Welcome to a new regular feature on AccountsRecovery.net. The collections and debt-buying industries are tight-knit communities, but there is a lot that we do not know about each other. To rectify that, we will be posting profiles of members on a regular basis. If you are interested in being profiled, please contact me via email.
Name
Miguel Leman
Company
Length of time at current company
We started Recoverity.com 2.5 years ago.
Length of time in industry
Five years
How did you get your start in the industry?
By looking for a collection agency for my employer. I noticed the need for a collections-only marketplace that connects businesses to collectors. The Better Business Bureau wasn’t cutting it and I was incredibly surprised to find out there wasn’t a better option for this space. We built the framework at night while working full time and I eventually left my job as a credit manager to launch our startup.
Which industry professional do you admire most?
The 50-or so decision-makers and industry innovators who are part of our collection agency and debt-buying network. It takes guts to try something new with your business and after speaking with our network members, most of them were ready for this change as well.
What is one thing you do better than everyone else?
I am adept at taking conceptualized ideas and putting them into action. I thrive in a high stress and chaotic environment at home.
What do you like most about this industry?
The paradigm that current exists in the collection industry is exciting to me because I have an outside-in perspective. The collections space is one of the last remaining industries where technological innovation hasn’t taken taken fully hold. Tech is more important now than ever with regulators tightening the belt, and in some cases tech could solve a lot of this industries problems allowing everyone to do more with even less. In the meantime, creditors continue to grow more weary of our space and therefore I see a tremendous opportunity to help both sides.
What is one thing you wish you could change about this industry?
Recoverity is changing how creditors find, and more importantly, how they select collectors for ongoing service. Our change comes in the form of simplifying a complex decision by presenting new tools to creditors and pairing that with a simple demonstration of each agency’s level of compliance and effectiveness. The result at the agency level is a decreased operational sales cost, with the potential for the best agencies to get in front of more creditors.
I also think we need more early adopters that aren’t afraid to explore new ideas and more thought leaders to bring in fresh ideas into our space.
If you weren’t in this industry, what would you be doing?
Bareboat charter captain, pilot, BBQ restaurateur, or another startup.
Describe a typical work day.
Every day is different. My work day starts with my 17 month old son waking up at 7ish, and the day is usually a blur of calls, meetings, site management, development, emails, and managing him with/without a babysitter. My day ends around 9-11pm.
Managing Recoverity remotely serves two purposes for us: It means that we are able to put more capital and time back into the business and it gives a bizarre family/work balance as I don’t want to miss out watching my son grow up.
What is your guilty pleasure?
Chipotle and ting (grapefruit soda).
What is the best advice you’ve ever received?
Never trust a man that doesn’t drink.
What are you currently reading?
What is one fact you’d like everyone in the industry to know about you?
I believe that passion and thick skin are needed to make a difference.
