Day One ELFA Conference Report from Austin, TX
By Bruce Kropschot, Senior Managing Partnerm. The Alta Group

The 63rd annual ELFA Convention commenced Sunday, October 27th, at the beautiful JW Marriott Hotel in Austin, Texas. Preliminary reports indicated an attendance of about 1,135, making this the highest attended convention in over 20 years.

As usual, the first day included a variety of sporting and community service activities. The weather was perfect, with sunny skies and a high temperature of about 90.

Golfers enjoyed a tournament at Falconhead Golf Club, and there was also a pickleball tournament at a club near the hotel. Bikers participated in the annual Jim McGrane Charity Bike Ride.

TreeFolks Community Service Project

In a morning community service project for Tree Folks, an organization dedicated to reforesting and restoring natural ecosystems, participants traveled to a local park to plant saplings and assist in the maintenance of the park. 

U.S. Hunger

The afternoon community service project supported U.S. Hunger which combats food insecurity across the nation, ensuring that families in need receive nutritious meals.  Volunteers will be packaging food kits. The need for U.S. Hunger services has been particularly great in the aftermath of Hurricanes Helene and Milton. Thanks to the generosity of ELFA Convention sponsors and volunteers, ELFA donated $13,000 to U.S. Hunger and invited members to make individual contributions to this worthy cause.

ELFA members always look forward to the lavish welcoming reception on Sunday evening. This event provides an opportunity to talk with old friends and have business networking discussions. The reception is held in the exhibit booth area, so attendees also have an opportunity to learn about the services provided by the exhibitors.

The convention has a packed schedule of informative meetings on Monday and Tuesday, and a recap will appear in Friday’s Leasing News.

Bruce Kropschot
Senior Managing Director
Mergers & Acquisitions Practice
The Alta Group
bkropschot@thealtagroup.com
https://leasingnews.org/Advisory%20Board/Bruce_Kropschot.htm

 

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ELFA Inducts Tony Golobic and Bruce Kropschot
into Equipment Finance Hall of Fame

AUSTIN, TEXAS, Sunday, Oct. 27, 2024 – The Equipment Leasing and Finance Association (ELFA) has named Tony Golobic and Bruce Kropschot to the 2024 Class of the Equipment Finance Hall of Fame. ELFA Board Chair Rob Boyer made the announcement this morning at the General Session of the 63rd ELFA Annual Convention in Austin, Texas. The official induction ceremony took place on Oct. 26 at the Chair Dinner preceding the ELFA Annual Convention.

Anton “Tony” Golobic
Tony Golobic, Executive Chairman of GreatAmerica Financial Services Corporation, epitomizes the equipment finance industry’s entrepreneurial spirit. Over the past 32 years, Golobic built GreatAmerica, an independent, family-owned national commercial equipment finance company, from a team of two to over 780 employees, with annual volume exceeding $1.5 billion and a strong balance sheet with assets of over $3.25 billion. Notably, he achieved the company’s growth almost exclusively through organic expansion rather than acquisitions. Golobic’s leadership is exemplified by a phrase he trademarked, “Customers for Life,” which underscores GreatAmerica’s dedication to customer loyalty, a principle he deeply believes in and practices.

With over 50 years of experience in equipment financing, Golobic has held key leadership positions, including GM of GE Capital Office Technology Financial Services, President and CEO of LeaseAmerica Corporation and SVP of Mellon Financial Services. Golobic has been an active member of ELFA, serving on its Board of Directors and committees. He served on the Equipment Leasing & Finance Foundation Board of Trustees and contributed to its Industry Future Council. Over time, he has earned numerous awards and participated on many boards.

Golobic earned a BSBA in Accounting from Roosevelt University followed by an MBA in Finance from the University of Chicago Graduate School of Business. He also earned a Certified Public Accountant certification. Golobic advocates for philanthropy and has been generous with both time and money. GreatAmerica, over its history, has contributed over $9 million to support area non-profits. Golobic is a veteran of the U.S. Army and served in Vietnam.

Bruce Kropschot
Bruce Kropschot, Senior Managing Director of The Alta Group, has been a pivotal figure in the equipment finance industry for over 50 years. As the industry’s leading merger and acquisition advisor, he has facilitated approximately 200 transactions—more than any other M&A advisor in the field. In addition to orchestrating the sale of many equipment financing companies, he has arranged debt and equity capital placements and performed business valuations for over 100 equipment financing businesses. In 1986 he founded Kropschot Financial Services to provide M&A advisory services to equipment finance companies. The firm became part of The Alta Group in 2008.

