Sunday, April 17, 2011

CSIS, CIA, MI6, NSA

Now There's an Intelligence Service for the Business World

During a recent layover on my way to Detroit, I had the pleasure of speaking with a local businessman. The conversation got around to our respective employment and when he learned about our firms services; the conversation became much more animated.

With the pain of the recent recession still fresh in his mind he said, "I wish I knew you 16 months ago! I would have paid you $10...NO $20,000! to have avoided some of the problems I had".

This entrepreneur partnered with another fellow in a joint venture to provide services to the oil and gas industry. During the initial stages of the relationship; things were moving quickly and the deal came together fast. Unfortunately this fellow didn't thoroughly perform his due diligence on his new business partner.

Turns out the new business partner had a somewhat shady past and his record for running profitable businesses was less than perfect. My new airport friend had committed over $250,000.00 to the joint venture which ultimately failed. "If I knew then what I know now, I never would have done the deal", he lamented.

Completion of a comprehensive background is no longer the exclusive domain of professional credit managers. Obtaining business intelligence on potential suppliers, customers, and business partners is central to the decision-making process.

Sometimes the Best Deal is No Deal

We recommend interviewing key suppliers, talking with their customers, and in some cases getting a physical inspection done, to validate the information your potential business partner has told you about himself. Spending time and resources before doing a deal may seem like another unnecessary expense; however when considering the size of your potential investment - it may be the cheapest insurance you ever purchased.

Priority Credit Recovery Inc. provides business intelligence services as part of our suite of services. Click here to learn more.

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