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Leasing News Advisors-- Are you still having fun
“Kit, you asked “are you still having fun in the industry and why?” My short answer is yes! I have been with the same group since the late 80's. My boss, and credit manager are the same individuals and we have a number of long time employees. We started out as a funding source that did financial statement deals only. Many of those deals were structured and dependent upon the collateral. Over the course of time we started doing some application only business, and now have come the full cycle where today, we are an “app only” funding source. Over that period of time we have seen the economy go up and down, rates have dramatically changed and the competition has come and gone. We have always done our due diligence and have tried to error on the side of conservatism, which can be frustrating at times, but has proven to be a key for longevity. “Every industry and every company faces challenges, both external and internal. One cannot control the external environment but has to adjust to it accordingly. Internally, as companies grow and develop they face new challenges along with related issues. That is just part of business. If one enjoys fellow employees, believe they offer a viable product or solution and looks forward to interacting with their customers, and then this business is fun. Besides after twenty plus years of leasing, what else am I qualified to do, be a greeter at Wal Mart? And I am sure they have their issues also.” Steve Reid, CLP --- “I am having more fun than ever. I have been in the finance and leasing industry for 35 years. Maybe I enjoy it more today because I am a little wiser. There is no question that we went through some lean times in recent years but business has rebounded since last summer and is continuing to grow. “Those that worked smart survived. The positive is the dead weight of weak unsophisticated brokers and lessors have left in their wake a group of leasing professionals. The same scenario took place in the funding community as well. Over the last few years we have had a reduction in funders due to mergers and exits. This left a stronger base of lenders. I feel it's like 1991 again. Let's hope for another decade of prosperity.” Regards, Bob --- “(Written from a business trip to Puerto Vallarta, that part is fun too) “In 1989 I was lucky enough to score a guided tour of the UAL Maintenance Facility at SFO, a place not otherwise open to the public. My host asked: had I ever witnessed a new aircraft delivery? No I hadn't, so we went over to a hangar where a new 737 was on display. It was an awesome sight from the ground, and it sparkled much like a new car on the showroom floor. Approaching the front tires I noticed that it was likely someone had wiped them with ArmorAll or some such. There were perhaps 100 people there watching, some execs but mostly workmen in coveralls. “I was lucky to be there on such an unusual day. I asked: How often do you take deliveries here? Answer: pretty much every week. Why the big crowd then? Well, my host said, they love this. It's addictive and never gets routine. That visual had a big impression on me. “Airplanes are among the sexiest examples of this equipment fetish that some of us have. The sense of unlimited opportunity in the skies left us a bit on September 11, and in most segments yields are down and deals are fewer than before. In those respects it's less easy and fun than previously. “Still, the concept of deploying capital and getting equipment placed to do a job for years or decades is fun for those of us who do it. Just when it seems routine I get a chance to explain it to a stranger in the next seat on an airplane or at a party, and they usually say this: wow. And forward we go, still fun.” Paul Weiss, President -- “One of the things I enjoy most about the equipment financing business is getting to know different industries, and understanding the how and why of the way they do business. There is always something new to learn. Still having fun, always the one.” Theresa --- “I had this conversation last night with a finance major student intern who has been working here at Nassau for one year now. She chose the Nassau internship over two internships in bank branches. One year later she's happy with her decision to work here and looks forward to each day because our business exposes her to so many different industries. “I happen to feel the same way and it's refreshing when I see a young person starting out in the business enjoying it the same way I have for 21 years. Every day is different. Some good some bad but overall in my opinion it's still fun. “ Ed Castagna |
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