UNIFYING CORE TEAMS · 2018-07-26 · 23 PERSONAL PRODUCTIVITY Simple Hacks for Maximizing...

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Sales & Marketing/Operations Issue | Jul/Aug 2018 UNIFYING CORE TEAMS Sales, Marketing & Operations How Great Teams Fail to Deliver Great Outcomes Simple Hacks for Maximizing Productivity nefassociation.org Also inside... National Equipment Finance Association

Transcript of UNIFYING CORE TEAMS · 2018-07-26 · 23 PERSONAL PRODUCTIVITY Simple Hacks for Maximizing...

Page 1: UNIFYING CORE TEAMS · 2018-07-26 · 23 PERSONAL PRODUCTIVITY Simple Hacks for Maximizing Productivity It’s been decades since the first generation of business technology promised

Sales & Marketing/Operations Issue | Jul/Aug 2018

UNIFYING CORE TEAMS – Sales, Marketing & Operations

How Great Teams Fail to Deliver

Great Outcomes

Simple Hacks for Maximizing

Productivity

nefassociation.org

Also inside...

National Equipment Finance Association

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Jul/Aug 2018 NEWSLINE 1

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National Equipment Finance Association

Jul/Aug 2018Volume 10 Number 4

FEATURES14HOW GREAT TEAMS FAIL TO DELIVER GREAT OUTCOMESGreat teamwork is about more than a sum of its parts; it’s about a collective effort to succeed. As Sandy Graydus of LEAF Commercial Capital explains, an equipment finance company divided is one primed for failure.By Sandy Graydus

16LOST & FOUND: BEST PRACTICES IN ASSET MANAGEMENT Any company that has ever leased a piece of equipment has been forced to ask the question, how will I recoup my investment if this deal goes bad? Brody Pack, of RTR Services, offers some simple but often overlooked steps to ensure lenders come out on top when a borrower defaults. By Brody Pack

2 NEWSLINE Jul/Aug 2018

18RELATIONSHIPS MATTER – TIPS FOR NURTURING A STRONG BROKER-FUNDER PARTNERSHIPThe broker-funder relationship is one of the most symbiotic partnerships in the financial services industry, rivalling even that between lender and customer. Here, Ross Stites, of Main Street Business Capital, offers some suggestions for brokers on how to uphold their side of the bargain. By Ross Stites

20LTi TECHNOLOGY SOLUTIONS: FLEXIBLE IN THE FACE OF PROGRESS Newsline sits down with Jeff Van Slyke, President of LTi Technology Solutions, to discuss the company’s decision to rebrand from LeaseTeam, and how technology is reshaping the equipment finance industry.

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Jul/Aug 2018 NEWSLINE 3

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ALSO INSIDE...4 From NEFA’s President

5 From NEFA’s Executive Director

6 In the News…

13 NEFA Pictorial

22 neFACTS

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NEFA Newsline ©2018 is published bi-monthly by the National Equipment Finance Association. All rights reserved. The opinions and views expressed in this publication including all editorial and advertising content are not those of the National Equipment Finance Association and/or Equipment Finance Advisor, Inc. Reproduction, duplication or redistribution in whole or in part is not permitted without express written permission of the National Equipment Finance Association and Equipment Finance Advisor, Inc.

NEFA HeadquartersP.O. Box 69Northbrook, IL 60065-0069847.380.5050 Main847.380.5055 [email protected]

NEFA Executive Director & CEOGerry [email protected]

NEFA Senior Association CoordinatorKim [email protected]

Newsline Design & ProductionEquipment Finance Advisor, Inc.d/b/a Advisor Publishing Group975 Mill Road, Suite GBryn Mawr, PA 19010

Editor-in-ChiefMichael [email protected]

Associate Editor Chris [email protected]

Director of Sales & MarketingDenise [email protected]

Design & Production Eliza Whitney www.elizawhitney.com

DEPARTMENTS23 PERSONAL PRODUCTIVITY

Simple Hacks for Maximizing Productivity It’s been decades since the first generation of business technology promised to make our lives easier, but some firms still remain trapped in the dark ages. Deb Reuben, of Reuben Creative, offers a roadmap to optimizing office productivity without breaking the bank. By Deborah Reuben

26 ASSOCIATIONTarheels, Fast Wheels, Moonshine and Money!NEFA’s outgoing Executive Director Gerry Egan pays homage to his adopted home of North Carolina, and offers a preview of the 2018 Funding Symposium, from Oct. 3-5, in Charlotte, which will be his last at the helm of the association. By Gerry Egan

27 LEGALPrejudgment Remedies Provide the Quick KnockoutIrwin Wittlin, of Hemar, Rousso & Heald, LLP, offers a primer on how lessors can use prejudgment remedies to protect themselves from losses. By Irwin Wittlin

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A Message from NEFA’s President

For this month’s President’s Letter, I’d like to talk about best practices for identi-fying, approaching and creating rela-tionships with new funding sources. As a funding source member of NEFA, I would like to share

this perspective with Broker/Lessor members in hopes of developing long-term, mutually successful relationships for lessors and funding source members alike.

Funding sources are generally open to new partners; however, several considerations are evaluated when strategically growing an orig-ination base. Some examples include: opera-tional efficiency, portfolio performance, prof-itability, volume, portfolio diversification and concentrations, risks of new relationships as well as staffing, funding capacity, and main-taining relationships of existing origination customers.

Unique or compelling origination platforms, including industry/asset specializations, advanced or proprietary technology and/or strong repeat customer bases add attractive value. Origina-tors should be able to demonstrate they are organized, efficient, knowledgeable and trust-worthy. Has the originator defined what they are seeking from a new funding source? Is there an identified fit or need for the new funding source that supports his/her originations? Is the originator invested in the equipment finance industry, as demonstrated by associa-tion membership, conference attendance and investments in training and education?

By preparing your approach to potential funding sources your chances of success will escalate. You differentiate your company from other originators and present your orga-nization in terms of a partnership with com-pelling reasons why someone should do busi-ness with you. I recommend doing research on a prospective lender: Visit their website, understand their transaction and risk profiles, familiarize yourself with their management team, determine their source of funds, and look into the amount of assets under man-agement. Since protecting your good reputa-tion and customer base is critical, you should determine whether the funding source has a good track record of customer service and fair business practices.

Lastly, I recommend creating a “book” on your company to present to potential fund-ing sources. Your book should include every-thing from your company’s background, including biographies of owners and manage-ment, to references from funding sources and a description about what sets you apart from your competitors.

Luckily, NEFA provides an excellent platform to learn, improve and execute strategies like I just explained. The association’s emphasis on Professionalism strives to apply best practices in all aspects of our industry. Don’t be afraid to ask for advice! That’s what our community is all about.

Mike Coon NEFA President

EXECUTIVE COMMITTEE

presidentMIKE COONAMUR EQUIPMENT FINANCE

vice presidentMARC KEEPMAN, CLFPKLC FINANCIAL, INC.

treasurerDENNIS DRESSLERDRESSLER & PETERS, LLC

secretaryDARYN LECY, CLFP

immediate past presidentSTEPHANIE HALL, CLFPBLACKRIVER BUSINESS CAPITAL

board of directors

ADAM PETERSON CHANNEL PARTNERS CAPITAL

ERIC ALLEY LEASETEAM, INC.

GUY SELINKA, CLFP STREAMLINE FINANCIAL

JAMES JACKSON THE ALTA GROUP

JOE LEONARD, CLFP OAKMONT CAPITAL SERVICES

KRISTIAN DOLAN, CLFP TAMARACK

LAURA CARINI, CLFP FINANCIAL PACIFIC LEASING, INC.

SCOTT LIPKA, CLFP BENEFICIAL EQUIPMENT FINANCE CORP.

2018 BOARD OF DIRECTORS

4 NEWSLINE Jul/Aug 2018

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Jul/Aug 2018 NEWSLINE 5

A Message from NEFA’s Executive Director

Time sure does fly by! I remember my mother telling me that back when she was the age I am now. And she was right. As hard as it is for me to believe, much of the planning for NEFA’s 2018 Funding Symposium is done and we’re already registering attendees.

Early indications are that it will be another great turnout. And no wonder. Charlotte, NC, is a great location. You can read more about that on page 26 in this issue - and Conference Chairperson Bob Hanna has put together a great lineup of educational programs.

I want to remind everyone, too, that the Funding Symposium serves as NEFA’s required ‘official’ annual meeting and it’s there where we’ll elect Officers and Directors for the coming 12 months and report on the status of the association. But that’s not all this year. This year’s Funding Symposium will also be a transition in management for NEFA. I’ll be stepping down, and a new Executive Director & CEO will be taking over. It’ll be kind of a change of command.

For that reason, I want to ask every NEFA member who can possibly do so to make the effort to attend the 2018 Funding Symposium, October 3-5, to show their support. It’s not for me. Of course I’ll be happy for you to come and see me off - it really will mean a lot to me.

But most of all I want to be sure you come and meet my replacement. I want every NEFA member to show the new Executive Director & CEO the kind of spirit and support that makes this association unique. And I want each and every NEFA Member, in person, to pledge their support going for-ward to the new Executive Director.

My successor will have a lot harder job than I had when I took on this group back at the beginning of 2011. Yes, it’s true that we were in dire financial shape back then and membership was down; but in lots of ways that made my job easy. Some

of you have heard me say that “when the building’s on fire it’s not hard to know what to do … you put the fire out!”

My successor, however, will take over a vibrant, growing and financially secure association with lots of oppor-tunities and lots of potential. Choos-ing the right direction and carefully allocating resources will be funda-mental to NEFA’s future health and growth. That’s why your help and support won’t just be nice, it is absolutely critical.

