Receivables Info Executive Spotlight with Mike Walsh

In his role at EverChain, Mike Walsh introduces creditors and debt buyers to the EverChain debt marketplace and post-sale management platform to find new partnerships that are mutually beneficial and long-lasting. His main goal is to listen to prospects’ challenges, educate them on EverChain’s solutions, and see if EverChain is a good fit with their overall recovery strategy. 

Throughout my career in the ARM industry, I’ve always been intrigued by companies and technologies that are changing the recovery industry for the better; I definitely found that here at EverChain. I wanted to sell the future state of debt sales and I truly believe that is what we are doing. But I have to say, it’s the people here that made me join the team in February. As we continue to grow, we are attracting more and better talent because others see the future and want to be a part of it. My entire sales team worked with me previously and wanted to join the EverChain team for our culture, our tech, and what it can do for the client relationships we’ve made over the years in the industry.

That’s a great question. I think there is one clear trend now and that is, “data is king.” How companies utilize and optimize data to their advantage is how they maximize recoveries. The industry is moving beyond traditional metrics such as recovery rates, conversion rates, and propensity to pay models and into more sophisticated data-driven analytics models. There is so much more valuable data than ever before, and how we as an industry utilize it is rapidly changing. It’s very exciting!

I believe that “self-service” will become the norm in the ARM industry—much like it already has outside of the industry. My son wanted a scooter for his birthday, so I ordered one in 2 clicks using my phone. I didn’t call or email anyone, or need support of any kind to execute the transaction. The industry must realize that consumer expectations are changing and now everyone expects this instant, Amazon-like experience everywhere. My daughter has no idea how to hold a phone to make a call (it drives me crazy, but it shouldn’t) because she knows how to text and FaceTime. All that to say, as an industry, we must adapt to these changing customer preferences. Calls will always exist but I think they will make up less and less of the contact the industry has with consumers.

I think in this business you define success in the relationships you develop over time. Many of my clients have followed me to different places I have worked. I have been rehired by the same companies twice; I think that says they trust me, and they know my prospects and clients can trust me. This is not a transactional business. We sell partnerships, and I only sell the best partnerships to my clients. If you have relationships in this business, it also shows you care enough to listen, you know what you’re talking about, and you don’t just sell for a commission check. I love this industry. I have a ton of great friends in this industry. And we help people in difficult situations solve their challenges. To me, that is success.

If you do not know the answer to a question, tell the client or prospect, “I don’t know, but I will find out.” I learned that very early in my career and that advice made me learn more because I hate answering, “I don’t know.” It either means it was a fantastic question or a lack of preparation on my part. Either way, that advice has served me well and motivated me to be as prepared and knowledgeable as possible about our business and theirs.

Learn as much as you possibly can about the industry. I recently brought new people into this industry and it was both interesting and challenging. Sometimes you forget that people do not understand the jargon we use or the formulas that come naturally to industry veterans. Alleviating perceptions about the industry was a huge part of training; I used to have to explain to them that the majority of the industry is NOT harassing anyone and is doing things the right way. I think you have to look at the ARM industry as an extension of customer service because that is what it is when you really think about it. 

I am most proud of the team victories I have been a part of. I helped create new products or refine them so they worked in the market, which has been a lot of fun. There is nothing quite like onboarding an enterprise-level client. It takes a team of people if you really think about it, and we in business development have to work with every department in our organizations to make it happen. I love that banding together to deliver the perfect solution— it is great! That’s why culture matters to me so much. I am proud of the sales team at EverChain, but it does not end there. I believe in our auditors, product group, compliance team— everyone. I will be really proud to deliver the perfect solution to my next client, then the one after that, and so on, because I trust the product, the team, and the service EverChain provides.

My favorite book is The Happiness Advantage by Shawn Achor. My favorite podcast would be RotoWire Fantasy Sports podcasts which I listen to all the time as I am a maniac sports fan.

That is very easy for me. I would work for any of the great organizations out there that help people with/parents and guardians of people with autism. My son is autistic and I think there is still a need to create ways to maximize the talents of these incredible people in our society.

I love history books—mostly World War II books, documentaries, and movies. I think you can learn so much from leaders, strategies, and heroism that history teaches us.