Phil Binkow, CEO, Financial Operations Networks, Atlanta
What was your first job out of college and how did you get into this business?
Computer sales. After graduation I went to work for one of the larger computer companies, one that had a specialty in commercial bank systems. Our company’s training emphasized learning how to program, and, after making the sale, the sales person was required to program all modifications that were needed in order to deliver what the customer was promised. It was a great training ground for meeting customers’ expectations. My uncle, Arthur Long, and I were very close. Arthur was a successful entrepreneur and had built one of the larger bank check printing companies in the U.S. After selling it, he tried to retire but gave up after a month and went on to start or get involved with several more companies. One of these was a small directory publishing company which I decided to go to work for. The directory we published compared the schedules and rates of couriers and express delivery carriers.
After a few years, we sold the company, and I started a payment processing company, PayTECH. PayTECH processed accounts payable invoices that were considered “ugly” by the companies that were receiving them. Mostly, these were high-volume, but low-dollar invoices such as express delivery, freight, office supply and business forms. We had several hundred customers—companies like Oracle, Cisco and NCR. For all intents and purposes, we were our clients’ payables department for these types of invoices, and we were processing more than 100 million invoices a year. I sold PayTECH and in 2002, wanting to get back into publishing, started The Accounts Payable Network with my PayTECH team. We thought if we were successful in the AP area—an area in which we had knowledge—perhaps we could expand into other areas, which we have.
Has there been a defining moment in your career? Perhaps when you knew you were on the right road.
Starting a company, especially with no capital, is one of the most difficult endeavors anyone can undertake. There are the challenges of building the right team, market acceptance, entrenched competitors and a slew of risks. It took a few years to get PayTECH going, but once we did, we knew we were on the right track.
In brief, describe your business/company?
Financial Operations Networks helps people who run accounts payable, accounts receivable and other finance operations do things better. FON’s analysis, insights, tools, training and certification programs help executives and managers in finance and accounting minimize cost, assess and enhance internal controls, reduce risk and maintain high levels of service to stakeholders.
What are two or three important concepts or rules that have helped you to succeed in business?
Only one: Treat people fairly.
What is the single-most successful thing that your company is doing now?
I believe the most important thing we are doing is managing our priorities well.
Do you see a trend or path that you have to lock onto for 2011?
With so much changing so fast in specialized information publishing, separating the trends from the fads is nearly a full-time job in itself.
What are the key benefits of SIPA membership for you and your team?
SIPA is a great organization! SIPA’s culture of openness and sharing has been instrumental in helping us as we’ve grown.
Where did you grow up?
I was born in Atlanta and grew up in Coral Gables, just south of Miami, Florida.
What college did you attend? Is there a moment from that time that stands out?
I received a BA in economics at Stetson University and an MBA in operations research at the University of Florida.
Are you married? Do you have children?
Nancy and I have been married 27 years this month. We have three wonderful daughters.
What is your favorite hobby and how did it develop in your life?
Hobby? What’s a hobby?
Is there a book you recently read or movie you saw that you would recommend?
“The King’s Speech.” It is a great story, made even more interesting since Nancy is a speech pathologist and was able to offer further insights into the problem and the therapy.
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On June 7, Phil will be co-leading a session at SIPA 2011
on one of the hottest topics in the industry: webinars.
Rethink, Repurpose and Revitalize Your Webinars: New Forms,
Formats and Models (New Revenue Streams Track).
This alone may be worth the price of admission!
SIPA’s 35th Annual International Conference
SIPA 2011: Cashing in on Content –
Models for a New Decade
June 5-7, Capital Hilton, Washington, D.C.
Register today!
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