Wednesday, February 16, 2011
Today's Equipment Leasing Headlines
Scottish Deerhound Is Named Best in Show
######## surrounding the article denotes it is a “press release” and was not written by Leasing News nor information verified, but from the source noted. When an article is signed by the writer, it is considered a “by line.” It reflects the opinion and research of the writer. It is considered “bias” as it is the writer’s viewpoint.
(These ads are “free” to those seeking employment
Free Posting for those seeking employment in Leasing:
All “free” categories “job wanted” ads:
Patterson joins Marquette--Now Aggressive in Leasing
Kirstin Patterson, VP/COO, ACC Capital Corporation, Midvale, Utah has joined Marquette Equipment Finance, Midvale, Utah as Vice-President of Syndication, taking over Dorran Sampson previous job as he was promoted to vice-president, broker relations, cutting up a storm with his sales presence. He was Director Intermediary Relations at ACC Capital from 2002-2007.
It appears Kirstin Patterson was with ACC Capital for almost 16 years, working also for Union Capital Partners, sold to ACC.
From 2003 press release:
Marquette was out of accepting broker business, but is obviously getting active again in the $100,000 to $5 million marketplace.
#### Press Release #############################
Balboa Capital Forms New East Coast Team to Bolster Vendor Services Division
Balboa Capital Corporation, a leader in equipment financing in the United States, forms Balboa East and announces the hiring of Kortney Murray, Christopher Murray, Allison Bromfield, Kristin Thayer, Will McGrew, Ian Trowell, Adam Marcello, Nicholas Kalman, Don Sutherland and William Cusick.
As we initially envisioned, the New England area has some very talented and productive salespeople in the equipment leasing, merchant cash advance and franchise finance arena. I am very excited about welcoming Kortney, Chris, Allison, Kristin, Will, Ian and Adam to Balboa East or BEAST for short, said Phil Silva, President. Don, Nick and William will be joining our Vendor Services equipment finance group.
Kortney, Chris, Allison, Will, Ian, Adam and Nick are formerly from Direct Capital Corporation. Ms. Thayer has worked for Direct and Priority Leasing and was recently self-employed. William is formerly from Navitas. All are up-and-comers and have been successful individual performers in the acquisition side of the business. Their experience coupled with their ability to work on the retention side should propel them and Balboa to higher levels of success, said Phil Silva, President.
Balboa Capital is one of the largest privately-held independent equipment finance companies in the United States delivering access to capital, speed of processing, industry-leading technology and innovative marketing tools that small and medium-sized customers require to fuel their growth and success. Celebrating 23 years in business in 2011, Balboa Capital markets its products through their small ticket, middle market, and vendor sales channels. For more information please visit www.balboacapital.com.
### Press Release ##############################
Dennis Stephans et. al. Join CSI
A CSI Leasing, Inc., St. Louis, Missouri "...announced today that Dennis Stephans and the employees of Chicago-based Academic Capital Group, Inc., the 15 year old firm specializing in lease financing for municipalities, government and educational institutions, have joined CSI. Stephans and his team will operate as a new division of CSI, CSI Government and Education Finance (CGEF), and will continue to be based in Chicago."
This does not appear to be a "merger," as no announcement of a corporate assignment or sale, and may be a continuation of a trend written in "How is it? Don't Ask?" of sales efforts combining.
The press release notes: " ...Steve Hamilton, President and COO of St. Louis-based CSI, the 39 year old private leasing firm.’Having Dennis and his team on board immediately creates a full-range platform for providing commercial, tax-exempt and proprietary vendor program financing,” commented Hamilton. 'Academic’s proven capabilities make for a great synergy going forward.”
The last paragraph in the press release notes "...CSI Leasing, Inc. is the largest privately-held independent leasing company in the U.S” Perhaps "independent" may be correct, but the fact is Forbes.com lists Steven Udvar-Hazy as the richest man in leasing, holding the most stock, and surely Dean Cash, President of ATEL, San Francisco holds the most stock in his corporation, and Tony Golobic, GreatAmerica Leasing, Cedar Rapids, Iowa, shouldn't be left out either.
How is it? Don’t Ask!
