Performance
Source Inc: More than 40 years of Business Debt Settlement
Experience
Founded
in 1963 by Jim Herst, Performance Source Inc (PSI) is one of
the true pioneers of business-debt settlement (or
"payables management") services for closely held
companies.
Having
worked in the collections industry early in his career, Jim
saw firsthand that business debt can become a problem even
for well-managed companies. He also recognized that
although these firms were willing to pay their debts, they
either did not have the time to work out settlements with
their creditors, or they were reluctant or unsure of how to
do so. "I saw far too many companies filing
bankruptcy or taking on costly business-debt consolidation
loans," he adds.
PSI, which has always been based in Chicago's northern
suburbs, initially worked with small local companies.
Within a few years, however, PSI had clients nationwide,
including:
- book stores
- card and party-supply retailers
- clothing stores
- construction companies
- manufacturers and fabricators
- many other closely-held companies
The variety of businesses that PSI has served, ranging from
small start-ups to larger, multi-million-dollar companies,
is one of the main reasons that debt-burdened firms choose
PSI today. Another is PSI's high rate of success in
helping Clients avoid bankruptcy and debt consolidations.
In 2003 Steve Newman joined PSI as its Principal. He
now oversees virtually all day-to-day functions of the
company, and works closely with Jim Herst to plan
client-service and debt-negotiation strategies. The process
of phasing in Steve as President of PSI began in 2005.
