We have all heard the expression that “talk is cheap.” Here’s an instance when it’s not: whenever 2 or more competitors get together to discuss the terms of business. In that situation, the potential to cross over into prohibited topics could put all companies at risk. That is one of the main reasons that you have chosen to protect your company by joining an industry credit group facilitated by a representative from CMA.
Your CMA representative monitors all group discussions to ensure compliance with the three statements read at the beginning of each meeting, Anti-Trust, Confidentiality and Anti-Defamation. CMA Group Facilitators have all been trained, certified and are responsible during the meetings (and extending to those conversations in the parking lot) to assure that all members adhere to the guidelines set forth by the government. We listen for any suggestions to restrict free trade or for any attempt to try influencing another’s decision to sell or not to sell an account. If the conversation drifts in that direction, your CMA rep will shut it down.
Sharing historical, factual data on common customers is perfectly legal. We encourage group members to bring new credit applications, slow paying customers and accounts sent to legal to the meeting to alert other members, who will in turn share similar information about their customers with you. The trust built up between competitors allows them to participate honestly and share information in good faith as long as only historical and factual trade experiences are exchanged.
So the next time your attempt at humor is shot down by your group facilitator, think if the punchline falls into one of the 3 statements read prior to every meeting. If it does, he or she has steered your company away from litigation with fees far exceeding the cost of membership for years to come.
We, at CMA, know that your time is valuable, that you are probably wearing more hats then in previous years with a reduced staff. Wasting time is not an option. Our job is to provide a comfortable environment free of distractions for you to gain knowledge, network and to get you back to the office so you can process what you learned quickly, and in turn make quicker, educated credit decisions.
Without a governing body like CMA overseeing your monthly get together, talk could be very expensive.