Exchange Bank Leasing Joins “Funder List ‘A’” Plus---
A -Accepts Broker Business | B -Requires Broker be Licensed |
“We are an "A" credit lender working with professional lease brokers who originate leases and loans for companies located in California. We are credit driven and our list of industries and list of equipment we will not lease for a qualified client is very short. Our credit managers are available to the lease professionals we work with. We like to know the lease professionals we work with very well - visiting with them often.”
Funder List “A”
Funders Looking for New Broker Business
Leasing Industry Help Wanted
Please see our Job Wanted section for possible new employees.
(Leasing News provides this ad as a trade for investigations
Sales Makes it Happen---by Steve Chriest
"Don't Shoot the Dog"
Valuable insights for managers can sometimes be found in the most unlikely places. Dog lovers may have run across this book by Karen Pryor called "Don't Shot the Dog," but it actually applies to the finance and leasing industry. While it is loaded with information about training animals, it's really about training anyone, whether human or animal, to do anything that can and should be done. This little book contains some of the most valuable information and insights I've ever read about managing people.
Ms. Pryor talks a great deal about the principles of reinforcement training. Here is the pearl for managers: Using positive and negative reinforcers is the best way to change behavior. What managers may find most surprising is her contention that positive reinforcers are better at changing behavior than are rewards.
A reinforcer is something that when occurring in conjunction with an act tends to increase the probability that the act will occur again. There are positive and negative reinforcers. Sincere praise is a positive reinforcer, and is something most humans seek. A disapproving look from a manager is a negative reinforcer, and most employees will seek ways to change whatever behavior caused the disapproving glance from the manager.
When managers aren't getting the results they want they often resort to punishment as their favorite behavior modification tool. Many may not have learned first hand that spanking the dog, yelling at an employee, levying a fine or docking a paycheck as punishment is not only a clumsy way of modifying behavior, but that it doesn't often work!
The author tells us that the major problem with punishment is the fact that when it doesn't work we tend to escalate the punishment in hopes of better results. For example, let's say that your sales team members aren't making enough cold calls. As a manager you could demand that they report to the office every Friday afternoon at 5 p.m. and write on the whiteboard five hundred times, “I promise to make more cold calls.” If that doesn't work you could escalate the punishment by lowering their commission payouts. Still no results? You could again escalate the punishment by suspending them for a week, without pay. When none of this works, the question managers should ask is, “where will the escalation of punishment end?”
If you want an introduction to the most up-to-date principles underlying all training, and tips on how to apply these principles in your business, I highly recommend “Don't Shoot the Dog.” It may forever change your views on modifying behavior in the workplace.
About the author: Steve Chriest is the founder of Selling UpTM (www.selling-up.com), a sales consulting firm specializing in sales improvement for organizations of all types and sizes in a variety of industries. He is also the author of Selling The E-Suite, The Proven System for Reaching and Selling Senior Executives and Five Minute Financial Analyst, Basic CREDIT & Analysis Tools for Non-Accountants. He was the CEO of a very successful leasing company and executive at a major company. You can reach Steve at firstname.lastname@example.org.
Sales Makes it Happen articles:
All Leasing Conference Registration Fees---Up-Date
Leasing Association 2011 Conferences
March 8-11, 2011
March 17 - 19
The Latest from Gerry Egan on the March 17-19th Conference:
National Equipment Finance Summit
April 3-April 5
Equipment Leasing and Finance
April 7-April 9, 2010
Early Registration fee extended to March 7
Exhibitors to Date:
April 12--April 14
Event Schedule and Exhibit Information:
May 4-6, 2001
"The National Funding Association is the premier financial networking organization in the country. Founded in 1991, the NFA has been networking financials professionals across America, and with nine chapters serving twelve metropolitan areas, the NFA continues to grow and expand! Our members include asset based lenders, factors, investment bankers, attorneys, CPA's, bankers, consultants, brokers, and other financial professionals."
"The NFA conference kicks off on Wednesday, May 4 with a Golf Tournament at a noted Atlanta area course. An opening reception starts the evening’s festivities from 6:00 to 8:00 PM! Following his presentation are attendee sponsored receptions and hospitality rooms."