The Funding Symposium’s not the only thing NEFA’s doing right now, though. Be sure to keep an eye on the calendar of events on the NEFA website. We have a bunch of fun, helpful networking events going on across the country this summer. Pick one or more you can get to and turn effective networking into fun.

I look forward to seeing you all at my “swan song” NEFA Conference in Charlotte in early October.

Please don’t miss it!

Gerry EganNEFA Executive Director & CEO

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in the NEWS

National Equipment Finance Association

6 NEWSLINE Jul/Aug 2018

PERSONNEL ANNOUNCEMENTS

Unified Communications Industry Veteran Joins GreatAmerica Financial

GreatAmerica Financial Services announced unified communications (UC) industry veteran, Ian Pugh, has joined its team. He brings 15 years of experience in the UC industry to his new role as Director, Strategic Programs for the GreatAmerica Unified Communications and IT business unit. Pugh will be responsible for the GreatAmerica UC and IT manufacturer programs strategy, and serve as a liaison between GreatAmerica and the telecommunications industry, including manufacturers and service providers.

“Ian brings an enormous amount of channel experience, indus-try connections, as well as sales and leadership experience,” said Wil Meggers, Vice President and General Manager of the Uni-fied Communications & IT Group at GreatAmerica. “We help managed service providers, IT VARs and UC channel part-ners navigate the evolution of the technology market, and Ian’s experience as a former leader of a technology company adds insight to that mission.”

Prior to joining GreatAmerica, Pugh spent 15 years in lead-ership, sales and marketing roles at Gsolutionz Inc., a unified

communications and collaboration provider in California. The last five years he served as the company’s president, lead-ing it through a transition to cloud.

Key EF Provides Financing for Large-Scale Solar Project in MauiKey Equipment Finance provided financing through its Energy Solutions team for Maui's first large-scale solar project.

In partnership with Maui Electric Company and Kenyon Energy, Maui’s first large-scale photovoltaic (PV) solar project came online on May 5 on land owned and managed by Hale-akala Ranch Company in South Maui. Maui Electric is buying the power from the independently owned and operated South Maui Renewable Resources project by Kenyon Energy.

The 11.3-acre project, located in Haleakala Ranch pastures mauka of Pi‘ilani Highway near the Maui Research & Tech-nology Park in Kihei, can offer up to 2.87 megawatts (MW) of solar power to Maui Electric’s grid at 11.06 cents per kilowatt hour. Maui Electric does not mark up or take a profit from this purchased power, passing the savings directly to Maui cus-tomers.

October 3-5 | Charlotte, North Carolina | Charlotte Marriott City Center

Early-Discount Registration Open Now!

High-Level Education

Industry Leading Exhibitors

Top-Notch Networking

Register here: NEFAssociation.org/event/18Symposium

Bring Team Members, Earn Discounts!

Funding Symposium 2018

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Jul/Aug 2018 NEWSLINE 7

Navitas Credit Starts Middle-Market EF Group; Martella Named SVPNavitas Credit Corp. announced John Martella joined the organization as Senior Vice President of the newly formed Navitas Capital division. This new division will be focused on middle-market transactions starting at $500,000 and provide a variety of funding solutions for companies with revenues over $10 million. Business will be sourced through relationships with equipment vendors, certain franchise concepts, indepen-dent lessors, financial institutions and captives.

Martella is a recognized industry leader with more than 35 years of experience and over $3 billion funded throughout his career.

“I am confident that by joining Navitas, I will be able to bet-ter serve the needs of all my valued clients. The company has demonstrated best-in-class technology-based solutions that provide the highest level of execution and service to its business partners and their customers,” he said. “We will be leveraging the resources and infrastructure of Navitas and developing the types of products and services that will make Navitas one of the premier providers of middle-market equipment finance solutions.”

Gary Shivers, President and Chief Executive Officer of Navi-tas, added, “John is a seasoned leader with the expertise we need to successfully build and grow in this market segment. The recent acquisition by United Community Bank has pro-vided the additional capital required to be competitive in the middle-market. We are very excited about having John as a member of our leadership team.”

Jean Cutting also joined the division as Vice President of Busi-ness Development. Cutting has more than 30 years of experi-ence in middle-market lending and previously held positions at U.S. Bank Equipment Finance, Bank of America and LCA.

North Star Leasing Hires Chandler as First COO North Star Leasing announced the hiring of Rebecca Chandler as its first Chief Operating Officer.

“We’re thrilled to have Rebecca join the North Star Leasing team as we continue on our aggressive growth plan,” said Dan Feeney, CEO of North Star Leasing. “Her experience in help-ing build other leasing companies will allow us to take full advantage of her knowledge and help bring our business to an exciting new level.”

“To be able to play a significant role in accelerating the growth of North Star Leasing over the coming years, work with Dan and his team, and to return to Vermont where I went to col-lege and grew up, is a dream come true,” Chandler said.

“North Star Leasing has experienced tremendous growth and the addition of a qualified executive of Rebecca’s caliber is exceptional news,” said Matthew Bryson, Principal of Cop-ley Equity Partners and board member at North Star Leasing. “We’re proud to be adding Rebecca to the North Star Leasing team to help support the expansion for many years to come.”

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in the NEWS

National Equipment Finance Association

8 NEWSLINE Jul/Aug 2018

INDUSTRY NEWS

Fora Financial Acquires Significant Stake in US Business FundingFora Financial announced it has acquired a significant stake in US Business Funding (USBF). The combination will cre-ate one of the largest, broadest - reaching direct sales organi-zations in the small business alternative lending space, while deepening the partnership between the two companies.

USBF links small businesses across a variety of industries with financing products based on their specific needs, including vendor programs, capital equipment loans and leasing solu-tions. Since 2014, the company has grown originations at over 100 percent annually and now employs 40 sales people in its Irvine, CA office.

Peter Ribeiro, Founder and CEO of USBF, will continue to lead USBF in executing its growth plan. Terms of the acquisi-tion were not disclosed.

“Joining forces with US Business Funding is an important strategic step for Fora Financial,” said Jared Feldman and Dan Smith, Fora Financial’s Co-Founders. “As a result of the acqui-

sition, Fora Financial will have nearly $400 million of annual originations, and we will add complementary and dynamic sales and marketing capabilities and be able to access other financing products. We look forward to working with Peter and his team on ways to expand what is already one of our most successful rela-tionships.”

“This is an exciting time for all of us at US Business Funding,” Ribeiro added. “We have rapidly built one of the top sales organizations in the industry, and now we have the opportunity to leverage the expertise and resources of Fora Finan-cial to fuel our growth even further. Jared and Dan have established Fora Financial as one of the top lenders in the space, and we are motivated to build on our terrific relationship with them to create even more opportunities for our companies to succeed.”

LeaseQ Partners with Supply & Equipment Foodservice AllianceLeaseQ, an online marketplace for equipment financing, and SEFA, LLC, a nationwide network of supply and equipment dealers and manufacturers, announced a partnership to bring financ-ing automation to SEFA members. The LeaseQ platform allows SEFA members to capture instant, competitive lease and loan quotes for their customers, and manage financing opportunities from quote to close.

“SEFA goes above and beyond in offering value to their members, from impactful shows and trainings, to financing pro-grams. We are honored to be their part-ner and look forward to providing their ever-growing member base with access to our signature white-glove service and

Alabama - Marks & Associates, P.C.

Arizona - Jennings, Haug

& Cunningham, LLP

Arkansas - Hood and Stacy, P.C.

California - Los Angeles - Hemar,

Rousso & Heald, LLP

San Francisco - Cooper, White & Cooper, LLP

Colorado - Harry L. Simon, P.C.

District of Columbia - Weinstock,

Friedman & Friedman, P.A.

Florida - Miami Beach - Mitrani, Rynor,

Adamsky & Toland P.A.

Georgia - Marks & Associates

Hawaii - Kessner Umebayashi Bain

& Matsunaga

Illinois - Ashen/Faulkner LTD

Iowa - Witt Law Offices

Kansas - Young, Bogle, McCausland,

Wells & Blanchard

Louisiana - McGlinchey Stafford, PLLC

Maryland - Weinstock, Friedman

& Friedman, P.A.

Massachusetts - Cohn & Dussi, LLC

Michigan - Jaffe, Raitt, Heuer & Weiss, P.C.

Minnesota - Messerli & Kramer, P.A.

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South Carolina - Bunch Law LLC

Texas - Fort Worth - Padfield & Stout, LLP

Houston - Wright Law Group, PLLC

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Wisconsin - Quarles & Brady, LLP

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Wyoming - Harry L. Simon, P.C.

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Quebec - Lavery, De Billy, LLP

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Jul/Aug 2018 NEWSLINE 9

suite of automated tools to make equipment financing fast and easy,” said Vernon Tirey, Co-Founder and CEO of LeaseQ.

Founded in 1986, SEFA (Supply & Equipment Foodservice Alliance) is the industry’s leading foodservice buying, market-ing and training group. SEFA serves more than 60 members, and has more foodservice equipment and supplies dealers in the top 100 than any other buying group. Their mission is to enhance the profitability and competitiveness of their mem-bers, while providing loyalty and growth to their supplier part-ners.

“SEFA is distinct in that we offer our members value, technol-ogy and resources with a personal touch, which is why partner-ing with LeaseQ was such a natural fit,” said Sandra VanBuren, Director of Strategy & Business Operations at SEFA. “With LeaseQ, we are excited to offer a robust, automated equipment financing program to our members today and in the future.”

Channel Partners Capital Closes Majority Equity Investment; Secures Long-Term Credit FacilityChannel Partners Capital announced two significant develop-ments to support the company’s growth initiatives. Channel has closed a significant equity investment from funds advised by Elliott Management Corporation, a multi-strategy private investment firm with approximately $35 billion in assets under management. Elliott’s equity investment will provide Chan-nel with new growth capital to support further expansion of Channel’s portfolio lending capabilities.

