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CHARLESTON, SC (November 28, 2018) – SIB Fixed Cost Reduction announced today that it has acquired a stake in Santorian LLC, which helps organizations manage their legal invoices and identify overcharges and billing errors to assure they are receiving maximum value from their legal service providers. In addition, Santorian will be using SIB’s proprietary software, which employs OCR and Data Capture technology to streamline the collection and analysis of line item data from invoices. Santorian is now rebranded under the SIB umbrella as SIB Legal Bill Review.

SIB Fixed Cost Reduction specializes in reducing recurring expenses for companies, regardless of industry, by negotiating best in class rates, rectifying billing errors and standardizing service levels with their clients’ current vendors. SIB bills only on the savings they are able to find with a 98 percent success rate at finding savings for its clients.

“The services Santorian provides its clients are, in many ways, similar to what we do at SIB, which makes this a natural fit,” said SIB CEO Dan Schneider. “We each take care of all the heavy lifting behind the scenes so that our clients can focus on their core competencies. The work Santorian does will also be useful for our clients who have asked us about reviewing legal bills for them.”

Santorian protects its clients from being overbilled by outside law firms. The company actively manages and reviews all legal invoices and discusses its findings with the billing attorneys in an effort to reduce the charges to reflect the true value of the services rendered. This eliminates any potential awkwardness with clients having to question their outside counsel directly, while also reducing overall legal expenses.

“Our ability to utilize SIB’s invoice analysis platform will allow us to manage our clients’ relationships with their attorneys even more efficiently,” said Joe DiGuglielmo, Esq, VP of Client Success at Santorian. “Much like how SIB approaches vendors on behalf of its clients to reduce expenses, we approach our clients’ law firms with a cooperative spirit, not a combative one. Our goal is to allow our clients’ in-house legal teams to focus on real legal issues that need their attention and not be distracted by legal invoice review.”

About SIB Fixed Cost Reduction

SIB Fixed Cost Reduction specializes in reducing companies’ recurring expenses. The company, which has grown to include offices in Charleston and New York, only bills based on the savings they find, and clients are not billed until savings are realized. SIB has analyzed over $3B in spend across more than 50,000 locations nationwide. This expertise across a variety of industries and audit categories allows SIB to effectively rectify billing errors and negotiate lower pricing for its clients without changing vendors or reducing service levels across dozens of spend categories, including telecom, utilities, waste removal, bank fees, maintenance contracts and more. For more information, visit www.aboutsib.com.

About SIB Legal Bill Review (formerly Santorian)

Based in Philadelphia, SIB Legal Bill Review serves as an advocate for its clients by actively managing and reviewing their legal invoices to assure they are receiving maximum value from their legal service providers. The company then works directly with its clients’ billing attorneys to revise the charges to reflect the true value of the services rendered. Founder Joe Hopkins, Esq., has over four decades of experience as a highly respected attorney, employing a team of analysts who understand firsthand the systemic culture and method by which law firms bill their clients — and are well-versed in identifying charges that do not deliver corresponding value to the client. For more information, visit www.siblbr.com.

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CHARLESTON, SC (October 1, 2018) – SIB Fixed Cost Reduction announced today that finance industry veteran David Kelley has joined the company as its new Chief Financial Officer. In his new role, Kelley will be responsible for SIB’s overall financial and strategic management, including the company’s financial reporting, long-range business planning, accounting, tax, treasury and strategy across the organization.

“David brings over three decades of experience from the finance world, making him an invaluable addition to our leadership team,” said SIB CEO Dan Schneider. “He has helped lead private and public companies of all sizes through transformational periods and is the perfect fit to help our team meet our goals for growth moving forward.”

Prior to joining SIB, Kelley provided on-demand CFO services to technology and tech-enabled businesses at various growth stages and specialized in transformative and growth-oriented ventures. He has held senior leadership roles in private equity portfolio companies, family office ventures, publicly held businesses and foreign companies doing business in the US.

