WOMEN IN SECURED FINANCE ISSUE
THE SECURED
APRIL 2020 WWW.SFNET.COM
Putting Capital To Work
Jennifer Palmer INTERVIEW WITH
IN JANUARY, GERBER FINANCE ANNOUNCED THE COMPLETION OF ITS CEO SUCCESSION STRATEGY, NAMING LONGTIME PRESIDENT JENNIFER PALMER AS CEO
A publication of
TOUCHING BASE LEADING THE WAY
SFNet Adapts in This Time of Crisis
It’s been quite a month with developments unfolding at an accelerated pace and giving rise to much thought about the way forward. Rightly so, we are all taking steps to protect our loved ones, our colleagues, our clients, our businesses and our economies. The Secured Finance Network is a mission-driven, global trade association committed to putting capital to work. In times of disruption, our industry demonstrates our essential leadership and vitality. Secured finance is critical to our economy. Our network of lenders, service providers and related parties work tirelessly to provide the working capital that fuels the operations of myriad companies of all sizes across all kinds of industries. Our members are all-weather partners, who in challenging times extend crucial economic lifelines to our clients. When liquidity is paramount, we play a crucial role in continuing to deploy capital to the middle market when others may not. Although social distancing is important right now, we understand that this poses significant business challenges. In light of the extraordinary upheaval impacting our industry and the global economy, having access to timely, relevant information and remaining connected is vital. To that end, SFNet, our Chapters and our Foundation have been hard at work reformatting existing programs to virtual events, adding new webinars on critical topics and deploying new communication tools to keep our network plugged in to emerging issues and maintaining vital linkages. I’d like to update you on just some of the steps SFNet is taking to address our collective interests in regard to the COVID-19 crisis. n SFNet’s Advocacy Committee is undertaking initiatives to support our bank, non-bank and service provider constituents through independent actions and outreach to lawmakers in conjunction with other trade associations with aligned interests. n We are posting relevant links on SFNet.com to resources that inform our community of pending monetary, fiscal and legislative actions. This includes interpreting the implementation of the Coronavirus Aid, Relief, and Economic Security (CARES) Act on behalf of our members and borrowers across asset classes and industries. n We have commenced our free-to-members Crucial Conversations Webinar series on subjects of critical
importance to our community. The growing list of programs can be found at SFNet.com. n We have begun publishing practical, thought leadership pieces related to the disruption by experts in specific disciplines. Additional curated information resources are forthcoming. n We are instituting RICHARD D. GUMBRECHT interim membership SFNet Chief Executive Officer benefits and support resources for any in our community who are displaced in this challenging environment. As the changing landscape unfolds, our priority is to attend to the well-being of our people and our members and to fulfill our mission of putting capital to work. I’ve never been more honored to be part of this determined, resilient and dynamic group of organizations and professionals who do the important work of fueling our engines of growth through adversity and prosperity. Be careful out there, and let’s continue to lead the way.
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THE SECURED LENDER APRIL 2020
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TABLE OF CONTENTS. APRIL 2020 VOL. 76 ISSUE 3
FEATURE STORY RECOGNIZING EXCELLENCE: WOMEN IN SECURED FINANCE PROFILES P.16
Recognizing Excellence: Women in Secured Finance Profiles On the following pages, you will meet over 50 inspiring women who exemplify excellence and have distinguished themselves within the secured finance industry. 16 COVER STORY
FEATURE STORIES
Interview with Jennifer Palmer, Gerber Finance
Women Leaders Talk About Advancing in the Ranks
In January, Gerber Finance announced the completion of its CEO succession strategy, naming longtime president Jennifer Palmer as CEO with founder Gerald Joseph transitioning to his new role as strategic advisor and chairman of the board. 22 BY MICHELE OCEJO
SFNet’s Women In Secured Finance: Our History and Numbers 90
Secured finance executives and an executive recruiter discuss how the industry can attract and retain more women. 96 BY MYRA THOMAS
Reaching the Top: C-Suite Women in Secured Finance Roundtable
COVER STORY INTERVIEW WITH JENNIFER PALMER, GERBER FINANCE P92
What does it take to break the proverbial glass ceiling in secured finance? What does the journey to the “top” look like for women in financial services? We interviewed four C-Suite women: Meredith Carter, president and CEO, Context Business Lending; Miin Chen, COO, Siena Lending Group; Deborah Monosson, president & CEO, Boston Financial & Equity Corporation; and Jennifer Yount, partner, Paul Hastings LLP. 99
BY MICHELE OCEJO AND EILEEN WUBBE
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THE SECURED LENDER APRIL 2020
Articles
Departments
ASSET VALUATIONS Recalibration of the Asset Footprint Focusing on International Platforms in Bankruptcy or Insolvency
TOUCHING BASE 1
Cross-border loan workouts and enforcement of security interests across multiple jurisdictions is a complex matter and greatly depends on the venue of the insolvency and the location of the collateral. 106
NETWORK NOTES 11
NETWORKING (Almost) Painless Networking Although experts generally agree that networking is important to career success, a surprisingly large number of professionals dread the process to the point that the mere mention of the word makes them anxious and irritated. Lynn Tanner of Winston and Strawn provides a detailed “cheat sheet” for taking the pain out of networking. 109
INDUSTRY DEALS 5
COMMITTEE SPOTLIGHT Women in Secured Finance Paula Currie is the 2020 chairperson of SFNet’s Women in Secured Finance Committee. 113
SFNET CHAPTER CONNECTIONS Pegapalooza 2020, hosted by the Secured Finance Network-Southwest Chapter On Thursday, January 30, 2020, the Southwest Chapter of the Secured Finance Network hosted its annual Pegapalooza Dealmaker Wine and Whiskey Tasting event. This program was created to serve the regional M&A/ Dealmaker community and featured an afternoon of structured “Speed Dating” for 15 investment banks and 15 private equity firms, followed by a Wine and Whiskey Tasting for sponsors and guests. 115
ONLINE SUBSCRIBER CONTENT
Online Exclusives and News Visit sfnet.com to read the latest issue and web-exclusive subscriber-only content. Also sign up for our daily enews blast highlighting industry deals, moves and more — signup at sfnet.com/tslexpress
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THE SECURED LENDER APRIL 2020
The Secured Finance Network is the trade group for the asset-based lending arms of domestic and foreign commercial banks, small and large independent finance companies, floor plan financing organizations, factoring organizations and financing subsidiaries of major industrial corporations. The objectives of the Association are to provide, through discussion and publication, a forum for the consideration of inter- and intra-industry ideas and opportunities; to make available current information on legislation and court decisions relating to asset-based financial services; to improve legal and operational procedures employed by the industry; to furnish to the general public information on the function and significance of the industry in the credit structure of the country; to encourage the Association’s members, and their personnel, in the performance of their social and community responsibilities; and to promote, through education, the sound development of asset-based financial services. The opinions and views expressed by The Secured Lender’s contributing editors and authors are their own and do not necessarily express the magazine’s viewpoint or position. Reprinting of any material is prohibited without the express written permission of The Secured Lender. The Secured Lender, magazine of the asset-based financial services industry (ISSN 0888-255X), is published 8 times per year (Jan/Feb, March, April, May, June, September, October and November) $65 per year non-member rate, and $105 for two years non-member rate, SFNet members are complimentary. Secured Finance Network 370 Seventh Avenue, New York, NY 10001. (212) 792 -9390 Email: tsl@sfnet.com
www.SFNet.com Periodicals postage paid at New York, NY, and at additional mailing offices. Postmaster, send address changes to The Secured Lender, c/o Secured Finance Network, 370 Seventh Avenue, New York, NY 10001 Editorial Staff Michele Ocejo Editor-in-Chief and SFNet Communications Director
@SFNet_National
Eileen Wubbe Senior Editor
@SFNet_National
Aydan Savaser Art Director
Secured Finance Network | National
Advertising Contact: James Kravitz Business Development Director T: 646-839-6080 jkravitz@sfnet.com
DEPARTMENT INDUSTRY DEALS
Lender/Participant (Role)
Lender Type
Amount
Industry
Borrower
Structure
36th Street Capital
Non-bank
$8 Million
Technology
A leading technology company that provides ridesharing, meal preparation and delivery services to endusers worldwide
Equipment financing
Alleon Healthcare Capital
Non-bank
$750,000
Healthcare
20-year old multi-state licensed, independently owned pharmacy provider, Pennsylvania
Medical accounts receivable financing facility
HSBC Bank USA
Bank
$225 Million
Technology
Allied Motion Technologies Inc.
Senior secured revolving credit facility of $225 million with an accordion feature allowing expansion up to $300 million.
Antares
Non-bank
N/A
Construction
To support Sentinel Capital Partners’ acquisition of ECM Industries, New Berlin, WI
N/A
Ares Management Corporation
Non-bank
$450 Million
Specialty finance
Ag Resource Management ("ARM"), a specialty finance company focused on bringing financial and risk management solutions to farmers and agribusinesses nationwide
Credit facility
Austin Financial Services, Inc. (AFS)
Non-bank
$2.750 Million
Transportation
Midwest-based freight transportation company that provides freight management and brokerage services of fresh produce and refrigerated goods for customers nationwide
Asset-based loan
Austin Financial Services, Inc. (AFS)
Non-bank
$6.3 Million
Healthcare
Meal production company with national presence
AR and inventory revolver with M&E and Capex term loans
Bank of America, BBVA USA, First Horizon (formerly First Tennessee), and Woodforest National Bank
Bank
$100 Million
Technology
RigNet, the leading provider of ultra-secure, intelligent networking solutions
Amended its senior secured credit facility with its existing bank group
BNP Paribas
Bank
N/A
Management consulting
WSP Global Inc., one of the world's leading professional services firms
BNP Paribas served as sole sustainability coordinator, working with WSP to integrate the sustainability targets into its credit facility. Canadian Imperial Bank of Commerce, National Bank Financial and BMO are joint bookrunners and colead arrangers.
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THE SECURED LENDER APRIL 2020
DEPARTMENT INDUSTRY DEALS
Lender/Participant (Role)
Lender Type
Amount
Industry
Borrower
Structure
BNP Paribas
Bank
$550 Million
Transportation
JetBlue Airways
Sustainability-linked loan (“SLL”), via an amendment to its existing senior secured revolving credit facility
Business Capital
Non-bank
$6 Million
Healthcare
NOVA IVF, a clinic established in 1987, providing in vitro fertilization (IVF) treatments
Senior secured loans
Celtic Capital Corporation
Non-bank
$1.05 Million
Construction
Company that designs and manufactures parts and pieces for food processing plants as well as construction of primarily steel buildings, Idaho
Equipment loan
Celtic Capital Corporation
Non-bank
$1.4 Million
Food manufacturing
Company that sells fresh and Accounts receivable and frozen seafood to wholesale inventory lines of credit and retail customers, California
CIT Group Inc.
Bank
$93.7 Million
Healthcare
19 healthcare facilities in California, Nevada and Washington between New Generation Health LLC (New Gen) and affiliates of Genesis Healthcare Inc. (Genesis)
As part of the transaction, CIT financed New Gen's acquisition of seven facilities through a $74.7 million senior secured credit facility. Genesis retained an indirect 50% interest in the facilities. CIT also arranged a $19 million asset-based revolving credit facility to provide New Gen with working capital financing for an additional 12 healthcare facilities located in California, Washington and Nevada.
CIT’s Power and Energy Group
Bank
$140 Million
Energy
esVolta LP, to finance a portfolio of its utility-scale battery energy storage projects
Senior secured credit facility. CIT’s Power and Energy business as the mandated lead arranger, and Siemens Financial Services (SFS), CoBank, ACB, and KeyBanc Capital Markets Inc. as joint lead arrangers.
Crestmark - Asset-Based Lending Division
Bank
$150,000
Transportation
Startup trucking company, Oklahoma
Accounts receivable purchase facility
Crestmark - Asset-Based Lending Division
Bank
$1 Million
Manufacturing
Propane equipment distributor, North Carolina
Ledgered line of credit facility
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THE SECURED LENDER APRIL 2020
Lender/Participant (Role)
Lender Type
Amount
Industry
Borrower
Structure
Crestmark - Asset-Based Lending Division
Bank
$4 Million
Transportation
FAK trucking company, Michigan
Accounts receivable purchase facility
Crestmark - Asset-Based Lending Division
Bank
$300,000
Transportation
Dry van trucking company, Michigan
Accounts receivable purchase facility
Crestmark - Asset-Based Lending Division
Bank
$150,000
Transportation
Oilfield services trucking company, New Mexico
Accounts receivable purchase facility
Crestmark - Asset-Based Lending Division
Bank
$200,000
Transportation
Flatbed trucking company, Illinois
Accounts receivable purchase facility
Crestmark - Asset-Based Lending Division
Bank
$150,000
Transportation
Trucking company, Ohio
Accounts receivable purchase facility
Crestmark - Asset-Based Lending Division
Bank
$200,000
Transportation
FAK trucking company, Ohio
Accounts receivable purchase facility
Crestmark - Asset-Based Lending Division
Bank
$150,000
Transportation
Refrigerated FAK trucking company, Washington
Accounts receivable purchase facility
Crestmark - Asset-Based Lending Division
Bank
$3 Million
Food processing
Food manufacturer, California
Ledgered line of credit facility
Crestmark - Asset-Based Lending Division
Bank
$250,000
Transportation
Trucking company, California
Accounts receivable purchase facility
Crestmark - Asset-Based Lending Division
Bank
$1.5 Million
Transportation
Trucking company, California
Accounts receivable purchase facility
Crestmark - Asset-Based Lending Division
Bank
$1.5 Million
Transportation
Trucking company, Kentucky
Accounts receivable purchase facility
Crestmark - Asset-Based Lending Division
Bank
$150,000
Transportation
Trucking company, Maryland
Accounts receivable purchase facility
Crestmark - Asset-Based Lending Division
Bank
$150,000
Transportation
Startup trucking company in Michigan
Accounts receivable purchase facility
Crestmark - Asset-Based Lending Division
Bank
$4 Million
Transportation
Wholesale distributor of business office solutions
Asset-based line of credit facility
Crestmark - Asset-Based Lending Division
Bank
$150,000
Transportation
Trucking company, Oregon
Accounts receivable purchase facility
Crestmark - Asset-Based Lending Division
Bank
$2.5 Million
Manufacturing
Wholesale equipment distributor, South Carolina
Asset-based line of credit facility
Crestmark - Asset-Based Lending Division
Bank
$300,000
Transportation
Startup freight brokerage, Georgia
Ledgered line of credit facility
Crestmark - Equipment Finance
Bank
$1,988,504
Transportation
Trucking company, Southeastern U.S.
Two new lease transactions
Crestmark - Equipment Finance
Bank
$2,393,451
Transportation
Food distributor, Northeastern U.S.
New lease transaction
Crestmark - Equipment Finance
Bank
$1,543,228
Manufacturing
Fitness club, Northeastern U.S.
Two new lease transactions
Crestmark - Equipment Finance
Bank
$519,528
Healthcare
Health care provider
New lease transaction
DNB Markets, a part of DNB Bank ASA, and Danske Bank A/S, BNP Paribas SA Norway Branch, Swedbank AB, J.P. Morgan Securities plc and ING Bank N.V.
Bank
â‚Ź600 Million
DNB Markets
Adevinta ASA, Norway
Multi-currency term loan and revolving credit facilities
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THE SECURED LENDER APRIL 2020
DEPARTMENT INDUSTRY DEALS
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THE SECURED LENDER APRIL 2020
Lender/Participant (Role)
Lender Type
Amount
Industry
Borrower
Structure
Encina Business Credit, LLC
Non-bank
$25 Million
Technology
etailz, Inc., an online growth platform for brands, Spokane, WA
Senior secured revolving credit facility
Encina Business Credit, LLC
Non-bank
$15 Million
Manufacturingaluminum extrusions
Manufacturer of aluminum extrusions and highly engineered products
Senior secured credit facility
N/A
N/A
$10 Million
Hemp and hempderived CBD products
GenCanna Global USA, Inc., Winchester, KY
Post-petition debtorin-possession (DIP) financing
Goldman Sachs BDC, Inc.
Bank
$1,695 Million
Lender finance
Truist
Senior secured revolving credit facility agreement. Upon the consummation of the Company’s merger with Goldman Sachs Middle Market Lending Corp. (“MMLC”), the size of the Truist revolving credit facility will be increased from $795 million to $1,695 million and the accordion feature will be increased to allow the company to increase the total facility size from up to $1,000 million to up to $2,250 million, subject to certain other limited conditions.
Goldman Sachs, Citibank, DBS Bank, Deutsche Bank, Mizuho, Natixis and Société Générale
Bank
$1.75 Billion
Co-working space WeWork, the world’s leading co-working and space-as-aservice platform
Senior secured letter of credit facility
Huntington Business Credit
Non-bank
$19,713,000
Manufacturing
Sunbelt Modular, Inc., a wholesale modular building manufacturer, Phoenix, AZ
Credit facilities
Huntington Business Credit
Non-bank
$7,500,000
ManufacturingElectrical
International Control Services, Inc.
Credit facilities
Lender/Participant (Role)
Lender Type
Amount
Industry
Borrower
Structure
N/A
N/A
$2.35 Billion
Advertising
Lamar Advertising Company
Refinancing transactions. In addition, Lamar Media closed on an amended and restated credit facility, consisting of a 5-year, $750.0 million revolving credit facility (to replace its existing $550.0 million revolving credit facility) and a new 7-year, $600.0 million term loan B.
LBC Credit Partners (LBC)
Non-bank
N/A
Food manufacturing
To support the acquisition of My/Mo Mochi Ice Cream, Los Angeles, CA, by an investment fund managed by Lakeview Capital, Inc.
Senior secured credit facility
Leland Capital Advisors
Non-bank
$250,000
Electrical manufacturing
Manufacturing company that Work in Progress specializes in aeronautical (WIP) funding electronic components in Georgia
MidCap Business Credit
Non-bank
$14 Million
Food manufacturingDairy
Allied Dairy Products, Inc. and subsidiaries, Chatham, NJ
Asset-based revolving line of credit
Monroe Capital LLC
Non-bank
N/A
Technology
To support the recapitalization of XanEdu, Ann Arbor, MI, by private equity sponsor Frontenac
Senior credit facility
Monroe Capital LLC
Non-bank
N/A
Healthcare
Transportation company, Missouri
Monroe Capital acted as sole lead arranger and administrative agent of the senior credit facility and co-invested equity alongside Cimarron Healthcare Capital to support the transaction.
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THE SECURED LENDER APRIL 2020
DEPARTMENT INDUSTRY DEALS
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THE SECURED LENDER APRIL 2020
Lender/Participant (Role)
Lender Type
Amount
Industry
Borrower
Structure
Monticello
Non-bank
$117 Million
Healthcare
Acquisition of 12 skilled nursing properties and the refinance of one other in North Carolina and Kentucky
First lien debt financing
MUFG Union Bank N.A., Royal Bank of Canada /City National Bank, a National Banking Association, Goldman Sachs Bank USA, Umpqua Bank, TIAA, FSB, Zions Bancorporation, N.A., dba California Bank & Trust, HSBC Bank USA, N.A., Hitachi Capital America Corporation and CIT Bank, N.A.
Bank
$400 Million
Lender Finance
Hercules Capital, Inc.
Credit facility
North Mill Capital
Non-bank
$7 Million
Textiles
Phoenix Textile Corporation, a distributor of textiles, sheets, linens and interiors to residential, hospitality, government institutions and healthcare facilities across the country
Asset-based revolving line
North Mill Capital
Non-bank
$8 Million
Manufacturing
Coastal Wire Company, Georgetown, SC
Asset-based credit facility
North Mill Capital
Non-bank
$750,000
Engineering
Sylvan R. Shemitz Designs, Inc., doing business as The Lighting Quotient, designs, engineers and manufactures advanced luminaires
Asset-based credit facility
North Mill Capital
Non-bank
$1 Million
Manufacturing
Master Packing & Rubber Company, a manufacturer and global supplier of sealing products serving the rail, marine and bio-fuel industries, Cedar Rapids, IO
Accounts receivable facility
North Mill Capital
Non-bank
$3.5 Million
ManufacturingFurniture
Seating Concepts, LLC, a manufacturer of furniture and decor for the restaurant and food service industry, Rockdale, IL
$3,000,000 revolving line of credit and a $500,000 equipment term loan facility
Oxford Finance LLC
Non-bank
$60 Million
Pharmaceutical
Syros Pharmaceuticals
Senior secured loan facility
People's United Bank, N.A. - Healthcare Finance Division
Bank
$15.5 Million
Healthcare
Esplanade Capital LLC, an owner and manager of a portfolio of healthcare facilities, multi-family units, hotels and retail and commercial office suites, and its joint venture partner Meridian Senior Living LLC
Credit facility
DEPARTMENT DEPARTMENT NETWORK INDUSTRY NOTES MOVES Allied Affiliated Funding Appoints Kimberly Smotherman Chief Credit Officer, Factoring & ABL Kimberly Smotherman will be responsible for credit risk management and portfolio oversight. Prior to joining Allied, Smotherman was the chief operating officer/risk management lead of Power Funding, Ltd. where she oversaw the underwriting department and risk/credit management. Asset Based Lending Consultants (ABLC) Dwight O. Clarke Earns CFE Credential The Association of Certified Fraud Examiners (ACFE), the world’s largest antifraud organization and leading provider of anti-fraud training and education, awarded Dwight O. Clarke, of ABLC in Hollywood, FL, the globally preferred Certified Fraud Examiner (CFE) credential. Asset Based Lending Consultants (ABLC) Opens California Office Asset Based Lending Consultants
(ABLC), one of the nation’s leading field examination outsource firms, is pleased to announce the opening of a new office in the Los Angeles area. This expansion helps to give ABLC a farther reach within the ever-growing ABL market. Avidbank Adds Strength to its Specialty Finance Division Avidbank Holdings, Inc., a bank holding company and the parent company of Avidbank, announced that two accomplished lending professionals have joined the Bank. Mounir Gad joined as senior vice president, market manager, of the Specialty Finance Division. Kevin Conway joined in the Specialty Finance Division as senior vice president, relationship manager. Axiom Bank N.A. Appoints Bryan Scheff as VP, Commercial Relationship Manager Bryan Scheff will develop relationships with Axiom’s commercial partners in
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Central Florida. Scheff graduated from the State University of New York with a bachelor degree in finance. Bank of America Names Terry Cline Knoxville Market President Terry Cline succeeds market president John Hall, who will continue to serve on the Knoxville leadership team. Bank Leumi USA Hires David Paulson and Jeff Steigelman David Paulson was hired as chief banking officer and Jeff Steigelman as Chicago market president, respectively. Paulson will be responsible for overseeing the U.S. commercial and U.S. private banking businesses. Steigelman will report directly to Paulson and will manage the transformative growth and expansion of Leumi’s middle market in Chicago. Blank Rome Welcomes New Bankruptcy and Restructuring Associate in Houston Broocks “Mack” Wilson is based in the firm’s Houston office. Wilson represents debtors, creditors, officers and directors, investors, and trustees in Chapter 7 and 11 bankruptcy proceedings and bankruptcy litigation at trial and appellate levels, including on claims related to fraudulent transfer, preference, fraud, and nondischargeability. Blank Rome Welcomes Corporate Partner Maria “Masha” Trainor in Pittsburgh Masha Trainor is the sixth attorney to join the Firm’s national Corporate, M&A, and Securities group in 2020. Blank Rome Welcomes Finance Partner Vanessa G. Tanaka in Chicago Vanessa G. Tanaka has joined the firm as a partner in the Finance, Restructuring, and Bankruptcy group in the Chicago office, which continues to expand following the recent additions of new partners Craig R. Culbertson and Paul H. Tzur.