Elliott’s investment also facilitated a recapitalization with a new expandable asset-backed credit facility led by CIBC Bank USA.

“These agreements both endorse and support our rapid growth strategy for the future, along with an increase in our equity and debt facilities to support $300 million in annual originations,” said Brad Peterson, CEO of Channel. “With these two strong financial partners, we’re expanding our investments in people, technology platforms and operational enhancements to better assist equipment finance companies in providing growth capi-tal to their own customers.”

Farrukh Iqbal, Investment Professional at Elliott, said, “Chan-nel has many attributes that we seek in our private specialty finance investing strategy, including a differentiated customer acquisition strategy, strong relationships with its customers and an analytical and disciplined approach to underwriting. With its new, flexible and efficient capital structure, Channel is positioned very well to capitalize on growth opportunities. We are excited to be partnering with the talented team at Channel to support the expansion of Channel’s products, lending chan-nels and portfolio lending capabilities.”

Last year Channel, based in Minnetonka, MN, was ranked among the Inc. 500/5000 fastest-growing private companies in the U.S. by Inc. magazine for the fifth straight year.

Along with replacing and expanding a credit facility that Chan-

nel signed in 2015, these two new agreements offer Channel improved financial flexibility and reduced costs.

Cloud Lending Solutions Wins FinTech Breakthrough AwardCloud Lending Solutions announced it has been selected as the winner of the “Best Business Lending Platform” award by FinTech Breakthrough, an independent organization that rec-ognizes the top companies, technologies and products in the global FinTech market.

The FinTech Breakthrough Awards program was founded to recognize the FinTech innovators, leaders and visionaries from around the world in a range of categories, including Personal Finance, Lending, Payments, Investments, RegTech, InsurTech and many more. The 2018 FinTech Breakthrough Award program attracted more than 3,000 nominations from across the globe.

“We are thrilled to receive this recognition for our lending technology in the 2018 FinTech Breakthrough Awards. Our customers overwhelmingly tell us that being able to address the needs of their customers has fundamentally transformed the relationship they have with their borrowers,” said Snehal Fulzele, CEO and Co-Founder of Cloud Lending Solutions. “Being able to lend quickly, when and where their custom-ers are located, means small business, consumers, commercial lenders or equipment lessors can fund their personal or busi-

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10 NEWSLINE Jul/Aug 2018

in the NEWS

National Equipment Finance Associationness pursuits. On behalf of our employees around the world, we are honored to be part of this lending transformation.”

Cobra Leasing Renamed Providence Equipment FinanceCobra Leasing announced it is adopting a new name, Prov-idence Equipment Finance (PEF), a Division of Providence Bank & Trust.

Providence Bank & Trust in 2016 closed on an asset purchase agreement in which the bank acquired substantially all of the assets and assumed the operations of Cobra Capital LLC, a national independent equipment finance company.

“After 18 highly successful years funding both conventional and emerging growth SME's, we start another growth chap-ter in adopting our new name, Providence Equipment Finance (PEF), a Division of Providence Bank & Trust - The Huizenga Family Office's exclusive, entrepreneurial community bank investment. Expect even more creative ways of providing our trademarked ‘Solutions that work’ financing programs for the best entrepreneurs in our great country,” said Dale R. Kluga, President of Providence Equipment Finance. Cobra Capital was founded in 2000 by Kluga.

Ascentium Capital Announces $330 MM SecuritizationAscentium Capital LLC issued a $330 million small-ticket equipment securitization of Ascentium Equipment Receiv-ables 2018-1 Trust.

This represents the company’s ninth securitization since 2012 and the first time a non-investment grade, independent equip-ment finance company received triple AAA and Aaa ratings from both Standard & Poor's and Moody’s, officials said.

“These top ratings confirm our successful long-term business model, proprietary credit model and commitment to risk management,” said Tom Depping, Chief Executive Officer at Ascentium Capital.

Ratings are based on the strong financial condition of the com-pany and consistent collateral performance that results in a sta-ble portfolio.

Evan Wilkoff, Executive Vice President of Capital Markets, said, “We are very pleased with the confidence that our inves-tors have in Ascentium Capital as further evidenced by the participation of 30 unique investors in this transaction. We will continue with our diversified funding strategy that helps maintain our strength and stability.”

CERTIFIED LEASE & FINANCEPROFESSIONAL FOUNDATION

CLFP Foundation Releases SixthEdition Handbook The Certified Lease & Finance Pro-fessional (CLFP) Foundation Execu-tive Director and Board of Directors announced the sixth edition of The Certified Lease & Finance Professionals’ Handbook is now available for purchase through the foundation’s website and Amazon.com.

The handbook was authored and pro-duced by Deb Reuben, CLFP, President of Reuben Creative. The goal of the CLFP Foundation was to produce an improved narrative that incorporated perspectives reflective of the larger bank, captive and independent companies that are utilizing the designation as a tool for professional development.

“An intense and complex project, it was an honor to be asked by the CLFP Foundation to write this new edition of the Handbook,” Reuben said. “I relished the challenge and opportunity to bring forward-thinking insights and creative ideas to designing a new framework for studying the body of knowledge for this dynamic and multi-faceted industry.

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Jul/Aug 2018 NEWSLINE 11

It was wonderful to collaborate with (Foundation Executive Director) Reid Raykovich, CLFP, the CLFP Board, and with so many brilliant contributors from all aspects of the indus-try who carved out time from their busy schedules to provide insights that allowed me to bring multiple lenses to this work.”

“This edition of the CLFP Handbook is a complete over-haul of the text, a big leap forward in content and quality. Its expanded subject matter is much more comprehensive and relevant to a wider variety of business models we see in our industry,” said Robert Boyer, CLFP, President of BB&T Com-mercial Equipment Capital, CLFP Board Member and ELFA Treasurer.

Lori Frasier, Senior Vice President, Strategy and Performance Management - Key Equipment Finance and ELFA Board Member, added, “The updated workbook is top-notch, a resource which will add value to any leasing professional.”

The 2018 CLFP Exam will continue to be based on the Fifth Edition of the Handbook, and in 2019, the exam will be updated to reflect the new content.

CLFP Foundation Adds 38 MembersThe Certified Lease & Finance Professional (CLFP) Founda-tion Board of Directors announced there are 38 new equip-ment finance professionals who recently gained the CLFP designation. The majority of the new CLFPs are from the internally hosted Academy for Lease & Finance Professionals (ALFP) held at U.S. Bank Equipment Finance and the East-ern-area ALFP hosted by LeaseQ.

The newest CLFPs are:• Matthew Bona, CLFP - Senior Credit Manager, Blue Bridge

Financial, LLC

• Aaron Brouker, CLFP - Assistant Vice President, U.S. Bank Equipment Finance

• Daniel Callahan, CLFP Associate - Assistant Vice President, Project Manager, First American Equipment Finance

• Tina Cartwright, CLFP - Senior Vice President, Technology and Operations, U.S. Bank Equipment Finance

• Zach Cicero, CLFP - Assistant Vice President, Asset Man-agement, First American Equipment Finance

• Andre Clifford, CLFP Associate - Underwriting & Funding Manager, Bryn Mawr Equipment Finance, Inc.

• Joshua Cooper, CLFP Associate - Sales Support Intern, First American Equipment Finance

• Kathryn (Kathy) Dapcic, CLFP - Accounting Manager, U.S. Bank Equipment Finance

• Tina Eickhoff, CLFP - Senior Vice President, Director of Finance, U.S. Bank Equipment Finance

• Sean Evans, CLFP - Director of Partnerships, LeaseQ• Steven Hanneman, CLFP - Senior Vice President, Director

of Operations, U.S. Bank Equipment Finance

Help us celebrate! Send us your Rejected credits!

$100,000 to $2,000,000

[email protected]

established 1968

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12 NEWSLINE Jul/Aug 2018

in the NEWS

National Equipment Finance Association• Michelle Kostick, CLFP - Credit Officer, Vice President, First American Equipment Finance

• Svetlana (Lana) Kralik, CLFP - Leasing Credit Manager, U.S. Bank Equipment Finance

• Tom Landmark, CLFP - Vice-President, Director of Con-tract Administration, U.S. Bank Equipment Finance

• Daniel Maddock, CLFP - Assistant Vice President, Project Manager, First American Equipment Finance

• Kari Maier, CLFP Associate - Assistant Vice President, Proj-ect Manager, First American Equipment Finance

• Jeff Matysek, CLFP - Assistant Vice President, Project Man-ager, First American Equipment Finance

• Robert Measer, CLFP - Senior Financial Analyst, First Amer-ican Equipment Finance

• Christine Moses, CLFP - Credit Officer, First American Equipment Finance

• Michael (Mic) Mount, CLFP - Senior Vice President, Credit & Portfolio Management Department Head, U.S. Bank Equipment Finance

• Heidi Mukomela, CLFP - Director of Operations Quality Assurance, U.S. Bank Equipment Finance

• Bob Murrer, CLFP - Vice President, First American Equip-ment Finance

• Eric Myhre, CLFP - Vice President of Finance, U.S. Bank Equipment Finance

• Danielle Naylon, CLFP Associate - Portfolio Associate, First American Equipment Finance

• Patrick O'Connor, CLFP Associate - Director of Business Development, LeaseQ

• Richard Padgett, CLFP - Vice President, Capital Markets Group, U.S. Bank Equipment Finance

• Matthew Rankin, CLFP Associate - Assistant Vice President, Education, First American Equipment Finance

• Kevin Reese, CLFP - Vice President, U.S. Bank Equipment Finance

• Tina Ross, CLFP - Assistant Vice President, Project Man-ager, First American Equipment Finance

• Kathie Russell, CLFP - Senior Vice President, Commercial Credit, U.S. Bank Equipment Finance

• Greg Stitt, CLFP Associate - Assistant Vice President, Syndi-cations, First American Equipment Finance

• Shelly Tauer, CLFP - Vice President, System Technology & Security Manager, U.S. Bank Equipment Finance

• Maximilian (Max) Tirey, CLFP - Finance Associate, LeaseQ• David Trost, CLFP Associate - Director, Transportation

Finance, LeaseQ• David Verkinderen, CLFP - Senior Vice President, U.S. Bank

EF Business Line Leader, U.S. Bank Equipment Finance• Kyle Vogel, CLFP - Assistant Vice President, Project Man-

ager, First American Equipment Finance• Dean Ward, CLFP - CAO & Risk Manager, U.S. Bank

Equipment Finance• Jennifer Wilson, CLFP - Funding Manager, Amur Equip-

ment Finance

“I thought this was an excellent opportunity to expand my overall knowledge of the Equipment Finance Industry,” Ver-kinderen said. “I have spent most of my career in the small-ticket vendor segment of this business and this was a great opportunity to test my knowledge in other parts of our indus-try. I think it is outstanding that our industry has a desig-nation like this for those wanting to expand and verify their knowledge of Equipment Finance.”