"On Thursday, May 5, the conference formally begins with an opening session at 8:30 AM, with a welcome by Atlanta Mayor Kasim Reed, followed by a day long line-up of prominent speakers, including a luncheon, a networking exhibit hall, evening reception, and a banquet with an entertaining dinner speaker."
Our presenters include:
May 11-May 13
To view Leasing Association Events-Meetings Open to All, please click here.
(This ad is a “trade” for the writing of this column. Opinions
Letters? We get eMail!!!
Leasing Companies Out of Business
"Just a note of clarification regarding your growing list of broker/lenders no longer accepting brokered business. Please place an asterisk in front of the Vision Capital Corporation entry as we ceased operations May 1, 2009.
"Upon closing down, I then joined Bette’s team at Pacifica Capital, Gil went back into the banking community and Manny formed a service-disabled veteran/minority-owned construction company in Orange County.
"As always, thanks for providing all of us a continuing picture of our dynamic marketplace….it certainly has changed a lot over the past few years and will, I am sure, continue to do so in the coming weeks and months! Your work is valuable to us all and is much appreciated.
"Bless you Kit"
Larry B Turner
How is it? Don’t Ask!
"Good article in today’s news letter: That should be enough to scare off the kitchen table brokers who act like used car sales people. Unfortunately, we have lost a lot of really great leasing people who just didn’t have the reserves to hold on, or couldn’t make the adjustments to reinvent themselves into something better suited to the current business climate."
"Wonderful discussion this morning on the broker business…or what is left of it.
"It is not just the brokers who bear responsibility, but all the moving parts of the indirect business which in the end, are measured by how well their portfolio performs for the funding source. That performance, or lack thereof, has since ’07 been abysmal enough to drive the many firms you have identified to leave the broker business. It did not have to be that way.
"Whether I was involved in the broker business, vendor business, or any indirectly-originated segment, I never understood why any of them would play games with their funding sources. Those games ranged from incomplete applications, to withholding material information, D&A inconsistencies that led to FPDs, etc. The funding sources bear some responsibility for playing into those games, in pursuit of the volume, but in the end, those funding sources are measured by the portfolio performance…the DQs, FPDs, losses…that ultimately force them from the business.
"One tries to get away with ‘stuff’ until someone says, “no more!” You correctly have detailed the advance rentals and evergreen issues that have in some cases drawn the interest of state governments. I have questioned why associations such as NAELB or ELFA have never been forceful enough to not only remind members that they are playing with fire when trying to hoodwink their funders, but threaten them with expulsion.
"My view is that the portfolio woes will continue for a bit longer, and that others may exit the business as well. In this new era of tighter Fed financial oversight, tighter risk management at most funding sources, it may be awhile, if ever, before they consider returning to the indirectly-originated businesses. If that occurs, the flight from the businesses, and the exit by brokers, will, sadly, continue. It didn’t have to be this bad."
Ralph Mango Project Management Coordinator | comScore, Inc. (NASDAQ:SCOR)
"Pretty sad state of affairs for the small broker. You would think that as a result of the current environment for the small independent broker that you would start seeing a change in how “normal” business is conducted. But for the most part the small broker refuses to recognize what’s happening in the marketplace. They continue to believe that the market will get back to normal and they can start pitching App Only to $500,000 ($50K at this lender, $60K at this one, etc) without doing any real work and slap the lessee with 15 points each time.
"Everyday I argue with brokers that tell me I ask for way too much information – like a bank statement of the application for $50K for software for a 3 year company without any business credit. When will they learn they need to be leasing professionals not sales professionals selling leasing? I wish I could force the change."
American Screw…and they really did!
"In addition, to not checking the UCC's, the lenders did not check the company web site. If you click the link you provided under Nancy Stein's picture, it brings up 6 pictures. The pictures for Electa Macher and Debbie Hall seemed odd, because the clothing and hair style looked very out of date. When you zoom in on the photo, the telephone looks like it is from the 40's or 50's. These are probably stock photos. In addition, the picture for the Machine Operators, besides containing a bad link, shows only out of date equipment. This is probably also an old stock photo. We always looked at the Company web site, if they had one. If they did not have one, we would ask why.
