Evaluation Of A New Company And Looking For Young...

Individual Project Name of contact: Rick Sitter Name of company: Previous- Legal Recovery Law Offices/ New -TBD Mission Valley, CA Contact phone: (619)206-8241 Contact Email: rsitterlrlo@gmail.com Interview Date: 4/19/17 Initial Point of Contact: I met Rick Sitter off of an internship ad listed on craigslist. The ad. stated he was â€Å"starting a new company and looking for young entrepreneurs.† His new company is going to be helping people, who owe money to credit companies, get out of debt. With his vast knowledge of the industry and with his partnership with the recently unemployed lawyers from his previous business LRLO, Rick feels he can attain success. Initially, I decided to email him back solely about†¦show more content†¦This gave Rick an opportunity to take those frozen accounts and start his own collections agency with the vast amount of local and international accounts and connections that National University previously provided. This was a start to a new business altogether, and without National as an overhead, Rick was able to make substantially more profit for himself and his three co-partners that he brought in with him to Legal Recovery Law Offices. Along with his own savings, his three par tners also matched his investment into the new business allowing them to support starting costs and equipment needed for the business. When Rick started the business, he said â€Å"The field was relatively new. Few rules or laws, if any, applied to us and we were able to have free reign on the industry.† He was able to partner with Capital One, Visa and MasterCard. When he started, many laws and rules that we see today in this field didn’t apply, but now the collections field has seen a vast drop in growth as more and more laws are enforced and more fees and lawsuits continue to add up for collection firms. Legal Recovery was one of California’s industry leaders and until recently, had been able to survive, but Rick stated, â€Å"The current legal measures and rules against publicly owned collections agencies is astronomical, our only option was to shut down and open a separate firm in a different direction.† The major challenges faced by Rick wereShow MoreRelatedBusiness Opportunities At The United States Of America876 Words   |  4 PagesAccording to investopedia.com, â€Å"If the recession have proven anything, it’s that even corporate giants have to think outside the box to stay afloat. These companies show that with patience, innovation and occasional brutal change, you can beat recession and come away with a profit even during the roughest times.† An entrepreneur is someone who manages to open a business with a lot of risk and initiative. 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