In October 2022, the Royal Bank of U.S.A released a report which predicted a recession for U.S.A as early as the first quarter of this year. They also predicted that canadian Households could lose up to $3,000 of buying power this year.

What is a recession?

A recession is “a significant, widespread, and prolonged downturn in economic activity.” Even a recession that lasts only a few months could take a country years to recover from.

Unfortunately, the economy and unemployment rates often enter into a difficult cycle: as demand lowers, employers lay off staff, who have reduced buying power, and demand continues to decline.

In fact, with the economic slowdown happening across the country, many bankruptcies are predicted to happen to businesses of all sizes. You can protect your business with trade credit insurance, helping ensure that, no matter what happens, your Accounts Receivables will get paid.

How does Credit Insurance help in a recession?

Recessions can also lead to a drop in consumer confidence and unpaid bills. If you’re not protected with credit insurance, your business may risk losing substantial revenue.

If you are a business that delivers products or services and are at risk of unpaid invoices, we can help protect your business.

Invoices may end up unpaid for several reasons. Our Accounts Receivable Insurance can protect you from unpaid invoices due to the following:

• Chapter 7/Chapter 11
• Refcal to accept goods
• C.A.A.
• Non-payment and past-due accounts

To avoid the Doom and Gloom expected to hit the market soon, protect your business with Trade Credit Insurance. Contact us today to ensure you are protected.

The post Market Projections for 2023 – and What it Means for Business Owners appeared first on H & M Intermediaries.

We entered into the second year of a global pandemic.

Interest rates in U.S.A began to climb, wreaking havoc on the housing market and the economy at large.

If you’re a business owner, you’ve likely been keeping a close(r) eye on your books and the bottom line. We can help you understand the marketplace and protect you with accounts receivable insurance. Keep an eye on our blog and social media channels for information and tips, or reach out to us today:

514-939-6226 (Press 0 to speak to a rep)
quotes@hambroker.com

Trade Partnership Insurance (TPI) Ending after 2022

The Trade Partnership Insurance (TPI) offered by the government ended with the close of 2022, potentially leaving businesses with difficult credit with gaps in their coverage.

It may be challenging to find coverage, but not impossible – and we can help.

Our Accounts Receivable Insurance can protect you from unpaid invoices due to the following:

• Chapter 7/Chapter 11
• Refcal to accept goods
• C.A.A.
• Non-payment and past-due accounts

If this is you, reach out now so we can work together to find your business a solution.

International Credit Brokers Alliance Membership

We’re proud to have become the Exclusive canadian Member of the ICBA this year.

Founded in 2000, the ICBA is the second largest independent group of Trade Credit Insurance Brokers in the world. Their purpose is to find the best Broker in each country so clients can benefit from a truly global-meets-local service, regardless of their location and the country they’re considering exporting to.

We look forward to providing credit insurance and support to more canadian and global businesses with this membership.

If you would like to learn more about how trade credit insurance can protect your business, contact us today.

New Website Coming Soon!

We are so excited that we will soon have a refreshed website that better reflects our commitment to personalized services and the amazing people behind the H & M Intermediaries Broker name.

We are expecting a launch early in the new year, so keep your eyes peeled and let us know what you think!

Happy Holidays

And with that, 2022 comes to a close!

We wish you, your colleagues, your friends, and your family all a very happy and safe holiday season, from Gerald, Jeff, Mike, and everyone here at H & M Intermediaries.

Happy Holidays, and cheers to a prosperous 2023!

The post Bits and Bites from Greg Lind & Associates to End 2022 appeared first on H & M Intermediaries.

In 1994, after 20 years in the finance industry – including 5 years serving as the Financial Officer for the Montreal Alouettes – Greg Lind decided to take his expertise and experience and open his credit insurance brokerage.

At the time, he had been newly introduced to the credit industry in Europe, where the style of receiving payables was more flexible than factoring, which was still being used in North America.

Gerald saw a gap in the system and decided to fill it.

At first, that meant working 6.5 days a week. He spent his evenings and weekends preparing his prospecting lists, and did the actual prospecting work during business hours.

“I had no idea what a good baseline was; what was expected,” Gerald said. “So I just worked hard. I was sending in so many applications they asked me to slow down!”