“I am excited to join the impressive team at SIB, which is continually focused on innovating for the good of its clients,” said David Kelley. “I look forward to doing my part to build on the company’s already strong growth and help take SIB to the next level.”

About SIB Fixed Cost Reduction

SIB Fixed Cost Reduction specializes in reducing monthly expenses for companies with multiple locations. The company, which has grown to include offices in Charleston and New York, only bills based on the savings they find, and clients are not billed until savings are realized. SIB has analyzed over $3B in spend across more than 50,000 locations nationwide. This expertise across a variety of industries and spend categories allows SIB to effectively rectify billing errors and negotiate lower pricing for its clients without changing vendors or service levels across dozens of spend categories, including telecom, utilities, waste removal, bank fees, maintenance contracts and more. For more information, visit www.aboutsib.com.

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Congratulations to Jordan Marhoefer, SIB’s corporate chef, who just reached his 5-year milestone at SIB and earned a $50,000 bonus! SIB rewards each employee who reaches five years with this special bonus. The company is committed to team member growth and this special recognition recognizes our employees’ loyalty and hard work.

With tax rate reductions starting in 2018, accelerating tax deductions into 2017 filings generates tremendous tax benefits. The corporate tax rate is dropping from 35% to 21%, so shifting tax deductions into 2017 creates permanent savings. There are numerous often-missed tax planning ideas to do this, including the §179D Energy Efficient Building Deduction and Cost Segregation. These planning ideas are typically outside the services provided by CPA firms, as they require special tools, professional credentials, and expertise. Any company with over $5M in building assets should consider these tax planning ideas.

CONTACT US TODAY for a free analysis before your filing deadline.

News Flash: It’s About The Skill Set, Not The Suit Or The Degree
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Dan Schneider, CEO of SIB Fixed Cost Reduction, is a regular contributor to Forbes.

Why I Train Employees To Embrace Failure
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Dan Schneider, CEO of SIB Fixed Cost Reduction, is a regular contributor to Forbes.

Outrageous Vendor Billing Errors — Don’t Let It Happen To You
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Dan Schneider, CEO of SIB Fixed Cost Reduction, is a regular contributor to Forbes.

How ‘Top Gun’ Helped Me Reimagine Business Process
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Dan Schneider, CEO of SIB Fixed Cost Reduction, is a regular contributor to Forbes.

Here Is Why We Consistently Hire Former Hospitality Staff At Our Company
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Dan Schneider, CEO of SIB Fixed Cost Reduction, is a regular contributor to Forbes.

The ladies of SIB Fixed Cost Reduction were honored to participate in Habitat for Humanity’s National Women Build Week 2018, laying the foundation for what will become a beautiful home and an ongoing, rewarding way for us to continue to give back to our community.

Here’s What I’d Like To See From Recent Grads We Hire
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Dan Schneider, CEO of SIB Fixed Cost Reduction, is a regular contributor to Forbes.

Take a look at what our expert analysts uncovered – and corrected! – in April!

SIB finds – and corrects! – dozens of crazy vendor shenanigans and ridiculous billing errors each month. Here are last month’s TOP 10!

SIB Fixed Cost Reduction‘s own Darren Boulton and Dan Kaufman holding down fort at the Hunter Hotel Conference in Atlanta. Thanks to all the hotel owners and managers who stopped by!

Next stop, Multi-Unit Franchising Conference in Las Vegas.

FOR IMMEDIATE RELEASE

MEDIA CONTACT:
Jennifer Fox
jennifer@aboutsib.com
843-376-1329

SIB Fixed Cost Reduction hires Finley Horner, CTP as Director of Treasury Management

CHARLESTON, SC (March 19, 2018) – SIB Fixed Cost Reduction announced today that it has hired financial industry insider Finley Horner as Director of Treasury Management. In this role, Horner will conduct all treasury reviews and work with SIB’s clients to negotiate and implement the most competitive bank fees on their behalf.

Horner brings more than 25 years of industry experience working with Fortune 500 companies, providing strategic cash management and operational best practices expertise. He was most recently vice president of treasury sales for SunTrust Bank and prior to that, directed treasury services for PNC Bank, Fannie Mae, Capital One and Freddie Mac.

