CLFP, ELFA Announce
"Strategic Partnership"

CLFP CEO, Reid Raykovich, CLFP Board President, Candace Reinhart, CLFP, alongside ELFA President & CEO, Leigh Lytle, during their fireside chat at the ELFA Annual Convention

A historic step for equipment finance was announced Wednesday during our annual convention opening session: CLFP Foundation has formally announced its intent to enter into an affiliation agreement with ELFA.

CLFP CEO, Reid Raykovich, CLFP, CAE, and CLFP Board President, Candace Reinhart, CLFP, alongside ELFA President & CEO, Leigh Lytle, shared the exciting news during their fireside chat on stage this morning during the conference.

This strategic partnership is a commitment to strengthening our shared mission of professional excellence and elevating the CLFP designation across the equipment finance landscape.

We're excited to partner with the CLFP Foundation and look forward to what this means for the future of our industry. Stay tuned for further updates!

(Final details are being worked out and a vote by CLFP members will be held)

Source: LinkedIn

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New Hires/Promotions in the Leasing Business
and Related Industries

Candice Dowhaniuk was hired as President, Business Equipment Capital, Canada. She is located in Edmonton, Alberta, Canada. She was Freelance Community Support Specialist (June, 2025 - Present). Previously, she spent 30 years at National Leasing, Senior Territory Manager, Business Equipment Financing, CWB National Leasing (November, 1995 -  June, 2025).
https://www.linkedin.com/in/candicedowhaniuk/

Josh Schulman was promoted to President, Vantage Financial, Minneapolis, Minnesota. He is located in Hopkins, Minnesota. He joined Vantage as SVP, National Sales Manager (February, 2024 - October, 2025). Previously, he was National Account Executive Ohio, Kentucky, Indiana, Tennessee and Pennsylvania, Huntington National Bank (June, 2021 – February, 2024); Vice President Ohio and
Kentucky (January, 2015 - June, 2021); Director of Strategy and Business Development, Winthrop Resources (March, 2012 - 2016).
https://www.linkedin.com/in/joshua-schulman/

Ben Mrva was hired as Chief Operating Officer, Orion Financial, Memphis, Tennessee. He is located Germantown, Tennessee. Previously, he was at SRM (Strategic Recourse Management), joining as Executive Vice President, July, 2022, promoted Chief Revenue Officer (CRO) July, 2023 - July, 2024); Finance, Lockheed Martin Federal Systems (1997 - 2003).
https://www.linkedin.com/in/ben-mrva-102a237/

Brian Wright was announced as Managing Director at Gordon Brothers, Chicago, Illinois.  He is located in the Greater Chicago area. Previously, he was Executive Vice President, Wells Fargo (November, 2022 - October, 2025); Senior Vice President, Bank of America Business Capital (1996 - December, 2022).
https://www.linkedin.com/in/brianjwright/

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Denise Mann Retiring After 40 years
    By Kit Menkin, Leasing News Chief Publisher

Denise Mann is retiring October 31st. She asked if I remember her, which I sure did. I did a lot of business with Colonial Pacific and referred others to Jim Merrilees, CLP, perhaps best known for his riding on a motorcycle (today it is an electric bike).

Jim also served a short time on the Leasing News Advisory Board.

Denise emailed me, "Hi Kit, I am not sure if you remember me but after 40 years in the leasing business, I am retiring on Oct 31st.

“I spent my broker years at Colonial Pacific leasing under Jim Merrilees, CLFP. Some of the greatest times and memories of my life were attending UAEL conferences. I made so many lifelong friends – Bob Rodi, Lenna Curry, Ken Green, Larry LaChance and so many more. I have spent the last 24 years at US Bank but the memories I will always cherish will be UAEL!  Just wanted to say thank you!"

