For Noncompete’s Sake!
By Ken Greene, Leasing News Emeritus

Noncompete provisions, whether stand-alone or contractual, have been a staple in all types of commerce since time immemorial. They are most frequently utilized in employment contracts but can be used in virtually any type of business relationship.  They are often abused and overreaching in duration and geographical scope, rendering it difficult, if not impossible, for those impacted adversely to pursue gainful employment. This type of abuse has given rise to judicial challenges and legislative changes that have recently risen to new heights of scrutiny.

More recently, this type of provision has been the subject of a federal ban. Not long thereafter, the ban was banned, at least temporarily. Here is the backstory.

Noncompetes date back to the medieval apprenticeship system. “A noncompetition agreement, also called a noncompete or a covenant not to compete, is an agreement where one party promises not to engage in conduct that would increase competition for the other party for a specific period of time. ” Cornell University Legal Information Institute.

On April 23, 2024, the Federal Trade Commission (FTC) issued its final rule banning all noncompete agreements between workers and employers as an unfair method of competition. Three months later, on August 20, a federal district court in Texas issued an order stopping the FTC from enforcing that ban, effective September 4, 2024.

The problem with noncompete clauses, according to the FTC, is that they “keep wages low, suppress new ideas, and rob the American economy of dynamism, including from the more than 8,500 new startups a year that would be created a year once noncompetes are banned”. FTC Chair Lina M. Khan opines that “[t]he FTC’s final rule to ban noncompetes will ensure Americans have the freedom to pursue a new job, start a new business, or bring a new idea to market.”

The Texas Federal Court, however, held the ban to be unlawful, finding that the FTC exceeded its statutory authority and that the rule was “arbitrary and capricious”. The impact of this decision is nationwide. This means that unless an appellate court intervenes, existing noncompete agreements remain valid and enforceable, and employers are not prohibited from entering into new contracts that include noncompete provisions.

The FTC has until October 19, 2024, to appeal the federal decision “banning the ban”. They appear to be considering doing just that, as they are certainly displeased with the outcome of the case. What will happen next remains to be seen. Stay tuned.

Ken Greene
Law Office of Kenneth Charles Greene
5743 Corsa Avenue, Suite 208
Westlake Village, California 91362
Tel: 818.575.9095
Fax: 805.435.7464
ken@kengreenelaw.com
www.kengreenelaw.com

[headlines]
--------------------------------------------------------------

New Hires/Promotions in the Leasing Business
and Related Industries

Jonathan Fales was hired as Vice President and General Manager, GreatAmerica, Cedar Rapids, Iowa.  He is located in Mesquite, Texas. He was previously Divisional President, LEAF Commercial Capital, Inc., Dallas, Texas (April, 2019 - September, 2024); Vice President, Business Development,
VAR Technology Finance, part of LEAF Commercial Capital, Inc. (May, 2019 - December, 2018); Director, The Alta Group (June, 2016 - May, 2019); Vice President, Strategic Business, Key Equipment Finance (November, 2013 - March, 2016); Senior Managing Director, The Alta Group (January, 1999 - October, 2013).
https://www.linkedin.com/in/jonathanfales/

Corey Kerns announced as M&A Advisor, iTValuations, New Brighton, Minnesota. He is located in Cedar Rapids, Iowa. Previously, he was Vice President & General Manager, Connected Technology Group, GreatAmerica Financial Services  (April, 2022 - September, 2024). He joined Collabrance December, 2014, Senior Finance & Operations Analyst, promoted May, 2018, Director of Finance and Operations, promoted Vice President and General Manager (March, 2019 - April, 2022). Prior he was Financial Analyst at Great American Financial Services, starting January, 2011,  promoted Senior Business United Financial Analyst (April, 2013 - November, 2015).
https://www.linkedin.com/in/coreykerns/

Michael Laufer was hired as ISO Relations, AVENTUS FUND, New York, New York. Previously, he was Funding Specialist, Pinnacle Advances.
https://www.linkedin.com/in/michael-laufer-81b726303/

Brenden Reeves was hired as Regional Sales Manager, Commercial Credit Group, Inc., Austin, Texas. He is located in Forth Worth, Texas. Previously, he was at Equify Financial, LLC, starting May, 2018, as Finance Intern, promoted May, 2019, Account Representative, promoted Credit Analyst, June, 2020, promoted Account Executive, August, 2021, promoted Regional Sales Manager (December, 2022 - May, 2024). Full Bio:
https://www.linkedin.com/in/brendenreeves-rsm/details/experience/
https://www.linkedin.com/in/brendenreeves-rsm

