Customer Reviews

How to Collect Debts (and Still Keep Your Customers)

5 star:		(7)
4 star:		(1)
3 star:		(1)
2 star:		(1)
1 star:		(1)

 

 

If you effectively implement only one or two of the Shers' suggestions, you will more than cover the cost of this book. But that's not the best way to use it. Rather, first, re-examine all of your thoughts and feelings about accounts receivable (AR). (Do you even know precisely who owes you how much and for how long?) Then rigorously evaluate your current policies and procedures (if you have any) and make whatever modifications are necessary, guided and informed by what the Shers suggest. Finally, consistently follow those policies and procedures while being willing to consider a specific AR problem within its context. I wholeheartedly agree with the Shers that (a) AR may well be the single most important component of customer relationships, (b) AR problems offer unique opportunities to strengthen relationships with those customers involved, and (c) most AR problems are avoidable, more often than not the result of a misunderstanding rather than a customer's intention to avoid any payment whatsoever.

The Shers organize their excellent material within three Sections (Attitude, Speed, and Knowledge), following an Introduction which -- all by itself -- is worth much more than the cost of the book. They then share "A Few Final Words" about avoiding bad debts, consumer collections (why some don't pay) and what they call "The Kitchen Basket Syndrome," commercial collections, and finally, "Lessons in Real Life." Almost all companies have AR problems because some of their customers have cash flow problems.

What we have here is a step-by-step, cohesive and comprehensive system to minimize, expedite, and resolve problems with accounts receivable. Assume good will on the part of most customers and make every effort to "work with them." However, also know that at least a few are disreputable and be prepared to outsource some ARs to an attorney or collection agency. (The Shers explain the most effective way to do that.) For me, one of this book's greatest values is its emphasis on seeing AR within any organization's entire operations. In certain respects, this is a "How to Do It" book but it is more, much more. The Shers strike me as being psychologists rather than bill collectors, as being two decent people who believe that most other people are also decent, and who sincerely want to help their readers to obtain what is due them without compromising the integrity of those who are in their debt. The Shers' advice is eminently practical; it is also highly principled.

The book tells the history of how the two brothers have used high credit risk customers to their advantage. They tell how they have been successful at ensuring prompt payment from these customers. Only problem is they are incomplete on telling you HOW they ensure prompt payment. Example: They state you can ask five simple questions to determine the credit risk of an individual, but never tell you the five questions. The book is in dire need of a grammar checker. The book is defintely focused on collecting from individuals.

This book has been re-printed under the title: Championship Collections; How to Squeeze Blood From a Turnip. It sells here on Amazon for a cover price of $25.00. Don't pay these outrageous prices (like I did) for a used book.
By the way, if you're new to collections, this book is a good introduction. If you need specific collection techniques, buy another book.

I own a communications business in the South and I have heard lots about the Sher brothers. I read this book and just loved it. I know that everyone in my collections department will be reading this book.

These guys have a wonderful knowledge of the collection world. I read this book fairly fast and gained knowledge that I had never thought about. If you want help on your companys receivables, then this is a must read.

A really good quick read. The stories are very informative. This book will get your companie's receivable's run much more effectively and will benefit your company overall. I highly recommend this book.

This book has saved my business. I made all my employees read this book and now my company is a money making machine.

This book was very well written with many informative stories and examples of how to collect in a fun and worthwhile way. The Sher brother's backround shows that their knowledge is above and beyond what is needed to write this book.

This book is just what I needed. My collection department has been struggling, but I made all my employees read it and we are doing better. This is like a collection reference book.

All this book does is tell short stories. It does not provide much assitance for collecting debts.