She is retiring as Senior Sales Rep at US Bank, Portland, Oregon, 25 years, 10 months.
https://www.linkedin.com/in/denise-mann-95aa5b

 

The History of Colonial Pacific Leasing
by Christopher “Kit” Menkin

https://leasingnews.org/Conscious-Top%20Stories/CLP.htm

---

Leasing News Advisor
Jim Merrilees Biography

https://leasingnews.org/Advisory%20Board/merrilees_jim.htm

---

Where Are They Today?
Many Retired like Jim Merrilees

https://leasingnews.org/archives/Dec2023/12_15.htm#where

---

 

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Leasing and Finance Help Wanted
Balboa Capital - A Division of Ameris Bank
We Are Growing Our Senior Sales Team Now

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Think (IBM) or Think Different (Apple)
By Ken Lubin, Managing Director, ZRG Partners

"Think." One word, yet it shaped an era of innovation under IBM's leadership. It called for rigorous analysis, problem-solving, and meticulous strategy. Decades later, Apple turned that foundation on its head with a slight yet seismic shift: "Think Different." This wasn’t a dismissal of thinking—it was an elevation of it, a rallying cry for breaking the mold and daring to redefine the possible. These mottos reflect two essential approaches to success: mastering the fundamentals and disrupting them when necessary.

But thinking differently is not just a clever tagline; it’s a mindset—a way of seeing the world, making decisions, and carving out a future that others may not even imagine. It’s also uncomfortable, risky, and often lonely. So why does it work? And how can we embrace it?

The Comfort of "Think" vs. the Challenge of "Think Different"
IBM’s motto represents the foundation of sound decision-making. It’s about discipline, logic, and optimizing what exists. In contrast, "Think Different" demands that we go further, beyond what’s established, and embrace the ambiguity of change. It pushes us to question what we know and dive headfirst into what we don’t.

The difference between the two lay in their relationship to risk. Traditional thinking, or "thinking," is designed to minimize uncertainty. It builds on proven methods, following paths that have already been cleared. Thinking differently, however, invites uncertainty. It encourages us to explore uncharted territory where success is uncertain but transformative possibilities are abundant.

History shows us the power of each approach. IBM helped standardize computing, creating the backbone of modern technology. Apple, by thinking differently, revolutionized not just how we interact with technology but how we integrate it into our lives. The iPod, iPhone, and App Store weren’t just innovations—they were cultural shifts.

It’s lonely: Thinking differently often requires breaking away from consensus. You’ll stand out, sometimes uncomfortably. Leaders like Steve Jobs or Elon Musk were polarizing figures because they refused to conform. Their boldness alienated some but inspired many.

To think differently is not to abandon structure or logic but to combine them with creativity and boldness. Here’s how you can do it:

Challenge Your Beliefs: Examine your assumptions. What rules do you follow without question? Are they serving you, or could breaking them lead to new opportunities?

Experiment Relentlessly: Innovation doesn’t happen in theory—it happens in practice. Try, fail, learn, and iterate. Small experiments can lead to breakthroughs.

Learn from Outsiders: True innovation often comes from unexpected places. Look beyond your industry or expertise for inspiration. The Wright brothers weren’t aerospace engineers—they were bicycle mechanics who reimagined flight.

Embrace Discomfort: The unknown is where innovation lives. Get comfortable with being uncomfortable. Push yourself to explore what others avoid.

Combine Opposites: Innovation often comes from blending unlikely ideas. Think of how Tesla merged environmentalism with high performance or how Netflix combined tech and entertainment to revolutionize content consumption.

Thinking Differently in Action

• Consider some of the most iconic disruptors of our time:

Amazon: Jeff Bezos didn’t just create an online bookstore; he envisioned a platform that would redefine how people buy everything.

Netflix: While Blockbuster doubled down on late fees, Netflix bet on streaming—before the infrastructure existed to make it mainstream.

SpaceX: Elon Musk didn’t settle for incremental advances in aerospace; he aimed to colonize Mars.

Each of these successes wasn’t a result of simply "thinking." They happened because someone thought differently—and had the courage to act on it.

Thinking Differently Is Not for Everyone

It’s tempting to romanticize innovation, but the truth is that not everyone is cut out to "think different." It requires courage, resilience, and an appetite for uncertainty. But if you’re willing to embrace it, the rewards can be extraordinary.

IBM’s "Think" teaches us the importance of building a solid foundation. Apple’s "Think Different" reminds us that the real magic happens when we dare to disrupt it. To truly succeed, you need both: the discipline to think deeply and the courage to think differently.

