successful settlement can often open the door for repeat business.

Scott F. Soape

A Recent Case

On July 16th a new client retained my services to settle a pending lawsuit.  Today, less than 2 weeks later, he accepted the settlement I negotiated.  Here are the numbers:

$10,205 Debt
$7,000 Settlement

$3,205 Saved

This 2 week settlement is about an average turn around time whenever a creditor is willing to respond to offers in a timely manner.  Thankfully, that was the case here.  I had never dealt with the attorney for this creditor before so I was not sure what to expect.  She held out for considerably more than my initial offer but, after some back & forth, all parties benefited in the end.

It is also important to note this $7,000 settlement is a TOTAL amount.  Had the creditor prevailed with the lawsuit, they could have been awarded attorney's fees up to 1/3 the amount of the debt or $3,400.  Plus, it cost them over $200 just to file the lawsuit and they could have required a separate reimbursement.

This means my skilled negotiation efforts effectively saved my client in excess of $6,800!

As you may imagine, my client was thrilled with the savings and they can now concentrate on making money rather than dealing with this legal matter.  In addition to earning a nice fee, I am also happy to have helped my client through a tough situation.

Scott F. Soape

"Like" My Facebook Page

I finally got around to setting up a Facebook page for my company.  Please check it out through the below link and be sure to "Like" it when you get there.  Thanks!

https://www.facebook.com/pages/Scott-F-Soape-Associates-LLC/186201598098546?fref=ts

Inexpensive Business Cards

I recently ran a test with Vistaprint for a batch of business cards and I am pleased with their results.

You can get 250 premium business cards for only $10 with free shipping.  Go to or click on www.vistaprint.com/yoursuccess to get started.

They even provide an option for you to design your own cards if you choose.

Scott F. Soape

How To Make $100,000 Per Year

Below is a re-post of a previous entry from November 2008.  I believe its importance still applies...


You've heard me say a six figure income is possible in the commercial debt resolution profession. Earning fees of several thousands of dollars per case is certainly one way to get there... but there are also other ways.

Let's look at 3 different examples:

EXAMPLE 1. If you can close 5 cases per week generating a fee of just $400 each, you will earn $2,000 per week. With 52 weeks in a year that gets you $104,000 per year. Since most cases take no more than a couple of hours TOTAL time to negotiate & close once you land a client, that's about 10 hours per week. (Keep in mind a $400 fee is about the minimum you should earn on a case, so lets look at another example.)

EXAMPLE 2. If you can close only 3 cases per week generating a fee of $700 each, you will earn $2,100 per week. That comes to over $109,000 per year.

EXAMPLE 3. Now figure you earn the average fee of about $1,200 per case and close only 2 cases per week. At $2,400 per week you will make nearly $125,000 a year!

You can assume you will have a wide mixture of cases earning a wide range of fees. Some may only earn you $350 while others generate fees of $3,000, $5,000 or $10,000+. That's the nature of this business. Sure, some weeks you may not close ANY cases, but other weeks you may close numerous cases each day. Other weeks you may only close one case but that case might earn you a fee of $2,000 or more.

The business is out there and making $100,000 + per year is possible if you incorporate ALL of my recommendations for getting leads & closing cases. Making more money just means contacting more prospective clients and closing more (or bigger ) cases each day or week. Of course, nobody says you have to make a six figure income. If all you need or want is an extra $400, $800 or $1,000 per week, then it will take fewer cases to get there. Follow my program and the potential is absolutely there to earn whatever level of income you desire.

Scott F. Soape

Still A Bargain!

I have officially increased the price of my commercial debt resolution Business Plan System for the first time since its creation and it is still a great value.  I held the price down purposely of late for those potential students who recently expressed an interest to allow them time to make their decisions.

The information contained in my revised material is a great value at either price and this relatively small investment can be recouped from only a minimum fee with your first successful case... often within only 3 to 4 weeks.

I say "relatively small" knowing full well that $295 can buy a lot of groceries.  However, when you are investing this amount into information that can help you launch a career with the potential of earning thousands of dollars each and every month, it becomes insignificant in comparison.

I encourage everyone to shop around for a better business opportunity bargain and I challenge anyone to find one.  It simply does not exist.

As always, I offer a full refund of the purchase price (less S&H) on a no questions asked basis for 30 days.  Simply return the material to my office intact within 30 days of receipt, and I will immediately issue a refund.  No explanation is necessary.  Most folks know within a few days if this profession is for them.

However, I encourage anyone interested to contact my office with whatever questions you may have BEFORE investing.  We are more than happy to address any of your concerns and discuss details on a one-to-one basis.

Scott F. Soape

Order My Program NOW Before the Price Goes Up

Fair warning... the price of my program will go up very soon.  Order NOW and take advantage of the lower price while it lasts.  You will get the same new and revised material with a substantially lower investment.

Once the price increase takes effect, all subsequent orders must be processed at the higher amount.

My Business Plan System is a bargain at either price and your investment can be recouped on your very first successful case with only the minimum fee.

Don't delay!

Scott F. Soape

Price Increase Coming Soon!

The price to invest in my revised Commercial Debt Resolution Business Plan System will increase by $100 within the next few weeks.  I encourage anyone interested to place your order before the cost goes up.  You will get the benefit of the same comprehensive information when you receive my updated and revised material but at a lower price.

This is the first price increase since I developed this program over 6 years ago.  Please be assured, an investment in my program at either price can be recouped on your very first successful settlement... with just the minimum fee and often within only 3 to 6 weeks.

Don't wait, order NOW!

Scott F. Soape

My NEW, Revised & Updated Program!

I am pleased to announce my new, revised and updated Commercial Debt Resolution Business Plan System is now available!

The process of updating my program material took many months and much thought.  As with my original, I drew upon my own many years of experience and enlisted the expertise from several outside sources to ensure the content would be fresh, relevant, comprehensive and above all CLEAR.  The feedback I have received has been extremely favorable and I am quite proud of this product.

For a limited time, I will be marketing the revised Business Plan System at the same price as my previous program.  However, in the very near future, the price will increase.  Be assured, your investment in my program at either price can be recouped with your very first successful settlement and earned fee... often within only a few short weeks.

As always, I encourage anyone interested to contact my office with whatever questions you may have BEFORE investing in my Business Plan System.

Scott F. Soape

Referral Sources

I recently received an email from a student asking how he could work this business without court case leads.  In responding, I realized it has been a while since I discussed referral sources here.  Below is a copy of my email response:

My best sources for business outside of court cases come from 3 basic groups:

1.    Bankers (blog entries dated 6/10/12 and 9/24/08)

2.    Business Brokers (blog entry dated 6/23/08)

3.    CPAs / Bookkeeping Services

These folks are in a unique position to know of businesses experiencing financial difficulties and are also usually pleased to know about my service as a resource to refer their clients.  I suggest you get your practice set up first with business cards, brochures and at least a basic website before initiating contact.  As an aside, I do request you not copy any of the content from my website(s).  I have spent a great deal of time, money and effort over the years creating an individual and unique Internet identity for my company.  Related Web sites are constantly monitored and copyrights are strictly enforced.  If you choose to create your own Web site (as I highly recommend), please ensure your content is original and not simply a rewording from my site(s).

Once your practice is set up, you can research contacts in these 3 groups via the Internet and through some phone calls to get individual names so your marketing can be personalized.  Send a brief letter and / or email informing these professionals of your service and emphasize your “no risk” ability to assist their commercial clients with problem debts.  A follow-up phone call within a few days of this contact to provide a little further explanation or even to schedule a meeting is helpful.  The more professionals in these groups you can contact, the better your chances of getting referral business.

I also suggest you contact any factoring companies in your area (blog entry 7/15/08).  There may only be a handful but they can be a great resource for referrals in both directions which may result in sizable referral fees to you.  Use the same method to contact these folks as with the other professionals.

Building your practice only through referrals can take a little longer but is integral for anyone in this profession even if court cases are available.  Be patient and be persistent.  Once you develop a broad base of referral contacts, the cases should become steady.

 

Scott F. Soape

Love Your Job!

I love working my commercial debt resolution service.

Assisting business owners with their problem debts is extremely rewarding.  Of course, the money is great.  But the personal emotional reward is what really drives me.

My clients find their companies in difficult financial situations for various reasons but none of them are by choice. My skills in negotiating discounted settlements or improved payment terms (or both) with their commercial creditors allows my clients to keep their doors open for business, avoid laying off employees and often gets their creditors money they might not otherwise ever see.  All parties win and my success rate is near 100%.

Plus, how many other services do you know that operate on a "no results, no charge" basis?

If your current job is not fulfilling and you are looking for a profession where you can help other people while also earning a substantial income for yourself, I encourage you to consider commercial debt resolution.  I think you will quickly understand why I love my job so much.

Scott F. Soape