"Beyond that, the company Claims to be ISO 9001 certified, but a search of http://iaardirectory.jadianonline.com/, provides no results for any form of American Screw and Rivet Corporation. A search of Anderson, SC lists a number of companies, but not American Screw. So, since they advertise on their web site the ISO 9001 certification, they must think it is important to their business. You would think a lender would investigate the claimed certification. Especially since it is so easy to do.
"1 thing I could not verify was whether American Screw actually contributed the rivets (variously stated at more than 1,000,000 or 30,000) to the Statue of Liberty. But the discrepancy within the web site of 1,000,000+ and 30,000 gives pause. I did find that there were 20,000 to 25,000 copper rivets needed. So if this were the case, the spoilage rate on copper rivets would be between 20% and 33%."
The facts behind the $96 Million LEAF Securization
"Kit, good article today. This will be helpful for due diligence people when they Google RAI and Leaf. The question is how can a real estate based company like RAI turn itself around. There’s no growth there. RAI tried to diversify by creating a commercial finance arm (Leaf) but that proved to be a flop. Looking back, for the first 3 years, Leaf was losing money and had to borrow (I heard) $9 million from the parent to cover expenses. Even when they got lease originations up to $15 million a month they still couldn’t cover expenses and had to rely on the parent for cash.
"I suspect when new Leaf Commercial starts up they will run into a similar negative cash situation like before. The equipment lease biz is tough potatoes right now. So I can’t see how RAI is going to get back in the black. If they hadn’t sold off assets for a profit they would be showing heavier losses. I bet we’ll see their net worth burn below the $100 million mark in the next year. Their initial paid in capital was over +$200 million. There is no way RAI can risk pumping real money into Leaf again. The upside potential isn’t there anymore."
(name with held--our choice, party well-know to Leasing News.)
"Thank you for another nice mix of personal victory and collective failure.
"The personal victory is of course in those ahead of the herd, Paul Weiss, saluting your board of advisors, CLP explaining their involvement with the industry, etc... I think the collective failure can also not be overseen: scams, frauds, failures, failure to perform due diligence, failure to run a business right. In that respect I have a tip (it is not mine, but I remember it well):
" 'If any listed company pays out dividend, the earning per share should exceed the dividend.'
"Any other way the company is bleeding resources for future investment or even current operation. Looks like Resource America is in that category (as you conclude similarly, although this rule did not send up red flags in 09) by declaring $0.03 while entertaining a loss of $0.03 per share. If shares are a way of dividing ownership, shareholders should chip-in in stead of take-out on a loss making operation..."
Kind regards, Sicco J Bier
Saluting Leasing News Advisor Shawn Halladay
"Saw your note about my colleague and friend Shawn Halladay. Too late to add this human interest angle - but few know that Shawn and Karen may be the only parents of concurrent students at Auburn and Oregon - the rival schools that competed in the BCS championship Jan 10. As tuition paying college parents they could cheer no matter what happened in the game."
(My Sue is a Duck. Both her parents graduated Cal. Two daughters graduated USC and UCLA and her other did her medical residency in Houston and lives outside of Dallas. You should see it around this house on game day. Editor)
"Meet the News Media" Friday, March 18th
"Kit, on behalf of my members at National Equipment Finance Association and myself, I want to thank you for the idea of planning a 'Meet the Media' session into the great program we’ve got planned at the upcoming National Equipment Finance Summit in Scottsdale.
The session will be from 4:45pm to 6:00pm, Friday, March 18th, followed by the President’s Reception
“Represented on the panel will be you, LeasingNews.org, Stuart Papavassiliou, editor, MonitorDaily.com and Lisa Rafter, co-publisher, WorldLeasingNews.com. Unfortunately, due to a pre-existing scheduling conflict, we weren’t able to include John Semon, Lessors.com.
"Please let readers know that who want to attend the 'Meet the Media' session' the hotel deadline is coming Friday, October 18th,and the hotel promises us they’ll be sold out and won’t hold our discounted room rate past the deadline."