The CLFP designation is the only certification for the Equip-ment Finance Industry and there are 573 active Certified Lease & Finance Professionals and Associates in the United States, Canada and Australia.

Please send your company's news items to [email protected]

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Jul/Aug 2018 NEWSLINE 13

National Equipment Finance Association

NEWSLINE PICTORIAL

2018 Crab Feast

June 14, 2018Baltimore, MD

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How Great Teams Fail to Deliver Great Outcomes Great teamwork is about more than a sum of its parts; it’s about a collective effort to succeed. As Sandy Graydus of LEAF Commercial Capital explains, an equipment finance company divided is a firm primed for failure. By Sandy Graydus

Sandy GraydusLEAF Commercial Capital, Inc.

Imagine this: About an hour into watch-ing a basketball championship game, a man starts to feel…different. Not right. Maybe it was something he ate, he thinks. The nachos with cheese and jalapenos were kind of a lot for one guy.About a half hour later, the man feels as if his chest is being squeezed in a vise. Maybe it wasn’t the nachos after all? He calls 911 and about ten minutes later an ambulance shows up with an outstand-ing team of medics.

As he’s speeding to the hospital in the back of the ambulance with its siren wailing, the man thinks, “What a wonderful team this is. They work together so well!”

At the hospital entrance, the man is – politely and profes-sionally – turned away. There must have been some kind of mix-up, he thinks. It turns out the ER is full. The ambulance team loads him back up and again gives him excellent care as they zoom away.

Once the man reaches a hospital with beds available, he’s feel-ing considerably worse. But he’s in good hands with the nurses he’s seen so far, who do their jobs to the highest standard and tell him the doctor will be in soon. Again he thinks, “What a great team this is. They work together so well!”

Finally the doctor arrives. It’s been awhile, but the man’s in no condition to estimate the time it took. In fact, he can barely even open his eyes.

The doctor, nurses and emergency room paramedics confer in the corner. Though their tones are hushed, the man can make out a few words – “reflux” and “anxiety” and some others, like “M.I.” (whatever that means) and “arrest” (which doesn’t sound very good at all).

There does seem to be some confusion about how best to pro-ceed, and a lot of people are talking past each other. But still, it’s a great team and this hospital has a great reputation.

But reputation, it turns out, isn’t everything. A few hours later, after the gentleman is deceased, all the teams involved console themselves with the fact that they did their job. But did they? Did all the individuals function well together as a whole? Or did individual teams feel they did well, but the desired out-come was not achieved due to a problem in another area?

What Does Success Really Look Like?Why do great equipment finance teams fail to deliver great outcomes? Often, it’s because their definition of success and their measurement of performance is largely limited to their own role in the outcome. And since communication across the whole team is poor, teams that believe they did an excellent job (and this is all the teams involved) conclude that it was some other department’s fault.

Everyone did a great job, but in the end the project still failed.In a more dysfunctional equipment finance organization, where teams are trapped in their own silos, conflicts are com-mon. The sales department pushes the credit division, the credit division pushes back, and the operations department pushes both. Everyone is doing their job, and they all believe they’re doing it well. Someone else must have dropped the ball, they think.

This interaction, if left unchecked, can become part of the DNA of an organization, resulting in individuals and teams losing sight of their shared mission and the need for collective problem-solving efforts.

Nobody Wins Unless Everybody WinsEach department has different goals. They have to. Sales wants more sales. Credit wants less bad credit. Operations wants more productivity and better service for less cost.

All are good, necessary goals. But what about the competing goals? What about the silos, or the tribes, or whatever the word of the day is for “teams that work well internally, but not with each other”?

Silos, tribes, and competing goals – these aren’t the problems. Where things break down is when the primary definition of

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Jul/Aug 2018 NEWSLINE 15

success is departmental, instead of organizational, and com-munication doesn’t rise to the level of collaboration.

Let’s go back to the basketball game the unfortunate man in our story was watching: A star athlete scored a lot of points in the game, but the team still lost. It doesn’t help for one or another player to say, “Well, I did my job.” Because, in reality none of them did. They all played a good game individually. But they all lost the game together. And winning was their job.The medical teams above did a great job individually. The patient was the big loser. Chalk up a loss for everyone.

The lesson is that nobody wins unless everybody wins.

What to Ask if You Want to Improve Departmental Teamwork Here are some questions for any organization looking to improve the way sales, credit and operations work together:What is our mission? Here’s the heart of the problem: What are you all working toward? Is it short, memorable and written down where everyone can see it? Does everyone know it? If not, this is your first priority.

While the sales, credit and operational departments may have clearly defined responsibilities, how do they communicate and interact with each other? Do individual teams work together or do they function like they are on their own islands? Separa-tion can fuel blame wars, departmental feuds and communi-cation problems.

Does each department really understand what the others do and the challenges they face - not just on paper, but in a hands-on, day-to-day sense. Ideally, departments should have more than knowledge; they need empathy and sincerity. If at all possible, have at least some team members spend time really seeing how the other half lives. New employee orientations are helpful in orienting new staff to the job requirements of that department; however, sitting in with the other departments, as well as going on sales calls, helps everyone to understand the challenges that other departments deal with day in and day out.

Do departments tend to minimize the contributions of other departments? Every department collectively thinks it’s keep-ing the whole organization from certain collapse. The others qualify for participation trophies, but they know who really runs the show. This is demoralizing, demotivating and highly toxic. Again, cross-departmental councils are useful in helping everyone understand.

Are departments using a shared language? Each department has its own jargon and ways of communicating. That’s fine. But when they communicate with one another, they need a language everyone understands. Depending on how big a problem this is in your organization, you may get away with reminding everyone to watch the shop talk. Or you may require full-on training. Either way, this is something to address as early as possible.

National Equipment Finance Association

How often is there a sense of shared ownership of projects that involve multiple teams? Do teams work together or complete the project together in pieces for eventual assembly by a master team? Consider having people from different departments and areas working together, in addition to rewarding success across all involved teams and not just within specific departments.

Do you provide ample opportunities for intra-team interac-tion? It’s natural (and even somewhat desirable) for cliques to form along departmental lines. But you should encourage cross-department interaction with activities and projects that help your people see each other in contexts that go beyond their teams. Interactions often are found to improve when the meetings involve food and meetings are rotated into different areas. It helps each party to better understand the other person.Does your technology infrastructure support the level of orga-nizational collaboration you want to achieve? A good way to evaluate this is to survey teams to see what they like about your project management system and what frustrates them. What helps them get their jobs done and what gets in the way? Is it too hard to use? Is there something missing? The members of the team may have some constructive feedback which may result in improvement and each feeling better about their role.Have you considered creating roles for departmental liaisons and ambassadors? Oftentimes, we keep going to the same peo-ple on the teams. But we may be missing the opportunity for the next person on the bench to step up and play a bigger role. This could contribute to you losing hidden talent that another organization may unlock.

Are your teams good communicators? If you’ve asked your teams to improve their communication, but haven’t seen the results you want, it may be time to formalize some roles for this purpose and schedule interactions, whether face-to-face or electronically. You may, in turn, unlock what is limiting communication, whether it’s due to language or some other limitation.

Have you fostered a culture of transparency and information sharing? Often, cross-departmental communication problems are symptoms of a transparency problem that goes right to the top of the organization. Of course, some information demands discretion, but too many organizations unnecessarily restrict access to information that could help promote a broader understanding of where the organization is going and what’s standing in the way of it getting there.

In closing, teams are living and breathing entities. Energy, drive and the ability to succeed can all become part of the DNA of an organization. By evaluating the weaknesses of the team, its interactions and its opportunities for success, you may improve your outcomes and achieve greater results with an organization feeling more empowered.

ABOUT THE AUTHOR: Sandy Graydus is Vice President of Operations & Sales Administration at LEAF Commercial Capital, Inc.

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16 NEWSLINE Jul/Aug 2018

I think it’s safe to say that most equip-ment finance companies have a solid asset management plan in place, with detailed practices and protocols. But what works for one company won’t nec-essarily guarantee success for someone else. How does a company know what’s right for them?

Having spent the last 15 years actively inspecting, collecting, repossessing, appraising, auctioning and remarketing

every asset a business can use, I would like to provide some suggestions on asset management practices that can help min-imize the headaches, reduce the timeline and maximize the return on your equipment. These are not ground-breaking new techniques, nor are they revolutionary changes that every-one needs to make. Here are some simple points that can help improve your back-end success rate.

