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National Equipment Finance Association

Products & Services Issue | Jan/Feb 2016

INDUSTRY MOMENTUMDRIVES PRODUCT

DEVELOPMENT

Executive Outlook:Equipment Finance in 2016

The New Math of Employee Accountability

nefassociation.org

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Jan/Feb 2016Volume 8 Number 1

SPECIAL SECTION2016 INDUSTRY OUTLOOKAs we head into the New Year, Newsline caught up with four equipment leasing and finance executives for their perspectives and expectations for 2016.

Industry Outlook participants include Peter Bullen at Key Equipment Finance, Tony Golobic at GreatAmerica Financial Services, Daryn Lecy at Stearns Bank and Gary Silverhardt at North Mill Equipment Finance. Newsline extends it gratitude to Daryn, Gary, Peter and Tony for their contribution to this feature.

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FEATURES12FIVE THINGS YOU NEED TO KNOW BEFORE HIRING TECHNICAL CONSULTANTSTamarack Consulting’s Dan Nelson and Kristian Dolan discuss the shared economy and the critical role technical consultants can play as businesses adapt to an Internet-driven marketplace.By Dan Nelson & Kristian Dolan

18BEYOND BUZZWORDS… KEY COMPONENTS OF IMPLEMENTING LEASING SOFTWAREIn today’s business world, customers expect a good customer experience. Providing this level of service can be tricky because equipment finance deals have many touchpoints during their lifecycle.By Roxana Safranek

20ASSET VALUES TO HOLD STEADY WHILE DEMOGRAPHICS TAKE A TURNLynne Wicker at RTR Services notes that in the New Year, we can expect to see equipment values remain strong. Wicker also notes women are finding the best way to break the glass ceiling is to build the house themselves.By Lynne Wicker

2 NEWSLINE Jan/Feb 2016

NEFA Newsline ©2016 is published bi-monthly by the National Equipment Finance Association. All rights reserved. The opinions and views expressed in this publication including all editorial and advertising content are not those of the National Equipment Finance Association and/or Equipment Finance Advisor, Inc. Reproduction, duplication or redistribution in whole or in part is not permitted without express written permission of the National Equipment Finance Association and Equipment Finance Advisor, Inc.

NEFA HeadquartersP.O. Box 69Northbrook, IL 60065-0069847.380.5050 Main847.380.5055 [email protected]

NEFA Executive Director & CEOGerry [email protected]

NEFA Senior Association CoordinatorKim [email protected]

Newsline Design & ProductionEquipment Finance Advisor, Inc.d/b/a Advisor Publishing Group975 Mill Road, Suite GBryn Mawr, PA 19010

Editor-in-ChiefMichael [email protected]

Executive Editor Stuart [email protected]

Director of Sales & MarketingDenise [email protected]

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18

20ALSO INSIDE...3 From NEFA’s President

4 From NEFA’s Executive Director

5 In the News…

11 NEFA Pictorial

22 neFACTS

DEPARTMENTS23 CORPORATE CULTURE

The New Math of Employee Accountability As in accounting, where the balance sheet must balance, there also has to be a balance in employee accountability. Business consultants Shideh Bina and Nathan Rosenberg shed light on the new math of employee accountability.By Shideh Sedgh Bina & Nathan Owen Rosenberg Sr.

25 BROKER INSIGHTSRinging In the New Year With Optimism for Steady GrowthWhile the election year may not be a record breaker for booked contracts, Theresa Kabot is optimistic that it will be a strong year for banks and funding sources due in large part to their partnerships with dedicated TPOs.By Theresa Kabot, CLFP

27 HUMAN INTERESTNEFA’s Treasurer Shares His Tale of Two PassionsWho knows what adventure lurks behind the title of a CPA? DDI Leasing’s Greg Nappi knows. NEFA’s treasurer is equally as comfortable behind the wheel of a racing car as he is managing DDI’s finances and those of the Association.

29 ASSOCIATIONThe Good Times are Certain to Roll in The Big EasyNEFA members are certain to make the right connections and develop themselves professionally as they convene amidst the grandeur of New Orleans’ famed Hotel Monteleone in the heart of the French Quarter. As they say in The Big Easy, Laissez les bon temps rouler!


A Message from NEFA’s President

Dear NEFA Friends,

It’s hard to believe 2015 is a distant memory and we are well into 2016! On behalf of the Board of Directors and NEFA staff, thanks for your participation and support of the Association as we embark into the New Year.

2015 was another year of progress for NEFA and that was largely due to the very capable leadership of our Association in Gerry and Jamie Egan and Kim King. On behalf of all of our members, I’d like to compliment our NEFA staff for another year of growth in membership, record conference attendance and continuing member involvement. Our Association is very fortunate to have such capable, committed and experienced stew-ards of our professional trade association. Thank you Gerry, Jamie and Kim!

One of the more important accomplish-ments in 2015 – that began formally in late 2014 – was the mapping of a strategic plan for the Association. With the help of two terms of Association directors and other volunteers, about 20 individuals and repre-sented member companies worked together for about 12 months to develop a long-term vision framework for NEFA. Gerry, with active leadership from our current Board of Directors, will be building out the details of that framework over the first half of 2016. We expect that the building blocks of that framework–Education, Community and Pro-fessionalism, to become more visible to our members in 2016 and beyond. As we are a member, volunteer-driven Association, we are actively looking for individual mem-bers to help with this evolving and exciting

process for NEFA. Let us know if you can help your Association and we’ll be calling for more member involvement in 2016!

In the near term, Gerry and a group of NEFA members – including member attorneys – have organized and are actively address-ing in concert with ELFA and NAELB, a response to recent unexpected changes to the California Lender’s License laws. While it is a rapidly evolving matter that touches nearly every member, Gerry and our Board believe that it is essential that NEFA stays at the forefront of the matter including having NEFA represented in any future California legislative sessions on the new regulations. I would like to thank several members who have already volunteered their expertise in that potential process. Be assured too that we will be passing on any and all infor-mation to our membership in the coming months of this industry matter however it unfolds. No doubt there will be valuable information available at our New Orleans conference in early March, which makes attending this event even more important to you.

Enjoy this issue of the Newsline and I look forward to seeing you at the Monteleone on March 2nd through the 4th!

Gary SouvereinNEFA President

EXECUTIVE COMMITTEE

presidentGARY SOUVEREINPAWNEE LEASING CORPORATION

vice presidentSTEPHANIE HALL, CLFPBRYN MAWR FUNDING

treasurerGREG NAPPIDDI LEASING, INC.

secretaryMIKE COONAXIS CAPITAL

immediate past presidentTARA AASANDLEASETEAM, INC.

board of directorsKIP AMSTUTZ360 EQUIPMENT FINANCE

DENNIS DRESSLERDRESSLER & PETERS, LLC

DOUG HOULAHAN, CLFPMAXIM COMMERCIAL CAPITAL

BRYAN INMANGREAT AMERICAN INSURANCE

GABE JARNOTNORTHLAND CAPITAL FINANCIAL SERVICES, LLC

MARC KEEPMANKLC FINANCIAL, INC.

DARYN LECYSTEARNS BANK

NICK ROSS, CLFPBANK OF THE WEST

2016 BOARD OF DIRECTORS


A Message from NEFA’s Executive Director

Happy New Year to you! Thanks for being with us as we kick off another new NEFA year full of opportunities and challenges with our first Newsline of 2016.

The very first thing I’d like to do is thank our publishers, Mike Toglia, Stuart Papavas-siliou and Denise Finegan and their team at Advisor Publishing Group, for the great work they do on this magazine. This issue marks

the start of their second year managing the process of pro-ducing this publication for NEFA and we couldn’t be more pleased.

By press time for this issue, we’ll be well into registrations for our 2016 National Equipment Finance Summit to be held March 2-4 at the famed Monteleone Hotel in the heart of the French Quarter in New Orleans. The Monteleone Hotel, run by the Monteleone family for five generations spanning more than 100 years, is the only upscale, confer-ence-capable hotel offering the true French Quarter experi-ence! It’s also where my wife, Jamie, and I would get-away-to when we were "courting" many years ago. In those days, Jamie’s sister, Sylvia, was the headliner there, singing and playing the piano in their still-famous-today Carousel Bar just off the lobby. The Summit conference will be a great networking and educational event in and of itself; but you might also want to bring your significant other and extend your stay a few days to enjoy all the history, entertainment, dining and shopping New Orleans has to offer. Laissez les bon temps rouler!

Our business is full of opportunity for this year and that usually comes from change. It’s abundantly clear that many things about our industry are changing, from products to funding models and from marketing to technological advances.

