Collector - November 2009

“I won’t do business with anyone I haven’t sat across the table with,” Taulbee said.

He stressed asset buyers need to know the people from whom they are buying.

“Often buyers know little or nothing about who they are doing business with, and that’s a dangerous place to be,” Taulbee said.

When entering into a new relationship, it is essential asset buyers learn about the seller—which means knowing much more than seller’s name and address. Inquire whether the seller is a member in good standing of any industry trade associations or groups. Learn how many years the seller has been an active participant in the credit and collection industry. Ask the seller to provide the name and contact information of at least three other companies with whom it has completed transactions. Unless the seller is new to the market, failure to provide references may be a red flag.

A buyer can also request the seller provide financial information about itself to allow the buyer to make informed decisions about the seller’s financial strength and capability.

Buyers need to know not only about the seller from whom they are buying, but also who the previous owners of the portfolio may have been.

“Many first-time buyers may not recognize that they not only have to know the company they are purchasing from, but also the reliability and integrity of all companies in the chain of title,” Varrichio said.

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So how much due diligence is enough? “Enough that you can document to your satisfaction that all offered or said is true and of value,” Freeland said.