Collect Good, Detailed Information Solid data collection through the life of a lease is an essential component of any good asset management plan. Should the lease become non-performing, the better the information col-lected to that point means the greater chance you will have

a successful resolution through collection, or recovery and resale. Here are some examples of areas to review:

• The Invoice: It’s not uncommon to see vague or generalized asset descriptions on invoices; and while that may be the offi-cial invoice from the vendor, that is not the only documen-tation they have. These generalized invoices make it difficult to ensure that, in the event of a repossession, everything that was leased can be recovered or accounted for. We typically see this in manufacturing systems, franchised businesses and medical equipment. For example, with manufacturing equipment invoices we often see invoices that summarize the system rather than list the individual machines and key components that make up the entire line. For these systems we recommend obtaining the specification sheet or quote, which typically has the breakdown and serial numbers for the key components. Another example would be an invoice with minimal details — such as year, make and VIN on rolling stock, especially semi-trucks. We recommend obtain-ing as part of the documentation the “window sticker” that shows what body or attachments are included, and the nit-ty-gritty details, such as engine, transmission, miles/hours etc. This information will be extremely useful in the event of default in aiding the recovery and resale of your equipment; requiring it before funding will ensure you have the leverage needed to get it.

Lost & Found: Best Practices in Asset Management Any company that has ever leased a piece of equipment has been forced to ask the question: How will I recoup my investment if this deal goes bad? Brody Pack, of RTR Services, offers some simple but often overlooked steps to ensure lenders come out on top when a borrower defaults. By Brody Pack

Brody PackRTR Services, Inc.

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Jul/Aug 2018 NEWSLINE 17

lar process have saved themselves millions in losses – especially on private-party transactions or leasebacks.

Another key time to review of an asset is when a lessee is in default. Even a quick determination-of-value can help you make the necessary decisions and determine the best course of action.

Leverage TechnologyIn the past several years the cost of GPS-monitoring technol-ogy has come down significantly, making it a cost-effective tool for protecting your portfolios. If you are not currently plac-ing GPS units on your trucks and construction equipment we recommend you reconsider. Even though GPS units do not guarantee a quick and easy recovery, they do allow you some protections in the event of a default by enabling you to deter-mine movement patterns, identify consistent loading locations or where a truck “sleeps” on weekends. With GPS technology it’s even possible to remotely disable an asset, denying use until payment is received. It should be noted that these systems can be removed, so it’s not foolproof. However, I have heard of a leasing company or two placing two separate GPS units on their trucks – one that the borrower knows about and another that they don’t – in order to protect against unauthorized removal. All of these features can significantly decrease your recovery time and provide a lender with the upper hand in the event of a default.

Social media can also be a valuable friend to a lender facing a default. This certainly isn’t a new technique, and it is likely being used by many companies already; however, it is worth mentioning any internal skip-tracing should include a review of the borrower’s social media accounts and presence. You would be surprised just how much information is still publicly shared, including information that may help you determine the location of their business and whether it’s currently open.

To summarize, there are many varying opinions regarding best practices in asset management, but none of us should be too set in our ways that we avoid considering new ways of doing things. One of the great things about the NEFA organization is the opportunity to leverage the collective knowledge base of its many different members to allow each of us to improve or strengthen our own knowledge and internal practices. I encourage you to always be willing to consider how to make your practices better.

ABOUT THE AUTHOR: Brody Pack is Vice President of Operations at RTR Services, Inc.

• The Address: At the time of origination, and any time the borrower changes their address, we recommend verify-ing using one of the many free mapping services available through sites such as Google and Bing. By using satellite imagery or street view it’s possible to quickly determine if the given address is consistent with the type of business obtain-ing the financing, or if it even exists. Additionally, anytime a borrower has a change of either a physical or billing address we recommend the same search be completed to reduce the risk of receiving erroneous or false information while you still have a good line of communication with the borrower. Should you find it’s not valid or doesn’t support the business type, you have the opportunity to address it before default.

• The Documentation: We often receive repossession requests that either do not include a photo ID of the borrower and co-borrowers, or include a grainy black-and-white photo-copy of the ID that is illegible. We recommend taking scans or digital photographs of all ID’s at the time of origination over a traditional photocopy. A scan will not deteriorate like a copy, and will provide a clear image of the person that becomes extremely helpful when making an onsite visit should the lessee try to play games or hide their identity. I can’t tell you how many times we have been onsite talking with an individual who we are certain was the lessee even though they claim they were not. With a photo we can be certain of who they are and employ the necessary tactics to drive the interaction to a successful resolution. Without clear photo proof, the likelihood of success during this interaction is minimal in the case of a deceitful borrower.

Verify Value at Key Points of the LeaseWe are all painfully aware of the fact that the original purchase price of an item often has little to no bearing on what the equipment will be worth at a future date. But here is a little secret. The original purchase price has 100 percent bearing on what the equipment is worth at the time of the origination. I know that statement sounds cryptic, but how often do we actually check the original purchase price? With the amount of information available to us at the click of a button, we rec-ommend that you train your staff to leverage that information by doing value verifications in-house. In addition to many free sources, there are several subscription-based price guides avail-able for rolling stock, yellow iron and even machine tools that can help establish a rough value for equipment and help ensure you avoid fraud or overpaying for assets. Another option is to utilize a third-party asset management company to provide a desktop opinion of value or, if warranted, an appraisal before funding. Over the years, those who have implemented a simi-

National Equipment Finance Association

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18 NEWSLINE Jul/Aug 2018

Relationships Matter – Tips for Nurturing a Strong Broker-Funder PartnershipThe broker-funder relationship is one of the most symbiotic partnerships in the financial services industry, rivalling even that between lender and customer. Ross Stites, of Main Street Business Capital, offers some suggestions for brokers on how to uphold their side of the bargain. By Ross Stites

Knowing your deal prior to it being presented to a funding source for credit review is incredibly important in the broker world. Indeed, it could make the difference between getting the best approval possible for your customer or a flat-out rejection. In today’s market, funding sources are trying their best to provide timely credit decisions, with most shooting for a response time of 2-4 hours. The easier you can make it on them by knowing your deal upfront, the

more likely they are to come back to you in a timely manner and with a favorable decision. The more questions you leave unanswered, or the more information they find out in under-writing that wasn’t provided to them, the more likely your deal is to either stall in credit (forcing them to have come back to you for more information) or get declined altogether.

Funding sources are trying to provide a timely service to us brokers, so let’s help them do that!

Knowing your deal consists of three main parts:

Know the Customer• Know the entity type and legal name of the business – is it a

Corporation, LLC, Partnership, etc.? Do they operate under a DBA name?

• Know where the business is located. • Know what the business does. Be as specific as possible. For

example, if they are in construction, be specific about exactly what kind of construction work they do.

• Know the ownership breakdown of the business, and submit information for all owners.

• Know how long the business has been in operation.• Know the credit profile of the requester to make sure it fits

within a funder’s parameters. This means not only know-ing the credit profile of the business itself, but also of all principle guarantors. All brokers should be pulling their own credit reports and previewing deals internally to make sure they will fit a funding source’s credit window prior to sub-mission.

• Know what comparable financing they may have previously obtained. Know who they financed with, what it was for, the amount of the financing, and how long ago it was.

Know the Transaction• Know exactly what equipment is being purchased. Know the

year, make, model, etc. • Know why the customer is purchasing it. Is it a replacement

unit? Is it for business expansion?• Know where the equipment will be located. This is extremely

important when the equipment location is different than the main business location.

• Know what the equipment does and be able to validate that it is essential for this borrower’s business.

• Know the vendors involved and have a quote or an invoice from each. Knowing the vendor’s payment terms upfront is also very important.

Know the Funding Source• Know their transaction parameters. What is the minimum/

maximum deal size they will fund?

Ross StitesMain Street Business Capital, LLC

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National Equipment Finance Association

at previewing deals to make sure they fit their requirements before you submit them.

• Funding percent of all approvals: A funding source is looking at how good you are at setting expectations with your clients on pricing and structure prior to submitting the transaction for a credit decision. Some brokers will send a proposal of terms upfront to get the client’s commitment; at minimum, there should be confirmation from the client that they are committed to an estimate of what those terms may be like, even if it’s simply a verbal one.

• Portfolio Performance: A funding source is looking at not just how your portfolio performs in comparison to their expec-tations and their overall portfolio, but also in how a broker may assist when it is necessary. There are going to be issues in any portfolio, so the better relationships you have with your clients and the more you are able to assist your funding sources with any issues that may arise, the better the relation-ship you will have.

Funding sources want to invest their time in brokers where they are going to see the best return on their investment, and where the business that they fund for that broker performs as expected or better in comparison to their overall portfolio and their expectations.

The better you can know your deal upfront, the higher you will rank with your funding sources on these categories, and ulti-mately, the better relationship you will have. You must learn to treat your funding sources not as a funding source, but as a funding “partner.”

A broker and a funding source are in this together, for good or bad. Both a broker and a funding source should be work-ing together as partners to obtain one common goal – fund a successful transaction and have a successful customer for the life of that transaction. A successful transaction must be a suc-cess for all parties – the customer, the broker and the funding source. When you can view your relationship with your fund-ing sources as a partnership and take on the qualities that a partnership requires, as detailed above, you will get the most out of your relationships with your funding sources.

ABOUT THE AUTHOR: Ross Stites, CLFP, is Senior Vice President, Credit at Main Street Business Capital, LLC.

• Know their credit parameters. What minimum credit score is required? Is a minimum time in business required?

• Know any other restrictions the funding source might have (for instance, do they avoid certain equipment or industries).