Change also creates challenges and this year with your help, our NEFA conferences, educational programs and publica-tions will strive to keep you informed and prepared to pros-per. But you’re the key to it. Let me give just one example. This past fall, it was members who brought to our attention specific concerns and questions regarding some changes in the laws in California regarding licensing in our business. We joined with our friends in some other associations and also tasked some of our knowledgeable members with help-ing to develop information that would help our affected members prepare and respond appropriately. For all I know right now, that may still be going on or not be fully resolved by the time you’re reading this. But the point is, it was mem-bers who focused us on it and members who volunteered to share their knowledge and research with other members.Please keep us informed as you see other trends or traps that could affect our members. That’s what our Association is all about, members looking out for and helping each other. It makes for a healthier marketplace overall and it’s from working together to understand change driven challenges that individual opportunities will be found.

I look forward to seeing you all in New Orleans and at other NEFA events throughout the year.

Gerry EganNEFA Executive Director & CEO

in the NEWS


INDUSTRY NEWS

Fitch: Finance & Leasing Company Performance to Begin Normalizing in

2016Asset quality reversion, growing regulatory

scrutiny and profitability pressures are among the challenges facing finance and leasing companies (FLCs) glob-

ally in the coming year, supporting Fitch Ratings’ negative sector outlook for 2016.

The Rating Outlook for FLCs, however, is Stable, reflecting steady funding and liquidity profiles, a modestly positive impact from rising interest rates, and manageable leverage levels fol-lowing a period of de-levering post-crisis and a more measured approach moving forward.

The 2016 finance and leasing company outlook report published addresses FLC subsectors including auto loan/lease, credit cards, student loans, consumer unsecured, mortgage servicing, aircraft leasing, railcar leasing, truck rental and leasing, and commercial fleet leasing. Fitch recognizes that the market dynamics may vary by subsector and by region, but the report identifies major trends expected to affect all players in the coming year.

Regulatory scrutiny and asset quality reversion are the top factors contributing to expected pressures on earnings for the next year. Consumer finance companies in particular are expected to begin to be challenged by asset quality deterioration, as Fitch expects U.S. auto lenders to con-tinue to loosen underwriting standards as competition in the subsector heats up. Credit card issuers will also likely experi-ence modestly deteriorating asset quality, given loan growth, portfolio seasoning and potential increased debt service burdens in a rising rate environment.

On the commercial finance side, the pres-sures are viewed as less acute, although residual value risk looms, particularly for truck and commercial fleet leasing compa-nies. A relative bright spot, however, is the aircraft leasing subsector, which will likely continue on its positive growth trajectory supported by increasing global air traffic, tailwinds from low fuel prices, strong lease rates and expected industry consolidation as more players have entered the space.

Fitch anticipates that leverage metrics will remain stable across nearly all asset classes despite new origination activity and acquis-itive growth opportunities, as expected earnings growth will support potential capital needs. Leverage metrics remain below pre-crisis levels given more conservative leverage policies post-cri-sis and the uneven economic recovery.

Channel Partners Capital Teams With Syacuse Strategies Channel Partners Capital, LLC announced a newly launched strategic partnership with Atlanta-based Syracuse Strategies LLC (“Syracuse”). Under the terms of the deal, Channel and Syracuse have combined the substantial capital resources and processing capability of Channel and the well-established industry knowl-edge and client relationships of Syracuse Strategies. The partner-ship will immediately begin delivering critical and timely funding solutions through a targeted network of small business loan advi-sors and commercial loan brokers advised by Syracuse.

Allegiant Partners Announces Division Name Change, Implements SalesforceAllegiant Partners Incorporated announced that Clearview Finan-cial, an Allegiant Partners Company will undergo a name and logo change to “Allegiant Partners, Clearview Commercial Division.”


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Allegiant Partners purchased Clearview Financial, located in Washington State, in 2013.

Concurrently, the company has successfully implemented Sales-force as its CRM and front-end credit processing, adjudication and documentation platform across the company. The new sys-tem allows all marketing databases, customer service, credit and front-end processing to be much more efficiently managed.

Clearview’s founder, Mike Arness, is optimistic about the future, saying, “It is an honor to be welcomed into an organization that has all of the same values, strengths, and passion that I have put into Clearview since its inception”, said Mr. Arness. “We have worked tirelessly over the past 2 years to merge two amazing groups of professionals and systems. We are proud of what we have accomplished and strongly believe our combined efforts will provide a much better experience for all of our customers alike. I am proud to represent Allegiant Partners and to carry on the Clearview tradition as well with a very powerful platform.”

All Allegiant Partners’ customers will benefit from working with a direct lender with extensive lending capabilities and newly improved processes and systems, resulting in more competitive lending programs and faster, more efficient funding.

Boston Financial & Equity Closes Two TransactionsBoston Financial & Equity Corporation recently closed two transactions. The first was for a “prepared meals to go” company, which is expanding from the Midwest to the East, and along with that growth is the need for packaging equipment. As an emerg-ing growth company the company is still sustaining losses, but recently raised an A round of $5 million. BFEC provided the company a lease for $150,000.

The second transaction was for a biopharmaceutical company focused on discovering, developing and commercializing new chemical entities from a class of chemically diverse compounds called cannabinoids. As a small public company, not yet profit-able, the company was unable to obtain bank or vendor financ-ing. BFEC provided the company a $150,000 lease for much needed lab equipment.

LeaseTeam’s ASPIRE to Power Customers’ Bank’s New Commercial Finance BusinessLeaseTeam announced that Customers Bank, a community, full-service business bank, has selected ASPIRE as the end-to-end lease and loan management solution for its Commercial Finance business.

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with ease, simplify its credit adjudication processes and everything in between, all from a single system.

“ASPIRE will provide everything in an end-to-end operating sys-tem solution that our commercial finance and leasing business was looking for,” said Samuel H. Smith III, managing director of the Customers Bank Commercial Finance division. “LeaseTeam understands our unique challenges and is providing customized solutions that will enable us to process our transactions more effi-ciently while providing the flexibility for our future growth and expansion into new business channels and markets. We are very pleased with the progress we have made as a result of the expert guidance that Randy Haug and his team have provided.”

“We’re delighted to add Samuel H. Smith III and his trusted and experienced team to our growing family of bank equipment finance companies nationwide,” said Randy Haug, co-founder and executive vice president at LeaseTeam. “The synergies between our group at LeaseTeam and Sam’s team were immediate. We are cur-rently putting our combined years of experience, trust and integ-rity to work in the deployment of ASPIRE, which is being config-ured specifically for the success of Customers Bank Commercial Finance and its clients.”

FASB Votes to Proceed With Final Standard on LeasesThe Financial Accounting Standards Board (FASB) voted to pro-ceed with a new accounting standard that would require compa-nies and other organizations to include lease obligations on their balance sheets. The final Accounting Standards Update (ASU) is expected to be published in early 2016.

The Board decided that for public compa-nies, the upcoming standard will be effec-tive for fiscal years (and interim periods within those fiscal years) beginning after December 15, 2018; for private com-panies, the standard will be effective for annual periods beginning after December 15, 2019. Early adoption will be permit-ted for all companies and organizations upon issuance of the standard.

As a next step, the FASB staff will com-plete a “ballot draft” of the ASU that includes all of the Board’s final decisions. The ballot draft will be shared with each of the seven Board members, who will review it to ensure that it accurately reflects deci-sions made throughout their public delib-erations. When the Board is satisfied that the ballot draft reflects its intentions, the draft will be submitted to production for final publication.

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KLC Financial Acquires Kraus-Anderson Capital’s AssetsKLC Financial has acquired the portfolio and others assets of Kraus-Anderson Capital, Inc. (KAC). The acquisition provides KLC with a large customer base of established businesses and with a greater expertise in the leasing and financing of construction equip-ment for businesses of all sizes.

“We look forward to continuing to provide a high level of service to Kraus Anderson Capital’s customer base and we look forward to continuing to provide financing to the customers for many years to come,” said Marc P. Keepman, President, who has been active in KLC Financial since 1987.

KLC is a Minnesota based company with a strong reputation for providing custom equipment leasing and financing solutions. KLC has established strategic programs with a host of banks, equipment vendors and other equipment finance companies nationwide. Resulting in client relationships generating consis-tent growth in equipment lease and finance agreements annually and is expected to grow with the addition of KAC’s portfolio. While continuing to build volume profitably, KLC is committed to establishing solid, long-term relationships with clients, invest-ing partners and referral sources.

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Ascentium Capital Announces $281 Million SecuritizationAscentium Capital issued a $281 million small ticket equipment securitization of Ascentium Equipment Receivables LLC, Series 2015-2.

This represents Ascentium Capital’s fourth securitization and third transaction since 2012 featuring both Moody’s “Aaa” and DBRS’ “AAA” ratings on the company’s senior class of notes. The ratings are based on several performance indicators including the quality of the equipment contracts, strong historical and expected per-formance, as well as the expertise of Ascentium Capital. “We are very pleased with the execution of this securitization and it further strengthens the company’s stability and growth plans,” commented Tom Depping, Chief Executive Officer at Ascentium Capital.

