Case Studies
Our successes are proven in a wide range of environments. Regardless of the industry, people respond positively to the "Relationship Management" approach CFO Advisors has pioneered towards collections.
- For a Fortune 500 Newspaper Group, CFO Advisors was asked to provide collection specialists whose performance was then compared to their experience with a trade association collection group and an agency with which they had a 17-year relationship.
What was originally scheduled to be a six-week trial of our services became a ten-year partnership which has brought in as much as $400-$500,000 per year in recoveries at an average net cost of under 15 cents on the dollar. Finally, in August of 2005, this client hired away – with our support and blessing – our onsite specialist for full-time work there. No greater compliment to a vendor than to covet their talent, wouldn’t you agree?
- A $150,000,000 major Specialty Construction Manufacturing firm brought CFO Advisors in to handle the constant and ongoing problem of dealing with builders and contractors who consistently ignored contacts from an internal staff of six collectors. The company was losing thousands of dollars each month to outside collection agencies, and sales representatives were complaining about lost relationships.
Over several years, our on-site our work recovered 70% of accounts already pursued by both office staff and outside collection agencies!
- A prominent New York firm of Consulting Engineers requested CFO Advisors to assist in negotiating payment terms and schedules with major architect firms, builders and hospitals. With our assistance, payments were accelerated, sensitive relationships honored, and the aged A/R was reduced by 50 percent. The approaches we introduced are an ongoing part of their work.
The ultimate proof of satisfaction? The client hired away our onsite specialist as their full-time CFO.
- At a national payroll-processing company, CFO Advisors proved its value by recovering three times as many net dollars as the client's collection agency. In addition, we assisted in bringing back several large clients -- further demonstrating that our "Relationship Management" approach can salvage worthwhile customer relationships as well as the at- risk dollars.
- A leading national media sales organization with $1.5 billion in annual volume found itself unable to keep up with both the volume and the complexity of its accounts receivable. CFO Advisors was brought on board on a "temp" basis to work extremely aged or difficult accounts.
Within six months, two CFO collectors using our proprietary software successfully accelerated over $1.6 million in payments, brought accounts current, and identified for write-off those few accounts that were unwilling to keep to terms.
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