1 00:00:00.505 --> 00:00:01.685 All right everyone, welcome back. 2 00:00:01.705 --> 00:00:03.085 And right now I am with Steven. 3 00:00:03.085 --> 00:00:05.125 Steven, it's a pleasure to see you meet you. 4 00:00:05.385 --> 00:00:06.765 So let's just start real quick. 5 00:00:06.905 --> 00:00:08.485 Go ahead and introduce yourself, uh, 6 00:00:08.485 --> 00:00:09.685 and who you're with. Hey, 7 00:00:09.785 --> 00:00:11.405 I'm Steven Zach arrive, I'm an attorney. 8 00:00:12.005 --> 00:00:13.445 I represent Empire Recovery 9 00:00:13.465 --> 00:00:15.245 and Collections, so I handle collections for a lot 10 00:00:15.245 --> 00:00:16.565 of the folks in this room and beyond. 11 00:00:17.065 --> 00:00:19.725 So it's, it's, our main focus is MCA collections 12 00:00:19.725 --> 00:00:21.085 collecting on behalf of funders. 13 00:00:21.625 --> 00:00:24.005 So talk to me, man, I, I think you are someone 14 00:00:24.005 --> 00:00:25.605 that everyone probably wants to talk to, 15 00:00:25.635 --> 00:00:28.365 even though it's a scary thing to talk to an attorney. 16 00:00:28.905 --> 00:00:32.005 But what, what's your best piece of advice for people to, 17 00:00:32.005 --> 00:00:34.245 to work with you and to succeed in this industry? 18 00:00:34.805 --> 00:00:37.165 'cause you pretty much oversee a lot of things 19 00:00:37.165 --> 00:00:38.405 that Absolutely, yeah. 20 00:00:38.585 --> 00:00:40.645 And, and to be honest, nobody wants to talk to me 21 00:00:40.645 --> 00:00:42.405 because they don't want a file to go into default. 22 00:00:42.505 --> 00:00:44.245 So I'm kind of a necessary evil, 23 00:00:44.245 --> 00:00:45.605 evil in this industry, you know? 24 00:00:45.985 --> 00:00:47.845 Uh, but I always recommend clients just to, 25 00:00:47.845 --> 00:00:48.925 to move quickly on a file. 26 00:00:49.035 --> 00:00:50.165 File goes into default. 27 00:00:50.465 --> 00:00:51.525 You want to get that file 28 00:00:51.625 --> 00:00:53.285 to collections quickly as possible. 29 00:00:53.405 --> 00:00:54.325 'cause you'll have merchants that 30 00:00:54.325 --> 00:00:55.485 kind of talk to you and talk to you. 31 00:00:55.745 --> 00:00:59.365 And meanwhile there's competing creditors, filing lawsuits, 32 00:00:59.425 --> 00:01:02.085 and then pretty much putting the merchant outta business 33 00:01:02.085 --> 00:01:03.925 before you've had a chance to collect against them. 34 00:01:04.185 --> 00:01:05.485 So speed is the name of the game. 35 00:01:05.485 --> 00:01:08.085 You want to definitely get a lawsuit filed as soon 36 00:01:08.085 --> 00:01:09.525 as possible, or at least start your enforcement 37 00:01:09.525 --> 00:01:10.685 process as soon as possible. 38 00:01:11.065 --> 00:01:12.765 So talk to me, why should people come work with you 39 00:01:13.185 --> 00:01:15.725 or, you know, what kind of walks through that? Alright. 40 00:01:15.985 --> 00:01:17.045 We we're the best in the business. 41 00:01:17.125 --> 00:01:18.325 I mean, there's a handful of guys in 42 00:01:18.325 --> 00:01:19.565 this industry that do collections. 43 00:01:19.955 --> 00:01:21.685 What we do is much different. 44 00:01:21.685 --> 00:01:24.125 We go a lot more deeper on a file than other 45 00:01:24.125 --> 00:01:25.205 collection officers will. 46 00:01:25.375 --> 00:01:26.645 We'll send out subpoenas. 47 00:01:26.825 --> 00:01:28.485 We take the fight to the merchant's home state, 48 00:01:28.485 --> 00:01:29.805 so we'll get a judgment in New York 49 00:01:29.805 --> 00:01:31.805 or Florida, wherever we need to get a judgment. 50 00:01:32.105 --> 00:01:33.165 And then we'll domesticate 51 00:01:33.165 --> 00:01:34.805 that judgment in the merchant's home state, 52 00:01:34.975 --> 00:01:36.885 we're sending subpoena to competing creditors. 