Lease/Finance Calculators On Line
"I'm writing mostly to share my appreciation for the resources you've put together on your site at:
"It's located at: refinancemortgagerates.org/mortgage-calculator/
"I thought that it might make a good addition to your current list! Please let me know what you think!
Congratulations Green Bay Packers
"I went to Butte College the first year it opened in 1974."
Saluting Leasing News Advisor Ginny Young
"I read with pleasure your salute to Ginny Young. Ginny gave me my first job in leasing when she was a leasing branch manager for Topa Thrift & Loan 21 years ago. When we first interviewed I had no idea what an equipment lease was. Ginny was far and away the top producer for company and an excellent teacher. Because Topa did structured transactions I got a great education at how to read financials, and reviewing complete packages to find value. When Topa became a casualty of the savings and loan crisis, Ginny helped me get my second (and last) job in leasing working for one of her brokers, Steve O’Neill of Nova Leasing.
"So I too salute Ginny Young for starting me on a career that has been interesting, challenging and rewarding in many ways."
"Talk about class. How many former employees would take the time Brad Petersen did to defend their ex-employers and those who remained behind?"
BARRY S. MARKS
"It is very kind of you to share your positive review of the Handbook in Leasing News. The over 20 CLPs and industry experts who all contributed to the composition and revision of this volume are flattered by your comment. I certainly have a great deal of respect for the time and dedication the original authors must have invested in building the first edition in 2001 from the ground up.
"Thank You, Kit, for Leasing News, you do an excellent job. I enjoy the industry updates, editorials, education and variety. One of these days I can see myself clicking on Adopt-A-Dog and getting a new friend for Crosby. Please be sure to give Bode a pat on the head from me and Crosby."
Schwarzenegger says governorship cost him $200 million
"I think it cost us Californians a whole lot more than that. He got off cheap."
Vice President – Operations (for another 3 hours)
((Please click on ad to learn more))
Hempstead, New York -- Adopt-a-Dog
“Please come by today to adopt. I was picked up as a stray & have been here since Feb 2010. I know some commands. Give me a chance"
Free Adoption" until Feb. 28 2011 For more information on this animal please call the Town of Hempstead Animal Shelter at (516) 785-5220. Adoption always includes spay or neuter, basic shots, and microchiping.
Town of Hempstead Animal Shelter
Adopt-a-Pet by Leasing Co. State/City
Adopt a Pet
Scottish Deerhound Is Named Best in Show
Jerry Brown orders state hiring freeze
Silicon Valley faces tough choices in public services
San Jose officials warn of massive police and fire layoffs
Obituary: Patty Bogle helped put family winery on the national map
Alexis Lichine's Roguish Revolution in Wine
Can Côtes du Rhônes Take the Heat?
S. Ind. winemakers honored by state's wine industry; Huber winery 1 of the state's oldest
Wine Prices by vintage
US/International Wine Events
Leasing News Wine & Spirits Page
This Day in American History
1690-French and Indian forces from Montreal attacked and burned Schenectady, New York. This was known as King William's War (1689-1697) named after an Indian leader. It was also known as the French and Indian Wars. These were a series of military conflicts between Great Britain and France that lasted three-quarters of a century. Hostilities in King William's War began in 1690, when in the course of a few months Schenectady, N.Y., was burned by the French and Indians, and colonial English forces launched attacks on Port Royal (now Annapolis Royal), Nova Scotia, and on Quebec. Despite further raids by the French and Indians, the war ended in a stalemate. The Treaty of Ryswick, by which were ended the war and its European counterpart, the War of the Grand Alliance, restored after colonial possessions to their prewar status. In the 1720’s the French would expand and entrench the Mississippi Valley, erecting forts at the Kaskaskia and Illinois rivers, Cape Breton Island, Lake Champlain and the Wabash River, making more friends with the Indians.
The object is to insert the numbers in the boxes to satisfy only one condition: each row, column and 3x3 box must contain the digits 1 through 9 exactly once. What could be simpler?
How to play:
Refresh for current date:
See USA map, click to specific area, no commercials
Real Time Traffic Information
You can save up to 20 different routes and check them out with one click,
Independent, unbiased and fair news about the Leasing Industry.
Ten Top Stories each week chosen by readers (click here)