First Financial Bank Selects LeaseWave From Odessa TechnologiesOdessa Technologies announced that First Financial Equipment Finance has selected LeaseWave and the LW Customer Portal to support its equipment and leasing business. A subsidiary of First Financial Bank, First Financial has a solutions-oriented approach to equipment finance, delivering unique client solutions from a tax, accounting and cash flow perspective to businesses with annual revenues of $3 million - $250 million.

Odessa’s LeaseWave, a leading lease and loan accounting software solution, will serve as a foundational platform for First Financial’s future growth.

“Replacing an aging legacy system is a smart way for leasing com-panies to begin leveraging modern technology for overall process improvement,” said Jim Humphrey, Senior Vice President, Sales, Odessa Technologies. “We are excited to be a technology partner in First Financial’s overall growth strategy, and know that Lease-Wave will be able to handle their business needs now and in the years to come.”

SECTOR NEWS

Equipment Rental Industry Five Year Forecast Calls for Even Growth The American Rental Association (ARA) latest forecast calls for equipment rental industry revenue growth in the United States of 6.7 percent in 2016 and 2017, 6.2 percent in 2018 and 5.8 percent in 2019 to reach $48.7 billion.

The growth pace is slightly more moderate than the previous two years, but the industry’s progress is consistently positive regardless of changes in oil and gas, construction and other segments equip-ment rental companies serve.

“The performance of the equipment rental industry since the recession has been very positive and as auxiliary industries recover and grow, we anticipate equipment rental revenue growth to meet the forecast of the next five years,” says Christine Wehrman, ARA CEO and executive vice president.

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“This means equipment rental companies can prepare for steady growth, plan for expanding their markets and build inventory to meet their customer demand. The forecast also shows that many customers who have turned to renting equipment during and after the recession have seen the benefits and will continue to rent to control their costs,” Wehrman says. “The secular shift to rental is here to stay.”

ECONOMY

November Commercial Chapter 11 Filings Up 30% Y/YTotal bankruptcy filings in the United States increased 5 percent in November 2015 from November of last year, according to data provided by Epiq Systems, Inc. Bankruptcy filings totaled 65,511 in November 2015, up from the November 2014 total of 62,438. Consumer filings also increased 5 percent to 63,223 from the November 2014 consumer filing total of 60,164. Total commer-cial filings in November 2015 were 2,288, a 1 percent increase from the 2,274 business filings recorded in November 2014.

Total commercial chapter 11 filings increased 30 percent to 390 fil-ings in November 2015 from the 298 commercial chapter 11 filings registered in November 2014.

“Though November’s filings were up slightly, fewer consumers and businesses are turning to the financial relief of bankruptcy,” said ABI Executive Director Samuel J. Gerdano. “Amid per-sistently low interest rates and high filing costs, total bankruptcies remain on track for the second-lowest total since BAPCPA was implemented in 2005.”

PayNet: Investment by Small Businesses Stalls, Index Falls 5%The October 2015 data release of the Thomson Reuters/PayNet Small Business Lending Index (SBLI), which is a leading economic indicator of GDP, decreased 5% to 131.7 compared to September while the September value has been restated from 140.4 to 137.9. On a year-over-year basis, the SBLI is flat compared to October 2014 and marks only the second time the SBLI has failed to increase over the prior year since February 2010.

“Borrowing and investment by small businesses fell abruptly last month and at the same time the percentage of loans past due fell. Small businesses are either seeing less demand for their goods and services or becoming cautious about their future,” states William Phelan, president of PayNet. “While this month may be an outlier, it stands in stark contrast to the

faster trend line for borrowing and investment over the past year.”

Loans past due remain muted with the Thomson Reuters/PayNet Small Business Delinquency Index (SBDI) 31-90 days past due standing unchanged at 1.19% from September to October. On a year-over-year basis, moderate delinquencies declined 6 basis points. This is the fifth consecutive month of year-over-year decreases after 12 straight months of increases.

Several industries showed slight rises in delinquencies, such as Transportation which increased 6 bps to 1.04% for the eighth consecutive monthly increase and its highest level since March 2014. Construction and Health Care delinquencies are both up 4 bps to 1.67% and 1.21%, respectively.

CERTIFIED LEASE & FINANCEPROFESSIONAL FOUNDATION

CLFP Foundation Adds 12 Members; Introduces Online ExamThe Certified Lease & Finance Professional (CLFP) Foundation recently held its fourth Academy for Lease & Finance Profes-sionals (ALFP) of 2015. The event was hosted by GreatAmerica Financial Services and all twelve of the individuals who sat for the exam at the conclusion of the event passed. Eleven of the twelve test-takers who took the exam utilized a computer-based platform which was offered for the first time.

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Amy Spragg, CLFP - Treasurer for the CLFP Board of Direc-tors stated, “Long gone are the days of hand cramps and missed answers from illegible writing. With the launch of the online CLFP exam, the Certified CLFP Foundation can continue to grow as the premier credential of the leasing and financing indus-try. While maintaining the designation’s integrity, this new test format enables a greater number of applicants the opportunity to easily take and pass the exam.”

in the NEWS

National Equipment Finance AssociationThe twelve newest CLFPs are:• Jennifer Finken, CLFP – Account Manager – Equipment Finance, NCMIC Finance Corp.

• Lisa Genereux, CLFP – Account Executive, Dell Financial Services

• Todd Jarvela, CLFP – Director, Direct Programs Group – GreatAmerica Financial Services

• Melissa Knutson, CLFP – Equipment Finance Manager, NCMIC Finance Corp.

• Mike Kramer, CLFP – Senior Account Manager, Diversified Capital Credit

• Ryan McHugh, CLFP – Vendor Relationship Manager, GreatAmerica Financial Services

• Nick Nielsen, CLFP – Vice President of Sales – GreatAmerica Financial Services

• Ryan Otto, CLFP – Vice President, Senior Audit Manager – BMO Financial Group

• Carrie Radloff, CLFP – Business Development Manager, American Financial Partners

• John Rodwell, CLFP – OIC Lender Services – VP, Business Development

• Stephanie Severin, CLFP – Vice President, Chief Credit Officer, GreatAmerica Financial Services

• Tawnya Stone, CLFP – Director, Enterprise Strategic Technology, Great America Financial Services

Please send your company's news items to [email protected]

Alabama - Marks & Associates, P.C.

Arizona - Jennings, Haug

& Cunningham, LLP

Arkansas - Hood and Stacy, P.C.

California - Los Angeles - Hemar,

Rousso & Heald, LLP

San Francisco - Law Offices

of Victor Harris

Colorado - Harry L. Simon, P.C.

District of Columbia - Weinstock,

Friedman & Friedman, P.A.

Delaware - Stark & Stark, P.C.

Florida - Miami Beach - Mitrani, Rynor,

Adamsky & Toland P.A.

Sarasota - Shumaker, Loop &

Kendrick, LLP

Georgia - Higgins & Dubner

Hawaii - Kessner Umebayashi Bain

& Matsunaga

Illinois - Ashen/Faulkner LTD

Iowa - Michael J. Witt Law Offices

Kansas - Young, Bogle, McCausland,

Wells & Blanchard

Kentucky - Lloyd & McDaniel, PLC

Louisiana - McGlinchey Stafford, PLLC

Maryland - Weinstock, Friedman

& Friedman, P.A.

Massachusetts - Cohn & Dussi, L.L.C.

Michigan - Jaffe, Raitt, Heuer & Weiss, P.C.

Minnesota - Messerli & Kramer, P.A.

Missouri - Jenkins & Kling, P.C.

New Jersey - Sparta - Peretore &

Peretore, P.C.

Princeton - Stark & Stark, P.C.

New York - New York City - Foster &

Wolkind, P.C.

Syracuse - Hiscock & Barclay, LLP

North Carolina - Charlotte - Poyner &

Spruill, LLP

Raleigh - Smith Debnam Narron Drake

Saintsing & Myers

Ohio - Buckley King

Oklahoma - Hood and Stacy, P.A.

Oregon - Farleigh Wada Witt

Pennsylvania - Pittsburgh - Bernstein -

Burkley, P.C.

Philadelphia - Anderson Kill

Rhode Island - Cohn & Dussi, LLC

South Carolina - Robinson, McFadden

& Moore, P.C.

Texas - Padfield & Stout, LLP

Utah - Ray Quinney & Nebeker, P.C.

Virginia - Weinstock, Friedman &

Friedman, P.A.

Wisconsin - Quarles & Brady, LLP

Murphy Desmond, S.C.