53 00:01:37.095 --> 00:01:39.925 We're working the, the, the phones via soft collections. 54 00:01:39.925 --> 00:01:41.045 We're sending out enforcement letters. 55 00:01:41.265 --> 00:01:42.565 We have a very robust process. 56 00:01:42.745 --> 00:01:46.005 And if we can't collect, then I'm, I'm hard pressed 57 00:01:46.005 --> 00:01:48.085 to believe anyone else can really work a file. And 58 00:01:48.085 --> 00:01:50.445 In a, in a time when like everything is changing, 59 00:01:50.595 --> 00:01:53.285 like there's a lot of different rules going into play, uh, 60 00:01:53.285 --> 00:01:55.125 collections, you know, that's kind 61 00:01:55.125 --> 00:01:57.485 of going into like an all time high in a way. 62 00:01:57.945 --> 00:02:00.005 Um, defaults are in an all time high. 63 00:02:01.595 --> 00:02:03.405 What advice do you have to people in this industry 64 00:02:03.405 --> 00:02:04.565 that are either just starting out 65 00:02:04.565 --> 00:02:06.485 or that are trying to get by? Of 66 00:02:06.485 --> 00:02:07.485 Course. Well, it starts at underwriting. 67 00:02:07.485 --> 00:02:07.645 68 00:02:08.025 --> 00:02:09.245 You gotta have good underwriters. 69 00:02:09.245 --> 00:02:10.405 You have to really look at the file 70 00:02:10.405 --> 00:02:12.565 and you gotta make sure you're collecting the right data. 71 00:02:12.745 --> 00:02:16.525 So if it does go into default, I have enough data to work 72 00:02:16.525 --> 00:02:19.205 with so that I can then enforce against that same merchant, 73 00:02:19.205 --> 00:02:21.845 collect accounts receivable reports, uh, make sure you get 74 00:02:22.405 --> 00:02:24.485 sufficient personal guarantees from the merchants. 75 00:02:24.545 --> 00:02:26.205 Not just one person, maybe two people. 76 00:02:26.545 --> 00:02:29.565 You know, get as much AR data, get as much bank data, 77 00:02:29.565 --> 00:02:31.565 credit card processing as possible so 78 00:02:31.565 --> 00:02:33.445 that if it does unfortunately go in default, 79 00:02:33.805 --> 00:02:35.045 I have enough data to work with 80 00:02:35.045 --> 00:02:37.245 to then enforce the contract against that, 81 00:02:37.245 --> 00:02:38.685 that ar and that those assets. 82 00:02:39.105 --> 00:02:40.205 And then for those people 83 00:02:40.205 --> 00:02:41.645 that are just starting out in the industry, 84 00:02:41.805 --> 00:02:42.685 'cause there's a lot of new faces, 85 00:02:43.265 --> 00:02:44.605 uh, what do you say to them? 86 00:02:44.605 --> 00:02:45.605 What, what do you tell those guys? 87 00:02:46.505 --> 00:02:47.845 You're gonna have to learn the hard way. 88 00:02:47.955 --> 00:02:50.445 It's unfortunate, but I've seen a lot of clients grow 89 00:02:50.445 --> 00:02:52.525 with me and I've seen some of the early files 90 00:02:52.525 --> 00:02:53.885 that they sent to me that was in default. 91 00:02:54.225 --> 00:02:57.285 And I, i, I scratched my head that they would ever file 92 00:02:57.665 --> 00:02:59.685 or fund a a file like that. 93 00:02:59.985 --> 00:03:02.125 And then five years later they become grizzled 94 00:03:02.325 --> 00:03:03.525 veterans in those defaults. 95 00:03:03.525 --> 00:03:04.885 They look at it the same way. How could I have 96 00:03:04.885 --> 00:03:05.925 ever funded a deal like that? 97 00:03:06.465 --> 00:03:07.725 So it's it, you just have to learn 98 00:03:07.725 --> 00:03:09.645 and just kind of grow as you fund a deal 99 00:03:09.645 --> 00:03:10.725 and it goes bad on you. 100 00:03:10.725 --> 00:03:13.125 Awesome experience. Yeah. Yeah. Awesome. 101 00:03:13.135 --> 00:03:15.325 Steve, thank you so much, man. Appreciate it. Definitely. 102 00:03:15.625 --> 00:03:16.765 Uh, hang out. Hang out 103 00:03:16.865 --> 00:03:18.965 but sit around by 'cause they wanna chat with you. 104 00:03:19.075 --> 00:03:20.125 Awesome. Thank you man.