[headlines]
--------------------------------------------------------------

Leasing and Finance Industry Help Wanted
Excellent Compensation/Marketing Support
Plus other openings for successful, growing funders

Build Your Contact List
By Ken Lubin,  Managing Director, ZRG Partners

We all have a list of people, ex-clients, and potential clients that we know we should contact. It is the list of people in the back of our heads, in our inboxes or on our desk of people we know we should connect,  but never do.  We always say that we will when we have time.

Now is the time!

Make time now until the end of the year to reach out, to build your brand/business, to connect with those whom we haven’t yet connected or reconnect with those whom we may have neglected in the past. Work on it each day, including making time during the weekend.

Here are 3 simple ways to build your list.
- Download your LinkedIn connections list and take the time to determine whom you should connect or delete. Here are the Directions https://www.linkedin.com/help/linkedin/answer/66844/exporting-connections-from-linkedin?lang=en
- Export the contacts in your inbox to an Excel spreadsheet and sort by priority of to whom you should reach out. Determine who the influencers are in your space that could be potential clients and connect.
- One thing I do is look at the speakers at top industry events and reach out to them directly.  You can do it via LinkedIn. Or with a little ingenuity and out of the box thinking, you can send them emails directly.  One way to test if you have the right email is to use https://mailtester.com/
 
Now is the time to take the internal list of those to whom we should be reaching out that is floating in our brain and put it on paper (virtual paper) and make the effort to connect.  Many of your contacts are likely just as perplexed on what to do during these times as you.  Perhaps when you team up, great things can happen.

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

 

[headlines]
--------------------------------------------------------------

Top Ten Most Read by Readers
September 3 to September 6

(1) North Mill Equipment Finance Announces
    $404 Million Term Securitization
https://leasingnews.org/archives/Sep2024/09_03.htm#nm

(2) New Hires/Promotions in the Leasing Business
and Related Industries
https://leasingnews.org/archives/Sep2024/09_06.htm#hires

(3) Funders Taking "New" Broker Business List
Four Do Not Require that Brokers Be Licensed
https://leasingnews.org/archives/Sep2024/09_06.htm#looking

(4) Randy Haug, EVP/Co-Founder, Comments on what
He Experienced from Americorp & LTi Relationship
https://leasingnews.org/archives/Sep2024/09_03.htm#haug

(5) American Transit's Surplus Wiped Out
  By $705 Million Net Loss in Q2
By Matthew W. Daus, Esq.
https://leasingnews.org/archives/Sep2024/09_03.htm#ameri

(6) Top Ten Most Read by Readers
August 26 to August 29
https://lesingnews.org/archives/Sep2024/09_03.htm#826

(7) ELFA Announces Channel is Winner of
2024 Operations and Technology Excellence Award
https://leasingnews.org/archives/Sep2024/09_03.htm#elfa

(8) What is Your Plan?
By Scott Wheeler, CLFP
https://leasingnews.org/archives/Sep2024/09_06.htm#what

(9) Women in Leasing Picking Up Steam
By Sloan Schickler, Esq.
https://leasingnews.org/archives/Sep2024/09_06.htm#women

(10) Conference & Forums
  Commercial Finance/Leasing Finance
Make New Friends!
https://leasingnews.org/archives/Sep2024/09_03.htm#conf

[headlines]
--------------------------------------------------------------

Updated - Conference & Forums
Commercial Finance/Leasing Finance
Make New Friends!