Kropschot’s previous experience includes serving as corporate controller of The Magnavox Company and audit manager for Price Waterhouse. Early in his career, Kropschot was instrumental in the growth of Master Lease Corporation, which later evolved into Tokai Financial Services and eventually DLL. An active contributor to ELFA, Kropschot has served on the association’s Board of Directors and several committees, delivered numerous presentations to guide members through the complexities of the M&A process, and authored industry articles and studies. In addition, he has served on the Board of Trustees for the Equipment Leasing & Finance Foundation.

He holds a Bachelor of Business Administration and a Master of Business Administration with honors from the University of Michigan. He has long been involved with committees of the University’s Ross School of Business Administration. He is a Certified Public Accountant (license inactive).

More Information
www.elfaonline.org/HOF

About ELFA
The Equipment Leasing and Finance Association (ELFA) represents financial services companies and manufacturers in the $1 trillion U.S. equipment finance sector. ELFA’s 575 member companies provide essential financing that helps businesses acquire the equipment they need to operate and grow. Learn how equipment finance contributes to businesses’ success, U.S. economic growth, manufacturing and jobs at www.elfaonline.org.

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New Hires/Promotions in the Leasing Business
and Related Industries

(Retiring)

Vicki Hall has retiring at RLC Funding as Senior Credit Analyst, Columbia, South Carolina, a division of Navitas Credit Corporation, where she was Senior Credit Analyst (September, 2011 - President). She is located in Lexington County, South Carolina. Previously, she was at NetBank Finance, starting  March, 1989, Director Application Only Credit, promoted January, 2005, Credit Manager.

Full Bio
https://www.linkedin.com/in/vickihall58/details/experience/
https://www.linkedin.com/in/vickihall58/

Lena Pucnik hired as Operation Coordinator, Elite, powered by Channel. She is located in Marietta, Georgia. She is a recent graduate from Life University, Bachelor of Business Administration. Three Educations:
https://www.linkedin.com/in/lena-pucnik-309569214/recent-activity/all/
https://www.linkedin.com/in/lena-pucnik-309569214/

 

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Leasing and Finance Industry Help Wanted
Positions with Attractive Income & Benefits

Kapitus Acquires Ten Oaks Commercial Capital
and Launches Equipment Financing Arm

Kapitus, a leading provider of financing for small and medium sized businesses, announces the acquisition of Ten Oaks Commercial Capital, a finance company specializing in equipment finance and working capital loans.

With this acquisition, Kapitus is launching its equipment finance arm, in addition to its small business loan and revenue-based financing products, to accelerate support for small and medium-sized businesses that drive the country forward in critical industries, like construction, manufacturing, hospitality, and healthcare.

Greg McIntosh, Founder and President of Ten Oaks, has a rich background serving in key positions at several companies, including being keen contributor to the success of Ascentium Capital Equipment (as well as a long-time friend of Kit Menkin. Editor).

Greg McIntosh commented on the acquisition: "Combining Kapitus’ infrastructure and balance sheet along with the origination capabilities of Ten Oaks will result in a powerful resource for customers and vendors in need of equipment financing.

"We are excited to be part of Kapitus and to grow the business to meet the demands of our customer base."

Ben Johnston, COO at Kapitus, said, "Our new independent equipment finance arm will expand access to affordable and flexible financing for companies in need of acquiring critical equipment to operate.

"Securing equipment finance has become increasingly difficult as both traditional and online lenders have tightened requirements, and many independent equipment finance companies have been absorbed into the banking system.

“Our new independent equipment finance arm will expand access to affordable and flexible financing for companies in need of acquiring critical equipment to operate."

The ability to acquire new revenue-generating equipment has become more important than ever for small and medium-sized businesses to remain competitive in a shifting landscape. Increased regulation, automation, technological advancements, and ongoing inflation have created compounding obstacles for lenders, dealers and manufacturers to overcome. In an effort to help these groups collaborate more closely, Kapitus will expand on Ten Oaks' efforts to connect dealers and manufacturers with financing options for their customers through its new Equipment Provider Partner Program.

Jon Gerson of Executive Solutions for Leasing & Finance, LLC (ESLF), and Bob Rinaldi of Rinaldi Advisory Services advised Kapitus through the acquisition process.

