SCALA Newsletter- Fall 2017 Vol 1 Issue 2

An Alternative Perspective On Collecting Money Gene Sacco | President– The SACCO GROUP LLC Dba Surety Solutions

Volume 1 Issue 2

FALL 2017

In one way or another, I have been repre- senting clients for almost twenty-one years. During that time, I have developed deep rela- tionships-friendships and partnerships with many executives with whom I do business. At the same time my staff and I have devel- oped thousands of relationships with individu- als that owe my clients money. It never ceas- es to amaze me how people with various lev- els of income find ways to pay what they owe, once a trustworthy relationship is estab- lished between an A/R representative and the debtor. This kind of shared experience over time re- sults in a foundation of trust and respect that is immeasurably valuable; valuable to my client because he/she gets paid and valuable to the individual owing money, because he/ she is dealing with someone that can be trusted. Many times, recovering money from an indi- vidual or a company and building the relation- ship and trust needed to achieve a mutual resolution requires you to listen. Learning to listen is critical. All superfluous thoughts are put aside when a good listener is on task. The time for processing and inter- preting will come later. A good listener has the capacity to fully absorb not only what he/ she hears but what he sees. No detail is insignificant. In face to face nego- tiations, I have always been aware of the individual’s every nuance, from body lan- guage to clothing to the way one breathes. What posture does he/she exhibit? Does he/ she appear nervous or relaxed? What are his/ her facial expression? Does he/she sometimes tap a pencil, rustle paper, jiggle a knee? These little habits can be invaluably revealing as the discussions progress. You need to no- tice them and think about what they might mean.

As much as anything else, deep listening requires patience. You cannot be in a hurry. You must be able to take your time. Negotiation is a process and the key to the initial stage is being wide open in every way, gathering all kinds of infor- mation, the subtle and personal as well as the factual. Agreements and payment arrangements are rarely reached early in a negotiation. By listening carefully and perceptively, it is possi- ble to create a comfort zone in which the other party becomes more secure and more willing to reveal his/her true agenda. I have negotiated many significant payment arrangements worth millions of dollars by taking one or more of the following actions:  Don’t be afraid to appear dumb by asking questions.  A good listener is utterly aware of not only what the individual says but of the way in which he/she says it A good listener feels absolutely no distrac- tions; he is fully and completely absorbed in the moment. A good listener will collect more money in a shorter period of time if they have a sincere in- terest in creating a mutual win/win trustful rela- tionship by listening.  Upcoming Events | Save the Date! • Dec 4-6, 2017 | Las Vegas Marilyn Klinger to speak at Construction Super Conference Dec 7, 2017 | SUASC Holiday Banquet Sheraton Garden Grove-Anaheim Hotel Dec 13, 2017 | SCALA Holiday Luncheon | The Culver Hotel , Culver City • Jan 25-26, 2018 | Wash. D.C. ABA– FSLC Mid-Winter • Apr 19-20, 2018 | Seattle WA Western States Surety Conference • •

Inside this issue:

SBA Changes to Benefit Industry


Notes from Members


License & Registration Please


They Are Claiming What?


Member Announcements


Inspiration | Creative Corner


Contact the Editor | Membership


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