Receivables Info Executive Spotlight – Jeff Albert from Markoff Law

I used to work with a collection manager who would say that an employee “knows what time it is” when impressed by their abilities.  I stole the line and now use it to describe people that impress me with their knowledge and skill in the industry.

It’s not necessarily new, but it’s persistently rising costs. 

In recent years, the basic or baseline cost of providing competitive collection services has risen at a very high rate.  I believe this trend will continue.  Labor, compliance, and technology (including artificial intelligence and automation) will continue to be very expensive relative to the opportunities in the industry.  I predict that in five years, the minimum revenue levels required to participate in this marketplace will be considerably higher than they are today.

Having business plans / projects move from a vision to delivering real results.

Only buy insurance when you can’t afford the loss.  Not exactly profound, but I want to believe this has saved me a bunch of money over the years.

Get involved, find mentors, and commit to constant learning. Try to learn all aspects of this industry.  Strive to understand the various business models of the typical clients, collection agencies, law firms, and vendors. 

My family.  My wife and I have two great daughters that we’re very proud of.

Freakonomics

Ski Patrol.  I love to ski but don’t get to go much anymore.

I was only out of law school and a licensed attorney for about 2 years when I took over a collection law firm.  This would not have been possible without meeting the best mentors as soon as I entered the industry.  I credit Jack Wolf, the owner of the firm I worked for, and Bob Markoff, who later became my business partner, with teaching me and instilling in me the confidence to make a bold move at a young age.