 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
|
March 7,2003
Headlines---
Pictures from the Past---1982---DeSeelhorst
Mortgage
Rate Hits All-Time Low Since 1971
Patrick
Byrne--Norm Nelson---Paul Nibarger
---"Cream
of the Crop Independents”
Edwin
C. Siegel, Ltd Advertisement
No Press Releases
Today
Pictures from the Past---1982--- -DeSeelhorst
“Western Association of Equipment
Leasing secretary/treasurer is Gary DeSeelhorst, president and chairman
of the board of MLPI Newcorp, Inc., a Phoenix-based holding company with
subsidiaries in operating lease financing (Manufacturers’ Lease Plans,
Inc.), computer sales-service lease financing in the U.S. and Canada. He has been directly involved in the leasing
industry for 12 years.
“Gary is past president and founder of Computer Access Systems, Phoenix,
a manufacturer of computer peripheral equipment and is a member of various
corporate boards of directors.”
WAEL Newsline.
Classified Ads---Outsourcing
(These ads are free and open to all who service the leasing industry)
Appraisals: Boston, MA
12 years equipment management experience
covering all types of assets. Nationalwide service of appraisals, inspections,
remarketing, due diligence and new employee training. Chris Condon 508-785-1277
Email:chris@dovermanagementgroup.com
Backroom: All Locations
Are you a broker or a rep for a
major lessor? Want to just market and leave the backroom an packaging
functions to us? Call us.
Email:nationalbusinesscredit@yahoo.com
Back Office: Atlanta, GA.
Let Tax Partners handle your sales and use tax compliance duties w/less
risk and cost than in-house. Largest tax compliance firm in U.S. email:sales@taxpartners.com
Back Office: Portland, OR
Tired of paying and training a
documentation person? Cut your expense and try outsourcing. Ideal for
any part of the USA Call for information 503-492-3183. Email:Trina.Drury@verizon.net
Back Office: Northbrook,
IL
Our staff of CPA's and lease professionals
can handle any or all portfolio responsibilities incl. portfolio mgmt,
invoicing, sales/property/income tax, accounting, etc. Email:ngeary@edwinsigel.com
Back Office: San Rafael,
CA
We can run your back office from
origination to final payoff. 30 years experience in commercial equipment
lease and loan portfolio management. Email:gmartinez@phxa.com
Full list available at:
http://65.209.205.32/LeasingNews/JobPostingsOutsourcing.htm
-------------------------------------------------------------------------------------------
Mortgage Rate Hits All-Time
Low Since 1971
Since Freddie Mac, the mortgage
company, began tracking 30-year mortgage rates in 1971, the average rate
this week was 5.67 percent, the lowest of its record. The previous week it was 5.79.
Rates for 15-year fixed-rate mortgages,
a popular option for refinancing, fell to 5.01 percent, compared with
5.14 percent last week. The rate is also the lowest since Freddie Mac
began tracking 15-year loans in 1991.
_________________________________________________________________
Patrick Byrne--Norm Nelson---Paul Nibarger
"Cream of the Crop Independents"
ELA Online
Exercising discipline,
consistently producing returns in excess of its cost of capital, and knowing
the customer base appear to be the key factors in earning a best-in-class
independent lessor designation.
First, “know thy
customer” is an ongoing mantra of best-in-class lessors, say industry
experts.
“High performing
lessors or lessors that are considered best-in-class. . .have clearly
defined their customers,” said Patrick Byrne, Chairman of Balboa Capital
Corp., saying a “one size fits all” approach does not work anymore.
“Best in class from
a lessee standpoint is particular to the individual lessee,” said Byrne,
citing that customers value different attributes and assign different
weightings to these attributes. “For example, some lessees may value flexibility,
some may value the lowest rate. More often than not, however, it is a
bundle of all of these attributes that a lessee is looking for. It is
finding the unique bundle that determines who will be [considered] best-in-class
from a lessee standpoint.”
What is valuable
these days?
Bundling working
capital with leases is a new value-add, noted several lessors interviewed.