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THE SECURED LENDER APRIL 2020
DEPARTMENT DEPARTMENT INDUSTRY NETWORK NOTES MOVES Dean S. Nordlinger Joins Blank Rome as Corporate Partner in the Corporate, M&A and Securities Group in D.C. Dean S. Nordlinger brings more than 20 years of experience representing privately held and closely held companies of all sizes, private equity firms, and entrepreneurs from a broad range of industries. BMO Financial Group Announces Appointments Cam Fowler will take on a new role as chief strategy and operations officer. This new role leverages Fowler’s proven ability to drive strategy, digital innovation and execution in delivering strong financial performance, as indicated by the recent performance of BMO’s Canadian Personal & Commercial business. Erminia (Ernie) Johannson is appointed group head, North American Personal and Business Banking.
Jared Grigg - managing director. Grigg will be responsible for sourcing and structuring new secured debt investments on the West Coast from Crystal’s newly established San Francisco office. Tyler Harrington - managing director. Harrington will become a business development officer on the Originations team focused on the Northeast, MidAtlantic and Midwest. Michael Russell - director. Russell joined Crystal in 2013 and is responsible for the evaluation, structuring, and execution of new transactions as well as managing a portfolio of secured debt investments. Rebecca Tarby – senior managing director. During Tarby’s 14 years at Crystal, she has focused on structuring and underwriting new debt investments in the middle market to public and private companies (both non-sponsored and sponsored).
BMO Financial Group Opens Commercial Banking Office in Los Angeles, CA Led by Tom Jennings, the team will focus on providing business owners in Southern California with BMO’s industry expertise, innovative products and services, and local market knowledge. Crystal Financial Announces Promotions and Expansion of Business Development Team Mirko Andric - senior managing director. In his role, Mirko is responsible for structuring and underwriting new investments, as well as managing a portfolio of existing investments.
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THE SECURED LENDER APRIL 2020
Cheryl Carner - senior managing director, head of originations. Carner manages the development and implementation of the firm’s marketing strategy. Case Fedor - director. In his new role he will cover a wide variety of referral sources throughout the Southeast including investment banks, lenders, private equity sponsors and other advisors.
Fifth Third Teams with Online Lender to Offer Small-business Loans Fifth Third Bancorp will offer digital small-business loans and lines of credit through a new partnership with the online lender Fundation. Gerber Finance Appoints Andrew Hollingworth as Senior Vice President, West Coast Regional Manager Gerber Finance opened a new office in San Francisco, CA, led by Andrew Hollingsworth, senior vice president, West Coast regional manager. Hollingsworth benefits from a uniquely hands-on approach to business, having served as chief financial officer of Numi Organic Tea, a long-standing client of Gerber. Gibraltar Continues to Grow, Welcoming New SVP Robin Oertel to the Upper Midwest Region Gibraltar welcomes Robin Oertel to the
TRANSACTION CONFIRMED. CONFIDENCE SECURED. Michael A. Boeheim, CIA, CFE Director, Practice Leader ABL Services
David L. Mancuso, CPA Director, Practice Leader Transaction Advisory Services
Industry experience, proactive scheduling and rapid deployment that top lenders and private equity groups demand. ASSET BASED LENDING Pre-loan surveys & rotational inspections Fraud investigations Portfolio reviews Mark Stebbins, Director Freed Maxick CPAs
TRANSACTION ADVISORY SERVICES Due diligence Quality of earnings Structuring Paul Ciminelli, President & CEO Ciminelli Real Estate Corporation
7 1 6 .8 4 7 .2 6 5 1 | F REEDMAXICK .COM
GBC family as a senior vice president and business development officer, based out of Minneapolis, MN. Oertel will be using her 20-plus years of experience to originate and execute new asset-based lending relationships in the Upper Midwest region. Larry Blackman Joins Phoenix Management Services as a Senior Director Larry Blackman joined the firm’s Boston, MA office and brings to the firm more than 25 years of experience in finance and operations. Blackman is a financial leader who deploys a hands-on approach to deliver exceptional results. Regions Bank Names Tara Odell as East Texas Market Executive Tara Odell, commercial relationship manager for the bank in East Texas, has been promoted to market executive for Tyler and surrounding communities. David Viggiano Joins Sterling National Bank as Senior Managing Director of Asset Based Lending, Commercial Banking
Bahr will oversee Triumph Business Capital’s overall sales strategy, leading its national sales organization and collaborating with the company’s marketing department to align and shape Triumph’s go-to-market vision.
He reports directly to Daniel Bley, executive vice president and chief risk officer.
Greg Seibly Named as President of Union Bank and Head of Regional Banking
White Oak Global Advisors, LLC announced the addition of three senior members to White Oak Aviation, LLC, the aviation financing affiliate created to expand the firm’s offerings to the aviation market. Bob Genise, Asa Watts, and Greg Byrnes will be based in Bellevue, WA and Ireland, and will further enhance the firm’s capabilities in the space.
Greg Seibly will be based in Southern California and will oversee the Union Bank commercial banking, real estate industries, consumer banking (including PurePoint Financial, an online direct bank), Intrepid Investment Bankers and wealth markets businesses, as well as the bank’s corporate social responsibility programs. Britt Stackhouse Joins Utica Equipment Finance as Managing Director Britt Stackhouse will be based in New York City and will be responsible for sourcing and developing client and referral relationships throughout the United States.
David Viggiano has been in the secured lending business his entire career and has held various leadership positions in both ABL and Equipment Finance. He will be responsible for the further development and execution of the bank’s National Asset Based Lending Strategy.
Francois van Reede Joins Utica Equipment Finance Team
Tiger Group Sets 2019 Sales Record for Pro-Grade AV Gear
Stephen J. Healey Joins Utica Equipment Finance as Managing Director
The audiovisual vertical within Tiger Group’s Commercial & Industrial Division posted record sales of excess and underutilized AV equipment in 2019, further cementing its position as a leader in the disposition and appraisal of pro-grade AV gear.
White Oak Global Advisors, LLC Makes Key New Hires to Expand Aviation Finance Offerings
Francois van Reede has joined the firm as a business development officer. Based in Arizona, he will be responsible for sourcing and developing client and referral relationships throughout the United States.
Stephen J. Healey will be based in Boston, and responsible for sourcing and developing client and referral relationships throughout the United States.
Triumph Business Capital Names Erik Bahr EVP of Sales
Webster Promotes Jason Soto to Executive Vice President, Chief Credit Officer
Erik T. Bahr will report to Geoff Brenner, chief executive officer. In this role,
Jason Soto will be responsible for credit risk activities across the organization.
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Intro art
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WOMEN IN SECURED FINANCE 2020
RECOGNIZING EXCELLENCE
INTRODUCTION
Welcome to The Secured Lender’s Fifth Women in Secured Finance issue. The mission of SFNet’s Women in Secured Finance Committee is to promote the advancement of women in leadership in the secured finance industry through networking, education and advocacy. This annual issue of The Secured Lender is a key component of that mission. During these formidable times, we’d like to thank you for opening this issue and helping us to celebrate the contributions and accomplishments of women in our industry. On the following pages, you will meet over 50 inspiring women who exemplify excellence and have distinguished themselves within the secured finance industry.
result of the coronavirus pandemic. Also included is a roundtable of C-suite women and an article focused on women in senior leadership roles, who share their insights into how the industry can attract and retain more women. Lastly, don’t miss the interview with Jennifer Palmer, CEO of Gerber Finance and an SFNet Executive Committee member.
PAULA CURRIE We had originally Senior Vice President planned to update you PNC Business Credit in this letter about the details of the SFNet Women in Secured Finance Conference, which was scheduled for June 11. Given the global coronavirus pandemic, we have postponed this event. A new date and additional details will be forthcoming. In the meantime, the Women in Secured Finance Committee will stay in touch via our newly launched quarterly e-newsletter. We wish you all the best as we navigate through this unprecedented time and look forward to meeting many of you at the next Women in Secured Finance Conference.
Excellence means different things to different people. Excellence could be an intangible, yet make an indelible impact, such as mentoring less experienced team members; or something as wide-reaching as launching a new division, overseeing a new product line or driving growth in a business. Excellence could also mean making a significant contribution to a trade association or charitable organization. In this issue we are pleased to highlight so many remarkable women who are, indeed, demonstrating excellence in a myriad of ways. The women profiled represent leaders within the SFNet’s member organizations and are Secured Finance Foundation contributors. These women are from an array of institutions including banks, law firms, appraisal and consulting firms, fintech companies and institutional capital providers. Some are seasoned executives and some are newer to the industry, but each of these women is making an impact, not only in their organizations, but also the secured finance industry - and each is doing so in her own unique way. In addition to profiles of successful women in the industry, this issue features an in-depth article on networking, including tips for those who work remotely, which we may all benefit from, given the restrictions imposed on many of us as a
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WOMEN IN SECURED FINANCE 2020
RECOGNIZING EXCELLENCE
C
ynthia Aboud is a senior vice president at Accord Financial. She came to Accord Financial in 1999 with a diverse background working at manufacturing and service companies, as well as experience in conventional lending. Her skills and dedication helped escalate her to her current key role as a senior member of Accord Financial Inc.’s management team. She is an active part of the financial community with her continuous involvement in many associations, such as the Turnaround Management Association and the M&A Club, that bring together professionals of the industry. She often speaks in locations across the country on asset-based lending in the context of restructuring and M&A. For several years, she has been a judge at the prestigious John Molson School of Business’ International MBA Case Competition.
CYNTHIA ABOUD Accord Financial
She is a mentor for many of her colleagues and is truly making an impact on women in the financial sector, constantly providing tips and insight on how to advance their careers. Outside of work, Cynthia is the mother of two, a team player in her women’s soccer leagues and can be found on the ski slopes in the winter. Cynthia holds a BComm from Concordia University and an MBA from McGill.
Studies have shown women are reluctant to tout their accomplishments in the workplace. What advice would you give to help women be more comfortable with speaking up? Get a coach, a cheerleader and a sounding board. These do not have to be formal relationships. I have been so lucky to have met wonderful women in my career. Some were senior to me, but most have been my peers and we grew together in our careers. Often a business relationship will evolve into a more personal relationship…. trade stories, ask for help. Take the initiative to offer to bring someone into your network. There is no question that it is more difficult for some to stand up and make their accomplishments and successes known, but it is essential to try. I use the what-is-the-worstthat-can happen approach: don’t speak up, nothing happens; but if you do speak up, good things can happen. What do you enjoy most about your role? Least?
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This is the easiest question of all. The best part of my job is meeting prospective clients. Seeing their passion about businesses they have built and getting to know them is the highlight of any day. Learning about different industries is really interesting. The worst…having to decline financing to a company that really needs it to survive or grow. How do you balance work/personal time? This is a difficult issue to address. I think in today’s society this question is often asked and expectations for balance
are high. Unfortunately, as always, the balance of work and personal time has to mesh with one’s career aspirations. If one wants that balance, it might mean giving up some career advancement. It is difficult to move up the ladder if you want to work 9 to 5. That’s just a fact. That being said, society and technology have advanced so much over the past couple of decades that it is possible to manage better. However, if you want the top job, you’re going to have to make some sacrifices. How can commercial finance organizations attract and retain more women? Hopefully, women will read this magazine and be encouraged to make a career in commercial finance. We are fortunate in Canada to have legislated maternity leave which means that young women do not get caught between going back to work early and leaving their job to have a family.
IT’S ALL ABOUT THE PEOPLE Congratulations to Cynthia Aboud, Marilyn Batson and Alexandra Lewis for raising the bar and paving the way for other women in the financing industry. We are proud of their achievements, the example they set, and the leaders they’ve become—both inside our organization and across the marketplace.
ASSET-BASED LOANS EQUIPMENT FINANCING FACTORING LENDER FINANCE A/R MANAGEMENT INVENTORY FINANCING SMALL BUSINESS LOANS CANADA - 844.932.9940
UNITED STATES - 844.725.4225
WWW.ACCORDFINANCIAL.COM
WOMEN IN SECURED FINANCE 2020
RECOGNIZING EXCELLENCE
M
arilyn Batson currently holds the position of assistant vice president and is responsible for the smooth running of Accord’s daily client and financial operations. She is Accord’s longest tenured employee, with nearly 30 years of service. Marilyn has risen through the ranks to become a key member of the senior management team. With an attention to detail, proactive and hard-working approach Marilyn is always taking on projects outside her direct responsibilities, doing whatever it takes to make Accord better for our clients, referral sources and employees. Marilyn has an accounting degree from Greenville Technical College which serves in her diverse role with Accord.
MARILYN BATSON Accord Financial
Marilyn reviews the clients funding and processes the client wires. She also reviews the funds employed and reports and tracks bank balances. She assists in closing with Accord’s bank on funding the needs of clients. Marilyn is responsible for preparing monthly reports to Accord’s bank to support the loans we have financed.
What advice would you offer to women just starting out in the industry? Become familiar with your programs and your clients. Do not be afraid to ask questions. We are not perfect; everyone makes mistakes – it is how you handle the correction that counts.
I like being involved in all parts of the business not just accounting. I like to interact with fellow employees and our clients. Least? That’s easy – audits, even though they are important for the company, it takes up a lot of my time, so my daily work gets behind.
Studies have shown women are more reluctant to tout their accomplishments in the workplace. What advice would you give to help women be more comfortable with speaking up?
How do you balance work/personal time?
This one is hard for me. But you need to take pride in what you do. Keep a list of your accomplishments during the year, bring them up during your yearly review. What do you know now that you wish you knew in the beginning of your career? I would learn more about the financial aspect of our clients. I would take more chances, speak out when you see something that needs to be updated. Set goals for each year. How have you approached big career decisions?
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What do you enjoy most about your role?
Review the pros and cons of the transition. I also discuss all the changes with my family. What is your approach/advice to change in the workplace? I try to encourage people to learn new things. Look for ways to improve the workflow, don’t be afraid to make suggestions. I think discussions within each department should take place at least quarterly.
It was hard when I had young children that were involved in sports/school, but you must leave the office at the office. You will occasionally, bring work home with you, finish it as quickly as possible then move to family things. Take a few minutes for yourself, relax, read, have a glass of wine. How can commercial finance organizations attract and retain more women? Training is beneficial. Promote your current women to jobs that are normally held by men. Reading articles with “real people” telling their story is a great help as well.
WOMEN IN SECURED FINANCE 2020
RECOGNIZING EXCELLENCE
A
lexandra Lewis is the director of finance at Accord Financial, Inc., the US headquarters for Accord Financial Corp. (TSX: ACD), where she manages the accounting, finance, and HR functions. She joined Accord just over two years ago and has focused her efforts on maintaining an innovative and family-oriented culture, improving business practices, and streamlining back office operations to enable growth and development of the Greenville, SC business unit.
ALEXANDRA LEWIS Accord Financial
She is also active in strategic initiatives for the parent company, primarily the automation of consolidated financial reporting and budgeting. She has always worked in accounting and finance but has done so at three wildly different companies in various industries: a small tech start-up geared toward the hospitality sector, a global dye and chemical manufacturer, and now a North American asset-based lending company. She is an active member of the International Factoring Association and the Secured Finance Network. She has a Bachelor of Business Administration with concentrations in accounting and finance from Roanoke College and holds a CPA license in South Carolina. She is currently learning to navigate life as a new mom.
Studies have shown women are reluctant to tout their accomplishments in the workplace. What advice would you give to help women be more comfortable with speaking up? Honestly, I still struggle with this sometimes, but it does get easier with practice. Remind yourself that you have worked hard to get where you are, and you have earned the right to be heard. Whether you are taking credit for your contributions or simply participating in a meeting, your thoughts, ideas, and questions are all worth voicing, no matter how insignificant you might worry they are. There’s no room for innovation or improvement when you maintain the status quo with silence. It’s naturally uncomfortable for most of us, but don’t let that be discouraging. What do you know now that you wish you knew in the beginning of your career? You are your own best advocate. You may be fortunate enough to have a supportive boss who has your best interests at heart, but s/he may not always be able to proactively manage your professional development or anticipate your needs. Don’t be afraid to ask for what you need or feel you deserve, whether that’s a promotion or a new desk chair, so that you can do the best possible job for your company. What do you enjoy most about your role? Least? I love being able to make decisions that positively affect our team and improve their work experience. It’s incredibly gratifying to hear that kind of feedback. Encouraging my team
members to take ownership of new responsibilities and asking them for suggestions have also repeatedly resulted in positive changes in our office. Least? Any personality test I take will tell you I dislike conflict, and, it’s simply unavoidable as a senior leader in the workplace, given how many hours we spend with our colleagues. How do you balance work/personal time? I have found I’m at my best when I am able to leave work at the office. I do check email on my phone regularly, but I try to avoid getting back on my laptop unless it’s urgent or planned. I fully accept crazy working hours during certain times though, e.g., year-end audit, budget season, etc. All that said, I’m nursing my newborn baby as I type, so this question has a bit of a new meaning to me now. The landscape will be different after my maternity leave when I am bound by daycare hours. It is a relief to know that Accord offers flexibility and appreciates the importance of family. How can commercial finance organizations attract and retain more women? Take care of your people! Pay your employees what they are worth. Offer strong benefits, including paid family leave and flexible scheduling. Enforce zero-tolerance policies for inappropriate behavior in the workplace. Promote women internally. Allow for training and networking opportunities with other women in their area, industry, and/or profession. Work to minimize the effects of unconscious biases.
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WOMEN IN SECURED FINANCE 2020
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endra Wilson graduated from UT Arlington with a bachelor of business administration degree while she was working for Ben E. Keith Company. Kendra started her career in Commercial Lending over 24 years ago with Comdata Financial Services. In 2001 she joined Amerisource Funding, Inc as their credit manager, to later become vice president. She is responsible for the management of both the factoring and asset-based lending portfolios. Kendra oversees both the portfolio and operations group for Amerisource. Kendra feels honored to lead her group and strives to inspire the best in each of them. In her spare time, she enjoys gardening and spending time with family and friends. She also volunteers at her church.
KENDRA WILSON Amerisource Funding
What advice would you offer to women just starting out in the industry? I believe women are being treated more equally than in years past. My advice would be to find a great company that supports equal opportunities and invest themselves into the company. Be open to criticism and guidance to help you along the way. Women should not let the previous stereotype interfere with their professional confidence. Your only limitation is within yourself. What do you know now that you wish you knew in the beginning of your career? Your experiences, whether they are from successes or failures, help to educate and shape you. I think the biggest thing is to know that there are risks at various levels in this business and there may be losses at some point. Each experience is an opportunity to learn more and to sharpen your knowledge for the future. People don’t learn from successes; they learn from failures and hindsight is always 20/20. What do you enjoy most about your role? Least?
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The thing I enjoy the most about my role is that no one day is the same. I am constantly being challenged with new opportunities or situations. I enjoy grooming our younger employees and watching them learn and grow in this industry. The thing I enjoy the least is sometimes the pace at which the days move. There often is not enough time in the day to get everything completed on your to-do list. You learn to prioritize your long to-do lists and come back in the next day to tackle the items that you were not able to get to the previous day.
How do you balance work/personal time? I work for two great men that have always been great role models in maintaining a healthy work/personal time balance. They encourage all employees to work hard while you’re at work, but your family always comes first. I started with Amerisource when my daughter was 13 months old. They supported me through daycare calling for her to be picked up, band contests and college visits. My daughter is now 20 and she has told me many times, “I want to work for a company just like yours.” How can commercial finance organizations attract and retain more women? I think the commercial finance organizations should continue to feature women in their roles to highlight their impact in the industry today. This is important not only for the existing women in the current industry, but also for the younger women entering into the industry.
CELEBRATING LEADING
WOMEN IN FINANCE
JANICE WHALEN & KENDRA WILSON
Congratulations to all the professionals who have been recognized as Prominent Women in Finance by this year’s issue of The Secured Lender, including our own Janice Whalen and Kendra Wilson.
Janice Whalen, Controller jwhalen@amerisource.us.com
Kendra Wilson, Vice President kwilson@amerisource.us.com
Both of these outstanding women are a driving force behind the growth and success of Amerisource Business Capital. Also, their significant contributions to the finance industry have been immeasurable. Thank you both for all that you do!
ABOUT AMERISOURCE BUSINESS CAPITAL | AMERISOURCE FUNDING Founded in 1984, Amerisource is a direct lender to growing businesses throughout the United States with borrowing needs up to $20 million. Amerisource is one of the largest independent finance companies in the nation, having provided over $8 billion in capital to borrowers and clients through both its asset based lending arm (Amerisource Business Capital) and its A/R financing arm (Amerisource Funding). Amerisource has clients and offices located throughout the United States. www.amerisource.us.com
The Secured Lender - Amerisource.indd 1
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WOMEN IN SECURED FINANCE 2020
RECOGNIZING EXCELLENCE
J JANICE WHALEN Amerisource, Funding
anice Whalen has worked in accounting and management for the past 50 years. She graduated from University of Texas at Tyler with a BBA in accounting and an MBA. Prior to joining Amerisource Funding, Inc., she was with Abbey Management, Inc., and Market Data Corp., in Houston, Texas. She also taught junior and senior level accounting classes at University of Texas at Tyler. Janice has been with Amerisource Funding for the past twenty-three years. Starting as their controller, she was later made a vice president. During her tenure she has overseen all the accounting functions, prepared monthly financial statements for Amerisource and other related companies, and supervised the annual financial and bank audits. Presently, she had reduced her work schedule and relinquished some of her duties for Amerisource. She still prepares the collateral reports and works on the financial and bank audits. She continues to oversee and perform all financial functions for four Amerisource-related companies. When not working, Janice enjoys cooking and volunteering. She is the current president for Houston Junior Woman’s Club, an organization that performs service hours and raises money for local children’s charities. She also directs a Life Bible Study class at her church.