Kapitus plans to expand upon the robust vendor and direct origination channels of Ten Oaks to grow its third-party funding capabilities and begin funding transactions on balance sheet in early 2025.

About Kapitus

Founded in 2006, Kapitus is one of the most experienced and trusted names in small business financing. As both a direct lender and a marketplace with an expansive network of financing partners offering a variety of products, Kapitus has provided over $6.5 billion in growth capital to nearly 55,000 small businesses. Kapitus offers products tailored to the individual needs of small businesses including term loans, sales-based financing, SBA loans, equipment leases, and revolving lines of credit, either direct or through its network of trusted partners. For additional information about the company, visit: https://kapitus.com/

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Dext Capital Launches Specialty and Vocational Vehicles Sales Channel
Led by Industry Expert Dallas Bardwell

Dext Capital has announced the launch of Dext Wheels which will focus on the Specialty and Vocational Vehicle market. This strategic expansion marks another milestone as Dext continues to grow into new markets.

Heading the Dext Wheels Channel is seasoned sales professional, Dallas Bardwell. Dallas previously held key roles at JB&B, Tandem Finance, and United Truck Source, where he developed extensive experience in business development and sales leadership.

Lou Altobelli, CSO, said, "Dallas's proven track record and market expertise will be pivotal in driving Dext's success in the Specialty and Vocational Vehicle sector. Levering our established playbooks across multiple industries and common-sense approach to lending, we are confident that Dallas be successful in positioning Dext as a premier lender in this market."

Joining Dallas in this new channel is Kymberly Rockwood as an account manager to support dealers and customer requests. Kymberly previously supported the Transportation team at Tandem Finance.

For more information on Dext Capital and its new Dext Wheels Channel, please visit :
Linkedin: https://www.linkedin.com/company/dext-capital

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Optimism Creates More Sales
By Steve Chriest

I’ve always suffered from a form of OOS - “Overly Optimistic Syndrome.” For one of my first jobs, I was required to be interviewed by an industrial psychologist. After completing a battery of tests and answering almost endless questions, the psychologist looked at me and said, “I think you will do well but what could get you into trouble is your overly optimistic outlook.”

Little did I know then that his observation was so clearly prescient. Want proof? Some years ago, a fellow I worked with said, “Steve, if I’m looking out the window of a room on the 55th floor of the Empire State Building, see you in a free fall from the top floor of the building, and yell out to you “how is it going, Steve?” as you passed by my window, you’d reply, “So far so good! ”

In a meeting with a CEO and his team that involved a considerable investment, the CEO, after listening politely, looked at me and said, “My God, do you ever think anything could go wrong?” This was after I had just explained our Nightmare Scenario in our plan. Somehow,  I telegraphed my unavoidable bent toward optimism.

I’m certainly not recommending that you, as a sales professional, train yourself to see dark clouds in every silver lining. I’m just suggesting, when you’re feeling particularly optimistic about a sales opportunity, that you pause, take a step back, and ask yourself, “What could possibly derail this sale?” Preparing for a possible derailment helps avoid “Overly Optimistic Syndrome.”

Steve Chriest
schriest@sbcglobal.net
Open Advance, Inc.
https://www.linkedin.com/in/steve-chriest-5402a9/

Commercial Finance/Leasing Finance
Conferences and Forums

Nov. 6, 2024, Brokers Expo, New York City
700+ Registered  - https://myemail.constantcontact.com/Don-t-Miss-the-Event-of-the-Year--Time-is-Running-Out---Register-Today-.html?soid=1133130637774&aid=7O0lS1jKMeg
Daymond John of the Shark Tank is behind this group. A lot of investor friends involved in funding leasing and finance transactions.
https://leasingnews.org/archives/Feb2023/02_14.htm#expo     
Plus -----   Shark Tank's Kevin Harrington To Speak at Brokers Expo
https://leasingnews.org/archives/Oct2024/10_09.htm#shark

Nov. 11-14: NEFA Fall Conference, Indianapolis, Indiana
Special Registration for members and those who will come one by November 11th, Plus Speakers. And programs
https://web.cvent.com/event/653f9e73-4bf5-4117-80de-c935474e7f72/summary
Vicki Shimkus, CLFP, Balboa Capital, Broker Relationship Manager, will be covering the conference for Leasing News readers.