So, the question isn’t just, “Are you thinking?” The question is, “Are you thinking differently enough to change the game?” The answer could define not just your success—but your legacy.

Ken Lubin
Managing Director
ZRG Partners, LLC
Americas I EMEA I Asia Pacific
klubin@zrgpartners.com
C: 508-733-4789
https://www.linkedin.com/in/klubin

 

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### Press Release ########################

ELFA Names Deborah Baker of HP Inc. as 2026 Board Chair

Deborah Baker, VP, Global Payment Solutions, HP Inc., is the new ELFA Board Chair and Nathan Gibbons, CLFP, Chief Experience Officer, QuickFi, is now Chair-Elect.

The Chair-Elect and new Board members were recommended by ELFA’s Nominating Committee and approved by a vote of the general membership.

Deborah Baker said, “It’s such an honor to take on this position to represent the members, board and staff of ELFA as the next Chair. I look forward to picking up the baton from our Immediate Past Chair, James Cress, and working with CEO Leigh Lytle as we focus more deeply on areas like research, education, and the future of our workforce. I’m particularly excited about the possibilities for getting even more qualified talent engaged in our industry. There are tremendous opportunities to build on the incredible momentum attained over the last year—particularly with advocacy and people—and you can expect another packed agenda as we drive greater achievements for ELFA, the industry and our economy in the coming year.”

ELFA President and CEO Leigh Lytle, commented, “I’m delighted to welcome Deb Baker as Chair of ELFA. As our association and our $1.3 trillion industry navigate increasing impact on the broader U.S. economy, Deb’s deep industry expertise and innovative approach will be tremendous assets. Under her leadership, I’m confident ELFA will unlock new opportunities to support our members and propel the industry into its next phase of growth.”

As an active member of ELFA, Baker has held a number of key leadership roles. She has served on the Board of Directors, the Executive Committee, the Nominating Committee and as the Board liaison to the Women’s Council. She served as Chair of the ELFA Women’s Council and as a founding member of ELFA’s Equality (now Equity) Committee. She is also a member of the Mentor Match Initiative Community launched earlier this year to strengthen member-to-member connections and professional growth. 

Baker has been a long-time generous donor of the Equipment Leasing & Finance Foundation and was a reviewer for the Foundation’s student scholarship evaluations in 2022-2023.

As the Vice President, Head of Global Payment Solutions at HP, Inc., Baker leads HP’s multi-finance partner strategy supporting all HP technologies and customer segmentations (from Consumer to Global Accounts). She is a finance veteran with over 30 years’ experience supporting captive and vendor financing. Prior to joining HP, she held a variety of positions with Cisco Systems Capital Corporation, HP Financial Services and CIT.

Baker holds a bachelor’s degree in business administration and an MBA from Fairleigh Dickinson University in Madison, NJ.

### Press Release ########################

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##### Press Release ##################

2026 ELFA Board of Directors
 Newly Elected

The newly elected members of the ELFA Board of Directors include:

Eric Bunnell, CLFP, President, Arvest Equipment Finance
John Grosso, Senior Vice President (U.S. and Canada) and Chief Marketing Officer, John Deere Financial
Dominic Janney, President, Canon Financial Services, Inc.
Kyin Lok, CEO, Dext Capital
Rick Matte, President and Chief Executive Officer, Post Road Equipment Finance
Donna Yanuzzi, Executive Vice President, 1st Equipment Finance (FNCB Bank)

The following individuals were elected by the membership to serve as ELFA Vice Chairs:
First Vice Chair, Kirk Phillips, President & CEO, Wintrust Asset Finance, Inc.
Second Vice Chair, Neal Garnett, Chief Commercial Officer and Executive Board Member, DLL.
Jeffry Elliott, CLFP, Founder & CEO of Elevex Capital will serve as Treasurer.
Daryl Muller, ELFA’s Chief Operating Officer and Corporate Secretary, will serve as Secretary.

James Cress, Vice President & General Manager, Flex Financial, Stryker, is Immediate Past Chair.

