The American Repossessor

There seems to be an aversion within the repossession industry from many within it to help people who are interested in either working in it or starting their own company.  I have been told by many about this, and I have also read many comments from those that think they know it all, to those that may not know much about  it, that they should go find a job elsewhere.

Whether you like it or not, just because negative comments are thrown at these people, it does not deter them to begin working in the industry, irrespective of capacity.  And often many of these inexperienced and ill-prepared people turn out to be the very people who ‘cowboy’ our industry.

It is better to help people and give them some guidance so that they can begin their careers correctly, which in turn will help to minimize the ‘cowboy’ element within our industry.  But no, instead we hear the arrogance and rude offensive  comments of many within the industry insulting and belittling those that show any interest in joining it.

One has to ask – are you so afraid of competition that you would respond this way to others that just want the opportunity to be where you are? What short memories you have – have you forgotten where and when you started in the industry?

There are no rules that stipulate that you have to have repossession experience to work within the industry – of course it would help, but  there is no mandatory requirement for that.

I have met several repossession company owners that started their companies without expertise, but instead bought in the knowledge.  One of the key elements of knowledge that they need is business acumen, the rest can be imported into the company.

Unfortunately, the norm of the company owner does not have the business acumen to grow their company, but have the repossession experience, which often can only take them to a certain stage of business growth.

It is a well known fact there are varying degrees of knowledge needed at differing stages of business growth eg., the skills you have to start a company are not the same as those  skills you  need to grow it.  That is why so many company owners can only take their company so far in the growth span and thereafter they stagnate, treading water until something changes.

Anyone starting a business, irrespective of what business sector it is in, needs to have the business skills, giving them the core competencies and capabilities to grow their company.  It is a common trend within the repossession industry that company owners pay cash for everything, leaving themselves without the cashflow to carry on doing business on a daily basis.

I have talked to many company owners that are proud of not owing money (which is a great feat in itself) however, they have hampered themselves in not having cashflow to grow the company because they paid cash for everything.  Cashflow is the liquidity to keep your business moving.  It is needed to ‘bridge the gap’ between you invoicing your clients and your client paying you.  A credit line would help you here too, but you have to persuade the bank to support you in that and unfortunately, they only seem to do that when you don’t need the money!  The time to obtain a credit line is when you least need one.

One new company owner recently informed me that he had  a new facility built, had 3 new trucks (2 of which he was not using as he didn’t have enough work for them), had great technology in place etc., but did not have the cash to market his business.  If you don’t market your company, how do you expect to get clients and if you don’t get clients, how do you expect to pay for company overheads?

Hindsight  is a wonderful thing, but it is too late if you have reached the above point.  Whatever you are wanting to do in your business life, you need to plan, whether you are a new company  or running an existing business.

In my experience of recruiting Field Agents I much prefer to train someone who has no experience of working within the repossession industry as that way, they don’t bring with them any bad habits, and they can be trained in the way that I need them to be trained.  Of course,  there is the exception to the rule,  and there is a ‘gem’ to be found.  Just remember, that bad habits can cost you a great deal of time and money, plus attorney time and money if you do not manage and control your Field Agents.

If you are a ‘newbie’ carry out as much research as possible BEFORE you start your company and if you are an individual that wants to become a Field Agent, then find a company that will train you and by train you I don’t mean a couple of days shadowing an existing Field Agent, as that does not ‘cut it’ and make you a fully fledged experienced repossessor.  Make enquiries at the repossession companies within your area and ask them if they have a training program and if they do, what it includes.

‘Newbies’, don’t be deterred, there is room in every industry for new people, including this one – just make sure whatever you do, you do it right!