Performance Source

Specialties

Founded in 1963 by Jim Herst, Performance Source Inc (PSI) is one of the true pioneers of business-​debt settlement (or «payables management») services for closely held companies.

Having worked in the collections industry early in his career, Jim saw firsthand that business debt can become a problem even for well managed companies. He also recognized that although these firms were willing to pay their debts, they either did not have the time to work out settlements with their creditors, or they were reluctant or unsure of the process. «I saw far too many companies filing bankruptcy or taking on costly business-​debt consolidation loans,» he adds.

PSI, operating in the Chicago Area including all of Cook, Lake, McHenry and Dekalb counties since 1963. PSI initially worked with small local companies but within a few years branched nationwide in such industries as:

Book stores

Card and party-​supply retailers

Clothing stores

Construction companies

Manufacturers and fabricators

Many other closely held companies

The variety of businesses that PSI has served, ranging from small start-​ups to larger, multi-​million dollar companies, is one of the major reasons that debt-​burdened firms choose PSI today. Another is PSI’s high success rate in helping Clients avoid bankruptcy and debt consolidations.

In 2003 Steve Newman joined PSI as its Principal. He is now President and Owner of the company. Jim Herst retired yet still keeps his hand in the business.