Other members of the Board are:

Hollis Bufferd, CEO, Star Hill Financial LLC
Theresa Dixon, Managing Director, Syndication Manager, Bank of America Global Leasing
Katie Emmel, COO, Solifi
Jon Gerson, President, Executive Solutions for Leasing and Finance, LLC
Randy Haug, Executive Vice President, Vice Chairman & Co-Founder, LTi Technology Solutions
Mathew Iacobucci, SVP - Head of Bank Markets, U.S. Bank
Christopher Johnson
Robert Moskovitz
William Perry
Moorari Shah, Partner, Sheppard Mullin Richter & Hampton LLC
Pasqual Slaughter, Vice President North America, Caterpillar Financial Services Corporation
Michelle Speranza, CLFP, SVP, Chief Marketing Officer, LEAF Commercial Capital Inc.
Stephen White, Executive Vice President, Stonebriar Commercial Finance

About ELFA
The Equipment Leasing & Finance Association (ELFA) represents financial services companies and manufacturers in the $1.3 trillion U.S. equipment finance sector. ELFA’s 600+ member companies provide essential financing that drives business growth, creates jobs, and supports economic expansion. Learn more at www.elfaonline.org.

##### Press Release ##################

News Briefs

Amazon stock jumps 11% after reporting $180B
  in Q3 revenue, $21B in profits
https://www.wsj.com/business/earnings/amazon-amzn-q3-earnings-report-2025-553e6d16?mod=hp_lead_pos1

Apple Expects Big December Quarter on iPhone Upgrades
https://www.wsj.com/tech/apple-earnings-q4-2025-aapl-stock-5e9ae159?mod=hp_lead_pos2

Nvidia Is Now Worth $5 Trillion as It Consolidates Power
 In A.I. Boom
https://www.nytimes.com/2025/10/29/technology/nvidia-value-market-ai.html

Industry economist projects that 600,000 active drivers
   could be eliminated from trucking due to English Language Proficiency requirements
https://www.freightwaves.com/news/largest-capacity-purge-in-history-coming

Federal Reserve to Reduce Bank Supervision Staff by 30%
https://www.wsj.com/economy/central-banking/federal-reserve-to-reduce-bank-supervision-staff-by-30-84fcd65f?mod=hp_lead_pos6

Banks and retailers run short on pennies
  as the US Mint stops making them
https://www.bostonglobe.com/2025/10/30/business/banks-retailers-run-short-pennies-us-mint-stops-making-them

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Democrats fume at Trump over sidelining
   on Venezuela strikes
https://www.courthousenews.com/democrats-fume-at-trump-over-sidelining-on-venezuela-strikes/

Poll: 60% of Americans disapprove of how
  Trump is handling the economy — a new high
https://www.yahoo.com/news/article/poll-60-of-americans-disapprove-of-how-trump-is-handling-the-economy--a-new-high-191434761.html

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Sports Briefs---

The 49ers had just found their running game.
   Will it return against Giants?
https://www.mercurynews.com/2025/10/30/the-49ers-had-just-found-their-running-game-will-it-return-against-giants/

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California News Briefs---

Santa Clara County will give $4.5 million to Second Harvest
   of Silicon Valley ahead of lapse in SNAP benefits
https://www.mercurynews.com/2025/10/30/santa-clara-county-will-give-4-5-million-to-second-harvest-of-silicon-valley-ahead-of-lapse-in-snap-benefits/

San Jose approves 737-unit housing development
     near major tech hubhttps://www.mercurynews.com/?_klpuid=GwKq2LGpnkQhX6L36mXkc%2Fmri%2Fkumagai%2
Fclassroom%2F&gad_source=1&gad_campaignid=23157443498&gbraid=0AAAAApH9f3Gu1Iath
i9P_YXDZro9aNvd_&gclid=Cj0KCQjwmYzIBhC6ARIsAHA3IkSnZ-K6AHm53w3PkAH7_ok2ZveV2ML_GunibCvds8Vyph0pvRvuocgaApn4EALw_wcB

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Gimme that Wine

 

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

Wente Family Vineyards Outpaces Category Trends
    Amid Record Critical Accolades
https://www.winebusiness.com/news/article/309960

The #14 Super Premium California Brand in the US Continues its  Growth Trajectory Among Consumers
    and in the Media
https://www.winebusiness.com/news/article/309960