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Sample Report
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Cutting the cord in more ways than
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By ADINA GENN
Lorenzo and Andrea Pugliano bring new meaning to the term
"family busi ness." Back in October 2003, they started Wantagh-based
Platinum Credit Services just as they were going on another sort of
expansion plan, growing their family by giving their son Vincent
twin brothers. Within four months the babies may still have been
crying but mom and pop were beaming because, permits and paperwork
in hand, the proud parents had their firm up and running.
Running a full-service credit-reporting agency for choosey
mortgage lenders can be a more than a full-time occupation. The
Puglianos decided to go into business when Andrea, who had spent
nearly four months on bed rest, noticed that the cred it-reporting
agency where she'd worked began falling behind.
"I had business experience, Andrea knew the industry, we decided,
let's get licenses," Lorenzo recalled.
The way Lorenzo tells it, this husband and-wife team each
contributed strengths to the mix. Andrea already had a follow ing
from her previous position at the credit-reporting agency, which
ultimately folded. By August, Andrea, with a "no non-compete
clause," had deals with 80 percent of that client base. Lorenzo
brought the expertise he'd honed while running major account sales
in New York City at ADP, the national payroll compa ny.
Feeling confident in their prospects, the couple spent nearly
$40,000 to set up their offices, including computers and equipment.
They also invested $100,000 in software created by SharperLending,
which creates tools that help loan officers close more loans.
Platinum offers cus tomers three-in-one reports from
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Experian,
Equifax and TransUnion. It also enables the lenders to determine how
many more points borrowers need to meet loan program requirements,
and what actions to take - paying down debt, for instance - to get
the right numbers.
Initially, the Puglianos hired two employees from the defunct
agency where Andrea had worked. On the side, Lorenzo Pugliano
handled Platinum's marketing and bill-paying but stayed on at ADP
until March 2004, when he realized: "I couldn't do this part-time"
anymore.
Now, the company has seven employ ees and 190 customers. It's
billing $130,000 a month. The Lorenzos hope to purchase an office
building by next sum mer and double their staff.
Ultimately, Pugliano hopes to open offices in Florida and Los
Angeles, where, from his research, he learned there's a high
concentration of mortgage brokers, |
and property
values are at a premium. But Lorenzo Pugliano is not waiting around
for all these good things to hap pen. "I expect big accounts," he
says, and to that end he and his wife follow this list of sales
techniques:
.They regularly attend trade shows that draw mortgage brokers
and real estate pros.
.When sales reps are not out meeting and greeting they must
make cold-calls. The firm has purchased a Dun & Bradstreet list that
covers Long Island, New York City and Westchester. Reps are urged to
make 30 phone calls and sched ule five appointments a week.
(Initially, Lorenzo Pugliano makes calls with them until they're
ready to go out on their own.)
.To aid the sales effort, the firm has developed a "certain
script" for cold calls that reps can rehearse. |
©2007, Long Island Business News, all rights
reserved |
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