CANADA

Quebec - Lavery, De Billy, LLP

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NEWSLINE PICTORIAL

NEFA NJ Regional Expo

November 16-17, 2015Teaneck, NJ


The sharing economy is changing both the way we live and the ways in which we run our businesses. This shift has dramatically lowered the barriers of entry for new equipment finance and commercial lending companies to compete. It has also lowered the cost and knowledge requirements for incumbents to lever-age the latest technologies. A major component of this sharing economy is human resources. A flexible human resource staff can allow you to scale quickly and adjust skillsets required on demand.

Salim Ismail’s book Exponential Organizations notes the following: “For any company today, having a per-manent, full-time workforce is fraught with growing peril as employees fail to keep their skills up-to-date, resulting in personnel in need of greater management. In our fast-changing global and Internet-driven mar-ketplace, increasingly desperate organizations are turn-ing to external and temporary workforces to fill their expertise gaps.” 1

Ismail goes on to give an example: “In an effort to keep the overall skills of the organization fresh, AMP, Aus-tralia’s largest insurance company, requires that half its 2,600-strong IT department be made up of contrac-

tors. According to Annalie Killian, a global executive at AMP, ‘Such a requirement is not just helpful; in this day and age, it’s mandatory.’” Most companies don’t have the resources of a massive insurance company like AMP. Also, most would agree that 50% of IT staff is an extreme example. However, there are times that bringing in consultants can be critical to a company in achieving its goals. Tamarack has been consulting equipment finance companies for over a decade. We see how many companies utilize consultants well and sometimes not as well. Here are some lessons we’ve learned regarding when it’s time to bring in technical consultants: 1. For Strategic Technical GuidanceCompanies large and small should have a technology roadmap that aligns with your business goals. You may not have the budget or time to execute against the entire roadmap immediately, however with a technol-ogy roadmap, you will know that decisions you make along the way are moving you towards your business goals. Keep in mind that this technology roadmap is a living artifact and should evolve as technology options become more available and your business changes.

Dan NelsonPresident & FounderTamarack Consulting

Five Things You Need to Know Before Hiring Technical ConsultantsTamarack Consulting’s Dan Nelson and Kristian Dolan discuss the shared economy and the critical role technical consultants can play as businesses adapt to an Internet-driven marketplace. By Dan Nelson and Kristian Dolan

Kristian DolanChief Operating Officer & Solutions Architect Tamarack Consulting


There are also operational efficiencies that you’re not even think-ing about. A consultant can leverage their experience with many of your peers to offer up successful efficiencies that are proven in the industry. Examples of these are automating UCC filings, insurance and tracking, integrations to funding sources and enhanced reporting. 2. To Outsource Your ITCloud-based computing is here and it can have a huge impact on your business. The benefits that used to be only available for large organizations with significant IT staffs are now available to everyone. Today, there is no reason you can’t manage the majority of your business in the cloud.

Channel Partners, listed on Inc.’s fastest-growing companies in America for three consecutive years, runs its operations with no IT staff and no servers on site. As Abbie DeYonge, Director of Operations notes, “You need to look at the total cost of ownership with IT decisions. Our outsourced model allows us to be fiscally responsible. We are able to scale up (and down) as needed. Addi-tionally, we are able to focus on our core competency while letting experts handle the typical IT operations of backups, compliance, and security.”

3. Expertise in Particular Software Platforms or TechnologiesBringing in experts to work on projects is no different than hiring a plumber or electrician for complex jobs around the house. Of course you can attempt to do this yourself and you can be success-ful. However, often you spend much valued time trying to figure it out and end up needing to bring in a professional at the end. Leverage the expertise consultants bring to the table. Experience matters. Try to leverage economies of scale that consultants can bring to your organization. 4. Software Selection and RFPsThere are many software choices available and several software vendors that offer overlapping functionality, unique functional-ity, on different technologies. When you see demos, they will all look very impressive. How do you compare apples to apples when looking for a new software solution? There are many technology options available: Net, Java, Sales-force.com, etc. Which is best for you? Does it matter? Bringing in a consultant to help you navigate all these options can save a lot of frustration, time and money. Find a technology consulting partner who has experience in these different packages and tech-

nologies. Leverage their experience to help you choose the right solution for your business.

5. Spikes in Resource Needs You are running your business. Your IT folks are typically thinly spread by simply keeping the lights on. In order to be success-ful, you need your business to continue to evolve and grow. These business/IT initiatives can require short term spikes in IT resource requirements. It does not make sense to hire employees to handle these spikes in resource needs. The burden of recruiting, on-boarding, and managing IT staff is expensive and difficult. So, now you know when to look for technology consultants to help you out. Here are some insider tips on how to choose the right technology partner. 1. Find a partner that knows your business and technology. In our industry just having the technical expertise is not enough. You need to understand how to apply technology to solve business problems. You need a consultant who knows enough to challenge the status-quo.

2. Make sure there are no conflicts of interest. If you ask a software company what technology should be used to solve your problem, they will often suggest the software they are selling. Sometimes this is true while other times this is only partially true. Try to find a partner you can trust and one that has your best interest in mind.

3. Interview the actual consultants that will be working on your project. The sales person might know the business very well, but that same person might not be the person actually working with you.

4. Talk to your peers. Word of mouth can be a great tool for find-ing the right expert to help you out.

5. Look to your trade associations. Utilize your membership at NEFA and other trade associations to receive recommendations and find consultants that can help you. ABOUT THE AUTHORS | Dan Nelson is the President and Founder at Tamarack Consulting. Kristian Dolan is Tamarack’s Chief Operating Officer and Solutions Architect.


(1) Ismail, Salim., Michael S. Malone, Yuri van Geest. Exponential Organizations. Newburyport: Diversion Books, 2014. Print.

In our fast-changing global and Internet-driven marketplace, increasingly desperate organizations are turning to external and temporary workforces to fill their expertise gaps.” From Exponential Organization

2016 INDUSTRY OUTLOOK Newsline launches the New Year with a roundtable of four leading equipment leasing and finance executives who share their outlook for the coming year.


Newsline: Please share your overall expectations for the equip-ment leasing and finance industry for 2016. What are you expect-ing in terms of new business activity? Will 2016 look much like 2015 or will conditions improve or worsen to a noticeable degree?

Peter Bullen: I expect customer demand for equipment financ-ing to show modest growth in 2016 and be reflective of GDP. I believe the market is at a crossroads. Sharply lower energy prices have increased consumer disposable income, which will help pro-pel the economy; however capital expenditures have come to a complete halt for businesses directly tied to the oil patch. The trickle down impact is significant, as I am seeing a slowing of gen-eral manufacturing activity here in the Great Lakes region where I live due to ties to the energy sector, but this is also reflective of weak global demand. That being said, a number of industries such as airlines, automotive, chemicals, trucking, and others greatly benefit from low energy prices and will expand accordingly.

Tony Golobic: One of characteristics of the Great Recession recovery has been some uncertainty in its durability felt by many business leaders. This in turn has resulted in constrained equip-ment investment and therefore tepid new business activity in our industry. I expect this to continue in 2016.

Daryn Lecy: It is our anticipation that equipment demand in 2016 will be similar to 2015 under current conditions. Compe-tition in the marketplace will remain fierce at what will still be highly competitive pricing, but should hopefully slow down the booming entry into the marketplace by many new comers with access to cheap money while wielding aggressive credit appetites. After months of uncertainty surrounding what has become a landmark decision by the Federal Reserve, a rate bump may actu-ally stabilize the markets. Stabilized markets will increase demand for new equipment purchases.

Gary Silverhardt: While the equipment finance industry expe-rienced significant growth in 2013 and 2014, business began to level off in 2015. Overall, I’m optimistic about the coming year,


but I’ll temper my optimism with a touch of caution. Absent any major market disruptions, I expect demand in 2016 will continue to level off somewhat but remain healthy throughout the year. Potential disruptions are always out there, of course – a large increase in fuel prices, interest rates rising more than 75 basis points, a spike in unemployment or even an escalation in terrorist activities – and any of these could dampen demand. Interest rates are particularly important. While North Mill and other indepen-dent equipment finance companies have enjoyed a low cost of funds in recent years and have passed some of the savings on to customers, an increase in interest rates by the Fed could have a negative impact on demand. As always, competition for custom-ers with strong credit will remain brisk. So, to find additional growth opportunities and volume, I see the equipment finance industry developing new products to serve those customers whose credit scores are below the top tiers.

Newsline: What would you say matters most these days to your customers, brokers and vendor partners?

Bullen: Pricing certainly is important, but relationships are what matter the most. Companies are increasingly looking to partner with finance providers who know their business, understand their industry and who can bring unique ideas on how to finance their capital expenditures. Savvy customers understand that there is a plethora of capital chasing deals, but will typically choose to work with equipment finance providers who can provide value outside of competitive rates.

Golobic: At GreatAmerica we have never focused on price. Those who offer lowest prices usually don’t have much else to offer. You can never build lasting market leadership based on lowest prices; there is always going to be someone else who’ll be willing to undercut you. Our mission at GreatAmerica is to help our customers be more successful and that is much more import-ant than the lowest rates. This has been our strategy for the past 23 years of uninterrupted growth, with each year more successful than the previous.