“This means lessees are not just getting equipment but getting other financing
needs handled,” said Byrne.
The internal workings
of a company also count heavily toward a best-in-class reputation.
“There’s a discipline
that starts with due diligence and follows through your investment,” said
Norm Nelson, President and COO of Pentech Financial Services, Inc. “A
best-in-class independent doesn’t stray from their investment approach.”
But, the experts
agree that just as important as watching the balance sheet is watching
the ethics and character traits of its people, from the CEO to the receptionist.
Character means how the company runs its business, how they handle customers
and how they handle employees.
Said Nelson, “It’s
too easy, if you’re small, to be like shifting sand. Playing games with
customers and not paying vendors on time isn’t good. Handling business
honorably is important.”
The quality and personality
of the leader also appears to be a main factor in whether or not an independents’
reputation launches it into best-in-class territory.
“Two equally important
stakeholders exist in any company,” said Nelson. “There is the investor
in the business and there is the employee.”
He noted that leaders
of best-in-class independents challenge staff to think and perform beyond
their current position. He said, “That’s how you get ‘above average’ performance.”
Additionally, paying
attention to culture is important in both good and bad economic times.
“It is generally
true that a company's culture is not quickly changed, so if you wish to
maintain that customer-focused culture it must be nurtured through both
‘thick and thin’ economic environments,” said Paul Nibarger, Managing
Director of Nibarger Associates.
“Being customer focused
and having the ability to respond quickly to a customer request is key,”
added Nibarger. “Customer focus would be the number one differentiator.”
A low cost of capital
doesn’t hurt, either, he noted.
Best-in-class independents don’t necessarily
have the lowest cost of capital but yet do attract customers for their
high intelligence, fairness and execution.
Said another way,
said Byrne, “if a lessor is consistently earning a return on capital in
excess of it’s cost of capital and is consistently producing returns in
excess of its cost of capital greater than its competition, then there
must be something that the company is offering that a lessee values.”
“Lessors who have
the passion and discipline to pursue best-in-class performance tend to
be lessors that find ways to please customers,” he summed up.
Pleasing customers
also leads to more business.
“We all live and
die on quality referrals,” said Nelson. “The best promotion for us is
to honorably handle every transaction we work. If not, then referrals
go away. For each thing we do wrong in the marketplace, it will echo five
times over."
Bob Teichman Didn’t Do it!!!
“C'mon. Bob Teichman
is not really claiming to have written the Lease
Professional's Handbook, is he?
“The book, originally called the "CLP Home Study Course"
was done by
about a dozen CLPs while I was CLP Chair at UAEL. My committee worked
to put it together and most of us wrote parts of it ourselves
(I did two
chapters myself and I think Bob may have done one).
“When UAEL rolled the CLP committee into Bob's Education
Committee, they
did some cosmetic work and issued the "Lease Professional's
Handbook,
Second Edition" but most of the material is the same
as was in the Home
Study Course - and, yes, it is in need of an update.
“I don't personally care who gets the credit, except for
the fact that a
lot of people worked on the project - for no remuneration
- and I would
be disappointed if credit were given to only one of them.”
Ken
Kenneth D. Goodman, CLP
Midwest Leasing Group, Inc.
24137 Grayston Drive
Lake Forest, CA 92630
888/852-7560 or 949/583-7560
fax 949/583-7275
kgoodman@midwestleasing.com
---
“I am a regular subscriber to the LeasingNews.org and read
it daily. Today's
issue has a section discussing books for Equipment Leasing
education, which
is great to mention from time-to-time. However, I must take issue with a
comment you have made with regards to the Leasing Professional's
Handbook -
"The Certified Leasing Professional Manual, "The
Leasing Professionals'
Handbook," written primarily by Bob Teichman, CLP, needs
to be up-dated. The
author will admit to that." As much as I both like and respect Mr.
Teichman, he most certainly was not the primary author of
that book! I
wrote and edited two of the chapters in it, Ken Goodman wrote
at least one
of the chapters, as did Hal Horowitz, Don Zaretsky, and more
(all CLP's).