The goal when submitting a transaction to a funding source for approval is to have it go from underwriting, to approval, and finally to funding without any changes being made. Make sure that the information you provide can be proven; if there is public information that contradicts what you are submitting to a funding source, don’t be hesitant to go back to the cus-tomer for proof of what they are telling you.

Remember that in all rep and warranty agreements between a broker and a funding source, the broker is responsible for validating that all information that is being submitted is true and correct; so make sure you are doing this whenever there is something in question. Don’t wait or rely on the funding source to ask for it. This only slows down the transaction pro-cess, and it is ultimately your responsibility in the end.

Also, if there is derogatory information on the transaction that may cause it to fall outside of a funding source’s parameters, please make sure to address it upfront in your submission and include additional information that may help support the request, such as bank statements, tax returns, etc. Submitting transactions that obviously fall outside of a funding source’s parameters with no justification as to why it is being submitted will only lead to issues between you and your sources for not knowing their product.

We all know that transactions aren’t going to fund 100 percent of the time. Many things can change; but having things change because the transaction was submitted with incorrect informa-tion upfront can lead to additional requests being made, and a longer, drawn out funding process. In the worst case scenario, it could even lead to having an approval withdrawn. For any-one who has ever had this occur, this can be a painful scenario that means losses for every party involved.

From a funding source’s perspective, there are three main vari-ables for reviewing potential broker relationships:

• Approval percentage: A funding source is looking at how well you know their product and how good of a job you are doing

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SPOTLIGHT

Newsline: LeaseTeam has been in business since 1989 providing software solutions and services to equipment finance companies through-out the U.S., Europe and Canada. Please provide our readers a brief history of the company.

Jeff Van Slyke: LeaseTeam was founded in Omaha with six employees by Russ Hallberg and Randy Haug. After beginning with an early mid-range computer solution, we successfully launched the first Windows-based application for the equip-ment finance industry in 1992. Within a year, the company had grown to 15 employees and continued to expand to 35 employees by 1999. In 2007, LeaseTeam relocated to accom-modate the increasing size of its staff.

Despite the strength and longevity of our front-end and back-end products, such as LeaseSalesManager and LeasePlus, we made the decision to rewrite our product from scratch to cre-ate a single platform in ASPIRE. Our plan was to invest in creating a technology solution that would provide flexibility as the finance industry evolved. In 2010, we went to market with ASPIRE – our comprehensive equipment finance platform that empowers our customers to effectively scale their business with a configuration-first approach.

Today, we continue to deliver cutting-edge software and ser-vices to equipment finance companies throughout North America and the UK from our Omaha, NE, headquarters. Our continued growth has prompted us to open a small satellite office in Kansas City, which is home to me and our account management team. As a Microsoft Certified Gold Partner backed by three decades of experience and expertise, we harness the collective intellect of our diverse team to solve critical business problems for customers every day. In doing so, LeaseTeam was named to the Inc. 5000 list of fastest growing private companies in America from 2015-2017, after posting

a three-year sales growth of 65 percent. Most recently, we were honored by the Greater Omaha Chamber of Commerce with the “2018 Business Excellence Award in Innovation.”

Newsline: Please explain what is driving LeaseTeam to rebrand its longstanding name as LTi Technology Solutions at this par-ticular point in time? What is the significance of the new name?

Van Slyke: We are a technology partner and solution-provider that has served the equipment leasing and finance industry for nearly three decades. While we will always remain Lease-Team at heart, we feel that LTi Technology Solutions more accurately reflects our business and the services we offer to the industry. Rebranding to LTi Technology Solutions will allow us to maintain the reputation and relationships we’ve carefully crafted throughout the years, while also refreshing our image alongside our vision for the future. This transition will equip those who consider LTi home with a new-and-improved brand identity to drive our business forward without losing sight of what our founders built.

Newsline: Please explain a bit about your company’s strategic plan under the new brand – will LTi expand into new finance sectors?

Van Slyke: Although our strategy under our new brand has certainly evolved, the core of what we do will remain intact. First and foremost, our top priority is nurturing, serving, and retaining our robust install base of 238 loyal customers in the equipment leasing and finance industry. In our eyes, they always come first, and our commitment to their success is something we will never allow to get lost in the shuffle that comes with periodic change.

Having added 39 new customers over the past year, ASPIRE currently supports 2,744 active system users. Among our most ambitious goals for 2018 is eclipsing 3,000 active system users. With an average customer tenure of 12 years, we are proud to serve 36 percent of the Monitor 100, 34 percent of the Mon-itor Bank 50, and 64 percent of the Top 25 Independents. Our decision to rebrand is an essential step in solidifying our

LTi Technology Solutions: Flexible in the Face of Progress Newsline sits down with Jeff Van Slyke, President of LTi Technology Solutions, to discuss the company’s decision to rebrand from LeaseTeam, and how technology is reshaping the equipment finance industry.

20 NEWSLINE Jul/Aug 2018

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company’s identity as we broaden our horizons and leverage ASPIRE’s existing functionality beyond equipment leasing.

Newsline: ASPIRE is your flagship product – will ASPIRE continue to be your lead product and how will ASPIRE change over the coming months? For example, will ASPIRE include a full Salesforce integration?

Van Slyke: ASPIRE empowers users to effectively scale their business by streamlining the lease and loan transaction lifecy-cle from start to finish. It’s robust, flexible, and above all, high-ly-configurable. But ASPIRE is more than just the comprehen-sive equipment finance platform we deliver to our customers. It’s also our company’s pride and joy, and there are no signs of that changing in the foreseeable future.

With that in mind, our product roadmap contains a variety of exciting developments that aim to refine and elevate the way our users conduct business. We plan to leverage the existing functionality throughout our install base with a strong focus on automated test expansion and root-cause analysis. Our ulti-mate goal is to “webify” ASPIRE – that is, evolve to an open, web-based user interface (UI) and software development kit (SDK). To accomplish this, we’ve also heightened our empha-sis on:

• Strategic project go-lives;

• ROI-based decision-making

• Conversion process improvements

New ASPIRE rollouts on the horizon include customer por-tals, Salesforce mobile applications, a third-party integration with DocuSign, and data warehousing. These are just a few of the efforts underway to reach our next major objective in prod-uct development – the globalization of the ASPIRE platform.

Newsline: Where do you see the future for finance-related software companies such as LTi? Can you tell our readers a bit about your “Product Roadmap” without giving away the secret sauce?

Van Slyke: Moving forward, our goal is to become the preem-inent provider of technology solutions to the financial services industry. In order to do so, our team will continue to do what we do best; collaborate as a team to create innovative solutions for an evolving industry.

We are driven by our core values: integrity, excellence, inno-vation, collaboration, and ownership. LTi nurtures an envi-ronment where individual accomplishments receive the rec-ognition they deserve. The most important element of our company is the people; both customers and employees. When employers care for their employees, the business thrives. Being an ESOP allows our employees to own part of our business just by working here, further establishing a sense of pride and belonging.

We realize technological innovation is a never-ending, iterative process. In the short-term, this means focusing on executing the projects currently in production, while preparing for the next growth phase. In the long-term, we seek to expand:

• Our reach into parallel financial services markets;

• Our business logic throughout the ASPIRE platform; and

• Our development service offerings to complementary plat-forms.

We are growing now more than ever before and we are proud to say this has taken place under the same executive manage-ment group that launched the company in 1989. We are eager to reach our 30-year milestone in 2019 and embrace all the exciting new opportunities the future has in store.

“We are a technology partner and solution-provider that has served the equipment leasing and finance industry for nearly three decades. While we will always remain LeaseTeam at heart, we feel that LTi Technology Solutions more accurately reflects our business and the services we offer to the industry.”

National Equipment Finance Association

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INDUSTRY EVENTS CALENDAR

2018 FUNDING SYMPOSIUM SPONSORS AS OF 6-16-18

AMUR Equipment Finance • Networking Luncheon & Annual Business MeetingBeneficial Equipment Finance Corp. • Friday Networking BreakfastBryn Mawr Funding • Hotel Key CardsChannel Partners Capital • Conference GiftECS Financial Services, Inc. • Welcome Reception Drink TicketsFinancial Pacific Leasing, Inc. • Name BadgesFirstLease, Inc. • Ambassadors OrientationGreat American Insurance • Conference BrochureLeaseTeam, Inc. • Mobile Charging KioskMarlin Business Bank • Thursday Networking BreakfastNavitas Credit Corp. • Registration Packets & Conference Broadcast E-mailsOrange Commercial Credit • Attendee List & Presidents Reception Drink TicketsPawnee Leasing Corporation • Friday Networking LuncheonRapidAdvance • Afternoon Snack Break, Breakout Sessions, Prize Give-awayStearns Bank • Mobile Massage Station

Lake Minnetonka Dinner CruiseAugust 8, 2018

Al & Alma's – WayzataLake Minnetonka, MN

KC Royals Baseball Networking

August 16, 2018Kansas City, MS

Ansley Golf Club Networking Luncheon

August 16, 2018Ansley Golf Club, GA

Seattle Mariners Baseball & NetworkingAugust 21, 2018

Seattle, WA

2018 Funding SymposiumOctober 3-5, 2018

Charlotte Marriott City Center

Charlotte, NC

Ansley Golf Club Networking Luncheon

November 15, 2018Ansley Golf Club, GA

2019 National Equipment Finance

SummitMarch 13-15, 2019

Newport Beach Marriott Hotel & Spa

Newport Beach, CA

2019 NEFA Funding Symposium

October 2-4, 2019JW Marriott Atlanta

BuckheadAtlanta, GA

nefacts2018 NEFA PARTNERS AS OF 6-16-18

HALL OF FAME PARTNERSChannel Partners CapitalLeaseTeam, Inc.Pawnee Leasing Corporation

LEGEND PARTNERSAMUR Equipment FinanceECS Financial Services, Inc.Financial Pacific Leasing, Inc.Marlin Business BankStearns Bank

MVP PARTNERSBeneficial Equipment Finance Corp.Bryn Mawr FundingFirstLease, Inc.

