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Mr.
Herst has spent his entire career in the
debt-negotiation and collection field. With more
than 40 years of experience in reducing Clients’
business debts, he is one of the true “pioneers”
of this unique alternative to lawsuits,
consolidation loans, and sleepless nights for owners
of closely held businesses.
Because he is not an attorney but a skilled
negotiator (and a keen
listener),
Jim has a rare ability to balance the needs of
debtors and creditors. He personally has helped
several thousand Clients reduce their liability on
countless debts, many of which were thought to be
too large or too far past due to settle.
As
a result, PSI has saved its Clients tens of millions
of dollars, and stabilized their business finances,
over the course of Jim’s career. In fact, PSI has
saved many businesses from bankruptcy, while in
other cases, owners who wanted to liquidate their
companies have been able to do so while satisfying
their creditors and saving money on debt repayment.
In every case, Jim notes, “our Clients want to pay
their debts, and their creditors respect PSI’s
efforts to help them do that.”
Jim’s
extensive knowledge of cash flow and other
small-business financial issues is just one of the
reasons behind PSI’s success. “Every
debtor-creditor situation is unique, and there’s
almost always more to it than the money,” he says.
“The key is to find what’s really important to
each side and incorporate it into the settlement.”
A
lifelong entrepreneur, Jim has built PSI from a
one-man, local-market operation into a six-person
company now serving hundreds of clients nationwide.
He is currently transitioning control of PSI to his
associate, Steve
Newman.
Jim is a member of the Chicago Association of Direct
Marketing and Turnaround Management Association.
Throughout his career he has been a leader in
creating and implementing policy for the
payables-management industry.
Born
and raised in Chicago, one of Jim’s first army
jobs was at the Pentagon, where in 1945-46 he worked
on the Manhattan Project as a Senior Personnel
Accountant for the U.S. Army Corps of Engineers.
After the Army he studied Business in an accelerated
program at the University of Southern California
before returning to Chicago in 1950 to marry his
high school sweetheart, with whom he had two
children. Widowed in 1990, Jim remarried in 1992 and
enjoys golf, travel, and other activities—on the
rare occasions he’s not working with Clients, of
course.
Jim
Herst, President
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