Essence Financial Strength
 About Us Main | Financial Strength | Company History
Along with providing outstanding customer service and great wedding services, Essence Photo & Video is focused on managing its business with a strong degree of fiscal discipline. This focus has enabled Essence to become one of Chicagoland’s premier wedding services vendors with a consistent track record of growth and financial stability. Annually, Essence provides wedding services for over 300 weddings. Essence management believes the continued investment in its people and technology will continue our tradition of providing high end photography and videography at reasonable prices.

It is important for our customers to be confident that Essence is a well managed, financially stable company, and properly insured company. Essence carries a $2 million dollar liability insurance policy from State Farm. Every year, Essence is evaluated by Dunn & Bradstreet (NYSE:DNB) for financial strength and payment history. They will examine our financial statement and check our payment references. Globally, D&B evaluates over 100 million corporations. When Fortune 500 companies evaluate other companies to do business with and extend credit, D&B is who they go to for information on the company’s financial stability.

From D&B’s website:

Your early warning detection system for problem accounts - D&B Severe Risk acts as a customers' "insurance" against the most critical situations that can impact a business. D&B’s Severe Risk Services analysts are trained and experienced in identifying those companies that could present significant risk. A D&B analyst calls, faxes or e-mails the customer when business activity on a registered account is within one of the following categories:

  • “High Risk" - company displays characteristics of fraud, has misrepresented data to D&B or has undergone an indictment.
  • "Business Deterioration" - showing signs of financial distress, such as existing or imminent business failure or operating difficulty.
  • "Bankruptcy" - has filed for, or has a bankruptcy petition filed against it.
  • "Information Alert" - occurrences that may have a significant impact on business.

In order for a company to have the D&B Listed link on their website, it must continually pass all of the tests listed above and on their website. Click on the link to purchase reports on Essence Photo & Video, Inc.

One of the most critical factors of any company is how quickly it pays its bills. A company that doesn’t pay its vendors within the terms that they have extended will experience problems in delivering products and services to its customers. Financially healthy companies pay their bills within the designated credit terms. D&B calls this a PAYDEX score. Companies that are considered “Excellent” have a PAYDEX score of at least 80.

For the years of 2005 and 2006, Essence averaged a PAYDEX score of 80. This means for each year, Essence paid its bills on time. The industry average, companies similar to Essence, was 67 to 80. Essence is consistantly the highest in the industry. Here is what the scores mean:
PAYDEX Average Days To Pay PAYDEX Average Days To Pay
100 30 days sooner than terms 59 23 days beyond terms
99 29 days sooner than terms 58 24 days beyond terms
98 28 days sooner than terms 57 25 days beyond terms
97 27 days sooner than terms 56 26 days beyond terms
96 26 days sooner than terms 55 26 days beyond terms
95 25 days sooner than terms 54 27 days beyond terms
94 24 days sooner than terms 53 28 days beyond terms
93 23 days sooner than terms 52 29 days beyond terms
92 22 days sooner than terms 51 29 days beyond terms
91 21 days sooner than terms 50 30 days beyond terms
90 20 days sooner than terms 49 33 days beyond terms
89 18 days sooner than terms 48 36 days beyond terms
88 16 days sooner than terms 47 39 days beyond terms
87 14 days sooner than terms 46 42 days beyond terms
86 12 days sooner than terms 45 45 days beyond terms
85 10 days sooner than terms 44 48 days beyond terms
84 8 days sooner than terms 43 51 days beyond terms
83 6 days sooner than terms 42 54 days beyond terms
82 4 days sooner than terms 41 57 days beyond terms
81 2 days sooner than terms 40 60 days beyond terms
80 ON TERMS 39 63 days beyond terms
79 2 days beyond terms 38 66 days beyond terms
78 3 days beyond terms 37 69 days beyond terms
77 5 daysbeyond terms 36 72 days beyond terms
76 6 days beyond terms 35 75 days beyond terms
75 8 days beyond terms 34 78 days beyond terms
74 9 days beyond terms 33 81 days beyond terms
73 11 days beyond terms 32 84 days beyond terms
72 12 days beyond terms 31 87 days beyond terms
71 14 days beyond terms 30 90 days beyond terms
70 15 days beyond terms 29 93 days beyond terms
69 16 days beyond terms 28 96 days beyond terms
68 17 days beyond terms 27 99 days beyond terms
67 18 days beyond terms 26 102 days beyond terms
66 19 days beyond terms 25 105 days beyond terms
65 19 days beyond terms 24 108 days beyond terms
64 19 days beyond terms 23 111 days beyond terms
63 20 days beyond terms 22 114 days beyond terms
62 21 days beyond terms 21 117 days beyond terms
61 22 days beyond terms 20 120 days beyond terms
60 22 days beyond terms 1 to 19 Over 120 days beyond terms
About Us Main | Financial Strength | Company History
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