What advice would you offer to women just starting out in the industry? Starting out in the industry, listen and learn all you can from those with more experience. Continue your education, when you can. Never stop learning. Feel fortunate if you can glean just a little nugget from a person, class or seminar. You never know where or from whom you will get the best advice.
Change in the workplace is not easy for me. My first reaction is usually, “why change?” But after listening and thinking it through, then I can come up with a plan and adapt. One of our owners, Michael Monk, says I will spend 15 minutes telling him why we should not change, then spend the next 15 minutes telling him how we are going to implement the change. Of course, some of my reluctance to change could have to do with my age.
Studies have shown women are more reluctant to tout their accomplishments in the workplace. What advice would you give to help women be more comfortable with speaking up?
What do you enjoy most about your role? Least?
When I started in the workplace, women were definitely in the background. Thank goodness this has changed through the years. I would tell women not to be afraid to speak up and take credit for the work they do. When you take credit, you also have to be ready to take responsibility for the good and the bad. Luckily, at Amerisource, I have no fear of speaking up. Of course, the owners, Jason Floyd and Michael Monk, might wish I would not feel so free to do so, but they always listen.
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What is your approach/advice to change in the workplace?
What do you know now that you wish you knew in the beginning of your career? At the beginning of my career, I wish I had realized I did not have to accomplish it all so quickly. I was in such a hurry, that I may have missed some opportunities along the way. You learn and grow in your career as you go. You also can learn more from your mistakes than from your successes. As far as working for Amerisource, I wish I had known what a wonderful 23 years it would be. Jason and Michael love me, even though I can be hard-headed and opinionated.
I enjoy working closely with all the members of the accounting department. The culture of Amerisource is one where all departments are encouraged to work together to get the job done. This makes for an easier working environment. It is nice to see everyone collaborating together to complete a project and complete it well. I guess what I enjoy the least is not having enough time in a day to get it all done, the way I want it done. I am a perfectionist, which can be a blessing and a curse. How do you balance work/personal time? It is not easy for me to balance work and personal time. I cannot leave the job until it is completed, and that is not always easy to do since I have reduced my time spent at the office. I sometimes feel like I am still working full time. Volunteering forces me to try for a balance in my life. Anytime you volunteer it takes time. I do make time to visit my daughter and grandsons. After all, faith and family should be a priority.
WOMEN IN SECURED FINANCE 2020
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im Smith is vice president and group operations manager within Loan Lease & Trade Operations (LLTO), part of the Global Banking and Markets Operations division at Bank of America. Based in Richardson, Texas, Kim is responsible for the asset-based lending servicing team supporting the Bank of America Business Capital and Retail Finance Group loan portfolios. In this role, she leads a team of managers and loan administrators responsible for providing end-to-end post-closing servicing and support to US and International clients. The team serves clients in a wide range of industries primarily in the middle-market and large corporate space. Kim is also responsible for leading and driving process and technology improvements to improve client experience, reduce risk and drive efficiencies.
KIMBERLY SMITH Bank of America
Kim joined the asset-based lending team in 2000 and has held roles in business support, international fulfillment and servicing. She took on the responsibilities of group operations manager in 2019. Kim has a bachelor of science degree in business administration from the University of Texas at Arlington and is Six Sigma certified. Kim is a member of the bank’s LEAD for Women, Women in Technology & Operations and Inter-generational employee networks. She lives in Flower Mound, TX with her husband and their two children.
What advice would you offer to women just starting out in the industry? Don’t be afraid to ask questions. As you start out in commercial lending, you will not have all of the answers. Gain the knowledge of leaders and peers in the industry. As your understanding of the industry grows, do not be afraid to question why transactions or processes are done a certain way. New individuals to the industry can bring a different and innovative prospective to long standing processes and procedures. I also think it is important to find a mentor. Mentors can bolster your confidence as you start your career and can guide you, provide feedback and encourage you along the way. What do you know now that you wish you knew in the beginning of your career? I needed to be in charge of my career development and advancement. Ask management for stretch assignments, apply for positions where my skills may not check all the boxes on every qualification, tout my accomplishments as they happened. Leaders in and outside your organization may not fully understand what you do on a day-to-day basis. I wish I had found a mentor earlier in my career. Having a formal or informal mentor who can help you navigate the organization and industry can start your career off on the right foot and can assist with development opportunities.
Studies have shown women are reluctant to tout their accomplishments in the workplace. What advice would you give to help women be more comfortable with speaking up? It is important to be bold and courageous in your career and I think the best way to be bold is by sharing your accomplishments. I find keeping track of accomplishments as they happen makes it easier to discuss them when the time is right. It is sometimes difficult to remember all of your great work at a moment’s notice so keep detailed notes in a journal or Word document and be prepared to discuss at any time. It is also important to remember that if we do not share what we are accomplishing in our careers, some of our great work may go unnoticed or be overlooked. Have a detailed description of your day job/responsibilities. Looking at an individual’s title in the directory may not provide the full breadth of their job responsibilities. As you move through the organization or industry, it’s important to be able to describe your responsibilities in detail. What is your approach/advice to change in the workplace? Be a champion for change. In the world of commercial lending, change is inevitable and welcomed as new technology and processes are rolled out on a frequent basis. I feel being openminded when new processes, procedures and technology are presented alleviates some of the pressure that can come with change. Speak up if change is having a negative effect in or around your workplace. The sooner issues can be identified and resolved the less disruption will be felt by individuals and teams.
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WOMEN IN SECURED FINANCE 2020
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egina Stango Kelbon, past co-chair of Blank Rome’s Finance, Restructuring and Bankruptcy group, heads the Firm’s national bankruptcy practice. She handles banking and commercial lending matters (outof-court restructurings, workouts, bankruptcy, and reorganizations) representing agents, bank groups, senior and junior creditors, debtor-in-possession lenders in distressed capital structures, creditors’ committees, executory contract parties, plan proponents, equipment lessors and asset purchasers.
REGINA STANGO KELBON Blank Rome
Regina, an American College of Bankruptcy Fellow, co-chairs the Third Circuit Education Committee. She chairs the ABA’s Business Bankruptcy Subcommittee on Corporate Governance and is a Board and Executive Committee member (and past President) of the Consumer Bankruptcy Assistance Project for the Eastern District of Pennsylvania. She served on the Turnaround Management Association Philadelphia/Wilmington Chapter Board and chaired its Network of Women (2013-2017). Chambers USA ranks Regina highly in bankruptcy and restructuring law in Delaware and Pennsylvania. She lectures and writes for the Pennsylvania Bar Institute and the ABA on insolvency and restructuring, and is a bankruptcy mediator. Regina mentors and sponsors women in the profession and as a senior female leader and Executive Committee member at Blank Rome. Regina, married to her husband Edward (also a commercial litigator) for 34 years, has two daughters, Nicole, 29, starting her Fellowship in cardiology, and Kristen, 24, a second-year student at Villanova University’s Charles Widger School of Law.
What advice would you offer to women just starting out in the industry? This question is particularly timely, since I have a daughter who is completing her law degree and is about to enter the work force. In our conversations, we have discussed my career and what I did that worked, and what I think young lawyers need to do to be successful in today’s legal environment. First, you need to set goals and priorities. People who are the most successful remain focused on what they want to achieve and develop a plan for reaching their goals. Passion is also important. Finding an area of law that you are passionate about will be reflected in your enthusiasm for your specialty and the way you approach your work. Find joy in your career. To paraphrase Mark Twain, find a job you enjoy doing, and you will never work a day in your life. While it sounds hokey, I found that working with funny, brilliant, creative, and caring people brought me the greatest joy and happiness in my career. My colleagues motivate me to do my best even on the toughest days.
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Additionally, you must invest in and take ownership of your career from the beginning. It is hard to market your services until you believe in yourself and others believe in you. It is necessary to become an expert in your field before you can achieve success and respect. To that end, I took every opportunity to continue my post-legal education to refine my skillset. One of my mentors told me that as an associate, the first hours of every day should begin with reading recent legal decisions. I took that advice to heart and still spend several hours early in the morning reading new reported opinions and decisions around the country. Becoming an expert and striving to be at the top in your field will necessitate that you are continually learning, changing and keeping
an open mind to new ideas and ways to approach challenges. I look for conferences, programs, and webinars with leading scholars and try to make them part of my quarterly attendance. Be all in. As with personal relationships and parenting, give your career 110 percent. I never asked anyone in my group to do something that I have not already done or was not willing to do, including working nights, weekends, holidays and on vacations. The bankruptcy practice in particular is emergency-room law, and clients and cases need immediate attention and responses. Being invested in achieving your client’s goals and being available to solve their problems will resonate with your clients that you value and appreciate them and their issues. Finally, be genuine. Clients and co-workers will know your reputation. It is important to be yourself and to maintain the highest standards in your career. What do you wish you knew in the beginning of your career? I wish I had fully appreciated the importance of business development and networking at the beginning of my career. Building a strong professional network of business contacts is important to your personal success and the success of your group. Business development requires relationship building, which takes time, effort and patience. As a young lawyer, just the everyday practice of law was all-consuming. Little time was spent or seemingly available for business development. Fortunately, firms have come a long way in providing training and resources to help young lawyers develop the skills to succeed in this endeavor. These have been among the most important and invaluable developments and changes I have seen over the years that will benefit young lawyers.
Congratulations to our partner and friend, Regina Stango Kelbon, on being named “2020 Women in Secured Finance.” Regina is a pillar of leadership and professional excellence within the financial and legal community at large. Her outstanding generosity and kindness towards her colleagues, team and community is experienced by all she encounters in her professional and personal life. We are very proud of Regina as she is recognized by The Secured Lender.
Blank Rome is an Am Law 100 firm with 14 offices and more than 600 attorneys and principals who provide a full range of legal and advocacy services to clients operating in the United States and around the world.
Chicago • Cincinna • Fort Lauderdale • Houston • Los Angeles • New York • Philadelphia • Pi sburgh • Princeton • San Francisco • Shanghai • Tampa • Washington • Wilmington
WOMEN IN SECURED FINANCE 2020
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ulianne Low is a managing underwriter and senior vice president for Capital One, N.A. on the Middle Market Bank - ABL Diversified Industries team. In this role, she leads a team of credit professionals responsible for underwriting and managing a portfolio for a broad range of asset-based lending transactions. She and her team serve a wide variety of industries, primarily companies in the middle market, as well as U.S. large corporate companies.
JULIANNE LOW Capital One, N.A.
Julianne joined the portfolio management team at Capital One in 2009 and took on the responsibilities of portfolio manager in 2014. In 2016, she became one of the managing underwriters for the ABL group. She has over 20 years of ABL experience including positions at CIT Group and Fremont Financial, and began her career as a field examiner.
What advice would you offer to women just starting out in the industry? My advice to women starting out would be threefold: Build a network both inside and outside your organization, embody and embrace change and be inquisitive. Networking is not just useful for making new connections; your networks can assist you in the industry and also help you to grow within your organization. Embracing change and being willing to work in the face of change is the embodiment of leadership. Expect changes in the industry and/or your organization, as you will need to have flexible views and a “can do” attitude.
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And, remember that no one can do it alone. Seeking and receiving support is not a sign of weakness, whether it be with your family, spouse, children or with work projects. In today’s working environment we need the support of family and friends. Everyone recognizes that partnerships with other groups, and collaboration on projects will not only help them be better, but also get the job done — both at work or at home. Women may have an unwillingness to ask for help to avoid seeming incapable or incompetent, but navigating life takes a village. And the good thing is, people like helping others. It feels good. It creates connection. No one will judge you; rather it shows that we all have vulnerabilities and need support from time to time. What do you know now that you wish you knew in the beginning of your career? I wish I knew to “just go for it”. I second-guess myself sometimes. I pause to think and slow down, whereas my male counterparts may dive right into the situation. If you fail or
stumble along the way, that’s okay. Remember that it is okay to pick yourself up, learn from your mistakes, and create a plan to go at it once again. Remind yourself that you don’t need to be “one of the guys.” You just need to own your voice. It doesn’t have to be loud, but your voice belongs to you and only you. You are your own advocate. How do you balance work/personal time? As a working mom, life can be hectic. Make your life work for you, as you can still have a fulfilling career and help manage a happy household. You should make room in your schedule for your home life as well as alone time to recharge your batteries and to stay motivated. For example, I get up early and work out before I come to the office, as some days are spent either sitting or running from meeting to meeting. In addition, you should block time on your calendar for family time to ensure that you leave the office at an appropriate time or have downtime for yourself. With the technology we have available today, it’s easy to constantly check in. But when you are away from the office, you should try to decompress and recharge. You will be surprised how the work is managed when you are away.
Congratulations, Congratulations, Julianne Low, Low, Senior Julianne Senior Vice Vice President President for being recognized by The Secured Lender for being recognized by The Secured Lender as a leader in commerical finance. as a leader in commerical finance.
WOMEN IN SECURED FINANCE 2020
RECOGNIZING EXCELLENCE
M
arilynn Tham is a partner in Chapman’s Banking and Financial Services Department and Asset Securitization Department and is also a member of the Commercial Lending practice group. She focuses her practice on commercial finance and secured transactions. Marilynn represents banks and other financial institutions and specialty lenders nationally in a variety of financing transactions, including asset-based loans, single lender secured loans and agent banks in complex, syndicated loans. She has broad-based experience in commercial lending and has handled transactions involving companies with varying forms of capitalization, including emerging growth, family-owned, private and public companies, and in a range of industries, including the specialty finance, technology, life sciences, real estate, retail, and health care sectors.
MARILYNN THAM Chapman & Cutler
Marilynn also participates in various financial services industry groups and has been active, including in leadership capacities, in local and national bar associations, as well as community and civic organizations in the San Francisco Bay Area.
What advice would you offer to women just starting out in the industry? For many who are first starting out in the work world, it may seem like you don’t have much time to do any more than the work immediately at hand. However, if you can carve out a little time to get out there and become involved with industry organizations and attend events where you can meet others in the same industry and begin to develop your network, it will likely help you learn more about the industry faster and hopefully, make your integration in the industry and work-life more interesting and fun to boot. Also, this may seem obvious, but we can never have too many of these: be a person of your word. If things change, and you have to make adjustments to your word, let people know. Studies have shown women are reluctant to tout their accomplishments in the workplace. What advice would you give to help women be more comfortable with speaking up?
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I can relate to those who feel reluctant to tout their accomplishments in the workplace. We should probably keep in mind, however, that in some instances, we may actually be failing to share information and experiences that others may find helpful. Additionally, there are ways of talking about our accomplishments that others will not find to be off-putting. If you aren’t comfortable speaking about yourself, it may also help to start with touting the accomplishments of others on your team who have contributed to your success. Few of us have achieved our professional successes alone, and the more that we acknowledge the contributions of others, the more comfortable we may become with acknowledging our own role in those successes.
What do you enjoy most about your role? I most enjoy working and interacting with clients and our teams to resolve open issues, get deals closed and meet the ongoing legal needs of our clients that arise during the lifetime of such deals. I find the trusted and enduring relationships that develop from working with clients over time to be among the most rewarding and satisfying aspects of law practice. How can commercial finance organizations attract and retain more women? I think we need both the men and women in these organizations, as well as the leadership in these organizations, to buy-in to this goal, and to feel the imperative and strong desire to create and foster an industry and workplaces where women can thrive and succeed. The fact that industry organizations are now creating subgroups as SFNet has done with the Women in Secured Finance group is also very helpful, as is regularly highlighting the accomplishments of the many women who have been successful in commercial finance, and any formal and informal mentoring that successful men and women in commercial finance can provide to those who are newer to the industry.
Representation matters. We salute all of the inspiring women featured in The Secured Lender’s Women in Secured Finance issue. We are especially proud of our own Marilynn Tham, whose depth of experience in commercial finance and secured transactions makes her a credit to both the legal profession and the secured lending industry. Congratulations, Marilynn, on this welldeserved honor!
Charlotte • Chicago • New York • Salt Lake City • San Francisco • Washington, DC chapman.com Attorney Advertising Material.
WOMEN IN SECURED FINANCE 2020
RECOGNIZING EXCELLENCE
A
mna is national underwriting manager for CIT Group’s Commercial Services business, overseeing all new business transactions for the company’s New York, Los Angeles and Charlotte, North Carolina, offices.
Amna plays a key role in bringing new deals to successful conclusion, ensuring the credit underwriting and other documentation meet company standards. In addition to working on new deals, she is often involved in refinancing and restructuring transactions in the existing portfolio at CIT. Amna manages a team of seven underwriters and also oversees Commercial Services’ analyst training program. A proven leader, she often gets involved in various Commercial Services projects.
AMNA MAHMOOD CIT
Amna began her career at CIT in 2007 as an associate. Since then, she has held roles of increasing responsibility, including account executive and underwriting manager for Commercial Services’ Northeast region. She earned her bachelor’s degree in Finance and Investments from Baruch College in May 2007 and was awarded her Master of Science degree in risk management from New York University in September 2019. She was a recipient of the SFNet 40 Under 40 Award in 2017.
What advice would you offer to women just starting out in the industry? It’s important that women just starting out in secured finance – and women already in the industry as well – remember the power of their own voice. Women need to feel empowered to speak up in whatever work setting they find themselves in. It’s generally perceived that women tend to be less vocal in the workplace. The problem with that is their reluctance to speak up can be easily misinterpreted for knowing less about an issue or the business than they actually do. Of course, it’s also important to have a feel for the appropriate time to voice those opinions. That can take some practice and sometimes a bit of trial and error. But overall, speaking up more often can be a valuable tool for women starting out.
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Another opportunity for women making a start in secured finance is finding a good mentor. You don’t have to aggressively search for one. You may identify a good mentor on your own or perhaps one will find you. Either way, having that mentor who can coach you on how to navigate challenges and how to advance in your career can be a great asset, so I encourage newcomers to be open to mentorship. Finally, I would say that the commercial finance world sometimes comes off as very male-oriented. But once you get in the industry, you realize how many bright, successful women are already working in finance. And there’s always room for more. How have you approached big career decisions? I think the right approach to big decisions is to take your time
in thinking them through. There’s a lot to consider when the significance of the decision is large and it’s worth the time to consider both the decision and its implications thoroughly. In short, don’t be hasty and make sure to make an informed decision. Another thing that can help the decision-making process is to have a longer term vision of where you’re going. What do you want to be doing in, say, five years? What do you want out of that role? If you have an idea of where you’d like to take your career over the next five years, it becomes a lot easier to assess interim decisions based on whether or not they move you in the direction of your goal. What do you enjoy most about your role? Least? One of the things I like most about my job is that every day is different and every deal is unique. I may come in each morning with a plan for what I expect to accomplish that day, but it often happens that a new opportunity comes up unexpectedly and we have to jump on it. It keeps you on your toes, that’s for sure. The flip side of that is that there can sometimes be pressure to juggle competing priorities. That’s where having the right team is essential. When you have capable teammates, you know you have the backup you need to get through crunch time. It can be tough at times to work through all the layers of process to engineer the right transaction for the company and the client. Still, that’s part of why it’s so satisfying when a deal comes together.
WOMEN IN SECURED FINANCE 2020
RECOGNIZING EXCELLENCE
A MEREDITH CARTER Context Business Lending
s president and CEO of Context Business Lending, Meredith oversees the strategic direction and day-to-day operations of the business. An alumna of Villanova University School of Law and the University of Delaware, Meredith has more than a decade of experience as a corporate transactional lawyer representing growth companies and investors and as managing director of business development of an alternative finance company, also integrally involved with its strategy, deal negotiation and diligence. Meredith is a member of the Executive Board of the Villanova Law J. Willard O’Brien American Inn of Court and has held multiple Board and Management positions for the Junior League of Philadelphia. Meredith has served as a guardian ad litem to represent the best interests of children in proceedings in the Delaware Family Court and as a co-chair of the Arthur Ashe Youth Tennis Center’s annual auction. She is also a member of the Board of Trustees of the Overbrook School for the Blind.
Studies have shown women are more reluctant to tout their accomplishments in the workplace. What advice would you give to help women be more comfortable with speaking up? Many women don’t communicate their accomplishments because they think that, if they just do good work, people will take notice. Or many feel that it would be in poor taste to draw attention to their successes. Unfortunately, more often than not, people do not notice. Your coworkers are likely focused on their own day-to-day responsibilities and will not notice the specifics of your contributions. My advice would be to take appropriate opportunities to share summaries of your work and your accomplishments with colleagues. Many women are also hesitant to communicate when they feel that they are being treated unfairly. I would remind them that their bosses are not mind readers and they probably don’t know how you feel. If you have an issue to raise, raise it in a professional manner without being defensive. Start with the assumption that the other person is reasonable and take the opportunity to share facts rather than emotions. What do you know now that you wish you knew in the beginning of your career?
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Carefully observe someone senior in your profession/role. See if you like what “the Ghost of Christmas Future” has in store for you. If not, it’s ok to make a change. Figure out what motivates you and pursue a career that fulfills those motivations. We spend a lot of time at work so make sure you are doing something gratifying. How have you approached big career decisions? Each time I have made a career change, the most important factor to me has been the people with whom I was going to work. At the
time of the decision, I considered what I knew about the integrity of my potential new employer as well as what I knew about the way my potential new colleagues and bosses think. For example, during my last transition from litigation funding to asset-based lending, I was faced with the choice between joining a new company in an industry vertical I knew well or continuing with people I knew well in a new vertical. I chose the people. It was hands down the right decision. I knew I respected their ethics and had seen them turn down many opportunities to profit in favor of doing the right thing, even when most in their situation would have chosen a potential monetary gain. There are plenty of ways to earn a living but, to me, the more important consideration has always been with whom and in what way you want to spend most of the waking hours of your life. How can commercial finance organizations attract and retain more women? Promote a culture where people feel safe to talk about their families. I remember reading one of the first annual reports after Jamie Dimon took over JP Morgan and he referenced the importance of family as part of the ethos and culture he was building for his executive team. Family is the most important thing in most of our lives yet many people, especially women, feel they need to hold back in talking about their families at work for fear of being perceived as unprofessional. Many women opt to leave the workplace when their children are young so that they don’t have to miss out on things like occasional classroom volunteering or running home when a child is sick. Let women (and men) be there for their families during those important times, and retention rates should rise.
