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Meet The PSI
Executive Team

    

         

 

 

Jim Herst, Chairman of the Board, spent his entire career in the debt-negotiation and collection field. With more than 40 years of experience in minimizing Clients� business debts, Jim is one of the true �pioneers� of this unique alternative to lawsuits, consolidation loans, and sleepless nights for owners of closely held businesses.

Because he is not an attorney but an accomplished negotiator (and listener), Jim has the exceptional ability to balance the needs of both debtor and creditor. 

He personally has made possible the reduction in liability for several thousand Clients on countless debts, many of which were thought to be too large or excessively past due to resolve. 

As a result, over the course of Jim�s career, PSI has not only saved its Clients tens of millions of dollars, but has as well stabilized their business finances. Indeed, PSI has been instrumental in allowing many businesses to avert bankruptcy, while in other cases, owners who sought after liquidation for their companies, have been able to do so while satisfying their creditors and saving money on debt repayment. In every case, Jim notes, �our Clients want to pay their debts, and their creditors value PSI�s hard work in facilitating the process.

Jim�s extensive knowledge of cash flow and other small-business related financial matters is just one of the reasons supporting PSI�s success. �Every debtor-creditor situation is exclusive, and there�s almost always more to it than the money.� Jim adds, �The key is to find what�s truly important to each side and incorporate it into the settlement.�

A lifelong entrepreneur, Jim has built PSI from a one-man, local-market business into a six-person company currently serving hundreds of clients on a national scale. He has transitioned to Chairman of the Board and routinely works daily. He is a member of the Chicago Association of Direct Marketing and Turnaround Management Association. Throughout his career, Jim has been a leader in creating and implementing guidelines for the payables-management industry.

Born and raised in Chicago, one of Jim�s first army jobs was at the Pentagon, where during 1945-46 he worked on the Manhattan Project as Senior Personnel Accountant for the U.S. Army Corps of Engineers. Following the Army, Jim studied Business in an accelerated program at the University of Southern California before returning to Chicago in 1950 to marry his high school sweetheart, with whom he had two children. Widowed in 1990, Jim remarried in 1992, is an avid golfer and enjoys travel and other activities � on the rare occasions when he�s not working with Clients, of course.