“We originally wrote the CLP "manual" so that the
training information could
get into the hands of company "employees" who never
got the opportunity to
go to conferences and get the needed training to become CLP's.
The project
began while Ken Goodman was chairman of the CLP committee
of WAEL, and
continued when I took the chairmanship of that same committee.
We were
actually fortunate enough to have Ray Williams (PhD, CAE)
running WAEL/UAEL; ay was kind enough to be the general editor and make
the necessary "fixes" hat as a PhD he was imminently qualified
to do. The original "study
guide" as in a three ring binder - but after Ray helped with the final version, t became apparent that we had an excellent product
and it would be best for it to be published as a book.
“When the 2nd Edition came out, very little as changed, but
it may have been only then that Mr. Teichman became more involved with
the book, as he was the chairman of UAEL's Education committee.
“The original CLP committee, much to our disagreement, had
been
folded into the Education committee and hence came under
Bob's jurisdiction.
I am sure that Bob helped with the 2nd edition, but he most
certainly was
not its primary author or editor; him saying so is not only
self-serving, it
does a disservice to all of those, including me, who worked
very hard to put
together this book and for no recompense other than knowing
it was, and
still is, a good product.
“If Bob is saying that he was the primary author, shame on
him. If you have
only interpreted that from conversation with him, then, never
mind. However,
it should be known that the Leasing Professional's Handbook
was a "labor of
love" created by at least ten of us who truly gave a
care about this
industry, and still do!”
Sincerely,
Jon
Jon S. Haas, CLP
jonclp@triad-group.com
Office: (386)860-6537
Fax: (386)860-7374
Cell: (386)956-1001
---
(First, I never said the Bob Teichman wrote the "The
Certified Leasing Professional Manual, "The Leasing Professionals'
Handbook “--- nor did
Bob Teichman make any claim that he did. Bob is not that
kind of guy,
number one.
The first edition to help people who were to take the CLP
test was a real hodge podge, not only in different type, but type size,
and basically pasted together. I remember reading it and believe I still
have a copy here. It grew as people
added “chapters.”
It was a manual. It was the beginning. It also went through
several re-versions. Reader may not know it but Sudhir Amembal was contacted
to write a book version and take over the name and entire program.
He was very interested in doing this for many reasons. I was active
in UAEL when this was done and know the role that Excutive Vice-President
Dr. Ray Williams, who held a PhD in education) had in its construction.
R ay, in reality knew very, very little about leasing---and
he would admit it, as he was an association executive---you will find
many association executives know little about being an emergency room
doctor, running a carpet store, or even an expert on growing roses. When
the American Rose Society executive was hired, it was not because he was
a rose grower (he didn’t grow roses, by the way). Ray
did work on the printed version: spelling, grammar, and getting
people to work for free on it---his specialty. Ultimately, maybe it was
“his baby.”
Being an ex-association
“executive” and on larger groups, this is “common knowledge.” I think
Ray would agree to that, meaning his expertise was in managing an association
and conferences, whether it be leasing or “emergency room” physicians
(his present occupation, as I understand it.)
The quote originally comes from a comment made by Jeffrey
Taylor, CLP, when
he was studying for the exam and found the book to be “out
of date.” Bob
came to its defense, noted all that worked on it, but did
remark there were up-dates that were needed. I believe a committee was
formed to do this (and the work
may be complete now, don’t know.)
Jeff Taylor has the credentials and knowledge, plus education,
to critique
the handbook. Bob
was defending it, not saying he wrote it.
Bob never
made the claim that he wrote it. You owe him an apology.
In reality, the book is out of date, as both of you have
acknowledged, and those who contributed to writing it many years ago,
are welcoming a “revised, current edition.” Leasing News readers have
written that “Power Tools for Leasing” is a modern and
very practical book with great information. The CLP Foundation site makes
mention of both books. Kit Menkin,
editor)
At press time, we were able to contact Bob Teichman and receive
his response to Jon S. Haas and Ken Goodman, who have been
“partners” off and on again for years ( as we noted in “Pictures
from
the Past”:
“I never said I was the only writer of the Leasing Professional's
Handbook..