WOMEN IN SECURED FINANCE 2020
RECOGNIZING EXCELLENCE
R
ebecca is a seasoned, results-oriented senior-level corporate finance professional with over 20 years of corporate finance and mergers & acquisitions advisory experience. She has deep expertise in structuring complex debt financings for companies across a range of industries and situations to provide clients with incremental liquidity, growth capital, operating flexibility or a lower cost of capital.
REBECCA TARBY Crystal Financial LLC
Rebecca is currently a senior managing director at Crystal Financial LLC, a non-bank direct private credit provider with $600 million in assets under management. In her role she is responsible for evaluating, structuring and underwriting new credit opportunities, while managing an existing portfolio of companies and co-managing the firm’s junior associates. Since joining Crystal in 2006, she has structured, underwritten and/or managed over $850 million of debt financings. Prior to Crystal, Rebecca held various corporate finance and mergers & acquisitions advisory roles at FleetBoston Financial Corporation, Comerica Bank and Grant Thornton. She received a dual Bachelor of science degree in economics and Marketing from Boston College.
What advice would you offer to women just starting out in the industry? Be confident in your contribution and your abilities and don’t be afraid to speak up. When I first started in the industry, I tended to hold my opinions or defer to others more senior so as not to appear disrespectful, but quickly understood that this is a good recipe for being overlooked. Find your voice and a way to express your opinions and insights in a definitive, but respectful way and you will start to build your “brand.” Be firm and straightforward with those who may try to diminish your contributions or elevate themselves at your expense. Numerous times during my career, particularly when I was younger, I had to shut down someone trying to bully or take credit for my work – in all cases, the bullies backed down when I drew a line in the sand, and the credit takers were often exposed and eventually sidelined when it became clear what they were doing. Finally, seek out ways to build connections. Internal and external networks can provide differing perspectives, opportunities to learn and ask questions and a way to build a community.
helpful feedback to leadership tend to be able to position themselves better down the road. Change can be stressful for all levels of the organization, so finding ways to make a transition go smoother and easier for your team and/or leadership helps everyone, including yourself. How do you balance work/personal time? Ha! Not very well. It’s gotten easier over the years as I’ve had the ability to control my schedule a bit more, but I think that’s a challenge for everyone in this business. Work/life balance is a bit of a unicorn. I try to wall off the most important things – letting people know well in advance when I will not be available and stick to it. For the rest, I try to be as flexible as possible. Even if work obligations have to leak into personal time, I do my best to minimize the impact as much as possible and remember to appreciate the rest – even if you have to spend an hour on a conference call during a ski vacation, you’re still on vacation and you’re still skiing most of the day! My other strategy is to take vacations outside of cell range (see below)!
What is your approach/advice to change in the workplace?
Tell us something about yourself that may surprise people.
Throughout my career, I’ve experienced a high degree of change, whether it be related to material acquisitions (both as the acquiree and the acquiror), internal restructurings and downsizings or changes in ownership. Each one brings its own unique challenges and stresses. My advice to navigate these changes is to always keep an open mind, an outward positive attitude, flexibility and an eye out for opportunities that might help you progress towards your own personal goals. People who are able to ride out change are viewed as team players and those who provide constructive,
I’m an avid hiker who enjoys off-the-beaten-path adventure vacations and higher altitude climbs. I’ve successfully climbed Mt. Kilimanjaro, the highest point in Africa at 19,340 feet and Mt. Elbrus in Russia, the highest point in Europe at 18,511 feet. I’ve also hiked around the Annapurna mountain range in Nepal, topping out at 17,769 feet, staying at small alpine villages along the way, and enjoyed the mountain charm of the Tour du Mont Blanc in Europe.
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WOMEN IN SECURED FINANCE 2020
RECOGNIZING EXCELLENCE
D DIPALI SAHNI Demica
ipali Sahni is general counsel for Demica, one of the world’s leading platforms for working capital financing. Dipali joined Demica in 2017, becoming a member of its senior management team and helping Demica to achieve 40% growth each year since then. Dipali’s team helps Demica and its clients to find solutions to the unique legal and regulatory challenges presented by operating across the working capital spectrum. Demica’s clients look to Demica for a technology platform to both manage their working capital transactions, and also for structuring expertise in a rapidly growing and changing environment. Dipali’s range of experience helps Demica to add value on both. She brings the discipline and expertise of a career with a top legal firm, along with the entrepreneurial approach necessary for a growing Fintech firm. Dipali spent time in New York with Sidley Austin and Morgan Stanley in structured finance, prior to returning to London where she worked as general counsel for an innovative asset management business in the Fintech sector before moving to Demica. She has volunteered for organizations such as Pencil NY’s Business and Public School Partnership Program and the Absolute Return for Kids Program in London. She is currently a trustee of the Akram Khan Dance Company.
What advice would you offer to women just starting out in the industry?
recognize that feeling as being a reflection of the positive, supportive environment that I now work in.
Work hard, but also work smart. There is no substitute for knowledge and expertise, but in addition to that, you also have to ensure that you are developing your career: getting a variety of experience, pushing yourself out of your comfort zone (because that is where the real learning begins), recognizing and seizing opportunities that come your way and finding time to develop relationships. These are the relationships which will form your network in the future.
Side note: Take a chance if you are unsure. Nothing is permanent and any ‘wrong’ decisions usually provide you with very good life experience and bring you closer to understanding what a good career decision for you is.
What do you know now that you wish you knew in the beginning of your career? The right time to leave a job. I started work almost 20 years ago, at a time when longevity was still valued, especially in traditional organizations like law firms. I wish I had learnt earlier that having to adapt to new environments and learn new things would go a long way in developing my career. I was lucky that halfway during my nine-year stint at Sidley, I moved to New York for three years, which provided me with the catalyst for change. However, it is important to get the balance right – you need to spend a reasonable amount of time in a role to ensure you get the most value out of it.
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How have you approached big career decisions? I always do my research, but ultimately follow my gut instinct. If it feels right, it usually is. I remember a recruiter inviting me to interview at Demica and I went reluctantly as I didn’t really know the company at the time and the product type didn’t fit squarely within my experience. But each time I went for an interview round, I left with a good feeling – one I couldn’t really articulate in words. Almost three years later, I
How can commercial finance organizations attract and retain more women? People always focus on parental issues when talking about attracting and retaining women. Yes, flexible working (not valuing presenteeism but rather output) and sensitive handling of parental leave are key to retaining women who are also mothers or want to become mothers, but this sometimes becomes the single issue which drowns out the rest. In addition to this, an organization should foster an open and supportive working environment and work towards changing traditional behavioral patterns. Women are socialized to be less confident and more conciliatory than men. It takes a concerted effort to fight this stereotype in the work environment. For example, I have been in meetings in the past where a man has cut me off mid-sentence - often just to reiterate the same point. Leaders in an organization need to recognize this kind of behavior and intervene when it happens. Only when you call out bad behavior, does it change. Ensure that women are not overlooked because they don’t always tout their own achievements; learn to listen. Be careful about language you use when describing women – make sure that it is the same as you use for men. I think the most important thing to remember is there is more than one way to skin a cat – always be open to alternative methods of doing something.
WOMEN IN SECURED FINANCE 2020
RECOGNIZING EXCELLENCE
B
ronwyn Hobson has more than 35 years of accounts receivable, credit and portfolio management experience, with eleven years in the factoring sector. Since 2017, she has served as vice president, portfolio manager with ENGS Commercial Capital. In this role, Bronwyn is responsible for and dedicated to facilitating working capital for a range of clients while monitoring overall risk management of ENGS portfolio. In addition to Portfolio Management, Bronwyn collaborates with the underwriting team and business development officers to analyze and promote new growth. Bronwyn has a profound passion for client service, company training, and analyzing risk. Prior to joining ENGS, Bronwyn was engaged as a senior account manager at Porter Capital Corporation for eight years. In this role she managed clients from a variety of industries with a concentration in IT staffing and digital technology.
BRONWYN HOBSON ENGS Commercial Capital
Bronwyn’s previous lending experience as a credit manager, auto loan underwriter, and mortgage loan originator proved to be invaluable in the factoring arena. Skills such as problem solving, business understanding, negotiations, analytics, and risk management in the various but related fields paved the way to her position as portfolio manager at ENGS Commercial Capital.
What advice would you offer to women just starting out in the industry? Discover and obtain a mentor early on; identify the most respected and successful person in the room and observe their work ethic and communication skills. It has been my experience that wellaccomplished people are more than willing or even pleased to become a formal or informal mentor. Find this person within your organization and become a sponge. My most memorable mentors were informal and came from old-school finance and banking backgrounds. Even when immersed in my busy routine, it is easy for me to recognize their contribution to my decision-making process. Volunteer to take on projects that will show your strengths and allow you to move to the next level and be noticed. Don’t be afraid to speak up and share your knowledge and ideas, be mindful and express yourself when you can add value to the conversation. Maintain a happy balance between your personal and professional life. This can be challenging yet it is essential for growth in all aspects of your life. Focusing on my health and fitness goals has helped me form a deeper connection to professional success. Take care of yourself, ask questions, and grow! Studies have shown women are more reluctant to tout their accomplishments in the workplace. What advice would you give to help women be more comfortable with speaking up? There are many ways you can promote your achievements and accomplishments without bragging or touting. You cannot assume that your colleagues are aware of your accomplishments and dedication, you must promote yourself effectively. Get comfortable with putting into words your strengths and successes. If you have achieved a milestone,
been presented with an award, closed a deal, solved a problem, own it; only you know how much work went into it. Having said that, make sure to always give credit where credit is due, stay humble, and genuine. We should all work towards creating a culture where women (and men) are comfortable speaking of their accomplishments in the workplace. How do you balance work/personal time? Maintaining a work-life balance is about separating professional and personal time without allowing one to overpower the other; both aspects are important, and neither should be neglected. I always plan my work week in advance. I live by my calendar. Prioritizing my day and setting aside realistic amounts of time for all my tasks is key to maintaining efficiency. I have found taking time out of my day three times a week to work out helps me refocus and find balance both professionally and personally. Tell us something about yourself that may surprise people. I am an animal lover and volunteer for a local pit bull rescue group. I love volunteering my personal time and energy with this organization that truly improves my community through animal rescue by educating and spreading awareness about pit bulls and other “bully breeds”. Additionally, I am an extreme hobbyist photographer. Multiple pieces of my work, although amateur, have appeared in publications both locally and nationally.
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WOMEN IN SECURED FINANCE 2020
RECOGNIZING EXCELLENCE
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eah R. Sixkiller is a financial transactions and Indian law attorney in the Minneapolis office of Faegre Drinker Biddle & Reath LLP. She closes transactions for Indian tribes, banking and financial institutions, and developers. Leah’s experience includes bond offerings, taxable and tax-exempt loans, and other transactions involving: development, construction, expansion, and refinancing of casinos, hotels, government buildings, and other projects. Leah is a tribal law expert and regularly navigates relationships with various governmental and regulatory bodies involved in client transactions. Leah obtained her A.B. from Harvard University and her J.D. from the University of Arizona College of Law.
LEAH R. SIXKILLER Faegre Drinker Biddle & Reath LLP
Leah is a citizen of the Red Lake Band of Chippewa Indians. Outside of her day-to-day practice, Leah is a board member of the Minnesota American Indian Bar Association and is also a member of the National Native American Bar Association. Furthermore, Leah regularly provides pro bono counsel at a legal clinic at the Minnesota American Indian Women’s Resource Center. Leah lives in Minneapolis with her husband and three young children.
What advice would you offer to women just starting out in the industry? Walk in like you own the place! Exuding confidence is so important in our industry. There is a fine line between confidence and arrogance and, unfortunately, women and racial minorities do not get as much leeway in exploring that boundary. It is okay to admit you need help or an extra explanation; that type of maturity and humility demonstrates a high degree of confidence. Along with asking questions and being honest about your understanding, it is critical to demonstrate that you can take ownership of your work, even if it is just for one small project related to a much larger transaction. We do a great deal of background and legal diligence regarding Indian Country financial transactions, and I am most impressed by newer associates who dive right in to handling those aspects of the transaction without being asked to do so. Studies have shown women are more reluctant to tout their accomplishments in the workplace. What advice would you give to help women be more comfortable with speaking up?
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My understanding is that many women don’t feel reluctant in school to tout their accomplishments or speak up for themselves, but that the reluctance arises in the workplace. I have learned that we have to have the confidence to advocate for ourselves because only we know what we need and want and there is not always someone else to advocate for us. There is no need to exude swagger and brag about yourself, but we should push ourselves to toe that line, which relates back to also pushing our general confidence boundary. Of course, personality and workplace dynamics come into play, but once you find the boundary, I encourage you to push it a little bit further than your comfort level. Also, find a colleague and/or friend with whom you can plan to tout each other’s accomplishments. You can nominate each
other for awards or discuss each other’s recent deal closings in front of your organization’s leadership. How do you balance work/personal time? Honestly, I do not. I integrate. It was a hard lesson to learn that work and personal time are not mutually exclusive, especially at a large law firm. Women are held to a higher standard because we are expected to fulfill both roles completely and unforgivingly. So, it is not always about balance, but more so learning how to be both an excellent attorney and an excellent mother on your own terms, while simultaneously accepting the dynamic that many times you will have to be an attorney while you are being a mother and vice versa. I have created a flexible situation within my firm’s policies that works for me and my family. I truly enjoy the work I do and the people with whom I work, so I have decided to own my situation and priorities, regardless of what others might think (again, this translates back to one’s confidence level). For example, I guiltlessly took advantage of the parental-leave policy of my legacy pre-merger firm (which policy was very generous at that time) so that I could return to work and be ready to hit the ground running. Accordingly, I have to be confident and advocate for myself to prove I am devoted to my career for the long haul. How can commercial finance organizations attract and retain more women? Progressive policies make a big difference. Keep up with companies that have the best parental leave, flex-time, and reduced-time policies. Ensure that the management and leaders are openly discussing, implementing, and celebrating those progressive policies.
WOMEN IN SECURED FINANCE 2020
RECOGNIZING EXCELLENCE
T
essa Payne has been an integral part of FGI’s business development team for almost ten years. Tessa, serving as managing director, has contributed directly to FGI’s growth as a global leader in commercial finance. She oversees business development initiatives across all FGI business units which include FGI Finance, a working capital provider to global middle-market companies as well as FGI Risk, a full-service trade credit insurance brokerage that offers FGI’s latest proprietary monitoring software, T.R.U.S.T.™. She is also responsible for spearheading business strategy planning, implementation of new product offerings, partnership programs, and content development.
TESSA PAYNE FGI
Prior to joining FGI, she worked at Talon Merchant Capital as a business development manager. There she was responsible for originating inventory disposition opportunities such as liquidations as well as forming strategic relationships with Fortune 100 & 500 brands and retailers. Tessa has served on multiple committees for SFNet, TMA and ACG as well as Emerging Leaders Board President for the nonprofit, Canine Companions for Independence. She frequently speaks at leading industry events such as the SFNet’s Annual Meetings. Tessa is a graduate of the University of Wisconsin-Madison. She was born in Chicago, where she currently resides with her husband and five-year-old son.
What advice would you offer to women just starting out in the industry? Step outside of your comfort zone. When I first began my career in our industry over ten-plus years ago, the landscape was quite different. Women and young professionals were very scarce, so I had no choice but to network with individuals outside of my own demographic. While it has been so inspiring to watch the dynamics change and see more women and young people around me in a relatively short period of time, I’ve noticed that people often tend to network with others of their same gender, age group or level. I believe in order to truly be successful, especially in a business development role, it’s critical to step outside your comfort zone and cross lines to connect with those of the opposite gender, generation, or career level. While it can be intimidating to approach someone more senior than yourself, someone much older/younger or even a competitor if you’re genuine, confident, and persistent, it will pay off. Having a well-rounded network will always serve you well whether you’re sourcing new deals, seeking market intel, or even looking to make a career move. What do you know now that you wish you knew in the beginning of your career? I wish earlier in my career, I was more open and transparent about my long-term goals with my managers, not just what I was seeking in the present moment. I’ve found it to be very valuable to make sure senior management understands where I strive to be in the future from not just a compensation standpoint but also where I want to see my responsibilities, role, and achievements. You can save yourself and
your firm from a lot of frustration and potential disappointment if you are upfront about the goals you strive for now as well as where you see yourself one to five years down the road. How do you balance work/personal time? I’ve always been a very organized person, a trait that has served me well, but it can also be a source of stress for me because I’m an avid list maker and task generator. It’s satisfying to check tasks off, but I also find it unsettling to leave items unfinished at the end of the day. However, over the years as my role has advanced, my responsibilities have increased, and therefore, my tasks and projects are more complex and sometimes impossible to address in one day, week or even in a month. In parallel personally, I’ve evolved by adding other titles to my life, such as wife, mom, parent volunteer, and yet there are still only 24 hours in a day. I often must remind myself of that fact and that I’m not a brain surgeon. At the end of the day when assessing the unanswered emails, calls or tasks, I ask myself if these “deadlines” are artificial ones that I’m pressuring myself to achieve in order to gain a sense of completion or are they actual real deadlines where I’ll greatly disappoint someone else at the end of the day. Additionally, when trying to juggle too much, I ask myself what I’ll regret later when looking back – not spending that additional time with my son by being at his classroom party, field trip, etc. or missing that networking event or being the first to deliver a term sheet on a new deal? These internal reminders help me find that balance and put life in perspective.
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WOMEN IN SECURED FINANCE 2020
RECOGNIZING EXCELLENCE
K KRISTINA MILLER Fifth Third Business Capital
ristina Miller is senior credit officer and head of asset-based lending credit with Fifth Third Business Capital. She spent the first 20 years of her career with GE Capital, and like many in the ABL world, started by performing field exams. She then moved on to both underwrite and manage primarily ABL loans for companies across a wide range of industries throughout the country. In 2002, she joined GE Capital’s newly formed Corporate Retail Finance Group as an underwriter and account manager providing ABL solutions (including DIP and POR financings and running full liquidations) to retailers with annual sales in excess of $250MM. In 2013, Kris began leading the part of that team based in Chicago, where she remained until joining Fifth Third Bank in 2015 as a senior credit officer and head of ABL credit to help create a distinct ABL group. In the three years since fully forming the group, Fifth Third’s ABL book grew by ~$3B, and with Fifth Third’s acquisition of MB last year, she is now responsible for an ABL book within excess of $6B in commitments. Kris received a bachelor degree from John Carroll University and an MBA from DePaul University’s Kellstadt Graduate School of Business. She is married with two daughters, ages 16 and 12.
What advice would you offer to women just starting out in the industry? When you decide to start a family, do whatever you can to ensure you have good childcare so you don’t have to worry about your children when you’re working. If you have someone or a place you can rely on, you won’t miss a beat in your career, and it will help alleviate some of the guilt you’ll feel when you go to work. One of the most important decisions we made was to have a full-time nanny when our girls were little. We chose to sacrifice other things like a bigger house in order to afford it and ensure that, when we were at work, we could focus on the task at hand and do our best. And then once we found the right person, we treated her like gold, and she became and still is a part of our family. I wouldn’t be where I am in my career without her. What do you enjoy least about your role?
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I don’t have the ability to work directly with junior underwriters and account managers as much as I used to. I miss the days of sitting next to a junior person doing a page-flip through a credit agreement and answering questions or walking them through how to comb through all the definitions to answer a customer’s question. I enjoy hands-on coaching and mentoring, and I just can’t do as much of that now, so I look for opportunities to do it whenever I can squeeze it in. How do you balance work/personal time? I try to be in the moment, focused on what I’m doing, and not get distracted. I’m a 5 a.m. workout person, and my rule is that, when I’m in the gym, that’s my time to focus on my health, so no multi-tasking (i.e., reading e-mails and taking phone calls) while I’m working out. I leave
my phone in the car when I go to the gym. When I’m working, I try not to be distracted by things going on in my personal life. I’ve put things in place to help keep our family organized so that before everyone leaves the house in the morning, we all know who’s going where and how they’re going to get there. That organization helps me meet my goal every day which is to focus on the task at hand so I can get home to my family as soon as possible. We taught, our girls from a very early age to respect when we’re working, so I know if they are trying to reach me during the day, they need me, and I will drop everything to get to them. They also know that, if I’m trying to get in touch with them when I’m working, that I need them, and they respond pretty quickly! How can commercial finance organizations attract and retain more women? We have to understand that what is important to women changes over the course of their career if they choose to start a family and not only offer them options to help keep them in the work force once they start a family, but also make sure that they know those options exist even before they make the decision to start a family. I can think of many women I worked with who made up their mind to exit the industry once they started a family even before they had their first child simply because they assumed they just wouldn’t be able to make it work.
WOMEN IN SECURED FINANCE 2020
RECOGNIZING EXCELLENCE
H
aving started in the banking field over 30 years ago, Haze Walker is a highly experienced financial professional whose focus has been on alternative commercial financing for the past 20 years. She specializes in providing funding solutions and solving cash flow needs for small to medium businesses. Haze has been the director of sales for FSW Funding since 2010, developing a strategic partnership with Lawrence Financial and building a strong marketplace presence for FSW Funding. She is a leader in the commercial financing arena and prides herself on building professional relationships.
HAZE WALKER FSW Funding
Haze is an active participant in the Southern California business community. She is a group leader and moderator for the Provisor Capital Markets Affinity Group; on the board of the Financing Forum; and a member of the Mergers & Acquisitions Group, LA25, Horizon, SFNet, IFA, TMA, and the ACG.