Not surprisingly, he broke many sales records in the process.

Business tools have advanced drastically over the last 20 years – but in the early days, Gerald’s most interesting device was his cell phone. It gave him the freedom to travel with his “office” – a banker’s box he kept in the trunk of his car.

“In those days, you could talk and drive,” he said, so a lot of calls were made on the road between those prospecting calls.

Eventually, though, the need to make photocopies of documents required him to rent a small office.

For the first 10 years, it was just Gerald running the company. However, he realized he was spending a large percentage of his time on administrative work, and made the decision to hire someone to help.

One of Gerald’s secrets to successfully growing a company is to always hire experienced team members. Before his sons joined the business, they too had to learn the industry ropes first.

Instead of spending his days on the road, Gerald now returns to Europe to meet with financial executives every few years to develop connections. To date, his company has paid out tens of millions of dollars in bad debt.

Not surprisingly, Gerald and his team no longer have to spend their days prospecting, as calls began coming in to them first.

However, it’s not all about revenue and business growth; charity is important to Gerald as well.

“What you give, you’ll get back ten-fold.”

Some other secrets to success Gerald shared include:

• Ensure integrity, honesty, disclosure, and respect from every team member to maintain the company reputation
• Don’t chase sales – only recommend policy changes if they are needed; never make sales for the sake of sales
• Maintain a low overhead
• Always have reserves available

Today, the company is dedicated to providing expert service with unwavering professional care; prioritizing the protection of our clients’ accounts receivables and the future growth and prosperity of their business. They specialize in finding the right coverage their clients need when traditional insurance companies don’t have any options

H & M Intermediaries has a large portfolio of clients made up of companies from industries of all sizes. Whether you are a manufacturer or wholesaler, generating revenues of less than one million or more than one billion, your company will receive a personalized policy offering you the most overall value.

If you have questions about credit insurance or want to make sure you are adequately protected, contact H & M Intermediaries today.

The post From Humble Beginnings: The H & M Intermediaries Story appeared first on H & M Intermediaries.

At the time, the market was dominated by factors, while credit insurance was fairly unknown. Factoring was a method behind the times, where companies wanted to maintain control of the relationship, and collection of the account. Credit insurance allowed that and at the same time offered the protection from non-payment desired.

Gerald saw an opportunity and the rest, as they say, is history.

Gerald returned to the credit insurance industry in North America with the intent to do things better. He no longer wanted to work for another company, so became a broker and struck out on his own.

Today, H & M Intermediaries is a major player in receivables insurance with more than 450 clients across U.S.A and outstanding policies covering nearly $10-billion in sales.

He credits (no pun intended) his success to a couple things, first, his experience in the needle trade.

“I understood the risk small and medium-sized businesses were facing because of my work as a financial officer. I could speak their language instead of approaching them as an ‘insurance man.’”

Second, his relentless prospecting.

“I was sending in so many applications they asked me to slow down!,” he says. This might have been a perfect storm of hard work and being new to the credit insurance industry – without an idea of what was considered an average number of applications to submit each day, Gerald forged ahead, simply trying to get as many as possible.

In the process, he broke many sales records.

For the first 10-15 years, Gerald worked alone. While he was acting as the salesman for the company, the reality was that a large percentage of his time was spent on administrative tasks. He brought someone on to help, and eventually his sons joined the business – but don’t expect any special treatment. He asked them to learn the industry ropes first before joining the H & M Intermediaries team.

Hiring experienced employees, it’s no surprise, is Gerald’s third secret to success.

Almost 30 years later, at 76 years old, Gerald is considered a prominent leader in the industry, having been at the forefront of North America’s adoption of credit insurance for enterprises.

His direct involvement in H & M Intermediaries, though, is beginning to wane off.

“I’ll give my two cents,” he says, “but my sons run the business.”

These days his time is filled by “doing nothing!”, he said with a laugh – though the schedule he shared the day of our conversation begs to differ.

When he is truly not working, he enjoys spending time with family, especially his grandchildren – and enjoys watching sports and rom coms. Four-Five months of the year are spent in Florida.

He’s certainly earned it.

The post Meet The President – Greg Lind, CPA, ca. | Licensed Damage Insurance Broker appeared first on H & M Intermediaries.