“In the mid-80's a group of people, including Ken Goodman,
CLP, Jon Haas, CLP,
Ted Parker, CLP, Hal Horowitz, CLP, Jim Swander, CLP, Ron
Silver, CPA, Paul
Menzel, CLP and Don Zaretsky, CLP each wrote one or more
chapters of what
became the WAEL Home Study Course for CLP candidates. Over
the years since
then, chapters have been re-written, modified and added to
by other people
including Bob Rodi, CLP, Oren Hall, Ken Greene, Esq., Robert
Herrick, and
Matt Shieman.
“In 1994 when the then CLP Committee, chaired by Jon Haas,
was dissolved by
UAEL's Board of Directors and the CLP program assigned to
the Education
Committee, which I chaired, I was asked by Ray Williams to
help re-write and
re-edit the mass of material we had in hand. That effort
became the First
Edition of the Leasing Professional's Handbook which was
printed and
copyrighted in 1995.
“Both the First and Second Editions list all the contributors,
authors and editors with no one person singled out as "author".
“I am proud, as are both Jon and Ken, to have been associated
with the publication of the book, and to have been part of the "
...talented and dedicated group of
leasing professionals..." who wrote and edited it. “
Bob Teichman, CLP
Teichman Financial Training
3030 Bridgeway, Suite 213
Sausalito, CA 94965
Tel: 415-331-6445
Fax: 415-331-6451
e-mail: BoTei@aol.com
"Providing education and training to the equipment leasing
and financing
industry."
--------------------------------------------------------------------------------------------
Friday---Odds and Ends
Venserve
We
have never been able to confirm Venserve filing a bankruptcy notice, selling
their
assets, or continuing. Telephone
numbers do not answer, and all the
Venserve
e-mail subscription to our mailing list come back undeliverable.
Dennis
Lorden Terminated
By the way, in case you didn't already get the scoop. The new GM of AMEX healthcare, Dennis Lorden,
was terminated on Friday afternoon.
We received word last night. That has to be some kind of record within AMEX. Usually takes them years to fire any of their management.
Erik Jensen has been named the interim manager.
Thought you'd find that amusing.
Hope your day is great!
name withheld
---
Abacus Leasing 19.78% Yield
In his analysis of the Abacus situation, Ronald Brodt puts
in quotes after
19.78% yield "ouch". Following that he admits he
knows nothing about there
credit worthiness. Maybe that is a good rate for that credit.
Keep in mind
that poor pricing has been a large contributor to the downfall
of our
industry and if this industry wants to get our health back
we need to change
those stereotypes. This is a risk and reward business and
that should not
ever be forgotten.
Todd Kaufman
--
Likes newsletter
Just a note to thank you for letting me receive your daily
leasing newsletter everyday. It
is without a doubt the most informative letter on the leasing industry
I have ever read. Just realized
you had a site on which I can place orders for various articles and books
on the leasing industry. Only wish you had an outlet where a novice can
purchase a list of quality and accredited lenders.. Thanks again for your
newsletter.
Paul Bachrodt
--
Sorry to hear of your predicament. I have seen you at meetings although never been able to shake you
hand. Anyone that stays up until
one to two AM every night to complete this new column should be applauded,
not chastised.
The first thing I
do each AM is to get a cup of coffee and read
the Leasing News which has been an invaluable service to
me.
Although lately the
news is cause for a Valium.
I predicted five years ago that the broker and small funder
was doomed and it
is happening. I have started a new company called the Computer
Tutor and will
only work locally. Cash and no contracts. I trust myself
to do a great job
and will not work with other so called "funders"
again. If they do not like
my work, I will redo it or re-fund it.
The nerve of some people to place you in the same category
with the Tree and
CMC. This business has gone to hell. Small bucks today means
big bucks
tomorrow. Most people do not understand that simple concept.
