Tim Medini

Morristown, NJ (USA)
Role(s):
Other

TJM Bail Bonds Consulting Inc.

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Location: Morristown
Industry: Insurance
Year Founded: 2008
Number Employees: 10-50 people
Business Stage: Growth (profitable)
Entity Type: "S" Corporation
Description: This is an Insurance based business with the focus on Surety Bonds. We post an apperance bond for indivisuals who have been incarserated on charges ranging from Traffic to Murder. We present the bond to jail in which we pay a percentage of what we collect to the insurance company for the bond, we also are required by law to establish a BUF Account with the Insurance company, who provides the bonds to us. we call it a( BUILD UP FUND)in the industry. The BUF Acct acts as a saftey net to ensure the bond will be paid to the courts should the comapny closes it's door, Or decides to leave the industry. Which very seldom happens. Also the BUF acct is held in the owners name in trust, If all the bonds are cleared up and the owner decides to leave the industry he can take that BUF account as sort of a retirement most of the time, there is over a few million dollars in the BUF account at the end of your run. Here is an example of how it all works. Here in NJ we are mandated to collect 10% on every bond we write. The insurance company collects a normal fee of 1.0 % for the Bond and 1% into our Build up Fund off of every bail you write. EXAMPLE: Bail is 10.000 Bondsman fee 1.000 To Insurance Co 100 BUF FUND 100 Bond Company Grosses 800.00 This is a VERY lucritive Business, With alot of cash flow as well as a steady stream of cash from weekly payments from the defendants and co-signers who we accept payment agreements with. we also accept all major Credit cards. for payments as well as cash. Cash is what is paid to us most of the time anyway. I need someone who is good with the business end. I can bring it in if you can manage it. Please contact me directly..