“Finley built his career at some of the largest banks in America,” said Drew McLean, SIB’s VP of Client Success. “This insider expertise – decades of treasury management knowledge and negotiation from the other side of the table – will be a huge benefit to our clients and drive significant savings.”

SIB Fixed Cost Reduction was founded in 2008 and works with restaurant groups, hospitals, senior living facilities, universities, retail stores, Fortune 500 companies, and a host of other multiple-site organizations to analyze and reduce their fixed monthly costs. The company has grown to include offices in Charleston and New York.

“Helping our clients achieve the most competitive bank fees and optimize treasury service levels will be my singular focus,” said Horner. “I look forward to putting my expertise to use on the client side.”

About SIB Fixed Cost Reduction

SIB Fixed Cost Reduction specializes in reducing monthly expenses for companies with multiple locations. Unlike other companies, SIB only bills based on the savings they find, and clients are not billed until savings are realized. SIB has analyzed over $3B in spend across more than 50,000 locations nationwide. This expertise across a variety of industries and audit categories allows SIB to effectively rectify billing errors and negotiate lower pricing for our clients without changing vendors or service levels across dozens of spend categories, including telecom, utilities, waste removal, bank fees, maintenance contracts, and more. For more information about SIB, visit www.AboutSIB.com.

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Christian Johnson & Bobby Brannigan (Mercato) chatting it up at the National Grocers Association Show 2018. Great time at the Mirage in Las Vegas with lots of good people and even better food samples!

Also spotted in the front-right of this photo is Harold C. Lloyd’s latest book, Employee Retention Rules! Harold was kind enough to do a book signing at the SIB Fixed Cost Reduction booth. Thanks to Harold and all those who stopped by the booth.

Congratulations to Amy Sindall and Jamie Tuberty, who each just reached their 5-year milestone at SIB and earned their $50,000 bonus! SIB rewards each employee who reaches five years with this special bonus. The company is committed to team member growth and this special recognition and compensation recognizes our employees’ loyalty and hard work.

FOR IMMEDIATE RELEASE

MEDIA CONTACT:
Jennifer Fox, SIB
jennifer@aboutsib.com
843-376-1329

SIB Fixed Cost Reduction hires Richard Davis as Chief People Officer

CHARLESTON, SC (January 8, 2018) – SIB Fixed Cost Reduction announced today that it has hired talent management and coaching expert Richard Davis as Chief People Officer (CPO). In this role, Davis will develop and manage all corporate operations, including onboarding and talent development, goal-setting and alignment, and ongoing training initiatives.

SIB Fixed Cost Reduction was founded in 2008 and works with restaurant groups, hospitals, senior living facilities, universities, retail stores, Fortune 500 companies, and a host of other multiple-site organizations to analyze and reduce their fixed monthly costs. The company has grown to include offices in Charleston and New York with employees across the globe.

“As we continue to grow, developing our talented teams and aligning communication and programs across our locations and departments has become increasingly important,” says SIB CEO Dan Schneider. “Richard Davis began his relationship with SIB as a client and has since become a valued channel partner and consulting resource. We are excited to have him join our team as CPO and further drive our corporate development.”

Davis has over 30 years of experience in executive management and consulting. He founded HirePowerHR in 1992, providing services to clients nationwide in numerous industries in human resources, talent management, performance management, management training, executive recruiting, and executive coaching. In 2007, HirePowerHR client Barnes Healthcare Services hired Davis to serve as Vice President of Human Resources and Customer Satisfaction. He also co-founded Paragon Ventures, LLC, a nationwide firm specializing in healthcare mergers and acquisitions.

“SIB is an incredible organization with an exceptional business model,” said Davis. “I am excited to join a great team that has so much passion to bring value to clients.”

