The Official Newsletter of Primary Funding Corporation
Financial Facts & Funnies
In July, 1865, the Secret Service was created during the Civil War to fight counterfeiting. By the end of the war between 1/3 and 1/2 of all the U.S. paper currency in circulation was counterfeit.
Inflation is when you pay twenty dollars for the ten-dollar haircut you used to get for five dollars when you had hair.
Is Your Business Having Issues with Cash Flow?
We are often asked – What kind of company is a good fit for Factoring, a.k.a. Accounts Receivable financing?
First of all, let’s explain what an Accounts Receivable is. When a business has successfully delivered goods or services to their customer, but has not yet been paid by their customer, the bill or invoice for the money owed to the business is called an Accounts Receivable.
Depending on the terms, often times the customer has 30 to 60+ days to pay the bill, i.e. the Accounts Receivable. While the business is waiting to get paid by their customer, it still needs to make payroll, pay vendors, and other expenses. This situation can lead to problems with cash flow, or what is often referred to as a “Cash Crunch” for the business.
PFC Client Corner
"Towel Geeks" Take Market by Storm!
This month, we at Primary Funding had the privilege of a Q & A session with our client, LEUS, a true artist in the art of towel making. LEUS, the self-proclaimed “Towel Geeks” are crafting some of the most amazing towels we’ve ever seen. Here’s what they had to say during our chat…
Tell us your story. When did you start your business?
LEUS was founded in 2017 over the universal need for a product, which has become an afterthought. It’s a commodity that has been around since ancient Egyptian dynasties, and even older, yet no one made the connection of towels being its own category with the variety of towel usage and its global need, under one brand.
Being from the surf industry, we saw an opportunity with the beach culture, its synonymy to leisure, and a gateway to other markets like golf, outdoor, fitness, home…
Meet Diane Severson, Our VP of Miscellaneous
Q: TELL US ABOUT YOUR JOB. WHAT IS IT LIKE WORKING AT PFC?
Well my job has changed a lot over the years. You see I grew up in this business. My Mom, Patricia Burns is the founder of PFC. It certainly wasn’t my dream job back when I was a kid growing up doing homework in her office or making a few extra bucks filing for her over the summers. But I certainly learned a lot. When my husband Jason and I decided to take over the business to help my mom out, I was able to channel my younger years in her office to help out on a variety of things. That was 9 years ago when we took over PFC.
Now we have an amazing staff that is way more efficient than I am and has really taken PFC to the next level. I now work part-time and handle payroll, paying the bills, helping out with the backend of this lovely monthly Newsletter and any other task that are thrown my way. I may only work part-time, but I do love our office family. Everyone at PFC brings something new to the table in both their skills and personality. Let me tell you we have A LOT of personality! Coming from marketing in the tech industry I always thought working in finance would be boring, but I love my coworkers and even more so the clients we come across and help on a regular basis.
As many of you know by now, I promoted Richard Gendron to President of Primary Funding Corporation this past February. While you may have gotten to know Richard a bit better in the PFC Profile of our February 2021 Newsletter, I would like to tell you a little more about who Richard is and how he got to Primary Funding.
When I began my career, all I ever wanted to do was be a valued contributor and build strong relationships. Little did I know, by making one decision almost 15-years ago, it would have a lasting impact on my career and lead me to where I am today.
Quote of the Month
“It always seems impossible until it's done.”