Byrne is Back at the Helm of Balboa Capital
After celebrating 15 years with Balboa Capital of Irvine, California, a company he
co-founded with Patrick Byrne, Shawn Giffin has decided to take a reduced role in
the management of the daily operations.
" I love the company and am extremely proud of our employees, " he said.
" I believe it's the right time for other leadership to assert itself.
That's all there is to it. If I am needed, I am prepared to jump back in. My biggest
strength, though, is hiring people a whole lot smarter than me. We have
the right leadership team intact to grow the company and provide our
customers an outstanding experience."
It should be noted that Patrick Bryne took time off to obtain an MBA and
pursue other interest in 2000. He has been back in the company full
time since the first of the year."
1993-Balboa Capital Corporation ,VP Finance Shawn Giffin,
CLP (left) congratulates President Patrick E. Byrne, CLP. The Western
Association of Equipment Leasing member firm was recently
ranked #67 overall on the Inc. 500 list.
“The Balboa Capital story represents the true American dream of turning an entrepreneurial vision into reality. Formed in 1988 by two co-founders, Patrick Byrne and Shawn Giffin, the company has grown rapidly to become a nationwide leader in providing specialty commercial financial products to its customers. Today Balboa Capital has 7 offices across the country: Irvine, Los Angeles, San Francisco, Phoenix, Denver, Nashville and New York. Twice "Inc. Magazine" has recognized the company as one of the 500 fastest growing privately-held companies in the country. In 1997, Balboa Capital was honored by Ernst & Young, USA Today and Inc. Magazine as the Orange County Entrepreneur of the Year.
"Our entire team is committed to providing you the expertise you need, and personal service you deserve. I am proud of my fellow employees and the company we have built together."
- Shawn Giffin, President
"Your success is our success. By working together, we create an outcome which is
ideal for everyone."
- Patrick Byrne
Reportedly the company at one time was doing $100 million a year in leases, securitizing them; perhaps the largest privately held company today. El Camino Resources in Southern California, who sold to GATX, and ATEL Capital, founded by AJ Batt and sold 75%
to its president Dean Cash in April, 2001, who were the largest in this field. ATEL in 2001 reportedly excited the small ticket field, leaving Balboa Capital the largest. It is reported their concept of obtaining funds will be changing under the direction of Patrick
Byrne, who confirmed the major change in management for leasing news:
“I noticed in the headlines of your newsletter today that you would be
breaking a "big" story on my "return" to Balboa; therefore, I thought that
you and your readers should have the facts.
“I have actually been back at Balboa on a daily basis since the beginning of
the year focusing on the Marketing and Operations side of the business.
Prior to the beginning of the year, I took a sabbatical from Balboa for a
little over two years. While I remained active on the Balboa's board as
Chairman during my sabbatical, I got involved in some other areas. I
consulted and invested in some early stage companies; I started a real
estate company; I invested, and then divested, ownership in some bars and
restaurants; I completed a joint MBA degree from Columbia and The London
Business School; I married a beautiful woman, and we now have incredible
baby boy. I feel my time away from the day-to-day activities of Balboa
allowed me to gain a better perspective on Balboa and made me a more
valuable contributor. I love being back at Balboa and connecting and
re-connecting with the great group of people that work here.
“Now my partner, Shawn Giffin, has chosen to take a sabbatical from the
day-to-day activities of Balboa. Shawn continues to be an owner of the
company, a board member, and he will continue to work on various strategic
projects for the company.
“I can certainly empathize with his decision. He has been working at Balboa
for almost fifteen years and he has been heading the company for the last
three years. The last three years in the leasing business have not been
easy. The good news is that Balboa is a survivor; the bad news is that we
have not grown as fast as we would have liked. Many of your readers may
have encountered a similar situation. Shawn has earned and deserves a
“Balboa continues to be a very vibrant company with a lot of great momentum
thanks to a very talented group of people who are dedicated to winning.
This has not, and will not, change.
“Kit, you provide an invaluable service to the Equipment Leasing Industry. I
hope all is well.
Patrick Byrne email@example.com
There were rumors floating around recently as Patrick Byrne personally visited
each of the branches and spoke directly with employees, letting them know about
the changes, answering any questions they might have, and letting the employees
know there are only two members of the board of directors, two owners, and both were remaining with the company, but Shawn Giffin was going on sabbatical.
Balboa Capital has graduated many to start their own leasing companies. Most notably
are the partnership of Mark McQuitty and Jim Raeder who sold their company to Sierra Cities to go public. It was Balboa Capital’s plan to also go public, but after seeing
what had happened to others, at about the same time, changed their mind to
keep the company private. History has proven their decision was a smart move.
The mission today:
“WE HAVE A PASSION FOR CUSTOMER SERVICE
WE ARE A TEAM
WE EMBRACE RESPONSIBILITY
WE STRIVE FOR CONTINUED SELF IMPROVEMENT
WE REQUIRE CONSTANT INNOVATION
WE DEMAND INTEGRITY”