Learn fundamentals and best practices for business credit management including potential customers, risk, and collections.
A crucial aspect to creating and maintaining best business practices in credit management involves assessing potential creditors from the outset of the relationship. The failure to effectively assess potential customers prior to extending credit to them often results in financial losses and an unnecessary expenditure on resources required to attempt to collect from such customers. This topic will assist the attendee in reassessing its current procedures for assessing potential customers and will offer guidance on implementing certain tools for determining and minimizing risks in lending to each customer. However, even businesses with the best business practices in credit management will inevitably face some customers who fail to pay. When this happens, it is imperative for businesses to have certain policies and procedures in place for dealing with collections internally and identifying when it is necessary to employ a third-party collections agency/law firms.
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Assessing Potential Customers
- Establishing Clear Policies and Procedures for Extending Credit
- Understanding How Your Company Makes Money (and Loses It)
- Utilizing the Credit Application
- Credit Limits and/or Sign-off Levels
- Knowing When to Walk Away From a Potential Customer
- The Get P.A.I.D. System
Understanding and Addressing Various Risks
- Identifying Relevant Nonfinancial Risks (Such as Industry, Conduct, Business and Management Risks)
- Proper Use of Social Media and Other Technology
- Battle of the Forms
- Use of Invoices, Terms, and Conditions
- Procedures and Policies for Collections (When, How, Who)
- Internal Collections Within Company
- Third-Party Collections
- Pre-Bankruptcy Planning
- Bankruptcy Techniques
- The Legal Process
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This course was last revised on April 15, 2020.
Call 1-866-352-9540 for further credit information.
- AK CLE 1.5
- Alaska attorneys may receive 1.5 hours of continuing legal education for completing this program. Please contact the Alaska Bar Association or go to www.alaskabar.org for details regarding reciprocity with other states.
- AL CLE 1.5
- This course or a portion thereof has been approved by the Alabama State Mandatory Continuing Legal Education Commission for a maximum of 1.5 hours credit.
- AR CLE 1.5
- This course has been approved for 1.5 hours of CLE by the Arkansas CLE Board.
- Arizona CLE 1.5
- The Arizona State Bar does not pre-approve or pre-certify MCLE programs. However, records of this program and attendance will be maintained by Lorman Education Services for auditing purposes. This activity may qualify for up to 1.5 hours toward your annual CLE requirement for the State Bar of Arizona.
- CA MCLE 1.5
- Lorman Business Center, LLC. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.5 CLE hours of participatory credit.
- CT CLE 1.5
- Neither the Connecticut Judicial Branch nor the Commission on Minimum Continuing Legal Education approve or accredit CLE providers or activities. This course has been approved for CLE credit in jurisdictions aside from CT and therefore it automatically meets the content and delivery requirements in Connecticut. Credit is based on a 60 minute credit hour and shall be awarded as follows: 1.5 CLE credit(s).
- HI CLE 1.5
- This program was approved by the Hawaii State Board of Continuing Legal Education for 1.5 CLE credit hours.
- IL CLE 1.5
- This course was approved for a total of 1.5 hours of MCLE Credit by the Illinois MCLE Board.
- ME CLE 1.5
- This course has been approved by the State of Maine Board of Overseers of the Bar. Lawyers who complete this course shall receive 1.5 hours of CLE credit under M. Bar R. 12.
- ND CLE 1.5
- North Dakota CLE policy does not allow for pre-approval of any self-study courses. This course may qualify for up to 1.5 hours of CLE credit.
- NH MCLE 1.5
- NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this Ondemand course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 89 Minutes.
- NJ CLE 1.8
- This program has been approved by the Board on Continuing Legal Education of the Supreme Court of New Jersey for 1.8 hours of total CLE credit.
- PA CLE 1.5
- This Distance Learning program has been approved by the Pennsylvania Continuing Legal Education Board for 1.5 hours of substantive law, practice and procedure CLE credit.
- RI CLE 1.5
- This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 1.5 hours of CLE credit.
- VT CLE 1.5
- This self-study program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.5 hour(s) of CLE credit. Please note: Attorneys may only claim 6 credits per compliance period in this format. This course is considered "Non-Moderated Programming without Interactivity".
- WA CLE 1.5
- This program has been approved by the Washington State Board of Continuing Legal Education for 1.5 hours of A/V credit under the Law & Legal Procedure category.
- WV MCLE 1.8
- This program has been approved by the West Virginia State Bar MCLE Commission for 1.8 MCLE hours.
To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Kirk B. Burkley, Esq.
- Managing Partner at Bernstein-Burkley, P.C.
- Practice emphasizes all aspects of bankruptcy & restructuring, creditors’ rights, business & corporate transactions, litigation, real estate, and oil & gas
- Conducts regular seminars/live webinars and workshops on bankruptcy, creditors’ rights, and oil and gas
- Chairman of the American Board of Certification (2020), past President of the American Board of Certification and Turnaround Management Association, and member of Allegheny County Bar Association and the American Bankruptcy Institute
- In 2020, recognized as the only bankruptcy and creditors’ rights attorney on Pennsylvania Super Lawyers’ list of Top 50 Pittsburgh attorneys
- J.D. degree, University of Pittsburgh School of Law; B.S. degree, Ohio University
- Contact 412-456-8108 or [email protected]
Raymond P. Wendolowski Jr., Esq.
- Partner-in-charge of the creditors’ rights group at Bernstein-Burkley, P.C.
- Practice focuses primarily on commercial collection litigation
- Conducts regular seminars, live webinars and workshops on creditors’ rights
- While earning his J. D. degree at the University of Pittsburgh School of Law, he completed a legal intern externship at the City of Pittsburgh Zoning Board of Adjustment
- Member of the CLLA, Pennsylvania Bar Association and the Allegheny County Bar Association
- Can be contacted at 412-456-8119 or [email protected]
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