Francine Rope-Mundy, founder of FRM Commercial A/R Solutions, wasted no time in deciding to launch her own company after 25 years as a credit manager in the construction industry.
"I got laid off and went to my car to leave and a light bulb went on in my mind," she said. "I knew that I could start my own business helping people collect on their accounts receivable. I relieve people of the discomfort of calling for money. Owners shouldn't be making those calls, they are there to sell and grow the business. Admin staff are not trained in collections and will put this task off never making the proper impact to actually collect the receivables."
Rope-Mundy's firm is creating its own niche in the receivables industry. "The other companies in the industry are traditional collection agencies," she explained. "None work for less than 40-50% commission and also will not assist with accounts receivable younger than 90 days. I will work their 30-60-90 day report and charge depending on the age of receivable. Lastly, the collection agencies collect the money and then take another month to pay their clients. My clients receive money an average of 30 days sooner because I direct the debtor to send the funds to my clients and then invoice them my fee also offering a 1% discount if they pay by the 10th of the following month."
Rope-Mundy's advice to aspiring entrepreneurs is to get involved by taking leadership roles in your community. "Get out there," she said. "Be seen by getting everywhere you possibly can. Find a mentor and mirror those who are successful at networking. People do business with people they know and trust. Lastly, don't start your business doing things you aren't skilled at. Hire professionals to do tasks beyond your abilities such as a CPA or professional printing company."
*West Volusia Regional Chamber of Commerce Board of Directors Secretary Elect
*Member of the National Notary Association
*Notary Signing Agent - License and Insured