Sept. 10-12: CFLA Conference, St. John's, NL, Canada
CLFP to Present New Program
https://leasingnews.org/archives/Aug2024/08_23.htm#clfp
Full Information:
https://cfla-acfl.ca/cfla-annual-national-conference-2024.html
Hugh Swandel, President, Meridian OneCap Commercial Credit, will be covering the conference for Leasing News

Sept. 23 - 24: B2B Finance Expo, Wynn, Las Vegas, NV
https://www.b2bfinexpo.com/
It also features Poker Game for 50, Sunday, Sept. 22, 2024
https://www.b2bfinexpo.com/page/3932469/poker-party
Accepting Reservations:
https://book.passkey.com/gt/220111918?gtid=3de05f54910c4c17c858cd28e9e1b9cf

Oct. 16-18: NVLA Conference, Clearwater Beach, Fl.
https://www.nvla.org/page/2024conference
Keynote Speaker Michelle "Mace" Curran, Combat Veteran, Former USAF Fighter Pilot
https://leasingnews.org/archives/Jul2024/07_12.htm#nvla
Women in Leasing Picking Up Steam
https://leasingnews.org/archives/Sep2024/09_06.htm#women 
Sloan Schickler, Esq., Schickler & Schickler, will be covering the conference for Leasing News. She is also presenting there.

Oct. 27-29: 63rd ELFA Annual Convention, Austin, TX
List of 800 Registered to Date 09/06/24
Bruce Kropschot, Senior Managing Director, The Alta Group, will be covering the ELFA Convention, as he has done for Leasing News for many years.

Nov. 6, 2024, Brokers Expo, New York City
https://brokerexponewyorkcity.com/
Make New Friends

Nov. 11-14: NEFA Fall Conference, Indianapolis, Indiana
https://www.nefassociation.org/events/upcoming
Don Cosenza, CLFP, Senior Vice President of North Mill Equipment Finance, will be covering the conference for Leasing News

To be listed or update: kitmenkin@leasingnews.org

The State of Autonomous Vehicle Safety
by Statista.com

The inclusion of assisted driving, which aids the driver of a car with braking or steering in specific situations, has been the norm for newly manufactured automobiles for a while now. Fully autonomous driving, however, is still not considered ready for the mass market, even though the development and deployment of robotaxis in select cities in China and the U.S. have been advancing at a steady pace.

One major roadblock often brought up by critics is safety issues, which led to the suspension of the driverless testing permits for General Motors' AV subsidiary Cruise in San Francisco in 2023 after an accident with a pedestrian. The safety of autonomous vehicles (AVs) is also, in part, reflected in their crash/collision rate compared to regular passenger cars.

In 2022, 1,552 AVs driving 5.7 million miles were reported registered for testing in California. These AVs were involved in 150 collisions throughout the year, according to the California Department of Motor Vehicles' (DMV) Autonomous Vehicle Collision Reports, which puts AVs at a crash rate of 96.7 per 1,000 vehicles and 26.3 per million vehicle miles. Statista calculations with data from the U.S. Department of Transportation and the California Highway Patrol show that the overall rate of crashes per 1,000 vehicles in California stood at 7.0 in 2022, while the crash rate per million miles traveled came to 0.7. Looking at the same rates for all motor vehicles in the U.S., the crash rates were 20.9 and 1.9, respectively.

The high figures for AVs don't necessarily translate to reckless driving behavior by autonomous cars. Crash reports for 2022 show that most collisions are minor and are often caused by other traffic participants trying to swerve around the AV, being distracted or impatient. Ten collision reports filed in 2022 included the participation of bicyclists, pedestrians or e-scooters, while the rest involved motorcycles, trucks or cars. AV makers are also held to a higher standard when reporting collisions.

The overall traffic crashes on public roads aggregated by the California Highway Patrol and the National Highway Traffic Safety Administration that form the basis for the calculations for the crash rates for all motor vehicles in California and in the United States are, on the other hand, estimates and only counted when police are involved. This makes it likely that the real collision figures are considerably higher.

[headlines]
--------------------------------------------------------------

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

ELFA Reveals Education Session Lineup
for 2024 Annual Convention

Washington, DC — The Equipment Leasing and Finance Association (ELFA) has unveiled the lineup of educational sessions for the 2024 ELFA Annual Convention, taking place Oct. 27-29 in Austin, Texas, featuring a diverse array of industry professionals who will offer their expertise and insights across three focused tracks addressing the most pressing issues and opportunities in the sector.

