In the News
The Future
“The evolving of the credit card business into other value-added businesses keeps my mind very active” is the statement that is at the core of Sam’s vision for the future. Sam has aligned himself with Quantum Holdings Inc. At the Quantum Company’s, we believe in infinite possibilities. Our businesses are carefully chosen to bring significant return to our investors and our partners. Our people bring expertise, drive, and commitment to everything we do. The result is a well-balanced holdings portfolio created and managed by an inspiring team who are industry veterans that share a like-minded vision for the future.
Social Networking Moves to the POS, Bringing with It New Interest in Deals
Marketing via social-network tools, long thought to be a feature primarily of e-commerce, is rapidly moving to the physical point of sale as merchants seek new ways to generate sales and independent sales organizations look for ways to differentiate themselves. This move to the point of sale, meanwhile, has been facilitated by the proliferation of handsets and has brought with it a revival of interest in targeted rewards and offers for consumers.
Criticism
With the credit crunch of late 2007 and earl 2008 came a vast change in the way that Sam has been able to carry on doing business.
First the credit crunch devastated the 2nd Source business unit as there was no availability of capital to deploy. This in turn caused the “at risk mentoring program to cease”. At the time of this event most of the staff had to be sent home. While Sam fully accepts the responsibility for terminating these people all of which he considered a part of his extended family, those closest to him feel that he has been vilified unjustly as he hired people no one else saw value in, paid them well and treated them like family.
Second, the ISO’s largest vendor (processor) declared bankruptcy. Under this scenario the vendor stopped paying all residuals to Sam’s ISO which in turn had the effect of the ISO not being able to pay its sales agent’s their portion of residuals. During the term of the bankruptcy Sam and his ISO were prevented from moving accounts to another processor. Sam became to some sales agents “the guy who ripped them off and didn’t pay their residuals”, despite the fact that he and his ISO were precluded by Federal judicial order from effecting the portfolio in any way.
The strain of this period of his life has reinforced to Sam the importance of staying true to his core values.