About SIB Fixed Cost Reduction

SIB Fixed Cost Reduction specializes in reducing monthly expenses for companies with multiple locations. Unlike other companies, SIB only bills based on the savings they find, and clients are not billed until savings are realized. SIB has analyzed over $2B in spend across more than 45,000 locations nationwide. This expertise across a variety of industries and audit categories allows SIB to effectively rectify billing errors and negotiate lower pricing for our clients without changing vendors or service levels across a variety of spend categories, including telecom, utilities, waste removal, bank fees, maintenance contracts, and more. For more information about SIB, visit www.AboutSIB.com.

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SIB celebrates 9 years of success with a holiday party at the American Theater in Charleston!

CHARLESTON, SC (December 12, 2017) – SIB Fixed Cost Reduction is pleased to announce its strategic partnership with storelocal. Storelocal is a cooperative of self storage facility owners and operators collaborating to solve industry challenges, leverage new resources and improve their competitive advantage. Aligning with SIB will provide access to valued-added expense reduction services for storelocal co-op members.

SIB Fixed Cost Reduction works with multi-site companies to reduce recurring monthly costs. Lindsey Self Storage Group is an SIB client and member of the storelocal co-op. John Lindsey, President of Lindsey Self Storage Group said, “Connecting SIB with storelocal was a no brainer once we realized the level of savings that our fellow co-op members could recognize, and at no upfront cost to them!”

This partnership will enable storelocal members to leverage SIB’s experience at over 45,000 locations nationwide. SIB negotiates the lowest pricing and ensures the most favorable contract terms across spend categories such as waste removal, telecom, security contracts, maintenance contracts, property tax, utilities, credit card processing and more.

“SIB reduces costs by employing experts in the fields they review. They are able to find savings on fixed costs, and don’t require you to change vendors,” said Travis Morrow, Chairman of storelocal’s Partner Relations Committee, and Chairman-elect of the storelocal Board of Directors. “This partnership made natural sense, as this service adds value for our members.”

“With over 1,000 privately owned storage facilities in 42 states and parts of Canada, storelocal members are ideal for our services,” said Dan Schneider, CEO of SIB Fixed Cost Reduction. “Reducing monthly expenses will unlock additional resources for capital projects and will allow the owners to build competitive advantage against larger conglomerates. We’re excited to join storelocal in driving cost savings for their membership.”

About SIB Fixed Cost Reduction

SIB Fixed Cost Reduction specializes in reducing monthly expenses for companies with multiple locations. Unlike other companies, SIB only bills based on the savings they find, and clients are not billed until savings are realized. SIB has analyzed over $2B in spend across more than 45,000 locations nationwide. This expertise across a variety of industries and audit categories allows SIB to effectively rectify billing errors and negotiate lower pricing for our clients without changing vendors or service levels across a variety of spend categories, including telecom, utilities, waste removal, bank fees, maintenance contracts, and more. For more information about SIB, visit www.AboutSIB.com or call 843-576-3638.

About storelocal

Storelocal is a cooperative of self storage owners and operators working together to solve industry challenges. Co-op members leverage existing and new resources to provide solutions for customer acquisition, operational services and technology products, thereby bridging the efficiency gap between the top national operators and online reservation systems. To learn more about the storelocal co-op, visit www.storelocal.com or call Bruce Heverly, Chief Marketing Officer, at 949-629-4142.

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Download the whitepaper!

Congratulations to Adam Fontaine and Ashton Webb, who each just reached their 5-year milestone at SIB and earned their $50,000 bonus! SIB rewards each employee who reaches 5 years with this special bonus. The company is committed to team member growth and this special recognition and compensation recognizes our employees’ loyalty and hard work.

SIB CEO Dan Schneider presents $50,000 checks to Adam Fontaine (left) and Ashton Webb (right).

SIB Fixed Cost Reduction has now saved money for both Buffetts!

We have reduced monthly expenses for Margaritaville as well as multiple subsidiaries of Berkshire Hathaway.

SIB congratulates Martin Summer (right) for five loyal years at SIB Fixed Cost Reduction. The reward for this milestone? A $50,000 bonus!

SIB rewards each employee who reaches 5 years with this special bonus. SIB is committed to team member growth and this special recognition and compensation recognizes our employees’ loyalty and hard work.

Are you being overcharged for propane? Just like natural gas and other utilities, there are several invoice line items that add up to the final propane bill.

SIB Fixed Cost Reduction reviews index pricing, delivery charges, storage charges, metering, maintenance contract fees, emergency calls, and even tank ownership versus leasing. Our commercial utility consultants know where to look to uncover opportunities to save money — in fact, we recently reduced monthly propane costs by 61% for one of our restaurant franchisees!

CONTACT US for a review of your propane expenses or other spend areas like waste, telecom, property tax, employee benefits and much more!

Employee benefits audit: SIB Fixed Cost Reduction

Between medical benefits, prescription programs, life insurance, disability and the management of it all, your total cost of employee benefits is substantial. In fact, companies are spending an average of $10,000 per employee annually for health and wellness programs.

SIB provides a significant savings opportunity for our clients with no risk or upfront expense to you. We evaluate your existing benefits program so you’re paying for only the services you need and getting the best price. We analyze your plan to expose hidden fees or supplemental arrangements. We’re industry insiders with the competitive knowledge to optimize your management spend. We are not brokers and are therefore completely independent from the industry and free of any conflicts of interest. Our only goal is to SAVE YOU MONEY.

To learn more about our cost reduction strategies for employee benefits, or other fixed monthly spend categories like waste, telecom, utilities, and maintenance contracts, please CONTACT US.

CHARLESTON, SC (July 27, 2017) – SIB Fixed Cost Reduction announced today that it has hired technology veteran Stavros Aloizos as Chief Technology Officer.

SIB Fixed Cost Reduction was founded in 2008 and works with restaurant groups, hospitals, senior living facilities, universities, retail stores, Fortune 500 companies, and a host of other multiple-site organizations to analyze and reduce their fixed monthly costs. In his new role at SIB, Aloizos will lead the company’s efforts to develop software tools to improve the client experience as well as to better leverage SIB’s extensive pricing data for vendor products and services for tens of thousands of business locations nationwide.

Aloizos has over 30 years of experience creating innovative and disruptive technologies, has founded several successful companies, and holds multiple patents for large-scale algorithm-based applications. Prior to joining SIB, Stavros was the Founder and CTO of SoftWave Media Exchange (SWMX), which went public in 2006. More recently, Stavros was the Co-Founder and CTO of Border City Media and its BuzzAngle Music Products, which revolutionized the music industry by providing Big Data analytics on billions of transactions in real time. Stavros attended the University of Miami.

“Stavros brings the background and knowledge to drive the development of SIB’s client-centric services and products,” said Vadim Telyatnikov, President and Chief Strategy Officer of SIB. “This step is key to our long-term vision to provide sophisticated and effective ways to leverage our best-in-class pricing data and efficient service practices. Adding Stavros to the team will help us rapidly expand our software-as-a-service products that will allow us to bring even greater efficiencies to our clients and continue to drive cost savings.”

“I’m excited to join the team at SIB and help them develop new ways to provide value to their clients,” said Aloizos. “With the extensive data and expertise SIB has accumulated over the years, they are uniquely positioned to offer new and innovative money-saving strategies and applications. I look forward to building the technological infrastructure to help make that happen.”

About SIB Fixed Cost Reduction

SIB Fixed Cost Reduction specializes in reducing monthly expenses for companies with multiple locations. Unlike other companies, SIB only bills based on the savings they find, and clients are not billed until savings are realized. SIB has analyzed over $1.5B in spend across more than 40,000 locations nationwide. This expertise across a variety of industries and audit categories allows SIB to effectively rectify billing errors and negotiate lower pricing for our clients without changing vendors or service levels across a variety of spend categories, including telecom, utilities, waste removal, bank fees, maintenance contracts, and more. For more information about SIB, visit www.AboutSIB.com

SIB Partner Robert Handfield shares expert advice for writing good contracts. Click HERE for article.

Writing Good Contracts Matters a LOT!

July 13, 2017
by: Robert Handfield
categories: Contract Management, Legal Issues in Procurement, MBA Supply Chain, Supply Chain Legal Issues, Supply Chain Management, Supply chain Relationships

I have been having a lot of interesting discussions recently with both procurement and legal executives who are increasingly concerned with the state of their contract management processes. This is occurring for several reasons.

1. The exposure of many companies to greater risk is heightening the focus on contracts.

2. The need to write better statements of work (SOW’s) and Service Level Agreements (SLA’s) is recognized as key to improved outcomes. You get what you ask for. Don’t expect platinum service if you specified silver.

3. As Tom Linton stated in a recent Procurement Leaders interviews, PRICE = SPECIFICATION. You can directly throttle the price of a product or service by limiting it’s specification, or alternatively, prices can be allowed to escalate if proper specifications are not effectively collected and identified ahead of time.

4. Managers recognize that contracts, once written, become literally filed away until something bad happens. Contracts should instead be a living document, as things will change, and measurements need to be embedded in them that allow individuals to understand if the relationship is going on track or not. Of course, if you aren’t measuring something, than you have no leg to stand on if things go wrong and there’s nothing in the contract that says anything about how to handle unexpected issues. There should at least be an agreed on procedure to deal with unexpected surprises.

5. Litigation is escalating. More companies are seeing non-performance issues arise, and are going back to their contracts. Intellectual property is at the top of the list. It costs a lot more to get out of trouble once you’re in it, then to spend the time earlier and write a better contract.

To become better prepared to a) write better contracts, and b) manage them appropriately once they are written, Paul Humbert and Robert Mastice have developed a great list of simple rules to follow in preparing a SOW and a contract. Here they are. Additional insights can be gleaned in their book “Contract and Risk Management for Supply Chain Professionals.”

– Define what is to be performed
– Learn from and do not repeat mistakes
– Link payments to performance or progress
– Develop a well-organized table of contents
– Clearly specify the objectives to be achieved
– Anticipate changes in needs or circumstances and decide how these will be addressed.
– Seek input from the right people at the right time
– Specify the project plan, schedules and milestones
– Specify where the deliverables will be performed
– Avoid making any unintended (implied) warranties
– Specify the standards of performance requirements
– Specify the applicable testing or acceptance criteria
– Avoid incorrect, inconsistent or contradictory statements
– Develop an order of precedence for the contract documents
– Anticipate the need for interpretation and who’s judgment will govern

That’s it! If you follow these rules, you probably won’t get into TOO much trouble…

If you’re reading this, then it’s safe to say that you’ve done alright with hotel asset management through the years. As the hospitality industry ushers in a predictable era of decelerating revenue increases, you understand that increasing net operating income (NOI) is the only surefire way to fight a flat-lining RevPAR and enhance asset values. But even the best players can’t win it all by themselves. There’s NOI in team. The harsh reality is that there are hidden expenses within all property management operating costs that can be reduced if organizations could only put the right people on the sidelines.

SIB has recently released a whitepaper exploring some of the common hurdles and solutions to effective hotel asset management. Download today.READ MORE

There is hardly a company in the world that isn’t under continuous pressure to reduce or minimize costs while simultaneously striving for growth. Executives feel it. Purchasing departments feel it. Managers and even entry-level staff can feel it.  The continual drive to do more with less has resulted in various techniques that look like good solutions, but they can be very difficult to accomplish, and at best only deliver a fraction of what a company’s total savings could be.

SIB has recently release a whitepaper exploring some of the common hurdles all companies face when trying to reduce unmanaged spend, providing unique solutions on how to get the job done more effectively. Download today!READ MORE

You look at your balance sheet, ready to tear out your hair.

“Where is all of this money even going?”

It’s one of the most common questions for a businessperson who needs to slash costs and steer their enterprise back towards profitability. And if you find yourself wondering the same, it may be time to break down your expenses down by individual costs—and maybe uncover some costs you haven’t heard of in the process. Here are some of the most common unknown costs when we work with companies:

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