What advice would you offer to women just starting out in the industry? Be honest and open about what you know and don’t know. I’ve learned people are happy to share their knowledge, so don’t be afraid to ask questions. Show up early to every event, it is easier to network when you’re not walking into a crowded room and when meeting someone ask them for introductions. When meeting with people, tell them you are working on building your network and ask if they know anyone they can introduce you to. Studies have shown women are reluctant to tout their accomplishments in the workplace. What advice would you give to help women be more comfortable with speaking up? As difficult as it can be to tout one’s own accomplishments, you have to become your own advocate. If you don’t tell people what you’ve accomplished, who will? It may feel awkward at first, but it will get easier. Practice with a mentor to develop a narrative that sounds confident without being boastful. Find your voice. By showcasing examples of your success and expertise you will gain credibility, allowing people will feel more confident bringing you into the deal.
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What do you know now that you wish you knew in the beginning of your career? The most successful people do the most uncomfortable things. Showing up in a room where there is one woman to 50 men can be intimidating. Get out of your comfort zone; the more you do it, the easier it becomes, and eventually you will not notice the ratio. Also, time management is crucial and it is important to be prepared. Know the key points that will allow you to be more productive, whether you’re meeting in person or over the phone.
What is your advice about change in the workplace? Change is inevitable in the finance industry. My advice is to stay calm and don’t react until you know how the change is affecting your business. Then be diligent about what needs to happen next in order to take advantage of the situation and stay competitive. What do you enjoy most about your role? Least? What I enjoy most about my job is the opportunity to work with a wide variety of companies in unique and diverse situations. There’s always something new happening and it keeps things interesting. I take pride in helping companies structure their working capital, allowing them to grow and cash flow their businesses. My least favorite is when I really connect with a client and I’m not able to help them. How do you balance work/personal time? Balance is difficult in this industry with its hectic travel, early morning networking events, business luncheons, dinner programs and social events. As a single mom of four, I have learned to be very disciplined with my time. The key to keeping your professional and family life organized is to calendar everything. How can commercial finance organizations attract and retain more women? FSW does a great job in offering internships to ASU students and exposing them to our industry. Companies mentoring the next generation allow women the opportunity to experience the excitement of working with diverse industries and complex structures in this ever-changing climate.
WOMEN IN SECURED FINANCE 2020
RECOGNIZING EXCELLENCE
A
lison Elko Franklin is a shareholder with Greenberg Traurig, LLP. She advises debtors, creditors, committees, and trustees in corporate reorganizations, municipal debt adjustments, and crossborder insolvency proceedings.
Alison has experience in fraud investigations, insolvency proceedings, and commercial litigation matters. She also represents purchasers in 363 sales, as well as parties in problem loan workouts, forbearance agreements, and other distressed transactions. Alison has received the 2019 David Pollard Achievement Award, which is presented to an Atlanta bar member exemplifying the highest standards of professionalism and ethics in the bankruptcy practice. She has been named “40 Under 40” by the Atlanta Business Chronicle, “On the Rise” by the Daily Report, and a “Rising Star” in Restructuring by the IFLR1000. ALISON ELKO FRANKLIN Greenberg Traurig, LLP
Alison is the Chair of the TMA Atlanta Chapter, having previously chaired the IWIRC-Georgia Network and the Atlanta Bar Bankruptcy Section. She has served on global boards of TMA and IWIRC. She also leads numerous pro bono projects and volunteers with several non-profit organizations.
What advice would you offer to women just starting out in the industry? If you are new to the industry, I recommend that you become actively involved in professional organizations. Through SFNet, I have expanded my network to include a wide range of professionals with diverse backgrounds, not only in Atlanta, but nationally. Professional organizations have afforded me the opportunity to establish connections with various leaders in the industry and develop many personal relationships, especially while serving on committees and boards. I also strongly urge you to seek out mentors and sponsors as they can be instrumental in your career success. Not only have I received valuable guidance, opportunities and support from several senior mentors, but I have learned so much from colleagues my own age or younger. It is invaluable to have someone that you trust and whose advice you value, regardless of your level of experience. Finally, I advise younger professionals to be mindful of building and protecting your reputation. Developing relationships is a very important aspect of our profession. It’s a small world, particularly in our industry, and a solid reputation for creating and maintaining trust and respect are keys to a successful career. What do you know now that you wish you knew in the beginning of your career? Create your own definition of success. Embrace what success means to you as you fulfill your career goals at different times in your life – whether its full-time and partnership track or part-time, public service, public interest, in-house counsel or academia. There is not one definition or one path, and your career will evolve. Remember it is a marathon, not a sprint.
What do you enjoy most about your role? Least? As a financial restructuring attorney, I enjoy the diversity of my practice. I particularly like how bankruptcy touches on many aspects of business law and is a hybrid between litigation and transactional practice. Bankruptcy lawyers are the last general practitioners, handling interesting issues in a wide variety of areas such as mergers and acquisitions, labor and employment, real estate, environmental law and tax. I also enjoy counseling troubled businesses to restructure their finances so they can emerge from bankruptcy as viable enterprises. I find it rewarding to turnaround companies suffering financial distress so that they can receive a fresh start and a second chance. I do not particularly enjoy time entry and billing. Tell us something about yourself that may surprise people. There are two things that people who know me professionally would be surprised to learn. The first is that I love photography. I used to develop my own photos from film before the advent of the digital cameras. I even dabbled in photography for a magazine and won a few photo contests. One of my favorite vacations has been taking photos while on safari in South Africa. I think people would also be surprised to know that my husband and I enjoy collecting folk art and antiques. We frequent art galleries, antique shows, estate sales, and auctions, both in person and online. Our folk art includes pieces by Cornbread, Sarah Rakes, and Lanier Meaders. Our eclectic antiques collection features a seventeenthcentury Dutch olivewood server, a Chinese ebonized cabinet from the late 1800s, and a Victorian papier-mache table with mother of pearl inlay. We have had some great finds that have proven to be valuable investments, but right now we focus on finding pieces that we both enjoy in our home.
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WOMEN IN SECURED FINANCE 2020
RECOGNIZING EXCELLENCE
S
enior vice president of marketing, Elena Goynatsky, originated from the Ukraine where she earned her BS in Math at Cherkassy State University. After moving to the United States, she returned to school at Baruch College, adding a BBA of Finance & Investments to her repertoire. During her early career she worked as a banker at Wells Fargo and Bank Leumi. While managing client portfolios, she was introduced to Gerber Finance. Through Elena’s strong interpersonal skills, hard work, distinctive accent, and strong personality, she left a memorable impression on Gerber and joined the team as new business development officer in 2008.
ELENA GOYNATSKY Gerber Finance
Elena is responsible for originating, analyzing, and structuring a wide variety of transactions. She maintains positive relationships with all our accounts and strives to create new connections while representing the company at various networking events. The loyalty of our clients and their long-term growth is all thanks to her. Elena spends her time outside of the office in Brooklyn with her two sons, Daniel and Matthew. Growing up in Europe and moving across the world has given her an everlasting wanderlust. She enjoys traveling, when she can, to her favorite countries (Peru, Vietnam and Italy).
What do you know now that you wish you knew in the beginning of your career? I wish I asked more questions and learned more from “old school” lenders. Sometimes as professionals we hesitate to admit when we don’t know the answer. When I started my career, I had many people who were willing to teach and mentor young professionals. I wish I used those opportunities more and gained more confidence with navigating situations where questions may arise. What do you enjoy most about your role? Least? The best part of my job is the opportunity I have to meet new people every day. I find it both beneficial and exciting to learn more about our clients personally; it allows us to develop a stronger relationship with them. Through these connections I can better understand what their businesses are all about and demonstrate to them how we will help their company grow. How do you balance work/personal time?
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It is not easy to keep both a work and personal life balanced… especially when you have a family. I live with my husband and two sons, who have recently graduated college. It was extremely difficult when they were younger to balance business travel such as networking events with my family responsibilities like homework and parent-teacher conferences. Raising my children and working at Gerber was like having two full-time jobs, but I quickly realized how important time management is. I found that, in order to perform productively in the office, there needed to be a strong support system at home. My mother helped me to raise my children, and my husband has always been extremely supportive.
As both a woman and an immigrant, I am extremely proud of myself for working full time and being so successful in America. I could not have found this balance between family and business without the support from those around me. How can commercial finance organizations attract and retain more women? Offering not only a competitive salary, but also flexible hours and the option to work from home would attract more women into finance positions. In order to retain more women in business, there needs to be a more appealing schedule than 9-5 Monday-Friday. As mothers, we value time spent with family and it would be enticing to be offered the opportunity to spend some days working from home. How have you turned a failure in the workplace into a positive situation? When I came to the United States almost 30 years ago, I didn’t speak any English. Even now, after graduating from college and taking many classes, I speak with a very heavy Russian accent. My insecurities about it held me back for a long time. I thought people would think less of me because of my grammar mistakes and mispronunciations. At some point I realized that it is my accent which makes me different from everyone else. People remember me and know who I am years later because of it. I’ve realized just how important being memorable is for marketing and networking and I am grateful for my differences.
is proud to congratulate Elena Goynatsky on her recognition in The Secured Lender and her many years of service to the finance industry
About Gerber Finance Inc Gerber Finance Inc. is the leading growth-focused lender specializing in asset-based loans and trade finance solutions. Gerber is focused on working with clients who have a clear purpose and want a flexible partner. Gerber’s portfolio consists of clients who require seasonal needs and creative facilities. At Gerber, the experience management team designs a credit facility to meet the individual needs of the business and then stays close to the client to ensure the company meets its long-term goals.
gerberfinance.com
Elena Goynatsky, Senior Vice President
WOMEN IN SECURED FINANCE 2020
RECOGNIZING EXCELLENCE
W
endy Eng is managing director, Consumer and Industrial Valuations, for Gordon Brothers. She is responsible for the operational leadership of the Valuation Division’s commercial and industrial asset teams, in addition to leading the consumer products inventory valuation practice. Wendy leads a team of senior managers engaged in all aspects of consumer and industrial inventory valuations. Wendy also assists in training and business development for Gordon Brothers’ international valuations practice.
WENDY ENG Gordon Brothers
Prior to joining Gordon Brothers in 2004, Wendy served as a vice president for Great American Group’s Consumer Division, specializing in retail and wholesale appraisals across a wide range of industries including footwear, apparel, toys, catalog, department stores, grocery, drugstores, and home furnishings. Wendy also acquired over 10 years of experience in merchandising, inventory control, and strategic planning and analysis while holding positions for companies such as The Rockport Group, Reebok International, Filene’s, and Jordan Marsh. Wendy earned her Bachelor of Science degree in marketing management from Bentley University and a Master in Business Administration from Suffolk University. She has also completed the Uniform Standards of Professional Appraisal Practice coursework.
Studies have shown women are reluctant to tout their accomplishments in the workplace. What advice would you give to help women be more comfortable with speaking up? Always be prepared. If you are preparing for a presentation and know in advance what the topic is, do some research and familiarize yourself with the subject matter to ensure you have something material to add to the conversation. I also find that the more often I speak up, the more comfortable and confident I become in offering my point of view.
developing my team, I have seen individuals succeed and ascend into new roles within my group as well as to new and challenging roles within the company, both of which are positives in terms of team development. Although they may leave my group, I take so much satisfaction in knowing that I was a part of their success. Conversely, a challenging part of any job is managing a team member who may not be performing to expectations. Coaching is integral in these situations to ensure that the person is in the right role and feels like a productive member of the team.
What is your approach/advice to change in the workplace?
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It may be easier said than done, but my advice is to remain openminded about change in the workplace, and use it as an opportunity to learn and grow. I have worked at many different types of companies and throughout my career have experienced various levels of change, both positive and challenging. For example, I once worked for a business-consulting firm that closed and later worked for a firm that went through a major acquisition. Although both of these experiences required me to reset my expectations, I was able to take advantage of both situations to learn new ways of approaching challenges. Ultimately, change has broadened my mindset to new approaches, giving me new tools to address challenges, and make improvements in my work process. What do you enjoy most about your role? Least? The best part of my job is seeing members of my team grow, gain confidence, and take on additional responsibilities. By nurturing and
How do you balance work/personal time? If I had answered this question earlier in my career, I would have said I am still figuring it out. However, now that I have two kids in college and a husband who also works full-time, I found that the way to balance work and personal time is to know that even the most accomplished person cannot do it all alone. It is fine to rely on others for help. Priorities shift daily, so you must be as flexible as possible. Rather than trying to do a hundred things on your own, it is okay to ask your team, a colleague, or your family for help. I have come to terms with the view that asking for help does not mean you have failed; it means that you have the perspective and experience to ask for help when you need it.
Gordon Brothers is proud to celebrate Wendy Eng and her significant contributions to our firm and the secured finance community.
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Value assets to support financing
$750M of available capital
Create liquidity through asset dispositions
year history
Provide interim operations support
$70B
of appraisals and dispositions annually
Wendy Eng Managing Director, Consumer and Industrial Valuations Women in Commercial Finance
Gordon Brothers supports Women in Commercial Finance
VALUATIONS / DISPOSITIONS / OPERATIONS / INVESTMENTS
GORDONBROTHERS.COM
WOMEN IN SECURED FINANCE 2020
RECOGNIZING EXCELLENCE
J
eanne is a partner in the Business Finance practice of Hahn & Hessen LLP. She started as the first paralegal at the firm in 1979 and developed her skills in commercial finance while attending law school at night. Jeanne served as in house counsel to two of the firm’s clients, Bank of New York and Bank of America and returned to Hahn & Hessen in 2008. During her tenure at Hahn & Hessen, Jeanne has built a practice specializing in factoring and asset- based lending focused on delivering personal attention to clients in a wide range of lending structures. Her practice includes structuring, negotiating and documenting a wide range of factoring and financing transactions for all types of financial institutions. Jeanne is a versatile lawyer, able to bring a practical viewpoint to each transaction, while protecting the interests of the client with respect to legal and business risk.
JEANNE FERRIS SIEGEL Hahn & Hessen LLP
Outside the firm, Jeanne has been deeply involved over the years in the Association of Commercial Finance Attorneys, serving as its president from 2007-2009. Jeanne has served on numerous panels for the Association of Commercial Finance Attorneys, the New York Institute of Credit and the International Factoring Association. Last year, Jeanne won the Top Hat Award given by one of the industry’s leading credit clubs.
What advice would you offer to women just starting out in the industry? I would offer women the same advice that I would offer men. It’s extremely important to learn the fundamentals of being a lawyer, but it’s critical to be able to put the tasks you are asked to do in the context of the transaction you are working on. It is not enough to learn how to do something if you don’t learn why you are doing it. Studies have shown women are more reluctant to tout their accomplishments in the workplace. What advice would you give to help women be more comfortable with speaking up? Lawyers advising financial institutions increase their value to their clients if they are able to come up with practical solutions to roadblocks in the transaction process. Work hard to understand your client – how the business operates and what its values are. Don’t be afraid to come up with creative solutions to make both the lender and the borrower comfortable with the terms of their agreements and in that way your accomplishments will speak for themselves. What do you enjoy most about your role?
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Hosting closing dinners. After the hard work and long hours of closing a transaction, working alongside the legal team and the business team, it is very satisfying to gather around dinner and drinks and take that deep sigh. I am a people person, so when I’m interacting with people, I’m happiest. I love networking – when I meet someone in the industry, one of our first conversations is finding out who we know in common. If you connect with someone through other people who they like and respect, they tend to like and respect you. I also love mentoring younger lawyers in both industry knowledge and legal
concepts. The look that you see when a young lawyer connects the dots for the first time on a subject is priceless. Least? Setting boundaries. Technology has enabled us to stay connected to our work no matter where we are. As a service provider to a hardworking industry this enables me to provide service remotely and I don’t have to miss out on commitments outside of the office. On the other hand it is hard to disconnect from my work, which can feel like a burden at times. I would have preferred not to have had to run a closing call while at an appointment with my mom’s doctor. How do you balance work/personal time? That’s the question of my generation. I was lucky because while I was raising my children I was working as in-house counsel with long, but regular, hours. In addition, my husband was a stay-at-home dad and I had the comfort of knowing that everything was taken care of at home. Even with those advantages there were many moments and occasions during work hours that I wish I could have shared with my family and there were many industry functions after work that I wish I could have participated in. I quickly learned that I am most productive in the morning so in order to have some free time in the evening I start my days very early. When my work life gets crazy, I stay organized and get all of the work done so that I can enjoy my personal time. I always try to remember that although we are doing important work, we are not saving lives and so if we need to take personal time we can find a way to make it work.
wE CONgRATULATE OUR pARTNER
jeanne ferris siegel FOR ThIs wELL-DEsERvED RECOgNITION!
WE REPRESENT financial institutions and other leading market participants across the entire spectrum of financial, debt and commercial transactions. Our firm possesses a unique strength in those situations where 488 Madison Avenue New York, NY 10022 212.478.7200 hahnhessen.com
FULL CYCLE OF CREDIT
there is a complex debt structure or where the creditworthiness of our client’s existing or potential borrower, counterparty or customer is of concern.
WOMEN IN SECURED FINANCE 2020
RECOGNIZING EXCELLENCE
E ELENA RATTIGAN Hilco Merchant Resources
lena Rattigan is senior vice president of Capital Planning and Client Relations for Hilco Merchant Resources (HMR). She has over 15 years of experience in the inventory disposition and asset-based lending industry, with expertise in valuation and monetization.
Elena is instrumental in developing, evaluating and optimizing risk profiles, operating strategies and financial models for HMR. She collaborates with operations, marketing and management to formulate optimal operating plans and to ensure that a solid ROI is being achieved. She has been intimately involved in many of the industry’s largest and most notable retail liquidations. Elena’s influence spans across many different areas where she has built relationships with a range of constituents, including asset-based lenders, investors, joint venture partners, corporate management and internal stakeholders. Elena began her work in the industry with Hilco Valuation Services (HVS) and continues to work closely with HVS providing guidance and oversight for retail valuations. Elena believes in “work hard, play hard” and putting family first. As a mother of three young boys, she and her husband are always on their toes. They enjoy a fun and active life in Lincoln, RI.
What advice would you offer to women just starting out in the industry? Do your job and do it well. Know what you know and what you don’t know. Speak up. Ask questions and learn from your peers and colleagues. Be proactive, and don’t expect opportunities to fall into your lap. Advocate for yourself and support it with exceptional work. Your efforts will help pave the way for your success. What do you know now that you wish you knew in the beginning of your career? Your career choices will undoubtedly shape you, but who you are and what you want out of life can also shape your career. Your professional aspirations and achievements will evolve as your life evolves; what is important to you at age 20 will likely differ at age 30, 40 etc. As you navigate your career path, you will realize that your work life and your home life are not mutually exclusive, that your decisions on either side of the equation will impact the other.
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In work, it is important to find a job that suits your interests and aptitude and develop that into a career. For some of us, this involves climbing to the highest rung of the corporate ladder, starting our own business or innovating and forging ahead into uncharted territory. For others, it is harnessing our talents in a particular area and choosing to focus our energy there for the long haul. You may end up in a job or an industry that you never even imagined, but whatever it is that you do, however high you climb, or wherever you choose to stop, remember that enjoying what you do everyday yields
immeasurable benefits both personally and professionally. At home, know what is important to you, what makes you tick and what gives your life meaning. Go after that with everything you have. Experience and circumstance will present you with both opportunities and challenges. Your choices and actions will define who you are and the life that you live. How do you balance work/personal time? I cannot overstate the importance of drawing boundaries between work and home life, both mentally and in practice. It is easy for the lines to be blurred these days with remote connectivity and technology at our fingertips. But this doesn’t mean that we need to be plugged in 24/7. It is important to disconnect, to discern between what is critical and what can wait. Put your phone aside, shut down your work brain and be present in your life. What do you enjoy most about your role? Least? It’s funny, the things I love most about my job also drive me the most insane. Our industry is fast-paced and unpredictable, which keeps things interesting and feeds the part of my brain that is driven by pressure and motivated by chaos. But on the flipside, there are times when enough is enough. Sleep is important and there is a point where adrenaline cannot sustain brain power any longer. Thankfully, this business ebbs and flows, so we usually get a chance to breathe and recharge our batteries before the whole crazy charade starts again.
BRAIN POWER
As an independent financial services company and the world’s premier authority on asset valuation, monetization, and advisory solutions, Hilco Global has the size and scale to help both healthy and distressed companies derive maximum value for both tangible and intangible assets. Use Hilco Global’s strength to become Asset Smarter at www.HilcoGlobalAssetSmarter.com. Contact Gary Epstein at 847.418.2712 or gepstein@hilcoglobal.com
V A LU A T ION + MONETIZATION + ADVISORY
WOMEN IN SECURED FINANCE 2020
RECOGNIZING EXCELLENCE
N
ancy Werner serves as executive vice president and principal of Hilco Merchant Resources, an operating unit of Hilco Global, where she is one of the executives responsible for capital planning and client relations.
Nancy oversees developing financial investment and operating models for retail inventory liquidations or dispositions for various major retailers, most notably Montgomery Wards, K-mart, Kids R Us, Borders, Target Canada, Aeropostale, Toys R Us, Gymboree, and Radio Shack. She works directly with lenders and companies in determining the various aspects that can create or hurt liquidation value of retail assets. Nancy works diligently in establishing strong relationships across the many stakeholders, including clients, asset-based lenders, and support teams. She has valuated over $50B in retail inventory and monetized over $37B of retail inventory assets. She has a bachelor of science degree in accounting form Miami University and has taken and passed the CPA exam. NANCY WERNER Hilco Merchant Resources
Nancy is a member of P.E.O., a philanthropic organization where women help with the advancement of other women by educating them and motivating them to achieve their highest potential. She is a single mom who is dedicated to raising her beautiful son that she adopted days after he was born.
What advice would you offer to women just starting out in the industry? My first recommendation is to find ways to engage in real conversations. With all of today’s technology and social media it is easy to default to electronic communication such as emails and text messaging. However, I strongly believe there is real value in picking up the phone or meeting with someone face-to-face. In having real conversations, you can usually glean a wealth of information and context that often does not get conveyed when someone replies to emails and or texts. In addition, engaging in conversations and asking questions is one of the best ways to learn and build your network.