TONY GOLOBICChairman and CEOGreatAmerica Financial Services

PETER K. BULLENSenior Vice President Key Equipment Finance

GARY SILVERHARDTPresident and CEONorth Mill Equipment Finance

DARYN LECYVice President of OperationsStearns Bank


standing business relationships, maintaining strong relationships with referral agents is a critical success factor in our business, but you can’t achieve that without providing competitive service and realistic rates.

Newsline: Which equipment sectors do you anticipate to lead the way in terms of financing opportunities for the equipment finance industry?

Bullen: Industries benefiting from low energy prices or increased consumer disposal income (e.g. transportation, retail, restaurants, and chemicals) certainly will be actively replacing equipment and/or expanding their business. Green industries such as solar should get a boost in 2016 as companies try to take advantage of expiring tax credits. Finally, firms tied to oil and gas exploration will be trying to manage their cash and will be unlikely candidates for significant equipment acquisition.

Golobic: I think our industry will find itself at a major inflection point over the coming decade. Not only will a lot of what we finance change, but also how we finance it. Technology will have a huge impact in the way we deliver our products, and in some markets value-add services will become a major focus. All this will present some wonderful opportunities for those who will adapt, but also some substantial pitfalls for those who will not properly assess the risks.

Lecy: There will continue to be opportunities in alternative tech-nologies in any mainstream industry, automation/technology enhancements, and alternative types of deal structure to existing industries. One alternative to traditional equipment financing that should see a strong 2016 with continued small business expansion is the SBA lending platform. Traditional industries/assets that should see growth of varying levels in 2016 include construction, healthcare, transportation, IT assets and municipal financing. Agriculture financing will likely plateau or weaken and mining/oilfield activity will remain slow.

Silverhardt: North Mill focuses on financing hard assets – mostly transportation, construction and manufacturing equipment. There’s

a lot of opportunity to increase our market pene-tration in those sectors, so I’d say that traditional equipment with sustainable value and low risk of obsolescence continues to offer the most promise for us in 2016.

Lecy: Pricing is still the primary concern with most, but that has given way some to the ability to consistently execute transactions for them. Fast turnaround and diligent follow up are next in line and those are important for all channels: direct, vendor and third party. We want nothing more than to exceed our direct custom-er’s expectations or to help one of our partners impress their cus-tomer by getting the job done for them. We look at relationships with vendors and third-parties as a true partnership and the term partner carries heavy weight for us. We communicate with our partners frequently to understand how we can do better and how we can earn more of their business. We try to be creative to find solutions in the best interest of both parties. We also expect if and when the time arises that our partner is there to help us out.

Silverhardt: What matters most to everyone – in addition to competitive rates, which are always important – is service. That’s why it’s job number one at North Mill to listen to what our cus-tomers (and for us, that’s mostly third-party referral agents) have to say. Their feedback tells us what’s happening in the market and what kinds of products and services are in demand. Also, having the appropriate technology to provide quick turnaround on credit applications is critical. Responding in a timely manner helps keep the customer from moving on to another source. As for long-


The preceeding Q&A is part of a continuing series of roundtable discussions. To participate in an upcoming Newsline Q&A, contact [email protected].

I see three benefits to serving the market we know best. First, we’ve spent years developing and maintaining a robust infrastruc-ture to service our core market sectors. Second, we don’t have to pay the cost – in research, time and personnel – to acquire the knowledge needed to reach a new market; I’d rather spend those resources on enhancing our existing capability. And finally, we don’t risk diluting our focus on serving those who already have given us a record of success.

Of course, the allure of exploring new business sectors is worth the inherent risk if the potential rewards are significant. For us, however, that would likely mean an area related to what we already know well. As an example, we finance a lot of trucks; with man-ufacturers beginning to explore hybrid and all-electric engines, especially for medium-duty trucks, I could see us considering that segment of the market on a limited basis.

Newsline: What’s the number one concern you think the equip-ment finance industry as a whole will encounter in 2016? How is your institution poised to deal with these challenges as well as any opportunities that you expect the New Year to present?

Bullen: There continues to be a supply/demand imbalance in that there is an abundant supply of capital chasing a static amount of equipment finance opportunities. Numerous banks and non-banks have entered the industry during the last 18 months, but the supply of opportunities has not kept pace. As a result, yields continue to drop and I am beginning to see some institutions lower their credit standards in an effort to book earning assets. At Key Equipment Finance, we are well positioned to find contin-ued success in 2016 due to the diversity of our business and the strength of our relationships. We expect to see continued growth in our vendor and lender finance businesses, while our direct orig-inations channel will be expanding with the anticipated addition of First Niagara to our platform. 2016 will be exciting!

Golobic: One of the strong attributes of our industry is that it is very competitive. This is at the same time both positive and neg-ative. On the positive side, intense competition makes us more innovative and efficient. On the negative side, pursuit of volume at any cost encourages much of our industry to behave irratio-nally. I think the last couple of years have seen a good example of this. It seems like the Great Recession has been forgotten; again we’re seeing aggressively lower credit standards and very thin spreads by some of our competitors. I think this will not bode well for our industry.

At GreatAmerica, we continue to build foundations for lasting success by charging fair pricing, employing prudent credit poli-cies, being innovative and at the same time working hard to build our vision of reaching levels of excellence in everything we do, so high that we will indisputably stand apart from our competition.

Lecy: There will be continued competitive pressure on all sur-rounding pricing. There will be pressure from companies that chose to lag behind in rate increases and by the new players that will likely still enter the market. Rates have been the forefront of discussions between customers and partners more than ever before in our industry and it will be tough to sway from that in 2016 even as rates likely will increase some. Service and execution will remain the ways we compete against rate and as rates come up those tactics will become even more influential. We are cautiously optimistic that there can be a far-reaching change from “it’s all about rate” to “it is not always about rate.”

Silverhardt: There are new proposed accounting standards for equipment leases in 2016, and their implementation could pose both regulatory and accounting issues for the industry as a whole. Fortunately, the new regulations are unlikely to affect most of our customers.

The major concern for the coming year is the economy. As always, we’ll be monitoring key economic indicators in an effort to be prepared. For example, if the dollar becomes too strong versus other currencies, manufacturers may encounter difficulty selling their products overseas, which in turn, could curtail their purchase and financing of new equipment. The housing industry is another indicator to watch. New housing production hasn’t rebounded as well as the rest of the economy, and if it turns down again significantly, that would also have a negative impact on related manufacturers, which in turn could mean that truckers will have fewer products to haul. Also, the cost of oil is always a concern for the transportation industry.

In addition, we’ll pay close attention to the capital markets. The last quarter has been a volatile, and if this trend continues into the New Year and results in a higher cost of funds, equipment finance companies could see tighter profit margins. If our cost of funds increases significantly, it will be difficult to pass all of those costs on to our borrowers without sacrificing market share to the larger institutions that have access to cheaper capital. If the environment turns unfavorable, independent equipment finance companies like us will need to be more nimble.



Transparency. Efficiency. Security. Effectiveness. These are just a few of the words that describe the benefits of implementing a lease/loan management solution that manages the entire lifecycle of an equip-ment finance deal. In a growing and evolving industry, these are not just buzzwords. They stand for the com-ponents of your business that you need to focus on to be successful.

TransparencyIn today’s business world, customers expect a good customer experience, and because the lifecycle of an equipment finance deal has many touch points, pro-viding this level of service can be tricky. That’s where having visibility into your processes and transparency into your contracts and accounts can help.

A single system provides a comprehensive view into all attributes within an account and a contract -- enabling any department, at any point of servicing a customer,

to know exactly what has transpired. This includes tasks performed, tasks pending, ownership of the tasks, timelines, completion dates, current status and miscel-laneous notes. This is important for two reasons: First, it highlights bottlenecks or consistent issues, making it easier to improve processes and add accountability for meeting service metrics. Second, it empowers whoever is talking with the customer to know their history and their current status. This transparency provides a fluid, efficient customer experience by eliminating the frus-tration of duplicate or siloed conversations, uninformed decisions, disjointed activities, and accessing multiple systems to provide service.

Efficiency To provide exceptional service and grow your business, you need to maximize your operational efficiency. Implementing a single-system platform provides the structure to implement intelligent workflows from origination, including task lists, work queues email

BEYOND BUZZWORDS... Key Components of Implementing Leasing SoftwareIn today’s business world, customers expect a good customer experience. Providing this level of service can be tricky because equipment finance deals have many touchpoints during their lifecycle.By Roxana Safranek

Roxana SafranekDirector of Marketing LeaseTeam, Inc.


notifications, etc. It allows businesses to implement processes and functionality based on what the business needs are, without hav-ing to delineate between front-end and back-end processes. For example, with end-to-end documentation generation function-ality, functionality is available to both the front-end and back-end processes that allow you to create late fee notifications, email them out and store them in the repository, all as one seamless process with visibility to all relevant parties. It also opens up other options, like the ability to pull a credit report on a customer at any point in the lifecycle.

