News & Resources

Culture shift salvaged debt collection agency

Oct 31, 2011 Mike Garretson

A performance-based strategy shift from a new management team helped bring a failing Texas-based debt collection agency back to profitability, insideARM reports. Nationwide Recovery Systems was faltering because its owners were unable to provide it with enough capital to cover its client trust account. Minnesota-based collection industry regulators Nationwide Recovery Holdings and Recovery Investments stepped in, purchased partnership units of the company, and within 90 days NRS was once again earning revenue. "Our turnaround strategy focuses on three key areas: people, people, and people," Brian Gulledge, the new president of NRS, told the news source. "Getting the right people in the right place on the bus is the single most important thing we have done to improve our operations." Gulledge and other leaders terminated underperforming collectors, which allowed the more productive collectors to do their jobs with more efficiency. "A players don't want to work beside C players," Gulledge added. According to its website, NRS offers debt recovery services for the commercial, consumer and healthcare industries, as well as accounts receivable co-sourcing.