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Second, be flexible. In addition to having real conversations, when confronted with problems and issues, focus on finding solutions and be adaptable in your thinking. While it is necessary to understand the underlying issues, the solution is usually outside of the problem. It is easy to get caught in the trap of thinking that there is only one path and / or solution because it was how you initially approached the problem. However, when you get stuck, the best thing to do is take a few minutes to step back and look at the big picture. Sometimes, the most efficient use of your time or effective way is to take a different approach rather than continuing down the initial path you choose. I always tell new analysts that while the overall concepts will apply time after time, the specific details are likely to change. Therefore, approaching each situation with an open mind will help solve the issue you are encountering and enable you to be more valuable. What do you enjoy most about your role? Least? One of the things I love the most about my position is figuring out how to bring all the various aspects of a deal together to create our
financial models. It is like putting together a puzzle, except that most times there are multiple different ways to create a picture. It is always an interesting challenge to find ways to incorporate all the relevant financial information and a multitude of different opinions. I enjoy finding ways to incorporate all the pieces together into a well thought out financial plan and strategy that helps our clients meet their objectives. Having been with Hilco Merchant Resources since 2000, obviously I find my role very fulfilling. However, I have to say that my least favorite thing is that there never seems to be enough time. Over the years, the data we receive has grown exponentially and yet the deadlines have become tighter. To overcome this, it goes back to being flexible. I’ve had to adjust over the years in order to meet the changing needs of the various stakeholders. How do you balance work/personal time? This has always been a challenge for me and became more important when I adopted my son seven years ago. Given the transactional nature of my work, very rarely does one week look the same as another… so there is always a bit of give and take. Some days work takes up more of my time and other days my personal life does. Prioritizing what is important ensures that the balance always remains in check. At the end of the day you do the best that you can and there is no easy solution.
WOMEN IN SECURED FINANCE 2020
RECOGNIZING EXCELLENCE
M
ichelle Suárez is a financial services attorney with three decades of experience advising financial institutions, capital companies, business credit divisions and private capital funds in connection with their lending and investment transactions.
Based in Holland & Knight’s Dallas office, Michelle has built a thriving practice advising lenders and capital providers across the country on their complex investment and lending transactions. She handles a high volume of transactions every year, ranging from several million dollars to more than $1 billion, for some of the world’s largest financial institutions.
MICHELLE SUÁREZ Holland & Knight
Michelle has represented senior lenders and, in particular, has an extensive understanding of structuring and negotiating complex asset-based credit facilities. She also has in-depth knowledge of senior cash-flow products, tranche-B financings, leveraged acquisitions, recapitalizations, equipment financings, subordinated debt and mezzanine investments, as well as venture capital and other equity financings. Michelle is a leader in the Dallas-Fort Worth community and the legal profession, which was recognized nationally when she was selected as one of the “Most Powerful and Influential Women of Texas” by the National Diversity Council in 2010. She is currently Holland & Knight’s Practice and Operations Committee Industry Sector Group chair and has served on the firm’s Directors Committee.
What do you know now that you wish you knew in the beginning of your career? Practicing law is a business, and succeeding in the business of law is as much about relationship development, client service and sales as any other business is. In law school, success is defined academically – who is smartest? who studies hardest? who takes on the most extra responsibility? This makes it easy for bright, hard-working women to start their careers thinking those are the traits that will make them stand out within their law firm. So they put their heads down and work. And they probably will start out doing very well. But in a few short years, they may find themselves falling behind those who also carved out time for building their networks, who got comfortable talking about their business to strangers and who learned how to identify and pursue opportunities. It took me a while to view my practice as my business, rather than just my “profession,” and to see that it would take more than brains and a willingness to pull all-nighters to have a business I could call my own.
credit facility. I try to apply that approach to my business as well, and to look at the future in a curious, inquisitive way. In today’s world, the only true constant is change. I don’t try to predict the changes as much as I try to think about the various possibilities. I find that when I actively anticipate that some sort of change will occur, I am much more likely to be nimble and decisive in my response to it – even if the change turns out to be something completely different than what I expected. What do you enjoy most about your role? Least?
Also (and equally as important): You can never catch up on lost sleep.
I am fortunate that my colleagues and clients are also some of my dearest friends, so it brings additional joy to a job I already love when my work advances their interests – whether by advocating on their behalf as their counsel, supporting them as a sponsor or mentor, or helping them navigate a particular challenge or opportunity. As a firm leader, I am proud to be able to help make sure our firm lives up to its stated values, serves its clients well and is a place where our people can flourish. I work hard for my clients and for my firm, and enjoy knowing that my work benefits not only me, but people whom I care about and respect.
What is your approach/advice to change in the workplace?
What do I enjoy the least?
In my practice, on every deal, I have to keep asking “what if…?” It is my job to make sure that my client’s interests are protected if something completely unexpected happens after the documents are signed. So I have to try to think ahead about all the ways things could change for a borrower and a lender during the life of a
Recording my time. After 27 years, I still hate it. Tell us something about yourself that may surprise people. As a teenager I did “mannequin” modeling at a clothing boutique in the local mall. Apparently I am embarrassingly good at not moving a muscle!
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WOMEN IN SECURED FINANCE 2020
RECOGNIZING EXCELLENCE
C
onstance (Connie) Fratianni is a special counsel in Katten Muchin Rosenman LLP’s Commercial Finance practice in New York, where she offers legal insight to both lenders and borrowers in leveraged financings, securitizations, structured products and debtor in possession financings and restructurings. In her practice she also provides guidance to creditors and purchasers of assets in large and complex domestic and international out-of-court restructurings and bankruptcy proceedings. Connie’s clients come to her from across the transportation, health care, sports, entertainment and media, and commercial real estate industries. In addition to her successful transactional work, Connie volunteers her legal skills to pro bono projects.
CONSTANCE FRATIANNI Katten Muchin Rosenman LLP
Most notably, she worked with an Army major stationed in the Middle East to establish a not-for-profit corporation. Through these efforts, they delivered school supplies to hundreds of Afghan children as well as established a science lab in a girls’ school in Kandahar. At Katten Connie is a mentor and active member of the Katten Women’s Leadership Forum. In addition, she is a firm liaison to Dress for Success Worldwide coordinating interview and resume training workshops in New York. Connie is a proud mom of four amazing young adults!
What advice would you offer to women just starting out in the industry?
What do you know now that you wish you knew in the beginning of your career?
Build your rolodex! Women should look for opportunities to build their networks by establishing relationships with colleagues, clients, competitors and peers. The junior banker you are working with today will eventually become the senior banker tomorrow. Networking can be as simple as picking up the phone or offering to meet in person. Don’t rely exclusively on email and make a point of getting out of your office. Young people should also stay connected with former classmates and business colleagues. These contacts provide moral support, business referrals and general information. Also, stay informed. Read The Wall Street Journal every day so that you are aware of what is going on in the markets. And finally, find a mentor. Your mentor does not have to be a reflection of yourself, but rather someone you rely on and whose opinion you trust.
Know that it is okay to ask questions. One of my favorite sayings is “there is no such thing as a stupid question; only stupid mistakes from not asking.” Stand up for yourself by having the confidence to ask for what you want. Finally, change can be positive. Embrace it!
Studies have shown women are reluctant to tout their accomplishments in the workplace. What advice would you give to help women be more comfortable with speaking up?
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Advocating for yourself in the workplace does not come naturally to most women. I have learned that if I do not speak for myself, no one else will. Have confidence in yourself and your abilities. Keep track of your achievements by writing notes to yourself. When it is time for your performance review, you will have your “highlights” at your fingertips. And if you receive a congratulatory email or other positive feedback, share it with your supervisors. They want to see you succeed. Your success is a positive reflection on them. Women also need to proactively manage their careers by speaking up about the work they want to do. Don’t assume that supervisors are mind readers. Let them know what your goals and aspirations are so they can help you accomplish them. Speak up about working on specific projects or with new or different deal teams.
What do you enjoy most about your role? Least? The personal interactions I have with my colleagues and clients are among the things I appreciate most. I work with an incredibly diverse group of people and I am continually amazed to watch and learn from them. I also enjoy mentoring young lawyers and professionals. They are intellectually curious and so eager and excited. I learn almost as much from them as they do from me and it’s inspiring to watch them succeed. Least: Diaries! How do you balance work/personal time? I am the ultimate multitasker and I do not sleep much. I have also learned the art of delegation. More than that, I have learned it is not a sign of weakness to ask for help – both professionally and personally. It is also necessary to learn when to say “No.” Learning how to prioritize, let go of the little things, and focus on what is important is key to having a successful and happy life at work and home. As a mom of four, I had no choice but to ask for help and set my priorities. There is no perfect balance; only the balance that works for you.
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An association of professionals putting capital to work
370 Seventh Avenue, Suite 1801 New York, NY 10001 212.792.9390
WOMEN IN SECURED FINANCE 2020
RECOGNIZING EXCELLENCE
C
orporate clients rely on Shana Ramirez, partner, to secure the financing they need to grow and accomplish their critical business goals. Shana approaches each deal with a big-picture focus that helps her clients get what really matters to them — within the time frame her clients need.
SHANA E. RAMIREZ Katten Muchin Rosenman LLP
Shana helps clients with a variety of financings and arrangements, including acquisition finance, leveraged finance, subordinated debt facilities, asset-based credit facilities, subscription facilities, NAV facilities, management lines, investment-grade credit facilities and first lien/second lien transactions. She works with clients in a broad range of industries with multijurisdictional operations, including technology, entertainment, health care, financial services, retail manufacturing, beverage distribution, and hospitality and leisure.
What advice would you offer to women just starting out in the industry? My advice would be to not give up even though at times it can be difficult and to keep in touch with those who have influenced your career even after you may have left a particular institution because this is a small world and you never know when your paths may cross again. I would not be where I am today without the amazing mentors I have had throughout my career and whom I keep in touch with to this day on a regular basis. What do you enjoy most about your role? Least?
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I most enjoy being a problem solver for my clients. Managing competing demands of the interested parties who have the same goal of getting a deal done at the end of the day is always challenging and requires you to be creative and pragmatic in how you approach issues as they arise. Some issues are easier to resolve than others and each deal has its own dynamics to manage and, although challenging at times, I enjoy being part of the solution. Excellent client representation doesn’t necessarily involve winning every point and issue for your client – in my opinion, it’s winning the points that matter the most to your client while maintaining a good relationship with those across the table from you. Relationships in this industry are important. How do you balance work/personal time? As a new mother, I can say from personal experience, that there is never a perfect balance between work and personal time, but you do the best you can to manage competing demands and you make room for what is most important – whether it’s attending a client dinner, a doctor’s appointment
or a special date night with your significant other, I think you can manage to do it all as long as you prioritize accordingly and understand you can’t make everything all the time. You must give yourself a wide berth to figure out what balance works for you. How can commercial finance organizations attract and retain more women? I think the more we see women in leadership roles in our respective organizations, the more we’ll see women staying the course in this field. Making equity partner or managing director as a female in this industry shouldn’t be the exception; it should be the rule or at least something we see with more regularity. We need to identify superstars early on in their careers, mentor them and give them the support that they need to succeed. The more supported women feel by the relevant decision makers, the longer I think they’ll stay in these organizations.
WOMEN IN SECURED FINANCE 2020
RECOGNIZING EXCELLENCE
J
uliana Scolari is a specialist in currency exchange and leads the Brazilian market for moneycorp: a company originally from the UK, and one of the market leaders in the currency exchange business and international payments for more than 40 years.
Juliana joined the moneycorp team in 2010 and realized that there was a large market for investors dealing with Brazil and a worldwide shortage of specialists in the field. With seven years of experience in the financial area back then, she embraced the opportunity and expanded the company’s market in Brazil substantially. Moneycorp since then has acquired its banking license in Brazil and Juliana has been instrumental in helping moneycorp achieving their longterm plans within this market.
JULIANA SCOLARI moneycorp
Originally from Brazil, Juliana obtained her bachelor degree in hospitality management in Sao Paulo and holds a master degree in business administration from Stetson University in Florida. She eventually made the move to the Sunshine State in 2004 to work for Walt Disney World Resorts. Prior to joining moneycorp, Juliana worked four years for an international lending company and was instrumental in establishing and penetrating the South & Central American markets. Juliana is fluent in Spanish and Portuguese and has more than 20 years of experience in dealing with international business clientele.
What advice would you offer to women just starting out in the industry? The first piece of advice I’d give to all the women out there starting their career in finance would be to learn from the challenges of the job and seek to become an expert. I would also tell them to be proactive instead of waiting until you’re asked to do a task. If you work for a corporation, make decisions as if the company was yours. Learn as much as you can and be curious about things you don’t know yet. Say yes and accept challenges, especially if it pushes you out of your comfort zone. Have a great work ethic. Know that it’s okay to make mistakes, but you must take responsibility and learn from them. Network a lot to get yourself surrounded by great peers, inside and outside of your organization. Never miss an opportunity to answer a question to a client, even if you have to research the answer. Above all, consistently provide customer service that exceeds your own expectations consistently. What do you know now that you wish you knew in the beginning of your career? I wish I knew that I didn’t have to be afraid to speak up – in fact, your view or opinion may be the next great idea and possibly what the company needs. Constantly think of ways to make things more efficient and prove your value to the company. At times it is difficult to remember that your achievements will be acknowledged, so it is paramount to stay the course and remember that, if you put in the hard work, the recognition you deserve will follow.
What do you enjoy most about your role? I love the feeling of being helpful and having clarity that I add value to my work colleagues and clients. It’s truly rewarding to assist clients with genuine solutions, knowing that you have made a difference. This direct interaction and impact are what I enjoy most about my role. How can commercial finance organizations attract and retain more women? Commercial finance organizations can attract and retain more women by understanding what we are looking for our careers, which goes far beyond pay and benefits. Some characteristics of an attractive job include having a meaningful and inspiring purpose. Women look at values of diversity and inclusion, and how the organization represents these, very closely. If organizations can offer flexible working hours, it goes a long way with women as it allows them to balance career and family. Finally, finance organizations need to offer the same opportunities for growth and career development to women as they do to men. I’m very grateful to be part of an organization that shares many of these values with a huge representation of women on its leadership team.
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WOMEN IN SECURED FINANCE 2020
RECOGNIZING EXCELLENCE
T THERESA A. DRISCOLL Moritt Hock & Hamroff LLP
heresa A. Driscoll is a partner at Moritt Hock & Hamroff LLP and is chair of the firm’s Bankruptcy Practice Group. Theresa’s practice is diversified, and includes representation of corporate debtors, lenders, trustees and unsecured creditors in all aspects of financial restructuring including workouts, chapter 11 cases and bankruptcy litigation. During the past 20 years, Theresa has aided in the successful reorganization of several businesses in chapter 11 and has obtained favorable outcomes for creditors, including lenders, in distressed situations. In 2015, Theresa was rated as a top Long Island Lawyer by American Lawyer Media in its Annual Legal Leadership Guide and was named as a New York SuperLawyer in 2016 and 2017. She is rated as an AV Preeminent Lawyer by Martindale Hubbell, its highest ranking for professional excellence. Theresa has written on various legal issues and has been published in the New York Law Journal, American Bankruptcy Institute Journal, The Bankruptcy Strategist, Monitor Daily, Norton Bankruptcy Law and Practice among others.
What advice would you offer to women just starting out in the industry? My advice to women starting out in the industry is to first and foremost be excellent. Master your skillset and make yourself indispensable to your organization. Don’t be afraid to learn something new and shift gears as the needs of your organization may change. Additionally, begin building your own personal brand. Don’t spend years simply relying on the reputation of your organization. If you do, you will lose valuable time developing your personal brand. I think it’s important for organizations to remind young professionals that personal brand building and improving the brand of your organization is not inconsistent and can- and should - be done simultaneously. When I first started practicing law, I wish I had understood better the business of law and focused on creating my brand – separate and apart from that of my organization. My current firm makes a great effort to encourage and support young attorneys in their marketing and business development efforts. Studies have shown women are reluctant to tout their accomplishments in the workplace. What advice would you give to help women be more comfortable with speaking up?
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From an early age I was taught that boasting about oneself is an undesirable character trait. Whether this belief was rooted in religious doctrine, gender differences or societal expectations, talking about my accomplishments was uncomfortable for me. This was a mistake. There is a big difference between boasting and self-advocating. Unless women speak up, assumptions will be made and expectations of you will be set involuntarily. My advice to young women is to promote yourself at every turn, be proud of your accomplishments and make them known. Speak up in meetings, tout your achievements, describe your experiences and, of course, say what you want – whether it is a flexible schedule, a first chair seat at trial or a promotion. Be your own best advocate.
How do you balance work/personal time? Striking the right balance between work and personal life is a constant challenge. While I confess this is not a skill I have mastered, it is important that you make time for yourself every day. For me, the mornings are hectic getting my three kids off to school. Once they are off, I try to take an hour each morning for me – whether it’s walking the dog, exercising or simply having coffee. A supportive network of family and friends also has been essential to my work/ life balance efforts. How can commercial finance organizations attract and retain more women? I have been very fortunate to have had several wonderful mentors and advocates throughout my career. The support of these individuals certainly has aided in my professional development and career advancement. Though my experience overall has been a positive one, I have observed in my career that women, to a greater degree than men, need mentors in the workplace to get ahead. Mentoring, whether formal or informal, should be authentic and acknowledge the unique challenges women face in balancing family and career as well the pursuit of differing paths to success. This type of genuine mentoring goes beyond checking the box for diversity initiatives and can be extremely valuable in attracting and retaining women. Commitment to diversity should not end once women are hired. Opening the door for women, but then creating a “sink or swim” environment limiting further growth will not meaningfully address the inadequate representation of women in commercial finance organizations and will only increase attrition rates. Instead, organizations that actively commit to the development and advancement of women will attract and help retain women.
Great things happen when we put our heads together.
THERESA DRISCOLL Creditors’ Rights & Bankruptcy
JULIA GAVRILOV Secured Lending & Litigation
We Proudly Support & Congratulate Our Colleagues & Friends
THERESA DRISCOLL & JULIA GAVRILOV On Being Named to the Secured Lender’s “2020 Women in Commercial Finance” List in Recognition of Their Outstanding Achievements and Leadership in the Commercial Finance Industry.
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WOMEN IN SECURED FINANCE 2020
RECOGNIZING EXCELLENCE
J
ulia Gavrilov serves as counsel to Moritt Hock & Hamroff LLP (MHH) in its Secured Lending, Equipment & Transportation Finance Group, specializing in equipment leasing and finance, secured lending and all areas of complex commercial litigation. In her 13 years of practice, Julia has emerged as a recognized leader in the industry, both on the transactional and litigation side. On the transactional side, Julia specializes in the drafting of loan and lease documents in various secured financing transactions on behalf of secured lenders, banks and lessors, as well as representing both buyers and sellers in syndication and capital market transactions. As a seasoned litigator, Julia regularly represents both institutional and individual clients in all areas of commercial litigation.
JULIA GAVRILOV Moritt Hock & Hamroff LLP
As an active member in various industry associations, Julia was recently appointed to the Service Providers Business Council Steering Committee of the Equipment Leasing and Finance Association (ELFA) and as the sole attorney to serve on the Equipment Leasing and Finance Foundation’s Research Committee. Julia has been invited, and is expected, to speak on numerous industry panels, including ELFA’s Legal Forum in May and its Credit and Collections conference in June. In addition to her practice, Julia chairs the MHH’s Women’s Initiative program, providing the women of MHH with insight, opportunity and a platform to assist in their career development and advancement, while working toward eliminating gender bias within the legal and leasing / finance industries.
What advice would you offer to women just starting out in the industry? Push yourself out of your comfort zone. It is easy to settle within the confines of what is familiar to you but pushing yourself out of your comfort zone will ultimately realize and maximize your full potential. If you’re shy, make a conscious effort to be proactive, ask questions, seek out opportunities and take on responsibility. If you’re humble, be confident and tout your accomplishments when appropriate. If you’re a follower by nature, step in to take an initiative and lead. But throughout it all, at any and every stage of your career, commit yourself to excellence and keep pushing the goal line. What do you know now that you wish you knew in the beginning of your career?
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I’ve learned that there is never only one path to advancement, and that path is not necessarily a straight line. Each of us has traveled a different road with a unique set of experiences that has contributed to our personal and professional growth and development to bring us to where we are today. Challenges, criticism and the proverbial “curve balls” thrown at us in life, while they may be viewed as potential setbacks, more often than not are positive experiences from which we can learn and create opportunities.
How do you balance work/personal time? As I have come to learn firsthand, there is never a perfect balance to be had, and that’s the beauty of it. The imbalance can shift on a daily, even hourly, basis. I think the key is not necessarily in striking a balance, but in being fully present and involved in wherever you choose to be at any given point in time – whether you’re at a negotiating table, hosting a dinner, arguing before a Judge or reading a bedtime story to your child. I always strive to commit 100% of myself to whatever I am doing. At this stage in my life, that commitment is largely governed by work and motherhood. How one splits his or her time between priorities is unique to everyone. For me, it comes at the expense of sleep, and that’s a personal choice. It allows me to dedicate myself entirely and maximize on every experience without missing out. My logic, though probably flawed, is that I’ll catch up on sleep when I retire. What do you enjoy most about your role? Collaborating with my colleagues is one of the most enriching and rewarding experiences of my day-to-day professional life. Each person’s professional growth and development is often, in large part, a product of teamwork, a trusting partnership and mentorship. I am extremely fortunate to work with such a talented group of individuals and be mentored by the best in the industry. It is one of the reasons I love coming to work every day.
WOMEN IN SECURED FINANCE 2020
RECOGNIZING EXCELLENCE
K
ristin Erickson is senior vice president and has over 25 years of experience in the factoring and asset-based lending industry. She is well versed at sourcing and structuring value-added solutions to lower/middle-market companies that are in the manufacturing, distribution and service industries. Kristin helped develop North Mill’s sales and marketing strategies and has been instrumental in growing the business. Most recently Kristin originated the acquisition of the portfolio of Sage Business Credit, a Minneapolis-based factoring company. The acquisition significantly expanded North Mill’s factoring business in the Midwest.
KRISTIN ERICKSON North Mill Capital
Kristin has been with North Mill since 1996 and she continues to expand her active referral source network of lenders, bankers, private equity firms, investment bankers, brokers and other sources to generate new business for the company. She has served on the boards of the RMA and the TMA along with serving on various committees. She is currently active in ACG, TMA, RMA and SFNet. Kristin received her degree in finance from Miami University. She resides in Mendota Heights, MN with her husband, Mike, and their three children.