Nov. 13-15 SFNet's 80th Annual Conference, Houston,
Join us where industry movers, shakers and decision makers meet to accelerate growth - 
Full Info
https://www.sfnet.com/home/events/event-detail/2024/11/13/default-calendar/sfnets-80th-annual-convention

To be listed or update: kitmenkin@leasingnews.org

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#1 Don't Use the Same Password
Tips to Protect Yourself

This is primarily for computer, laptop and perhaps tablet users, as most smartphones will find the suggestion of having many passwords or as long as 15 spaces too cumbersome.

To prevent your passwords from being hacked by social engineering, brute force or dictionary attack method, you should notice that:

1. Do not use the same password for multiple important accounts.
2. Use a password that has at least 15 characters, use at least one number, one uppercase letter, one lowercase letter and one special symbol.
3. Do not use the names of your families, friends or pets in your passwords.
4. Do not use postcodes, house numbers, phone numbers, birthdates, ID card numbers, social security numbers, and so on in your passwords.
5. Do not use any dictionary word in your passwords.
6. Do not log in to important accounts using the computers of others, or when connected to a public Wi-Fi hotspot, Tor, free VPN or web proxy.
7. Do not send sensitive information online via HTTP or FTP connections because messages in these connections can be sniffed with very little effort. You should use encrypted connections such as HTTPS and SFTP whenever possible.
8. Turn on 2-step authentication whenever possible.
9. Do not store your critical passwords in the cloud.
10. Print out your passwords. It may come in handy In case of emergency.

Use Google to look up password generators available.  Here is a popular one:
http://passwordsgenerator.net

News Briefs

America Approves Colossal Nevada Mine With
    Enough Lithium for Untold Millions of Electric Cars
https://futurism.com/the-byte/america-approves-nevada-lithium-mine-electric-cars

Fintech Pioneer Dave Gilbert Launches Fair Square
    Holding Company; Announces Initial Executive Team
https://www.prnewswire.com/news-releases/fintech-pioneer-dave-gilbert-launches-fairsquare-holding-company-announces-initial-executive-team-302283115.html

Elon Musk, enemy of ‘open borders,’ launched
    his career working illegally
https://www.washingtonpost.com/business/2024/10/26/elon-musk-immigration-status/

 

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“Not Medically Necessary”:
Inside the Company Helping America’s Biggest Health Insurers Deny Coverage for Care
https://www.propublica.org/article/evicore-health-insurance-denials-cigna-unitedhealthcare-aetna-prior-authorizations

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Sports Briefs---

Steve Kerr’s plan for deep rotation echoes
    Warriors’ title team 50 years ago
https://www.sfchronicle.com/sports/jenkins/article/warriors-deep-rotation-steve-kerr-19844508.php

Minus Steph Curry, Warriors pound Lakers backups
to finish preseason undefeated
https://www.sfchronicle.com/sports/warriors/article/warriors-pound-lakers-backups-finish-preseason-19844200.php

Patriots once were the embodiment of NFL,
 the best of the best; but the past is all they have left nowadays.
https://www.bostonglobe.com/2024/10/20/sports/patriots-tara-sullivan-commentary/

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California News Briefs---

Deep budget cuts coming to Oakland as the city
 faces $120 million budget deficit in next two years
https://www.mercurynews.com/2024/10/27/deep-budget-cuts-coming-to-oakland-as-the-city-faces-120-million-budget-deficit-in-next-two-years/

Newsom calls for big boost in funding for California’s
 film and TV tax credit, throwing Hollywood a lifeline
https://www.latimes.com/entertainment-arts/business/story/2024-10-27/gavin-newsom-film-tv-tax-credit-california-Hollywood

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Gimme that Wine

 

http://www.youtube.com/watch?v=EJnQoi8DSE8

Harvest wraps up in Sonoma and Napa counties.
  How are winegrowers feeling?
https://www.pressdemocrat.com/lifestyle/wine/?ref=nav

Biggest US Wine Distributor Slashes Staff - reported
shock reaction from distribution giant Southern Glazer's
https://www.wine-searcher.com/m/2024/10/biggest-us-wine-distributor-slashes-staff

How a car auction billionaire plans to resuscitate
these tarnished California wineries
https://www.sfchronicle.com/food/wine/article/jay-adair-napa-sonoma-wineries-19857912.php

Mendocino County Named Wine Enthusiast's American
Wine Region of the Year
https://www.winebusiness.com/news/article/294285