A five-year-old debt purchasing and collection firm has consolidated its offices and moved to bigger space in west Wichita.
United Management Associates relocated to a 3,000-square-foot building at 625 S. Anna in a lease-to-buy arrangement, said company founder and president Jordan Lee Akins.
With the new, larger location, it closed a smaller office in Marina Lakes, and one in Hutchinson.
Akins said his company is growing. It has 15 employees. Two more people will start work at the company next week, and it is planning to hire more.
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About 65 percent of the company’s business is from debt it purchases from banks and other businesses that haven’t been successful collecting it. The remainder of United Management’s business comes from collecting debt on behalf of companies such as hospitals and medical offices, for which it earns a percentage of the amounts it collects. Akins said his clients are both local and national firms, including HSBC, Citibank and JP Morgan Chase.
Akins said United Management earned $300,000 in revenue in 2011.
Akins started the company out of a spare bedroom, with a $75 used computer and printer, in 2007. He had previously worked as a collector for a national company and for some other local firms.
He said he added his first employees in September 2010 with the help of three partners who invested in the business.
“September, October of 2010 was when we really started taking off,” Akins said. “Our business has increased tenfold.”
He said the business has grown primarily through being successful in its collections as well as careful with its expenses.
“We’ve always lived within our means,” Akins said.