What advice would you offer to women just starting out in the industry? The two pieces of advice I would tell women starting out is number one, build your team and number two, build your network. Figure out what resources you might need, and then find your “go to” people. For me that has been really helpful. I have built close relationships with professionals in many supporting fields that I can call on to bounce ideas off or who I can engage to help clients. Second, continually build your broader network. When you are starting out, networking can be intimidating. Force yourself to do it, and don’t be afraid to ask for help. Generally, people are very willing to make introductions. I can still remember being young and walking into a room filled with middle-aged men in dark suits. It can be daunting, but once you’ve done it a few times, you’ll find some familiar faces in the room and it gets easier. Also, seek out smaller environments to start. Get involved, join committees, and volunteer at events. A big part of being successful is simply consistently showing up. Studies have shown women are reluctant to tout their accomplishments in the workplace. What advice would you give to help women be more comfortable with speaking up? First, keep track of your accomplishments. Have a place where you keep notes about successes, congratulatory emails, or formal commendations. It’s easy to remember failures, but sometimes we forget all the great things big and small that we have accomplished. Additionally, be prepared to advocate for yourself. It’s an important skill, and it’s very rewarding to stand up for yourself. What do you know now that you wish you knew in the beginning of your career? Take advantage of every opportunity and be curious. Always ask for the next challenge and seek out opportunities to learn and expand
your skill set and knowledge. Don’t be afraid to fail. If you never fail, you are not challenging yourself enough. Lastly, ask for help. Rarely will a senior colleague be unwilling to help, and if you find one with whom you really connect, ask them to be your mentor. Successful mentoring relationships can be really rewarding for both parties. What do you enjoy most about your role? Least? Our role is to help businesses who are struggling or growing by providing the right working capital solution. Seeing our clients succeed and knowing we played a part is very rewarding. I enjoy problem solving and bringing together whatever resources are necessary to help our clients overcome their challenges. Additionally, the opportunity to continually meet new people and learn about different industries keeps life interesting. How do you balance work/personal time? I do not believe there is a working woman with a family that hasn’t struggled with work-life balance. I think it’s important to recognize that and cut yourself some slack. Even Super Woman might occasionally struggle with simultaneously trying to be a rock star colleague, mom, and spouse. However, as many balls as there are to juggle, I believe it’s important to take time for yourself because it makes handling everything else easier. I didn’t make that a consistent practice early on, and I still struggle with it, but it is important. Something that has helped me is having flexibility in my work life. I was able to run to see my child’s performance at school, and then work at night or on the weekend. Today, many companies recognize the importance of flexibility. Lastly, outsource household chores or chauffeuring responsibilities when possible to free up time to focus on family, work, and your personal well-being.
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WOMEN IN SECURED FINANCE 2020
RECOGNIZING EXCELLENCE
E
rin Hardtke is a senior associate in the Finance and Restructuring practice group at Paul Hastings and has spent 18 years practicing in various areas of commercial finance. She practiced in Chicago at two other AmLaw 100 Firms in the areas of securitization and asset-based lending and in-house at LaSalle Bank until its acquisition by Bank of America. After relocating to New York City in 2012, she landed various consulting engagements with top companies including a privately held global holding company operating in the telecommunications and information services industries, leading negotiations of their $250MM credit facility, and with the wealth management division of a global financial services company, advising on private banking and lending products.
ERIN HARDTKE Paul Hastings LLP
Erin brought her diverse career background and unique client perspective to Paul Hastings in 2017 and has since navigated some of their most complex financing transactions with aplomb, including the representation of lenders to fintech lenders secured by various types of fintech assets and of a global asset manager in a one-of-a-kind term loan facility which facilitated the monetization of future endorsement contract revenues of an all-star athlete. Her enthusiasm and leadership on incredibly intricate transactions have been instrumental in ensuring successful outcomes.
What do you know now that you wish you knew in the beginning of your career? Two major lessons come to mind. First, network, network, network. Every person you encounter in your career, whether a contemporary colleague, junior colleague, boss, client or adverse attorney, is someone who can add value. This value may be immediate in that you can find mentorship and/or camaraderie, both of which can make what can sometimes be a difficult job more enjoyable, or may come 10 years down the road when you are exploring career options or developing business. Second, and relatedly, treat every transaction like a job interview. Other attorneys, clients, and their clients will remember you and whether you performed at a high level and your reputation is what will ultimately either propel you or hold you back. This is a small industry and you will be surprised at the characters who pop up when you least expect it! How have you turned a failure in the workplace into a positive situation?
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I like to think of “failures” as challenges, and I have faced several. Due to two acquisitions and a change in the market leading to a lack of work, I have found myself as a jobseeker three times in the past ten years. I turned these into positive situations by viewing each as an opportunity to expand my practice in a new role, reconnect with old colleagues and clients and decide what kind of position would make me happy. I decided that I would enjoy a position where I can be part of a team, pursue opportunities for leadership and work on complex transactions from start to finish. I feel lucky that, after losing what I thought was my “forever” job, Paul Hastings gave me a chance to return to law firm life and has provided me with opportunities to do all of the things that I enjoy.
How have you approached big career decisions? This is one area where I believe women have an advantage over men in that women are better at accessing their intuition. Although I have built a career based on logical thinking, when it comes to big career decisions, I have instead trusted my gut. The one time I did not, I ended up in a job where I was miserable, but after learning that lesson, I later turned down a great opportunity at a top financial institution because something inside of me was telling me it was not right. While I sometimes wonder “what if”, I do not regret it and firmly believe I landed where I was meant to. Tell us something about yourself that may surprise people. I’m a dreamer. Sometimes to help balance the stress and demands of a career as a finance lawyer, I need to step away from reality and think about what else I might have done if I did not go to law school. I have dreamed about buying a flower shop in Vieques, starting a business in the funeral industry and, inspired by an embroidered silk jacket that I bought on the streets of Hong Kong, designing my own dog apparel line called “Fortune Tails” where every jacket would have a unique dog-related fortune sewn into it. I even took it as far as having samples and business cards made but I always knew in my gut that was not my calling. If you know anyone looking for a velvet smoking jacket for their chihuahua though, let me know!
WOMEN IN SECURED FINANCE 2020
RECOGNIZING EXCELLENCE
B
havjyot (Bhav) is a senior associate at Paul Hastings LLP. She has developed a reputation among her clients for her ability to navigate convoluted legal issues in a commercial manner and push even the most complex transactions across the finish line.
Bhav principally represents administrative agents and lenders providing several billions of dollars in credit; including numerous credit facilities extended by her clients to private equity sponsors to finance the acquisition of a wide variety of companies across industries and sectors. Bhav also worked on a complex restructuring and ultimate exit with respect to an international toy company. She also represents borrowers, including the representation of a financial technology company that offers credit in multiple countries to populations overlooked by traditional institutions of credit.
BHAVJYOT SINGH Paul Hastings LLP
Bhav obtained her law degree from the University of California, Berkeley, School of Law and completed her undergraduate studies at Cornell University, graduating magna cum laude and Phi Beta Kappa (in the 10% of Cornell University’s College of Arts and Science). In March 2019 she served as moderator of the “How to Get Ahead” panel at the 2019 SFNet Women in Secured Finance Conference held in New York City.
How have you approached big career decisions? My approach to career decisions is to visualize where I see myself in ten years and go out and proactively seek the opportunities that help me live up to that vision. Success in the legal industry is largely dependent on repetition and fine tuning of your skills, but attorneys should also be versatile enough to adapt to changes in the marketplace. I view every transaction as an opportunity to really dig into the latest issues that our clients are facing. For example, a few years ago, we heard a lot of buzz around Patriot Act and KYC issues and learned to adapt our documents and processes to accommodate the new regulatory landscape. We are now seeing a lot of industry discussion around the replacement of LIBOR and are advising our clients accordingly. These are just two examples, but the larger point is that every transaction presents an opportunity to be exposed to a new issue. Ten years down the road, I hope to have amassed a wide variety of experience across industries and sectors and continue to be a vibrant and innovative advisor to my clients. It is my job to seek out the opportunities, networks and relationships that get me there! In addition to having long-term vision, I also approach my career decisions with a team mentality. It is my privilege and responsibility to provide junior attorneys and women attorneys a platform to speak up and tune their skills. Practicing law can be challenging career path for a multitude of reasons, but my colleagues are my family. Just like so many have supported me throughout my career, I have the obligation and immense privilege of paying it forward. This can be something as small as encouraging another team member to lead a call or spearhead a meeting, which both encourage her to finely tune her speaking skills and allow her to
truly be visible to others for her skills and talent. I believe the “day to day” ways in which we empower and lift each other up are the most impactful and significant. Walk me through a typical day in your life. A typical day at the office involves a mix of calls, drafting documents, and advising clients on “day to day” questions that come up on new matters and on existing portfolio matters. I also try to set aside time daily to mentor junior team members and make myself available for any career-related questions or concerns they may have. Building a strong and vibrant team is a central focus for me (and one that is my greatest joy). No two days are ever the same. What do you enjoy most about your role? Least? I absolutely love how cerebral the practice of law is. I am constantly innovating and evolving. The practice of law is very dynamic, and it is exciting to see how shifting societal norms and current events impact the way in which our clients do business and the way in which we advise them in turn. The challenging part of my role is that it can be unpredictable. It is a constant learning experience on how to manage competing priorities with vitality and grace! There is never a dull moment! Tell us something about yourself that may surprise people. I meditate daily in the morning and try to exercise first thing in the morning a few times a week. I am a practicing Sikh, and thus meditation, spirituality and engaging in pro bono work are central tenets of my life. Also, no day starts without my double espresso!
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WOMEN IN SECURED FINANCE 2020
RECOGNIZING EXCELLENCE
E
ileen Kowalski is a senior vice president and manager of Training, Development and Quality Control for PNC Business Credit Field Exam.
A 30-year veteran of commercial finance and asset-based lending, Eileen is integral to PNC Business Credit’s Field Exam training program and to the talent development team tasked for PNC Business Credit. She is responsible for field exam quality control and serves as editor-in-chief for the quarterly PNC Business Credit employee newsletter.
EILEEN KOWALSKI PNC Business Credit
Eileen is a member of PNC ForWARD (For Women’s Advancement, Recognition & Development) and has coordinated multiple PNC Grow Up Great service projects for the national PNC Business Credit Field Exam staff. In addition, she is a member of the Secured Finance Network and the SFNet’s Women in Secured Finance (WISF) committee, serving as the 2020 WISF Communications subcommittee chair. Eileen is also a member of the SFNet Education Committee and is the SFNet Education Champion for PNC Business Credit. Eileen earned her B.S.B.A. from Kutztown University and her MBA from St. Joseph’s University in Philadelphia. She recently joined the 2020 Kutztown University Alumni Board. She has two sons, the eldest recently joining the industry as a field examiner.
What advice would you offer to women just starting out in the industry?
find success. But, ultimately, if you’re not having conversations about growth with your employer, it’s time to move on.
Be prepared to work hard and don’t be afraid to tackle tough projects, as failure is often a great teacher. In this industry, the early years of your career are often a time of constant education. Recognize it, embrace it and grow from it.
How can commercial finance organizations attract and retain more women?
Mentors are essential. Not only should you seek out a mentor in your field, but one outside of the industry as well. Your internal mentor will have a vested interest in your success within the company, but an outside mentor can advise you on decisions about the broader direction of your career. Down the road, take advantage of opportunities to become a mentor yourself. You can learn as much from the person you’re mentoring as he or she does from you.
Another key piece in retaining talent is setting clear and concise career goals. This process can provide an opportunity for women to plan major life events around their career decisions – with support from management – which ultimately helps them to successfully grow and advance.
Learn how to network effectively. Networking isn’t just about making friends in the industry. It’s important to reach out to people at all levels – those below you, at your level and above you – since each group has something different to offer. Join the WISF group and network with all of the members! It’s important to network outside of your industry, too. What do you know now that you wish you knew in the beginning of your career?
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Don’t stay with an employer that doesn’t see a career path for you or where opportunities are limited. This can be especially difficult when you like your colleagues, the company or if the situation is convenient because of benefits, childcare, etc.; but it’s important to your personal career growth and understanding your worth. Also, don’t be quick to judge if management outlines a different career path or opportunity that you haven’t considered. It’s important to always evaluate every opportunity because you never know where you’ll
First of all, competitive pay is key. Women must earn what we’re worth in the market.
Ensuring young talent and women have work-life balance is also essential. Clear expectations should always be established early in your tenure in regards to your availability and the flexibility of your schedule outside of regular business hours. Lastly, I think engaging women, who are already in prominent management roles at their companies, to assist with recruiting efforts will also attract and retain female talent with high career aspirations. Seeing a woman who’s advanced inside a company is a powerful message to prospective employees. Tell us something about yourself that may surprise people. As part of my training responsibilities, I’ve written and produced training films in collaboration with professional film crews. These films nicely complement the learning modules we’ve created. I’ve also professionally recorded podcasts on different topics. Both of these mediums allow employees with different learning styles absorb often complex and dry information.
We celebrate the passion it takes to inspire transformation. _
What we do today will have a lasting impact on every day to come. That’s why PNC Business Credit is proud to recognize Susanna Siskind and Eileen Kowalski for their commitment to sustainable finance — and for serving as an inspiration throughout PNC and across the commercial finance community.
Susanna Siskind
Eileen Kowalski
©2020 The PNC Financial Services Group, Inc. All rights reserved. PNC Bank, National Association. Member FDIC CIB BC PDF 0320-086-1562401
WOMEN IN SECURED FINANCE 2020
RECOGNIZING EXCELLENCE
S
usanna Siskind is a senior vice president and director of operations for PNC Business Credit.
She is responsible for all aspects of the PNC Business Credit Collateral Operations department, which includes managing more than 60 employees and the posting and reconciliation of collateral information for all PNC Business Credit borrowers. Susanna leads several technology projects to create internal efficiencies and improve the customer experience. She also oversees the Document Exception and Data Analytics teams and UK/Business Credit reconcilement and processing.
SUSANNA SISKIND PNC Business Credit
Susanna joined PNC Business Credit in 2002 as a senior field examiner and has held various roles at PNC, including regional field exam manager and relationship manager. She led the major system conversion of Business Credit’s customer-facing and internal loan and collateral monitoring platforms. Sought after for her business expertise, she served as an executive sponsor, working sponsor, or subject matter expert for numerous PNC projects. Siskind began her career at Mellon Bank. Susanna is a member of the Secured Finance Network (SFNet), SFNet’s Women in Secured Finance (WISF) Committee and the 2020 WISF Events subcommittee. In 2016, she was recognized by SFNet for her meteoric rise in the industry as a recipient of its 40 Under 40 Award. Susanna received her B.S. from the University of Miami.
What do you know now that you wish you knew in the beginning of your career? Find a good sponsor who has your best interests at heart, knows you, understands your skill set and is willing to be your champion and push your name forward for potential advancement opportunities. Keep in mind, however, that you still need to advocate for yourself and stay in control of your career. You can consider all the great advice and opinions shared with you, but you are the only person who knows what is best for you. Recognize the importance of identifying opportunities to speak up in order to enhance your credibility with not just your manager, but all senior managers within your organization. Make your voice and your presence known throughout your company, as your credibility and reputation are your brand. How have you approached big career decisions?
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Opportunities to work with an exceptional manager and/or team and gain differentiated skills have fueled the major career decisions in my life. When I took on a role as a relationship manager, I knew it was an opportunity to work on a small team where I would receive significant one-on-one time with my manager, who had more than 30 years of experience in assetbased lending. I knew I would benefit from the time he would be able to allocate to training me as I grew into the role. He became a trusted mentor throughout my career, as he continued to push me
to grow and learn. When I took on my current role, I was asked to lead our group through a significant customer-facing and internal system change. I viewed this as an opportunity to enhance my skill set to learn about project and change management, MIS and operations. In addition, I knew that I would expand my network within our organization as this project would have over 200 participants. I had also worked with the senior members of my future operations team in various capacities in my role as an RM and appreciated that I would be supported by subject matter experts since the project would foster close collaboration. How do you balance work/personal time? Balancing work and personal time is a constant struggle, but I’ve learned that, if you give your team the tools to succeed in your absence, it’s much easier to step away for a planned vacation. By having my team handle potential issues that may arise when I’m on vacation, it has empowered them to resolve issues without elevating them to me even when I’m in the office. This has strengthened the team and their problem-solving skills, while in turn giving me the confidence that I don’t need to constantly check-in while on vacation. It’s also important to set expectations about your out-of-office availability and what types of issues should be escalated immediately versus what can wait until your return.
WOMEN IN SECURED FINANCE 2020
RECOGNIZING EXCELLENCE
J JAIME RACHEL KOFF Riemer & Braunstein LLP
aime is a senior partner in Riemer & Braunstein LLP’s commercial finance department. Her practice has a particular emphasis on asset-based and cash flow transactions. She represents commercial banks and other financial institutions in domestic and cross-border single-lender and syndicated transactions across numerous areas, including manufacturing, technology, retail and lender finance. Her experience extends to all aspects of a transaction, including preparing and negotiating documentation in the loan origination stage, handling forbearance and loan modifications in restructuring transactions, and working on debtor-in-possession loan facilities. She has spoken at industry events on current trends in financing, including with respect to intellectual property. Her recent transactions include representation of the agent in (i) a $1 billion multi-lender revolving credit facility to finance the working capital needs of a major oil and gas distributor, (ii) a $200 million multi-lender revolving credit facility to provide working capital funding to a major national retailer, (iii) a $54 million multi-lender revolving credit and term loan facility to provide financing for the acquisition and working capital needs of a manufacturer of multilayer printed circuit boards, and (iv) a pre-petition $50 million multi-lender revolving credit and term loan facility in connection with consent to use of cash collateral for a national retailer in bankruptcy.
What advice would you offer to women just starting out in the industry? Starting out in any field can be overwhelming, particularly where the numbers of senior women have not historically been high. It can be hard not to self-edit or self-regulate in an effort to fit in or go with the flow. However, it is important to take an active role and not be afraid to speak up. Take advantage of time and opportunities offered by senior colleagues, from attending a happy hour to getting involved more broadly and observing more sophisticated aspects of a transaction, even if much of the terminology seems foreign at first. Offer to help others in whatever ways you can, including by “taking one for the team” when co-workers are overwhelmed or need assistance. Do not wait to be asked to pitch in. In turn, take advantage of down time when you can. Be a participant in the industry beyond just in emails – pick up the phone and spend time with clients and colleagues outside of the office as true partnerships and friendships cannot be formed through a computer alone. Do not be afraid to ask questions that you think may be too basic; it is better to ask than to pretend you know something you do not. To that end, it is critical to seek out multiple mentors who can provide feedback throughout the first few years and beyond, and who have willingness and patience to help you scale the learning curve. Studies have shown women are reluctant to tout their accomplishments in the workplace. What advice would you give to help women be more comfortable with speaking up? It is unfortunate that this question is still relevant in today’s world. However, you need to be your own best advocate. If you do not
champion your successes, you may find that other people do not either. It is tricky to find the “sweet spot” between appropriate and shameless self-promotion, but when you have accomplished an achievement, make sure to note it and keep a running list of those events when it comes time for your performance reviews. Remember that everyone else is doing the same thing and there is nothing wrong with accepting credit or acknowledgment for your hard work. All you are doing is recognizing the fruits of your efforts. What do you know now that you wish you knew in the beginning of your career? Life as a junior associate can have its challenges, from getting used to the industry jargon to adjusting to long working hours. While the early days may be filled with uncertainty, commitment and a strong work ethic will pay off down the road. Colleagues may be more willing to think outside the box and help you address issues that may arise if they know you are dedicated and willing to go the extra mile in return. Separately, while finding a sustainable work/life balance can be difficult, work and family are both important parts of life and you will find pride in showing the next generation that being a good parent and successful in your career are both valuable.
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WOMEN IN SECURED FINANCE 2020
RECOGNIZING EXCELLENCE
M
aria Contino joined Rosenthal & Rosenthal of California in 2014 and serves as their senior Western region sales manager. Maria is an industry veteran with over 28 years of experience in factoring and asset-based lending and is highly regarded for her professionalism, knowledge and integrity. Maria’s experience comes by way of her work with The CIT Group where she held several positions during her 22-year tenure, the most recent being deputy sales manager. Maria attended Loyola Marymount University, where she received her BA and MBA in finance, management and marketing. Maria is an active participating member with several industry organizations and charities and focuses on industries such as fashion, accessories, health & beauty, food and beverages, and consumer products.
MARIA CONTINO Rosenthal & Rosenthal What advice would you offer to women just starting out in the industry? Be ambitious and challenge yourself! Learn as much as you can. Don’t be afraid to take on more work or learn something new. Take on challenges. Ask for feedback or constructive criticism to help yourself improve and grow. Studies have shown women are reluctant to tout their accomplishments in the workplace. What advice would you give to help women be more comfortable with speaking up? With social media, there are several ways to make your accomplishments known now. But your biggest accomplishment is actually you. So, I would say just be yourself, be honest, be confident, and don’t be afraid to speak up, but do so with purpose. What do you know now that you wish you knew in the beginning of your career? How important it is to enjoy what you do and who you work with. Earlier on in my career, I didn’t realize how much time in my day would be spent working. I feel very blessed to combine my business acumen and affinity for finance with my love of connecting with people. I get to be creative while helping others succeed in their businesses. I can’t think of anything better.
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How have you approached big career decisions? With any big decision, you need to weigh the pros with the cons and opportunities. A big career decision usually means a big change. Change is inevitable and I would encourage you to embrace it. It often presents an opportunity to explore new ideas and thrive in a new environment even within your existing organization. It’s good to challenge yourself. It keeps you fresh and relevant and may even open you up to unexpected opportunities.
What do you enjoy most about your role? Least? What I enjoy most about my role and career are the people. I enjoy the relationships I have built over the years with my colleagues, clients and referral partners. I am problem solver and like to find solutions to challenging situations. As far as the least thing I enjoy,....paperwork....who likes paperwork? How do you balance work/personal time? With calls, texts, and emails and being accessible at all times, it’s challenging to balance work and personal time. However, being organized at work and having a follow-up system that works for me, makes me much more productive during working hours. Taking time to do the things you love and spending quality time with friends or family without looking at your phone, will help you re-energize and be more successful in both your professional and personal life. How can commercial finance organizations attract and retain more women? Whether you are man or woman, organizations need to be conscious of several factors to retain valuable talent. The most important, is having a positive company culture that promotes inclusivity, trust, open communication, and empowers and engages its employees. Companies should encourage and provide opportunities for advancement, skill development, and teamwork. Motivating and growing your team by providing honest and constructive feedback and rewarding good work and positive attitudes can have huge dividends. And remember the Golden Rule: Treat others the way you would like to be treated!