DO A GOOD JOB
AND YOU WILL BE REWARDED.
Gary W. Psaledas
Fisher4444@aol.com
Western Equipment Financing, Ind.
---
I love my new version!!!!
Sending out a subscription check...well worth it...thanks! ;)
Carol Suggs
limofunder@sti.net
Brenner Leasing
209-742-5466 Voice
209-742-5469 Fax
(We have almost 150 subscribers to our new version, and four
paid subscribers,
by date the checks were received:
Theresa Kabot, CLP, Kabot Commercial Leasing
Ted Parker, CLP, California Capital Leasing
Jim Buckles, Preferred Broker Solutions
Mike Meacher, Bank Group Financial Services
--
As much as I enjoy the "fancy" version of your
fine newsletter, its size
causes some problems for me. My mailbox space is severely limited.
So, for the time being anyway please keep me as a text-only
subscriber.
Thanks.
Don Link
((Don,
maybe you did not “sign up” on our form, as we stated there yahoo, hotmail,
go, and some others will have both size issues, (and older versions of
AOL, will not be able to “read” the “fancy version,” as you call it.)
We use "java scrip." We just don’t have headlines that you click
to the story. Our “Up-grade” version requires browsers that
are Explorer 6 and above; Netscape 7 and above; Opera 7 and above: Mac
OS 9.1 and Internet Explorer version 5 (for Apple.)
(In
addition, we have moved “Kit Menkin Live” on to the main website. To utilize it you will need to be running a
current version. Opera is by subscription,
and up-grades may be free. Netscape, Explorer and AOL up-grades are free.
I
have
heard difficulties with version 8 of AOL, but no problems with the latest
Netscape
and Explorer versions (long download, so bring a book to read. Editor))
----
You won’t get this at the Monitor or Leasing
Today:
Don’t shoot the hostage!!!
http://home.hetnet.nl/~tdvvw/games/osamagame/binladengame.htm
Stewart Kahn
Please
send to a colleague as we are trying to build our readership. Your
referral
is important to us. Please help
us grow.
--------------------------------------------------------------------------------------------
--ADVERTISEMENT--
Edwin C. Siegel, Ltd
3400 Dundee Road, Suite 180
Northbrook, Il 60062
Are you drowning in the hassles of your lease portfolio?
Call Nancy Geary, CPA, CLP, Jay Dahl, CPA, CLP
or Shari Lipski, CLP at 1-800-826-7-70, visit our website
at www.lease-management.com
NAELB—March 20-23rd-Oak
Brook, Illinois
EAEL---April 3rd-6th-Washington,DC
ELA---April 9th-10th,
Chicago, Illinois
UAEL---May 1st—4th,
Rancho Mirage, CA
--ADVERTISEMENT---
________________________________________________________
--------------------------------------------------------------------------------------------
News Briefs---
Text of President Bush Thursday Night Speech
http://www.nytimes.com/aponline/national/AP-Bush-Text.html
GE Repossess Brazilian Airline at Florida Airport
http://www.boston.com/dailynews/065/economy/Leasing_company_seizes_Brazili:.shtml
February Retail Sales Soft
http://www.washingtonpost.com/wp-dyn/articles/A54187-2003Mar6.html
Economic Calendar http://financial.washingtonpost.com/wpost/briefing.asp?mode=MARKCAL&dispnav=business
Gateway restructuring to be costly
http://www.signonsandiego.com/news/business/20030306-9999_1b6gateway.html
Sports Brief---
Raider Center Robbins wants to play again
http://www.bayarea.com/mld/cctimes/5328532.htm
http://www.bayarea.com/mld/cctimes/5328560.htm
 |
 |
 |
 |
 |
 |
 |
 |
 |
|
www.leasingnews.org
Leasing News, Inc. 346 Mathew Street, Santa Clara, California 95050 Voice: 408-727-6464 Fax: 800-727-2026 kitmenkin@leasingnews.org 
|
 |