SecuritySecurity and compliance are topics on everyone’s mind. Having the flexibility of a complete single-system solution provides tre-mendous value when addressing this area. The benefits of sin-gle-system processing allow you to redefine technology from a processing solution to an information system that regulators can rely on. A single system makes it easier to implement policies around storing confidential data, including how it is updated and disposed of, and who has access to it. These bi-directional, fluid processes monitor critical data elements, track who and what changes are made, and send notifications to key people.

A complete system also gives you more control over the timing and quality of data being entered. Some of these features include user-defined fields, pick lists for standardization and data input requirements when critical data elements have to be input. One example of this is when a sales person is entering a lead where there might be little information required from a regulatory per-spective. By the time the transaction needs to be booked how-ever, there are likely additional data elements that will be needed. By utilizing end-to-end system technology and workflow capa-bilities to define data processes and requirements, you eliminate the potential for having junk data entered into the system and ensure you have the data that is required at each stage of the pro-cess. Another significant advantage to implementing a complete solution is the ability to deploy this functionality to the entire organization. More than likely, critical data elements will span multiple functional areas, from quality assurance to accounting to treasury to credit. It’s helpful to set user-defined milestones that will prevent a deal from progressing before the required tasks are completed and provides visibility across the enterprise.

A complete system also provides a central document repository with secure read/write/modify access by document type that acts as a secure place to manage, store and access all the documents that pertain to an account or contract.

Effectiveness Implementing a complete end-to-end system provides a single view of your business. This singular view provides the data needed to better understand a customer’s history, their lifetime value, risk, exposure, and even their propensity for future business.

A complete system also supports other process enhancements that allow you to be more effective in running your business. For example:

• The ability to measure turn times and report on potential oper-ational inefficiencies

• The ability to bill for miscellaneous origination items such as documentation fees and security deposits in advance of a con-tract being booked

• The ability to set before booking and automatically sync up renewal schedules with contract changes, such as term exten-sions or changes to the final payment

• The ability to maintain multiple renewal schedules per contract (renewal schedules can be set at the asset level)

• Provides visibility to the assets associated to a contract through-out the entire contract lifecycle, along with the means of dis-posal

• Improves internal/external communication through the use of email notifications related to changes

• More effective risk management

• More targeted marketing efforts

Ultimately, these examples support more effective business pro-cesses, leading to better service levels and greater customer loyalty.

Transparency. Efficiency. Security. Effectiveness Because every business is different, how they define the benefits an end-to-end system provides can be slightly different. One thing is consistent, though: equipment finance transactions are no longer linear. Therefore, companies need to think about implementing an end-to-end system that provides an all-encompassing view of their business, with the efficiencies of single-system processing.

Once you understand the tremendous benefits that an end-to-end system can afford you, the next thing to think about is the implementation. Most companies want their system migration to happen behind the scenes, with little to no impact to their cus-tomers. To accomplish this, questions will have to be answered. For example, how will their data be migrated over to the new system? While most companies have their data dispersed between several systems, migration to an end-to-end system will require their data be moved into a single database. You’ll also need to define the process of transferring existing reports into a single, secure, comprehensive repository. Finally, you need to ensure your staff/users of the system are adequately trained on how to use the new system. This will prevent a temporary drop off in service. Each business case may have additional requirements, but usually, those items can be identified and planned as part of the imple-mentation project.

ABOUT THE AUTHOR: | Roxana Safranek is the Director of Marketing at LeaseTeam, Inc.



As the saying goes, "The more things change, the more they seem to stay the same." Or do they?

It definitely appears to be the case when it comes to what’s popular with commercial equipment in the world of small-to mid-ticket financing. Whether it’s a hedge against future job insecurity or a renewed entrepreneurial spirit, it seems that right now is the small business moment in America. This moment has led to a plethora of financing opportunities whether it is record SBA lending volume in 2015 or the return of the C and D credit, leasing companies all are try-ing to help millions create the American Dream and strengthen our economy.

So what is changing and how do we best take advan-tage of this movement and protect our portfolios at the same time? Here’s an idea, target a new or different demographic and implement proven methods of due diligence before it is too late.

According to Kiplinger, since 2011 there has been a 40% increase in businesses being led by women. More and more women are finding that the best way to break the glass ceiling is build the house themselves. Right now, more and more women are turning their ideas, passions and faith into brick and mortar busi-nesses with real equipment and capital needs. I have to say that this intrigued me since I have always had an interest in the equipment side of business and the

machinery that gets it done. I will share that many of my female friends outside of the equipment finance industry tend to look at me like I am talking like Charlie Brown’s teacher when I point out

Asset Values to Hold Steady While Demographics Take a TurnLynne Wicker at RTR Services notes that in the New Year, we can expect to see equipment values remain strong with a bit of an uptick. Wicker also notes that more and more, women are finding that the best way to break the glass ceiling is build the house themselves.By Lynne Wicker

Lynne WickerProject ManagerRTR Services

What is changing and how do we best take advantage of this movement and protect our portfolios? Here’s an idea, target a new or different demographic.


the difference between a Peterbilt and a Volvo as we drive down the road, or when I explain that a reefer trailer is used to deliver food and is not a new business opportunity in Colorado, Oregon or Washington. Here is a list of some of the hot business that women have entered into or started their own companies over the last few years. As you read them consider the types of equip-ment they need or will need and the finance opportunities these present:

ConstructionEight percent of construction companies are owned by women. This is equivalent to 500,000 plus jobs with thousands more being created every day. These firms range from contractors to engineers to project management and other supporting indus-tries. These businesses need everything from Yellow Iron to CAD systems to GPS-enabled survey equipment. We anticipate in 2016 that yellow iron will remain steady in its value compared to 2015. With an increase in new small businesses and relatively low rate real estate loans, we anticipate small- to mid-ticket excava-tors, skidsteers, dozers, wheel loaders and backhoes will be a solid lending option.

Transportation and WarehousingWomen-owned or managed transportation, packaging, inven-tory control and storage firms have increased by 35% since 2002. There are more and more female owner operators than ever before on the road as well as women owned fleets. Each have needs or will have needs for more or better trucks, trailers and accesso-ries like APU units. It is expected that in 2016 that rolling stock will continue to hold strong values. In the used truck market, pre-emission models bring a higher demand than those manu-factured between 2004 and 2008. Later model units also tend to bring a better return due to the Federal Excise Tax having already been paid. On the trailer side with the exception pneumatic dry bulk and tanker trailers, we anticipate seeing a continued strong return on used equipment.

Waste and Environmental ServicesThis industry has seen nearly a 50% increase in women busi-ness owners in the last several years. As environmental regulation increases in this industry the need for improved emissions is a requirement from garbage trucks to incinerators and other sup-port equipment.

Salon and Day Spa: For years this has been an industry whose primary customer has been female. According to the American Society of Plastic Surgeons, where cosmetic surgery was predom-inately used by female patients, male patients now account for

over one million procedures a year. This is due to stronger discre-tionary spending as well as societal pressures on the aging popula-tion. The most common procedures are laser skin resurfacing and laser hair removal.

RestaurantsThe National Restaurant Association states that 50% of the restaurants in the United States are women-owned. With more women becoming not only the bread maker, but the bread win-ner, time for home cooked meals is a thing of the past for some. More and more people are eating out on a regular basis. On the equipment side used restaurant equipment is one of the most consistent sellers that we see. Startups are watching their bottom line by outfitting their locations with new tables, chairs and décor etc. that are pleasing to their customer’s eye and putting solid used equipment in the back away from the view of the public.

OverviewAs credit terms have softened, all of this works better if you have built an infrastructure that included pre-and post-lease inspec-tions, appraisals or third party opinions of value on used equip-ment, lease back of private party sale and a good partnership with an established and trustworthy asset management company. These tools not only help you manage portfolio risk, they will help you with government and funding source compliance as well as due diligence requirements. Many of the cost associated with these services are paid by the borrower or built into the deal. Most of our clients find it is better to be a little proactive in this area than reactive when a problem arises. Just one bad deal avoided pays for a year of due diligence.

To sum it all up, in the New Year we can expect to see equipment values remain strong and even uptick a little as the small business moment continues to reach across the country. We encourage you to remain prudent in your lending practices and to stay at the forefront of compliance requirements, while at the same time tak-ing advantage of the increased women-owned startups and man-aged companies. With strong steady used equipment values and an ever growing customer base, maybe 2016 is the year to try some new things!

ABOUT THE AUTHOR: | Lynne Wicker is Project Manager at RTR Services, Inc. Lynne wishes to acknowledge her colleague Brody Pack for his valuable insight into the preparation of this article.