SURV Credit • Broker/LessorTriangle Funding Source, LLC • Broker/LessorWintrust Commercial Finance • Broker/LessorAdvena Capital, Inc. • Broker/LessorFHF: Fair and Honest Finance • Broker/Lessor

WELCOME NEW MEMBERS!

Great American InsuranceNavitas Credit Corp.North Mill Equipment FinanceOrion First Financial, LLCQuality Leasing Co., Inc.

ALL-STAR PARTNERS4 Hour Funding Arvest Equipment FinanceBancorpSouth Equipment FinanceDakota Financial, LLCDedicated Funding, LLCOrange Commercial CreditRapidAdvanceRTR Services, Inc.

Marlin Business BankMonitordailyNavitas Credit Corp.NEFA NewslineNorth Mill Equipment Finance, LLCOrange Commercial CreditOrion First FinancialPawnee Leasing CorporationQuality Leasing Co., Inc.RapidAdvanceRTR Services, Inc.

4 Hour FundingAMUR Equipment FinanceBeneficial Equipment Finance Corp.Bryn Mawr FundingChannel Partners CapitalCLFP FoundationDakota Financial, LLCDedicated Funding, LLCECS Financial Services, Inc.Financial Pacific Leasing, Inc.FirstLease, Inc.Great American InsuranceLeaseTeam, Inc.

2018 FUNDING SYMPOSIUM EXHIBITORS AS OF 6-16-18

22 NEWSLINE Jul/Aug 2018

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Jul/Aug 2018 NEWSLINE 23

Simple Hacks for Maximizing ProductivityIt’s been decades since the first generation of business technology promised to make our lives easier, but some firms still remain trapped in the dark ages. Deb Reuben, of Reuben Creative, offers a roadmap to optimizing office productivity without breaking the bank. By Deborah Reuben

As the term suggests, personal productivity is highly personal. That means not every solution works for every individual; it takes experimentation to find the tools and techniques that are best suited for a given situation and work style.

In this article, I’ll share a blend of technical and non-technical approaches for increasing productiv-ity. I hope that you will learn something here that you can consider applying in your own business to enhance productivity.

Experiment with New TechnologiesAs the pace of technology changes (and advance-ment shows no signs of slowing down) I contin-ually look for new tricks to streamline workflow. The following approaches to adopting technology have significantly enhanced my productivity since starting my business five years ago.

• Cloud and mobile-first technology policy. Choosing cloud-based solutions with mobile capabilities can provide maximum flexibility with minimum maintenance compared to software applications of the past.

• Mobile and device-independent work style. Devel-oping a mobile work style enables you to work seamlessly across multiple devices. For example, because my apps and data synchronize automat-ically, I can start work on my laptop and quickly pick it up on my iPad, allowing me to remain productive on the go.

• Use a digital notebook. Applications such as One-Note, Evernote, or any of the other options avail-able today can help optimize your organizational skills. Maintaining mobile-enabled, searchable notes allows quick retrieval of information, easy capture for new ideas, lists, meeting notes, and even helps with drafting new content.

Learn to work with Intelligent ApplicationsThe world of work is changing rapidly. In his book, “Average Is Over,” Tyler Cowen states: “The key question will be: are you good at working with intelligent machines or not?” (1)

For two years, I have employed artificial intelligence (AI) to schedule my meetings via email. Initially an experiment, it is now a natural part of my workflow.

PERSONAL PRODUCTIVITY

Deborah ReubenReuben Creative, LLC.

No matter your professional role or specialty, it can be difficult to see progress in your work, especially when it is abstract, complex, cross-functional, or requires a variety of steps.

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24 NEWSLINE Jul/Aug 2018

If you have requested a meeting with me via email, you may have interacted with “Amy Ingram,” my AI-based assistant that does one thing well – she converses via email in natural lan-guage to handle the negotiation and scheduling of meetings on my behalf. At the time of this writing, “Amy” has scheduled over 300 meetings for me. Learning to collaborate with an AI is similar to getting used to working with a human. It takes patience, as the AI learns your preferences and gets better at processing natural language over time.

In the future, I believe that we will see more and more of these types of narrowly targeted intelligent applications allowing us to offload many tasks throughout the entire equipment finance lifecycle.

Today, there are a variety of AI-based tools for enhancing pro-ductivity. For example, while writing the CLFP Handbook, I used three different AI-based applications to accelerate my workflow significantly.

Experiment with Voice InterfacesWith the rapid evolution of user interfaces (UI), it is possible to interact with technology through gestures, touch, voice and more. In a business, voice interfaces can boost productivity for specific tasks. Have you given thought to how much work you could accomplish via voice?

In the past, working via voice required expensive software, specialized hardware, and time-consuming process of training the software. Today with most smart-phones, you can have similar capabilities in the palm of your hand.

Coupled with mobile apps, using voice to update CRM and project task records on-the-go enhances efficiency. Other practical uses include dictation of com-munications, emails and notes. I often use voice to capture concepts and ideas to create the initial draft of a new document rapidly.

Make Progress VisibleNo matter your professional role or specialty, it can be difficult to see progress in your work, especially when it is abstract, complex, cross-functional, or requires a variety of steps. Mak-ing work visible helps you to see what to do and how close you are to completion.

Here are some tricks for making work and progress visible.

• Use Lists. Make lists on paper, a digital notebook, a white-board, or whatever works for you. Merely list tasks to com-plete, or topics to discuss, and cross out items as you com-plete them. This method can be handy as a progress meter for keeping a group discussion on track.

• Use Kanban Boards. A quick web search will reveal a tre-mendous amount of information on Kanban. Imagine a whiteboard with column headings across the top. Each task noted on individual cards or sticky notes. The board visual-izes the flow of work as it moves from left to right. See the example below.

As you select individual tasks to work on, move the sticky notes across the “doing” and “done” columns. The board is a great visual aid for understanding your level of focus. How

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Jul/Aug 2018 NEWSLINE 25

many items are in your “doing” column? When you have too many things in this column, it is a sign that attention is dilut-ing and prioritization may be in order.

• Online project tools such as Trello and Asana can be used to simulate a digital Kanban board, enabling remote teams to visualize work. In a digital board, each digital card can store more information, such as subtasks, related documents, assignments, progress notes and due dates.

Guard Your Focus While technology has its place, it is important to remember that the most cutting-edge tool for personal productivity is right between your ears.

Communication, information, decisions, ideas and creativity are the products of knowledge work, precisely the type of work we do in this industry regardless of role. Extended periods of sustained focus are often required to produce quality work. Focus time can be elusive in a high-distraction business envi-ronment. (2)

Distraction is one of the biggest hurdles to high-quality knowl-edge work, costing almost $1 trillion dollars. (3)

How might you increase attention and decrease distraction? A few solutions that I have adopted to increase focus are chunk-ing, batching, time blocking and sprinting.

• Chunking breaks a project down into smaller tasks.

• Batching similar tasks together to work on in a scheduled time-block.

• Time Blocking is when you divide your work day into blocks of time with specific activities assigned to each block.

• Sprinting involves setting a timer before beginning work on a specific task and then working on that task without dis-traction until the time is up. Creating a deadline intensifies focus.

These techniques may be com-bined to enhance productivity for a variety of projects. For exam-ple, plan a time block and answer emails during that time, only to reduce distraction when focusing on a complex task. When writing a large document, break it into sections and use timed sprints to create the first draft for each sec-tion. Batch administrative tasks to a specific time-block.

There are a variety of tools and techniques for improving per-sonal and organizational productivity. Be willing to try new things. It doesn't have to be an AI, maybe you need to make your work visible to visualize progress better. After experiment-ing with a new approach, evaluate; and if it is not working for you, try something else.

Above all, personal productivity is personal. So explore, exper-iment, and find the tricks that work for you.

ABOUT THE AUTHOR: Deborah Reuben is President of Reuben Creative, LLC.

1 Cowen, Tyler. Average Is Over. New York: Penguin, 2013. 2 For more insights on this concept see, Deep Work, by Cal Newport.

3 Maura Thomas, “Your Team’s Time Management Problem Might Be a Focus Problem,” Harvard Business Review , February 28, 2017.

National Equipment Finance Association

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Those words can only refer to one place – my adopted home state of North Carolina, which also happens to be home to NEFA’s 2018 Funding Symposium.

Jamie (Egan) and I have hoped to bring a NEFA conference to North Carolina for a while, but the timing just hadn’t worked out until now. But what could be better than finally showing off our home area for our final conference with NEFA. I say, home area; but it’s Jamie who is a North Carolina native. After more than 40 years here, I’m still a transplanted Yankee! Oh, well. We’re still thrilled to welcome Y’all to the Tarheel State.

No one really knows exactly where the nickname Tarheels comes from. There are lots of legends but they’re just that, legends. What it does mean here, in addition to being a gener-alized nickname for all North Carolinians, is basketball. North Carolina is a college basketball state.

The NEFA Funding Symposium, under the Chairmanship of Bob Hanna, of Weltman, Weinberg & Reis Co., L.P.A., won’t be in Charlotte during basketball season; but the high level of performance North Carolina college basketball teams are known for won’t be anything compared to the high level of the educational breakouts he’s planning for the 2018 Funding Symposium. Even better, everyone will come out a champion.

