During the course of any business there comes a time when a problem has been brought to light and there is a need to find a fix. In this case, it’s time to find a solution to address escheat compliance.
No matter what the core issue you’re dealing with, you need to find a path toward a solution. For many companies this means engaging in a Request For Proposal (RFP) process.
The RFP can be an efficient way to gather information from several possible candidates that can solve your problem. However, the process can be daunting for both the company issuing the RFP and the responding companies. Here are a few suggestions to consider when issuing an unclaimed property RFP which can help facilitate the process and get you to your goal of finding a solution as quickly as possible.
Define The Problem
As with any good start to a relationship, communication is the key to understanding and achieving common goals. When an RFP is issued, both parties are intending to enter into a long term relationship. This is why it’s so important to clearly articulate your problem and goals.
Don’t Be Vague. Here are a few examples of vague problems that can lead to vague responses or confusion from responding vendors:
- We need an unclaimed property solution
- We are looking for an unclaimed property provider to manage our compliance program