Financial & Operational Strategies and Insights

• Strategies for Market Expansion: Effective Approaches for Entering New Markets and Expanding Business Reach
• The Evolving Role of Banks and Independents in Equipment Finance
• Level Up Your Workforce: Strategies for Recruiting, Retaining, and Promoting Top Talent
• 2024 Industry Horizon Report: Breaking Down the Data
• Workforce Evolution: Key Compensation Trends in Equipment Finance
• Cleaning Up a “Hot Mess”: Addressing the Business Risks of Data Integrity

Tech Innovation & Emerging Trends

• Best Practices for Building a Modern EF Platform Leveraging the Software Ecosystem
• Which Way Are the Winds Blowing for Climate Finance
• AI in Action: Real-World Use Cases in Equipment Finance
• Unlocking Value: Strategies for Leveraging Private Equity in Equipment
• AI in Commercial Credit Risk Decisioning

Policy, Legal & Regulatory

• Legal News CEOs Can Use
• The Consumerization of Small Business Finance:  Section 1071, Commercial Financial Disclosure Laws and the Challenges Ahead
• The Global Supply Chain Crisis: Are We Really Out of the Woods?
• Adapting to Change: How Basel III Revisions Impact Equipment Finance Strategies
• Preserving Perfection: Maintaining Financing Statements with UCC3 Amendments
• Investing in Underserved Communities

The full agenda, including speakers for each session, is available at https://www.elfaonline.org/education-networking/2024/annual-convention/schedule

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.

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

[headlines]
--------------------------------------------------------------

“Adopt a Pet”—City, State
Two Popular Links

Adopt-a-Pet by Leasing Co. State/City
http://www.leasingnews.org/Conscious-Top%20Stories/Adopt_Pet.htm

Adopt a Pet
http://www.adoptapet.com/

News Briefs

Volvo’s European electric trucks
   to achieve 600-km range  (372.8 miles- 6.2 hr 60mph)
https://www.trucknews.com/sustainability/volvos-european-electric-trucks-to-achieve-600-km-range/1003188629

U.S. Bank: 73% of Small Businesses Have Grown
    Despite Labor Challenges
https://www.abfjournal.com/dailynews/u-s-bank-73-of-small-businesses-have-grown-despite-labor-challenges

Umpqua Bank Bolsters North Coast Wine Specialty
  Group With Addition of Six Experienced Bankers
https://www.winebusiness.com/news/article/292116

Boeing reaches tentative labor deal
   with 25% pay hike, new plane commitment
https://www.reuters.com/business/aerospace-defense/boeing-seattle-workers-clinch-agreement-after-strike-2024-09-08/

Sweltering 2024: Earth breaks record
   for hottest summer ever
https://www.courthousenews.com/sweltering-2024-earth-breaks-record-for-hottest-summer-ever/

The Big Number: $3.8 Billion: The amount
  offered by Nordstrom’s founding family
     to buy its namesake retailer.
https://www.nytimes.com/2024/09/06/business/nordstrom-family-acquisition-offer.html

[headlines]
--------------------------------------------------------------

The State of America’s Wallet
    How the cards, cash, debts and assets we carry stack up
https://www.wsj.com/personal-finance/the-state-of-americas-wallet-00fc81ed?st=xl0nsb5sm4ecmjb&reflink=desktopwebshare_permalink

[headlines]
--------------------------------------------------------------

Sports Briefs---

49ers defend controversial new Levi's
     Stadium parking policy
https://www.sfgate.com/49ers/article/niners-defend-controversial-tailgating-policy-19743134.php

[headlines]
--------------------------------------------------------------

California News Briefs---

More than 1,000 homes are eyed as replacement
   for San Jose golf course
https://www.mercurynews.com/2024/09/06/san-jose-home-house-golf-build-property-real-estate-develop-economy/

[headlines]
--------------------------------------------------------------

Gimme that Wine

 

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

Wineries sue Napa County over alleged
    constitutional rights violations
https://www.sfchronicle.com/food/wine/article/napa-winery-lawsuit-19740376.php

Napa Valley Harvest Report:
    A Busy September Begins
https://napavalleyregister.com/news/community/star/napa-valley-grape-harvest-report-wine/article_5f2dfd14-6984-11ef-8d98-37166805725b.html

Nate Weis to Receive Wine Business
     Leadership Award
https://www.winebusiness.com/news/article/292121

Drinking wine with meals linked to
    better health outcomes
https://www.decanter.com/wine-news/opinion/drinking-wine-with-meals-linked-to-better-health-outcomes-537578/

Chateau Yquem to release ‘hothouse’ Y 2022
    and unveils historic release from its cellars
https://www.thedrinksbusiness.com/2024/09/chateau-yquems-hothouse-y-2022-to-be-released/