Right now, more and more women are turning their ideas, passions and faith into brick and mortar businesses with real equipment and capital needs.


nefacts2016 NEFA PARTNERS

PLATINUMChannel Partners CapitalLeaseTeam, Inc.Pawnee Leasing Corporation

DIAMONDECS Financial ServicesFinancial Pacific Leasing, Inc.FORA FinancialMarlin Business BankStearns Bank

GOLDBryn Mawr FundingConestoga Equipment Finance Corp.Great American InsuranceNavitas Lease Corp.North Mill Equipment Finance

SILVERDakota Financial, LLCDedicated Commercial Recovery Inc.

Minnesota Ice-FishingFebruary 8, 2016

Lake Minnetonka | Minneapolis, MN

Atlanta Networking LuncheonFebruary 18, 2016

Ansley Golf Club | Atlanta, GA

National Equipment Finance SummitMarch 2-4, 2016

Hotel Monteleone | New Orleans, LA

Atlanta Networking LuncheonMay 15, 2016


Atlanta Networking LuncheonAugust 18, 2016


Funding SymposiumOctober 6-8, 2016

Radisson Blu Mall of America Bloomington, MN

Atlanta Networking LuncheonNovember 17, 2016


INDUSTRY EVENTSCALENDAR

Streamline Financial – Broker/Lessor

WELCOME NEW MEMBERS!

2016 NATIONAL EQUIPMENT FINANCE SUMMIT SPONSORS AS OF 12/09/2015

Bryn Mawr Funding • Hotel Key CardsFinancial Pacific Leasing, Inc. • Welcome ReceptionGreat American Insurance • Pocket BrochureLeaseTeam, Inc. • Conference GiftPawnee Leasing Corporation • Name Badges, President’s Reception & Drink Tickets

2016 NATIONAL EQUIPMENT FINANCE SUMMIT EXHIBITORS AS OF 12/09/2015

Bryn Mawr Funding Channel Partners CapitalDedicated Commercial Recovery Inc.ECS Financial Services, Inc.Financial Pacific Leasing, Inc.FORA FinancialGreat American InsuranceLeaseTeam, Inc.Marlin Business BankNavitas Lease Corp.North Mill Equipment Finance, LLCPawnee Leasing Corporation

http://www.nefassociation.org


The New Math of Employee Accountability By Shideh Sedgh Bina and Nathan Owen Rosenberg Sr.Just like in accounting, where the balance sheet must balance correctly, there also has to be a balance in employee accountability. Business consultants Shideh Bina and Nathan Rosesnberg shed light on the new math of employee accountability.

Accounting is a system for keeping track of and report-ing financial transactions. Everybody knows that. Accounting can be vastly complex, but at its core, it is a simple concept: a system of specific accounts to uniformly track income, expenses, assets and liabili-ties. Everybody knows that, too, right? While cash is fungible, the accounts are not.

But what about accounting when it comes to per-formance? Not everyone would define that word the same way. And hardly any of us would associate accountability with financial accounting, even though you will see that they are very similar – not just ety-mologically, but mathematically.

Mostly, we think of accountability as an assignment of blame. If you are accountable, you take the blame for what goes wrong and credit for what goes right.

But, accountability is neither blame nor credit. Effec-tively, employee accountability is a system for tracking work and accomplishment – just like accounting is a system for tracking money and assets. It is a way of weighing or reckoning behavior. Specifically, it is about owning a result and providing a reckoning of the actions taken – and the actions not taken – that led to the final outcome. Just like in accounting, where the balance sheet must add up correctly, there also has to be a balance in accountability.

The Economy is No Excuse for PerformanceThink of it this way: If a salesperson comes to a man-ager and says, “I didn’t hit my sales goals because the recession is so bad and nobody is buying,” that sales-person is giving a reckoning of the circumstances. And the circumstances are something the salesperson does not fully control. That conversation does not end well because almost all of us have a job to produce the intended results – not report on the circumstances.

In some companies, having a good excuse or reason is almost as good a delivering the intended result. In those weak organizations, the equations might look like:

A good story about the circumstances + no result = accountability.

But that just does not balance. The story doesn’t give any access to improving performance in the future.

Results are a function of actions taken. Period. Any excuse, any story, any justification dilutes account-ability and gets one further from the source of per-formance.

In practice, accountability is a salesperson (or any per-son hired to deliver an outcome) saying: “I delivered what I promised,” or “I didn’t deliver what I promised. These are the things I did that were effective. These are the things I did that were not effective. These are the places I didn’t take enough action. And these are

Shideh Sedgh Bina Founding PartnerInsigniam

Nathan Rosenberg Founding PartnerInsigniam

CORPORATE CULTURE


the things that I knew to do and didn’t.” Simple. Clean. Straight-forward.

Establishing Decision RightsYou cannot have accountability without ownership and clarity. Employees need to know exactly for what they are accountable, and they need to know exactly how their success will be measured.

Clarity and ownership often boil down to decision rights. Unfor-tunately, most organizations will not take the time to clearly establish a decision-rights process.

Too often, this results in finger-pointing, people tripping over each other and decisions unnecessarily floating to the top of the organizational hierarchy. Worse still are bottlenecks, in which decisions are delayed or simply not made at all.

The next time you talk about accountability, ask the following questions:

• What is the purpose of your role?

• For what are others counting on you? How will you and they measure that?

• What decision rights do you require to deliver what you are promising?

• What decision do you need to be consulted on to deliver what you are promising?

• Where is alignment or support from others needed to execute specific decisions you make? Who needs your support or align-ment for specific decisions made by them?

In truly high-performing organizations, each person knows the specific outcomes he or she is being held accountable for, and decisions rights reside at the levels of the organization where they make the biggest difference. Organizations that fail to establish a decision-rights system often find low reliability on timely execu-tion with decisions left unmade or floating to the top of the orga-nization. With decision rights clearly delineated, accountability is more potently expressed and execution on key strategic outcomes,

and even day-to-day operations, will dramatically improve.

The Accountable PersonThe accountable person only talks about his or her actions and lack of actions. Much like how a balance sheet reconciles assets with liabilities to give a picture of performance, the person who is being accountable reconciles actions and inaction with results – when he or she delivers the promised results, as well as when he or she does not. The performance equation becomes:

Owning actions and inaction + result = accountability.

That is the right equation, one that a manager can do something with.

With this equation for accountability, the manager, and more importantly, the employee both know what went right and what went wrong. The manager can do something with that informa-tion, like help the person work to overcome ineffective behavior and leverage the actions that were effective. And when the prom-ised outcomes were delivered, reconciling actions and inaction that led to the result also allows for replication of success.

And, after all, is that not the point of accountability? It is not a method for placing blame and pointing fingers but a means for getting better results. So, next time, make sure the math is accu-rate, and solve the problem – not blame or excuse it.

ABOUT THE AUTHORS | Shideh Sedgh Bina and Nathan Owen Rosenberg, Sr. are founding partners of Insigniam, an international consulting company based in Narberth, PA.



Ringing In the New Year With Optimism for Steady GrowthBy Theresa Kabot, CLFP While the upcoming election year may not be a record breaker for booked contracts, Theresa Kabot is optimistic that it will be a strong year for banks and funding sources due in large part to their partnerships with dedicated TPOs.

Here we are in 2016, an election year, a weak global economy and growing anxiety over imminent terror-ist attacks. Looking around it might seem tough to get excited about the New Year. However for the third party originator (TPO) and or broker who remains focused and committed to their business, it will be another steady year of growth alongside their bank and funding partners. The TPO and broker is the sales engine that has long been a part of the finan-cial products delivery system. Additionally, the TPOs ability to continually maintain and acquire numerous funding partnerships is part of the vital services and products provided to both the manufacturer/vendor as well as the buyer/end-user. Combine these with a stable domestic economy and the outlook is prom-ising.

For the first time since 2006 the Federal Reserve Bank raised interest rates a quarter percent at its mid-De-cember meeting. For the last few years the theory was that low rates would flood the system with money and investment; however banks have continued to hold fast to tightened credit standards resulting from the lessons learned from the Great Recession. This com-bined with the interest being paid on reserves has resulted in more reserves than loans. Banks continue to have excess reserves and large amounts of capital but only for the best quality credits. Therefore, there are many small- and medium-sized business that are still being told "no" when they go to their bank for

business credit. Partially due to this, my small equip-ment leasing and finance brokerage has experienced a steady and strong 2015 and we expect more of the same in 2016.

Inflation remains in check, unemployment is low and when the Federal Reserve raises rates it sends the message that things are improving. The message this subtle rate increase may send to banks and indepen-dent funding sources could result in their increased confidence in the economy and the ramping up of more loans. Now for the first time in years, we are finally seeing more aggressive pricing as well as loos-ened underwriting requirements on the part of banks as they gain an increased sense of security and are hun-gry for higher margins. Undoubtedly the TPO will see this increase passed along in pricing, but it will be a change easily addressed with our vendor relationships and end-user relationships alike. For the banks that can hold off passing along the minor rate hike, this could result in some favorable increases in volume from their TPO partners.