Fast wheels and moonshine also figure prominently in Char-lotte, the home of NASCAR. The NASCAR Hall of Fame and Museum is just blocks from our conference site. NASCAR was born out of moonshiners and their souped-up cars racing to evade the feds. And again, what could be better for a NEFA Conference? NEFA members are fast-moving successful peo-ple and, while I’m not pointing any fingers here, NEFA does have a history of enjoying a sip or two while having fun. Fun is one thing there’ll be plenty of. Within walking distance of our conference hotel, the Charlotte Marriott City Center, there are many dozens of restaurants, coffee houses, music venues and bars. Someplace nearby is bound to serve a little genuine moonshine for anyone brave enough. Anyone who’s bored in Uptown Charlotte hasn’t really looked around very much!

But money’s what it’s all about and we’ll be directly across the street from the headquarters of one of the largest banks in America. Born of a local North Car-olina Bank it’s now known as Bank of America. Now, I don’t expect them to give you their money; but we’ll have a host of funding sources at the Sympo-sium with all the money you need to get you and your business where you want to go; and we’ll have other exhibitors with the tools you’ll need along the way.

When you do finally feel like you’ve arrived, you may want to settle here in North Carolina. So how about some house hunt-ing? If you want a real treat, stay over a day or two and make a side trip to Asheville and visit the Biltmore House (about a two-hour drive from Charlotte). At roughly 135,000 square feet, it’s the largest privately-owned residence in the U.S. There’s probably room there for you to have a home office if you still want to work.

So there you have it: Tarheels, Fast Wheels, Moonshine and Money. All will be on display at the 2018 NEFA Funding Sym-posium, October 3-5, at the Charlotte Marriott City Center, in Charlotte, North Carolina. Charlotte is a very convenient city to fly in to, and the airport is only about eight miles from our uptown conference location. Please come to see Jamie and I off on our retirement and meet NEFA’s new Executive Direc-tor. And Remember, register early for the best savings value.

ASSOCIATION

Tarheels, Fast Wheels, Moonshine and Money!By Gerry Egan

Gerry EganNEFA Executive Director & CEO

National Equipment Finance Association

26 NEWSLINE Jul/Aug 2018

National Equipment Finance Association

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Jul/Aug 2018 NEWSLINE 27

Prejudgment Remedies Provide the Quick KnockoutBy Irwin WittlinEverybody in the lease collection and recovery industry encounters a lessee (pursuant to a true lease, an EFA, or other type of contract) which reveals itself to be a problem account. The reasons vary. The lessee may be genuinely struggling and strategically spreading around the available cash among its creditors. Maybe the lessee has adequate cash flow, but, isn’t paying for other reasons. There may be a non-monetary default which is dimin-ishing the value of your collateral; the lessee may have moved the collateral; or even transferred it to a third party without your knowledge or consent.

Whatever the path, there often comes a point where the credit professional hesitates taking proper legal action, hoping for a transformation of account performance. This hesitancy will increase the cred-itor’s risk while the lessee remains a slow pay or in default, yet continues to profit from the collateral.

This hesitancy is unneeded where the litigation strategy incorporates the effective use of prejudg-ment remedies. This strategy frequently results in the lease creditor scoring the quick knockout over the lessees and guarantors.

Prejudgment remedies enable the creditor to imme-diately cut to the chase by obtaining court orders for the recovery of their collateral, the establish-ment of lien positions and the seizure of assets for later use. The impact of forcing assets away from lessees and guarantors delivers a devastating psy-chological blow to any resistant lessee or guarantor.

How Quickly Will the Court Issue a Prejudg-ment Remedy?This written application seeking a prejudgment remedy may be filed concurrently with the lawsuit. This results in a court hearing on the application

within 30-45 days from the date of the concurrent filings. The exact timing will vary among courts.

The prejudgment remedy may be obtained on an even speedier basis when there is a legal justifica-tion for the court hearing the application on an “Ex Parte” basis. An Ex Parte hearing typically will be held within 2-4 days of filing. In extreme situations, the Ex Parte hearing may literally occur the same day as the filing.

These court determinations are made based upon the written filings and oral augment presented by counsel at the hearing. There is no live witness tes-timony at these hearings; thus, witness availability is never an issue.

How Do Prejudgment Remedies Benefit Lease Creditors?To give this context, if the lawsuit goes the distance, the participants will either win or lose and the Court will issue a final judgment. However, during the lawsuit the court may issue an order which takes effect immediately. One category of such orders is known as prejudgment remedies.

California prejudgment remedies include orders authorizing a lease creditor to use a sheriff or mar-shal to recover their collateral, as well as freezing certain other assets from both lessees and guaran-tors. A Court will issue these orders even though the lawsuit is in its infancy.

Further, lease creditors ordinarily possess the nec-essary supporting documents and information to file a winning application concurrently with the lawsuit. The application will satisfy the creditor’s burden of proof when supported by the signed lease (or EFA), signed certificate of acceptance and any

LEGAL

Irwin WittlinHemar, Rousso & Heald, LLP

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28 NEWSLINE Jul/Aug 2018

ADVERTISER INDEXBoston Financial & Equity Corp ...........11Capital One ...................................................IBCChannel Partners Capital ....................... IFCECS Financial Services, Inc. ......................10

Financial Pacific Leasing ................................9Great American Insurance .........................7LEAN ......................................................................8LeaseTeam .......................................................BC

Leasing Solutions ...........................................11NEFA ..............................................................6, 12Orion First ...........................................................1Stearns Bank .......................................................7

guaranty, together with specific information related to the collateral such as serial numbers and value, applicable UCC-1 filings, and payment history. The mere filing of a proper appli-cation puts the lessee and guarantor on the ropes. If the defen-dants do not capitulate, resulting in the hearing going forward with the court ruling in favor of the lease creditor, then the 10 count begins.

Two fundamental types of prejudgment remedies are orders awarding a writ of possession (WOP) and a writ of attachment (WOA). These may be sought concurrently against all lessees and guarantors as factually applicable.

A Writ of PossessionThe WOP entitles the Plaintiff to recover property wrongfully in the possession of the defendant. Such property includes leased equipment remaining in the defendant’s possession fol-lowing a default. The WOP empowers the lease creditor to have a sheriff or marshal levy on the equipment on its behalf, including using forcible entry if necessary.

A Writ of AttachmentA WOA also empowers the lease creditor to use the levying officer to seize property during the infancy of the lawsuit. The WOA applies to specific categories of assets of the lessee or the guarantor. For a corporate defendant, a WOA can be used to levy on any corporate assets. For individuals, the WOA is most commonly used to levy upon bank accounts and real property in the name of that defendant. Recording the WOA establishes a lien against that real property. This is particularly effective where the property is the guarantor’s personal residence, and there is equity.

Strategic Advantages to Using a WOP and/or a WOAThere are multiple advantages to seeking these remedies, including:

• Cost Effective: Heavy blows are delivered immediately. Very favorable settlements including collateral recovery as a com-ponent may occur within weeks of the filing.

• Prompt Recovery Minimizes Depreciation of Collateral: The accelerated timeline for recovery leads to liquidation in a

commercially reasonable manner at the earliest opportunity.• Leverage in Negotiations: By unexpectedly moving so quickly,

time now favors the lease creditor. The common defense strategy of causing a delay and stalling becomes unavailable. The defendants are immediately confronted with formulat-ing a substantive defense strategy (when may none exist) and one which is supported by proper evidence (which must be quickly available). This predicament weakens lessees and guarantors in any negotiations, with settlement proposals often including the immediate surrender of equipment as a component of the overall settlement. Even if resistance con-tinues, once the equipment has been recovered and there-fore no longer generating income for the lessee, its primary motive to continuing fighting is lost.

• Turnover Order: As a corollary to the WOP, the Creditor may also obtain a turnover order, which places an affirmative duty upon the lessee to surrender the equipment. This is a highly effective solution where a lessee is concealing the equipment. A lessee who fails to comply with a turnover order may be held to be in contempt of court.

• Seizing Assets: The WOA allows the creditor to instruct the levying officer to seize other assets of the lessee or a lease guarantor for later application towards payment of a defi-ciency judgment. The WOA is also sufficient to establish an enforceable lien.

• Guarantors: Prejudgment remedies are also available against guarantors.

• Thinking Outside of the Box: These orders provide tools which can be used by experienced lease attorneys to skillfully attack the variety of real life situations which arise. For example, in a case of first impression before the appellate court, we successfully obtained a WOA on an Ex Parte basis to success-fully levy upon a business account of a faltering company, despite the existence of a secured lender.

The savvy creditor cost-effectively uses the legal system to max-imize net recoveries by immediately pursuing prejudgment remedies to score the quick knock out.

ABOUT THE AUTHOR: Irwin M. Wittlin, Esq. is an attorney at Hemar, Rousso & Heald, LLP.

National Equipment Finance Association

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Jul/Aug 2018 NEWSLINE 29

*As of 12/31/2017. Source: SNL, Regulatory Filings. Subject to credit approval. Additional terms and conditions apply. Products and services off eredby Capital One, N.A., Member FDIC. © 2018 Capital One.

Great opportunities demand smart lendingand customized solutions.Capital One® Financial Institutions Group provides businessesin the secured business credit space the capital and expertise to thrive.

Capital One’s commercial lender fi nance specialists use their knowledge of secured business credit, combined with data analytics and industry trends to give your business an advantage. Backed by the capabilities of a top 10 U.S. bank*,we lend capital to help companies stay ahead of the competition.

Our fi nancing solutions include:

To see how to maximize business potential, contacta lender specialist today.

capital.one/fi nancialinstitutions

• Asset-based lending and factoring

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Kevin P. Gibbons, CFAManaging DirectorHead of Lender [email protected]

Matt TalloManaging DirectorSecured Business [email protected]

Commercial Lender Finance Specialists: