The Bennett brothers have a substantial national advertising and marketing firm that bills several $million monthly. Their monthly statement virtually always shows a profit, yet they’re struggling to keep creditors happy.
Their billings are to substantial companies. They feel the obligations are secure. But collections are slow. So their capital is always sitting in their receivables, and the Bennetts spend their time collecting money instead of running their agency.
Finally, one of the brothers was referred to a Concentrix partner who showed them how factoring, a solution they had previously resisted, could be structured to address their concerns while bringing a cash windfall into the business. The extra partner focus and productivity, not worrying so much about the receivables, produced much more incremental income than the small cost of the accounts receivable financing.
Have a similar concern? Let's talk.