Not only can TPOs offer access to bank lines that would not otherwise be available … now, we can also do much more. Our customers see value in the ability to contact us with their financing needs knowing that we have an intimate familiarity with their credit past and present as well as a clear understanding of how they do business. Often times it feels as though we

Theresa KabotFounderKabot Commercial Leasing - K2 Funding Group

BROKER INSIGHTS


become far more than a broker but much more like a trusted advisor who can offer assistance with everything from equip-ment financing to working capital and receivables financing to commercial mortgages and investment strategies. Of course we would not be well advised to try and wear all hats. We can't be all these things for our customers, but if we can't provide the service or product, effective networking and technology has improved the ability to recommend someone who can help. For 15 years my company's membership in the National Equipment Finance Association has played a vital role in establishing this network. At

times, my association membership has been like a lifeline. If we don't have an answer, we can find someone who does. The pas-sion equipment leasing and financing brokers bring to the table is a key to success.

Admittedly, the tools of communication ranging from web appli-cations and social media to digital signatures and cloud-based servers have leveled the playing field between the third party orig-inator and direct lenders. However these are also the very things that allow the TPO to be more efficient and build on marketing instead of a focus on selling. The technological revolution pro-vides us all with the opportunity to improve communication and marketing effectiveness at a far lower cost than ever before. For a TPO who doesn't have access to a large marketing department, this is a definite advantage.

Another aspect of the positive outlook for TPOs in 2016 is the large number of funding sources who work exclusively with the TPO channel for their method of distribution. For example, NEFA members Financial Pacific and Pawnee Leasing take pride in working exclusively with the TPO channels. Savvy banks and independent funding sources still embrace the network of third party originators who are out in the field talking to manufacturers and suppliers and who understand their customer’s business and their capital acquisition needs.

While the upcoming election year may not be a record breaker for booked contracts, I am optimistic that it will be a strong year for banks and funding sources due in large part to their partnership with the dedicated TPO. Integrating the continued availability of a low cost of funds for quality credits as well as the continued hunger of investors who seek higher margins com-mensurate with risk, 2016 will result in another year of steady growth for the TPOs and brokers in the equipment leasing and financing sector.

ABOUT THE AUTHOR | Theresa Kabot, CLFP, is the founder of Kabot Commercial Leasing - K2 Funding Group.


The technological revolution provides us all with the opportunity to improve communication and marketing effectiveness at a far lower cost than ever before.

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National Equipment Finance SummitMar 2-14, 2016Hotel Monteleone ...in the French Quarter!www.NEFAssociation.org

*Best value registration pricing through Jan 31!

*Limited number of discount hotel rooms available!

http://www.nefassociation.org

Who knows what adventure lurks behind a certified public accountant’s title? DDI Leasing’s Greg Nappi knows. The CPA turned equipment lessor is also known to NEFA readers by the office he holds as NEFA’s treasurer. What might surprise some readers is the fact that Nappi is equally as comfortable behind the wheel of a racing car as he is managing the finances of the Bedminster, NJ-based independent leasing company and those of the Association.

Nappi joined DDI Leasing in 1999 and one year later, he became involved with the EAEL. “As a CPA, I was the outside accountant for DDI and as far as accounting goes, I learned that the leasing industry is unique compared to other industries. It was through the EAEL conferences that I made the connections that made the difference for me. As I look around NEFA today, pretty much everything I work with in this industry – from my software and legal and accounting services to my funding sources – is a result of my association with NEFA. It’s a great place to be.”

In speaking with Nappi, one gets the sense that he genuinely enjoys his profession. He shares, “Today one of the things I do other than working on the accounting function of our business is funding managed ser-vice contracts. We have relationships with vendors that provide managed services. They are looking to monetize their pay-ment streams up front and we’ve become a specialist in this type of financing arrange-ment. I know that we could do traditional leases as residual players and we’d be fine. Delving into managed service contracts has been a real challenge … but I believe that this is where the industry is headed. So, we’d rather lead than follow.”

A Tale of Two PassionsNappi’s passion for racecar driving came quite by accident. He explains, “A client of mine was raising funds for the Boys & Girls Club of America. Some clubs do walk-a-thons; others do bowl-a-thons. This one was held in Summer Point, WV and was an event where you bring your car to a racetrack along with $300 and with supervision, find out what your car can do. I thought I’d give it a try.”

Nappi points out, “Sometimes something grabs you and some-times it doesn’t. This really grabbed me.” With that, Nappi said he sold his luxury car in favor of a Roush Mustang. “I got involved with HPDE – High Performance Driver Education – which basi-cally is gaining skill in driving around a racetrack without wreck-ing into another racer. There’s no real prize in the end, other than a really fun day.”

HUMAN INTEREST

NEFA’s Treasurer Shares His Tale of Two Passions


Greg Nappi "suits up" for a day at the racetrack.

ADVERTISER INDEX


Boston Financial & Equity Corp. ..............8ECS Financial Services, Inc ..........................7Financial Pacific Leasing, Inc. .......................6Great American Insurance Group .........8

LCA Financial, LLC ..........................................9LEAN ...................................................................10LeaseTeam, Inc. ..............................................BCLeasing Solutions LLC ...................................6

NEFA ........................................................... 22, 26Odessa Technologies ................................. IFCStearns Bank .......................................................5

Nappi firmly believes that everyone needs something as a pas-time. He says, “This became my ‘something,’ but there came a time when I wanted to ‘mix it up’ a bit. That’s when I started racing in the SpecE30 series which is a BMW from 1987 to 1991 fitted with the same specifications – the same brakes, the same engine and the same weight.

“With SpecE30, you’re racing a car that is technically slower than my Mustang, but you can push it to the limit in terms of how fast it can go. It’s really enjoyable and I’m not really good at it yet … but I’m working on it.”

The phrases “pushing it to the limits” and “not really good, but working on it” could imply an activity that carries some inherent risks. Nappi assures, “Don’t worry; I wear a fire suppression suit and a HANS (head and neck support) device. My Bimmer is out-fitted with all the safety features including a roll bar.”

How does SpecE30 racing correlate to the leasing industry? Nappi explains, “While you’re only on the track in 30-minute increments, preparing for a race takes a good deal of planning. That’s the same in business. In accounting and leasing, I have many projects documented and listed ten weeks out, then five and so forth. Whether it’s SpecE30 or leasing, it’s all about plan-ning and having a clear vision. On the racetrack, my vision is less about winning and more about holding my own. I love racing, but I know I’ll never be a Mario Andretti.”

Leasing is a different story. “Leasing is also a passion of mine. Every day I come to work, I love it and even on the most misera-ble day, I’m willing to do whatever it takes to succeed.”



Our industry is hot right now … it’s lively, it’s tran-sitioning, it’s endlessly fascinating, and it’s an almost dizzying mix of the traditional and the new. What bet-ter place to celebrate and explore all of that, than New Orleans? Full of history, new growth, entertainment of all stripes, dining from culinary classics to new cui-sine, and shopping from antiques to boutiques, New Orleans is America’s most unique and fascinating city.NEFA’s 2016 National Equipment Finance Summit, March 2-4, will be in the heart of the French Quarter in New Orleans at one of its most iconic hotels, the fifth generation family run Hotel Monteleone. A stop-ping spot for celebrities for over 100 years, the Mon-teleone’s lobby bar is the Carousel Lounge, with its local music and its rotating, Mardi Gras themed bar. It’s the place to go for up-and-comers in New Orleans. The Monteleone is only one block off Bourbon Street’s eclectic mix of entertainment, and within walking distance of the Mississippi River and the riverboat tours, Jackson Square, the French Mar-ket, Harrah’s Casino, and the Arts Dis-trict and Garden Districts. This means NEFA’s attendees will be close to everything New Orleans is known for.

Chairperson for this year’s Summit is Joe Leonard, CLFP, of Oakmont Capital Services LLC. Joe has orga-nized a team of volunteers who have put together a rich mix of educational breakout sessions. With topics orga-nized to benefit employees of all expe-rience levels and from all departments,

the Summit is an ideal opportunity to leverage your own in-house training program and connect your team members to the best of their peers around the country for maximum effectiveness for your business.

On top of that, you’ll meet with industry leading ser-vice providers of all types who can give you a com-petitive edge and a range of funding sources able and willing to write the business you need to do.

To sum up the Summit, here’s all you need to know: It’s fun, it’s informative and it’s functional. In short, it’s NEFA through and through: Community. Educa-tion. Professionalism.

Register early for your very best value!

Gerry EganNEFA Executive Director & CEO



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