Turning Deadbeats into Dollars
(Financial Management) – A Los Angeles manufacturer was sold to a larger competitor. As part of the terms of sale, accounts receivable that were not collected within a year would be deducted from the purchase price and returned to the seller as uncollectable. Janas worked on the $750,000 of written-off accounts for the seller. Several of the customers had gone out of business due to the Great Recession. Over a two year period more than $500,000 was collected through skillful negotiation and persistent follow up.