Congratulates
Maria Contino On being named a Leading Woman in Commercial Finance
VISIT THE DIFFERENCE AT ROSENTHALINC.COM ASSET BASED LENDING NEW YORK
FACTORING CALIFORNIA
PURCHASE ORDER FINANCING GEORGIA
NORTH CAROLINA
WOMEN IN SECURED FINANCE 2020
RECOGNIZING EXCELLENCE
A
llison Satyr is a partner with Sidley’s Global Finance Group in Chicago, where she counsels commercial banks, funds and businesses with respect to a diverse range of finance matters and transactions. She represents agents, arrangers, lenders, participants, borrowers and private equity sponsors in structuring and negotiating single-lender and syndicated financings, including multicurrency and cross-border transactions, across numerous industries. Her experience includes working capital financings, dividend recaps, LBOs and other acquisition financings, workouts, restructurings and debtor-in-possession and exit financings. She frequently presents to law students, clients and fellow attorneys on a variety of commercial lending topics, including market trends, intellectual property collateral, bankruptcy basics and secured transactions generally. She also leads Sidley’s efforts related to the discontinuation of LIBOR.
ALLISON J. SATYR Sidley Austin LLP
Allison is a member of the Chicago and American Bar Associations, and has been elected as a Fellow of the American College of Commercial Finance Lawyers. She is also a member of the Board of Directors of the Illinois Holocaust Museum & Education Center, where she serves on the Executive Committee and co-chairs the Education Committee, and is a member of the Dean’s Council for Penn Law Women.
What advice would you offer to women just starting out in the industry? Find and embrace your authentic style. Whether negotiating a deal, developing business or advocating for broader change, it’s hard to garner support if you are emulating a persona that is not your own. I am often reminded of, and guided by, a quote from Justice Ruth Bader Ginsburg that makes a similar point, “Fight for the things that you care about, but do it in a way that will lead others to join you.” Also – and this is advice I would impart to all young lawyers in this industry – if you want people to invest in you and your career, show them that you are also invested. I will always come back to associates who demonstrate a strong work ethic, are curious, are team players and take ownership of their matters. What do you enjoy most about your role? Least?
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There is a lot to enjoy about being a finance lawyer. First, this role is all about problem solving, and it’s immensely rewarding to help clients navigate seemingly insurmountable hurdles and close a deal. I also relish the “team sport” aspect of commercial finance. Because finance transactions establish multi-year relationships among the parties, collaboration and consensus building with colleagues, clients and, yes, even opposing parties and counsel, is often crucial. Another perk of my position is the opportunity to teach. Over the years I have participated in countless formal presentations on wide-ranging topics, but it’s equally gratifying to parse through issues with clients or junior colleagues on a smaller scale and watch them have “aha moments” as complex concepts crystallize. As much as I love these substantive aspects of my role, I also enjoy my non-legal responsibilities, such as mentoring and
serving on Sidley’s associate committee. Least favorite aspect of my role? That’s easy – billing administration. How do you balance work/personal time? I have learned to prize flexibility over balance, since balance implies some sort of constant equilibrium that is pretty elusive. It’s no secret that the legal profession is not predictable or evenly paced, and our clients expect and deserve premium service, sometimes in intense intervals and at inopportune times. Remote access and good support systems at the office and at home have all been vital to my ability to juggle work and personal responsibilities – some days more successfully than others. I call this the privilege of flexible time and space, which needs to be managed with good judgment and seamless client service. In addition, I try my best to keep a flexible mindset. Viewing my days and weeks as nimble expanses of time where tasks are often re-triaged has helped me feel like I actually have more capacity, not less, to take on client work, firm responsibilities and outside interests, all while being present on the home front. When things get out of “balance” – which they often do – I try not to get rattled. Everything gets done in the end, maybe just not when or the way you had planned it. Having outside commitments (especially ones that you are passionate about) makes you a more efficient and productive lawyer, and a more interesting person. Tell us something about yourself that may surprise people. I’m a New York Times crossword puzzle enthusiast – some might say fanatic. It is definitely my go-to activity for stress relief.
WOMEN IN SECURED FINANCE 2020
RECOGNIZING EXCELLENCE
S
arah Ward has been a partner at Skadden in the Banking Group for over 25 years. Her practice focuses primarily on the representation of lenders and borrowers in acquisition and other leveraged financings, as well as corporate restructurings and workouts. Her clients include public companies, private equity firms and financial institutions.
SARAH WARD Skadden, Arps, Slate, Meagher & Flom LLP
In addition to the groundbreaking financings that she leads, she has held numerous leadership positions. Sarah served as the global co-head of Skadden’s Banking Group for five years, as a member of Skadden’s Policy Committee and she currently serves as co-chair of the firm’s Legal Opinion Oversight Committee. Sarah is engaged in civic activities to enhance the livelihood and advancement of women, minorities and economically disadvantaged New Yorkers. She is a member of the Kate Stoneman Project, which was established in 2007 by 20 women partners from 10 prominent New York City law firms with the objective of supporting the advancement of women in law, while encouraging philanthropy and civic engagement. Sarah has authored numerous articles related to her practice, including in publications such as Law360, Practical Law Journal and International Financial Law Review, among others. She has also lectured extensively on banking-related topics.
What advice would you offer to women just starting out in the industry? My experience is that the women starting out in the industry are typically very bright and hardworking. They are detailedoriented and committed to producing excellent work. The ones who are most successful, however, take control of their future – they seek out mentors who can help them advance and volunteer to take on difficult assignments to develop their skills. They network with colleagues and clients within and outside their organization to expand their contacts so they can become leaders and excel in their careers. My advice would be to jump in with both feet and embrace all of the opportunities and challenges that come your way. It is the best way to learn and gain valuable experience. What do you know now that you wish you knew in the beginning of your career? Over time I have realized the importance of interacting with colleagues and clients on a personal level. When I first started at Skadden, in-person meetings were common. At that time, the internet did not exist so we couldn’t send out a quick email to convey our thoughts or analysis. We would walk to each other’s offices or meet in conference rooms to talk through issues and share ideas. We would also schedule in-person client meetings during the workday and meet with clients after work to get their perspective in a more relaxed setting. The general atmosphere was one of camaraderie and shared experience. Looking back, I believe I took those early
interpersonal interactions for granted. While the trend today is to interact through email, and it has created enormous efficiencies and global reach, it is easy to lose the personal connection that often occurs naturally through in-person interactions. I have learned and encourage others to take extra care on email and phone interactions to connect on things outside of the day-to-day work. Being able to connect with your co-workers and clients on a personal level creates lasting relationships the makes work both enjoyable and, I personally believe, leads to more successful results. How do you balance work/personal time? Balancing work and personal time is not always easy, given the fact that we are in a service industry. Technology has made it easier in some ways because we don’t need to be in the office 24/7 but harder in other ways because we are constantly on call. I think communication is the key to work/life balance. Letting people know that you will be out of pocket for a period of time to attend an event for a child or to spend time with a partner or friend goes a long way. If you clearly set boundaries and let people know when you need personal time, others are usually respectful as long as you produce quality work in a timely manner. Tell us something about yourself that may surprise people. I learned to play golf with four women colleagues from work about 10 years ago and my USGA handicap index is 11.6!
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WOMEN IN SECURED FINANCE 2020
RECOGNIZING EXCELLENCE
M MIIN CHEN Siena Lending Group
iin is currently the chief operating officer at Siena Lending Group (Siena). Miin joined Siena in March of 2014 as their controller and was promoted to chief finance officer later the same year.
Miin began her career at PricewaterhouseCoopers in New York City in the Banking and Capital Markets industry group. She then joined JH Cohn in New Jersey to further her audit career as well as expand on her client and industry knowledge to include industries such as construction, manufacturing, retail and entertainment. Miin moved into private accounting when she joined Burdale Capital Finance as their assistant controller. Later, she moved into an assistant treasurer role with Patriot National Bank prior to joining Siena. Miin is a double eagle, graduating from Boston College with a Bachelor of Science in Management as well as a Master of Science in Accounting from the Carroll School of Management. She also received the inaugural 40 Under 40 Award from SFNet in 2016. Miin is a CPA in Connecticut and New Jersey and currently resides in Fairfield, CT with her husband and two kids.
What advice would you offer to women just starting out in the industry? I would tell them to get involved early and stay involved. Contribute to the conversation. As women, I feel we tend to overanalyze and observe before we take action. I’m not saying that those are bad qualities; I actually think it is crucial to have a thoughtful mindset to be constructive and successful, but I do think that the two in tandem make it difficult for us to make the first move and offer our opinions and, thereby, we end up on the sideline trying to figure out when we should actually jump into the discussion or into action. If we make it a part of our daily lives from the beginning, the more likely it is that it would just become a norm and something that we do without reservation. Studies have shown women are more reluctant to tout their accomplishments in the workplace. What advice would you give to help women be more comfortable with speaking up?
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I’m going to piggy-back off the prior question and say that you should just start from the beginning – whether it’s the beginning of your career or a different position or company – just start doing it. A few years back, I was told that I really needed to start voicing my opinions because I had thoughts and those mattered. It took me a long time to be comfortable with that idea, but in the end, it is true – everyone’s voice and opinion does matter and often times, they end up challenging the organization as a whole on how to progress and evolve. If you’ve been somewhere for a long time and want to start, I would say to just start with saying something small or simple
that you believe in 100%. Once you get past that initial hurdle, practice speaking up. You will end up finding your voice and through that, you’ll find the confidence to talk about your accomplishments and what you’ve been able to contribute to your workplace and the industry. How do you balance work/personal time? Honestly, it’s really hard and something that I’m still trying to figure out. As a working mom, there really isn’t much time for yourself. Currently, I try to balance work and family during the week by setting pretty standard hours during the day and catching up on anything residual after the kids are in bed. On weekends, it’s very much the same story. When the kids are awake, I try to be as present as possible which means that e-mails and phone calls may go unanswered. When they are down for a nap or having some quiet time to themselves, I’ll try to answer those e-mails and phone calls. I’m still learning to take time for myself - taking days here and there to run errands, or go shopping, running, or anything else that I may want to do. That’s key for me to maintain that work/life balance and it also serves as a well-needed reset button. But I also know that what works this week or month may not work the next and we have to be flexible in how we balance work and personal time.
Congratulations Miin Chen
and all the women recognized in the “Women in Secured Finance Recognizing Excellence” issue.
Miin’s friends and colleagues at Siena Lending Group are proud to acknowledge her recognition as a leader in secured finance. This achievement follows her recognition as an inaugural “SFNet 40 Under 40” award recipient. Miin’s hard work and dedication have been an inspiration to all of us at Siena and we are honored to work alongside her.
For more information about our asset-based solutions, please call (203) 842-5555 or visit www.sienalending.com.
WOMEN IN SECURED FINANCE 2020
RECOGNIZING EXCELLENCE
J
ennifer Lickteig is the CEO of TBS Factoring, LLC and TBS Capital Funding. During her tenure with TBS, the company has achieved more than $3 billion in sales (more than the combined total of its previous 47-year history) as it provides factoring, receivables financing and alternative lending platforms from its Oklahoma City headquarters to small businesses and truck drivers across the United States and Canada. She is a four-time CEO and her predecessor companies have earned prestigious awards including both Oklahoma SBA and National SBA Small Business of the Year, as well as being named The Department of Homeland Security National Small Business Person of the Year. Jennifer is a current SFNet Board Member.
JENNIFER LICKTEIG TBS Factoring, LLC and TBS Capital Funding What advice would you offer to women just starting out in the industry?
What do you know now that you wish you knew in the beginning of your career?
Choose a path that can hold your interest because it feels good and then measure your successes by how much you enjoy what you are responsible for. When you really like what you do, you will do it better than others and the result is actually better for everyone around you, and not just at work! Also, get involved! Professional industry organizations like SFNet provide terrific opportunities to network, grow technical skills and develop a deeper understanding of what’s happening within the industry. It’s said that fortune favors the prepared and getting involved by actively participating will definitely prepare you!
That the mistakes I was going make would guide me to opportunities I never would have had otherwise. At some of my lowest career moments, I accepted help from others, saw new ways of doing things, and became a better problem solver. Learning to tap these skills without the sky having to fall has benefited me. I also wish I knew that being a “boss” does not make you a leader. My early days were spent bossing people around and trying to prove myself instead of taking the time to connect to people. You can only be a leader when others want to follow you.
Studies have shown women are more reluctant to tout their accomplishments in the workplace. What advice would you give to help women be more comfortable with speaking up?
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Candidly, I still struggle with this! I was raised to believe that taking credit for my own work or touting natural skills I have was not attractive. Epiphany came when I started to realize that I value confident, self-aware and successful women around me, so why not in myself? I had to give myself permission to acknowledge my successes, work product and talents, and allow others to recognize them too. By linking these talents to accomplishments and finally to the value proposition of your efforts these become facts instead of opinion. And that formula changes the dynamic to a framework to speak up confidently about your contributions to the enterprise. Which brings me to an equally important part of this – accepting acknowledgment. When anyone acknowledges your talents, say “thank you, that means a lot that you noticed” and resist the urge to throw it back by saying things like “Oh it was nothing really” or “I couldn’t have done it without you.” When you can master this acceptance and feel genuinely deserving without demurring or deferring, that is huge.
Tell us something about yourself that may surprise people. The closest I’ve come to a college education was to attend the college graduations of all four of my daughters. How have you turned a failure in the workplace into a positive situation? In the late 90’s I owned an advertising agency. One day after a client call, I led a conversation with my team about how amazing we were because we had convinced consumers to buy the clients product, even though “it tasted like the box it was delivered in.” The client was still on the line and what followed was a complete crash of a successful business. Much of the lessons I learned in that first year after shape decisions I make today. These include really believing in what you are doing or selling so that your authenticity is never in question and a realization integrity has as much to do with speaking the truth as it does with being trustworthy.
WOMEN IN SECURED FINANCE 2020
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C
hristy Kemp is currently a team lead for the Collateral Management group and has over 21 years of experience within ABL. She also served 10 years as CFO for a privately owned rental company.
Her current role entails strategizing and coordinating with underwriting, business development, treasury and other various departments for new and existing clients to mitigate risk and enhance client experience. Additionally, she oversees all operational aspects to continually improve operational efficiencies from loan closing, booking and ongoing client monitoring. She received her BBA in accounting from Georgia State University.
CHRISTY KEMP Truist Financial Corp
What advice would you offer to women just starting out in the industry?
What do you know now that you wish you knew in the beginning of your career?
Growing up, my mom often made the comment that you should always strive to do your best no matter the task. I am a firm believer that always giving your all will enable you to learn and grow in unexpected ways. Surround yourself with positive people and seek a trusted mentor or two. Mentors in the industry have real life experience beyond your years and can offer invaluable advice. Questions are good but be sure you have the right balance between efficiency and the appropriate due diligence. I would rather someone seek assistance after they have performed appropriate due diligence with a potential solution vs asking for my solution right away. Pay attention to the details and embrace the challenges while learning from your mistakes. It is frustrating to point out even minor mistakes but yet the individual continues to repeat them. Always be flexible since no two days are ever the same and you will often find your “to do” list is ever changing with items of priority shifting and rearranging. Understand and appreciate that each and every role is important to attract and retain client relationships, mitigate risk and contribute to the bottom line.
Be more realistic in self expectations and understand that nobody is perfect. Mistakes are going to happen, but be sure you own up to them. If you learned how to do something better the next time, then it served you well. Mistakes should not be taken lightly or glossed over, but shouldn’t be paralyzing at the same time. Don’t beat yourself up and continually apologize and understand that some things are out of your control. Control what you can and move on.
Studies have shown women are reluctant to tout their accomplishments in the workplace. What advice would you give to help women be more comfortable with speaking up? Never allude to being able to do something you know you can’t. A successful track record will develop respect and trust both inside and outside your organization. Be your own advocate and understand what you bring to the table. By speaking up and convincing others about your willingness to learn and grow while having a proven track record will open many doors for you.
How have you approached big career decisions? Consider an opportunity you may not have originally seen yourself in. Somebody somewhere obviously sees something in you that you may never have considered. I love having both the banking and the client perspective to lending under my belt. This experience allows me to offer viable solutions on both sides where everyone wins. How do you balance work/personal time? Working out really helps to decompress and reset my brain. I try and get to various gym classes and/or walk the family dog a few times each week. I love to get to work early when it is still quiet and I can get a lot accomplished without interruptions. Also, working from home once per week really helps to push me to put the laptop away when the family gets home. As workload permits, I try to only have 2-3 late work nights and really be “present” during family time.
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WOMEN IN SECURED FINANCE 2020
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nastasia Zaburunova joined Tiger Group in 2013 as a financial analyst for the Appraisal Division. After developing and refining her skills within the team, she transitioned to Retail Restructuring, Advisory and Disposition Services. Working alongside executive management, Anastasia supports Tiger’s restructuring and consulting expertise within consumer retail verticals by conducting comprehensive analyses of clients’ current positions and developing decisive strategic and operational plans based on client needs. As a part of Tiger’s Advisory practice, she participates in helping healthy companies implement financial and operational improvement solutions that unlock value and produce long-term-oriented, quantifiable results.
ANASTASIA ZABURUNOVA Tiger Group
Under Anastasia’s direct leadership, Tiger is building upon decades of industry experience and advancing current and prospective client knowledge of the ABL landscape by leveraging the newest Business Intelligence technology, which delivers more granular insights faster than ever before and helps investigate new opportunities within the field based on shifting industry trends. Prior to joining Tiger, Anastasia was a Mutual Fund Pricing Specialist at State Street Bank in Boston where she was responsible for the execution and reporting of net asset values for her clients’ portfolios while ensuring compliance during internal and external audits. She also served as a bilingual (Russian) Due Diligence Research Assistant at Wilson Perumal and Company in London, UK. A CFA charterholder, Zaburunova earned a Bachelor of Science degree in accounting from the University of Massachusetts, Boston, summa cum laude.
What advice would you offer to women just starting out in the industry? Turn being new into an advantage: ask clarifying questions about the field; talk to various members of the team to get a broader perspective of the job; get to know cross-functional teams you’d be collaborating with. Aim to understand the process, key players, and their motives, and the expertise in details will come. Most importantly, find your style and embrace it – there is never such a thing as an ideal opportunity or setting, so make the opportunity fit for you by working with what you have and building from what’s given using the tools and skills that are available. To quote Susan Cain: “The secret to life is to put yourself in the right lighting. For some, it’s a Broadway spotlight; for others, a lamplit desk. Use your natural powers -- of persistence, concentration, and insight -- to do work you love and work that matters. Solve problems, make art, think deeply.”
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Studies have shown women are reluctant to tout their accomplishments in the workplace. What advice would you give to help women be more comfortable with speaking up? Very often, the best ideas are held back because they are innovative, creative and perhaps controversial. Building the confidence to share those ideas comes with experience; however, no one knows you better than yourself. Learn to embrace your style: for example, a quiet type might use extra time to prepare in order to feel more confident, while someone more outgoing by nature could use a longer Q&A session at the end of the meeting. Knowing your audience and learning how to tell
good stories (descriptive, including practical examples) to accompany the ideas are also very important when it comes to being more comfortable with sharing a concept or an accomplishment. During a performance review, it’s often challenging to speak of personal victories. Approach it by distinguishing a team effort from a personal contribution and by giving credit to your colleagues where it’s due while building a story of a personal impact on a given task. Inevitably, there will be people who disagree with you - take the criticism as an opportunity to improve the product you’ve been working on. Shift your focus from “I’m not ready to speak up” to “I want to share my ideas, and I’ll learn by doing it.” What do you know now that you wish you knew in the beginning of your career? Expertise doesn’t come with doing the same tasks repeatedly. It develops during challenging times, when your skills get pressuretested. Challenges are opportunities to excel. Be comfortable being uncomfortable. In a data-driven environment of secured lending, you will never have all the data points you need to make a decision, and you will rarely have enough time. Use sound assumptions, learn how to back them up with the facts available at the time, give a range of values if an accurate value is not attainable at the time, and offer scenarios when an exact construct of the problem will not be provided. Sometimes getting to the answer is less important than the process itself, and the questions that arise during the process of learning.
“The secret to life is to put yourself in the right lighting. For some, it’s a Broadway spotlight; for others, a lamplit desk. “ - Susan Cain, Quiet: The Power of Introverts in a World That Can’t Stop Talking
Congratulations to Anastasia Zaburunova for being chosen as one of The Secured Lender’s “Women in Commercial Finance” this year.
ASSET INTELLIGENT New York I Los Angeles I Boston I Chicago I Houston I Toronto I 888-55-TIGER I TIGERGROUP.COM
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S
andra (Sandi) Evans is a specialized finance group product manager, senior vice president at U.S. Bank, where she has been for the past 11 years. Sandi is responsible for executing strategic positioning of the brand, managing collaboration to create a value-drive product, and developing and leading sales initiatives. Specialized finance platforms include asset-based finance, sponsor finance, equipment finance, and dealer finance. Sandi’s previous experience includes managing asset-based portfolio and underwriting teams at U.S. Bank, and prior to that, 23 years at Bank of America and legacy institutions. Sandi earned her M.B.A. from Marquette University and her B.S. from Carroll University. Sandi is the Vice Chairman of the Board of the Ronald McDonald House of Southeastern Wisconsin and a board member of the Secured Finance Network (SFNet)/Midwest Chapter. She is also active in U.S. Bank/Specialized Finance’s Diversity, Equity and Inclusion initiatives.
SANDRA EVANS U.S. Bank
Sandi is a successful role model for women at U.S. Bank. She serves as a co-chair of the broader Women’s Initiatives committees for U.S. Bank, is member of the SFNet Women in Secured Finance Committee, a member of the SFNet 2020 Annual Convention Committee and the inaugural co-chair of the Women’s committee for the SFNet/Midwest chapter.
What do you know now that you wish you knew in the beginning of your career? The courage to ask questions is powerful. Listen, be engaged and curious. Develop and use your network. Network for the future. It might not have an immediate return, but you will be surprised how often it helps you as you grow in your career. Don’t be afraid to seek out a mentor. Most often people enjoy being mentors and helping young people succeed. Set career goals and reassess them periodically. Listen to yourself and don’t be afraid to make changes or volunteer for opportunities. Consider different career paths for the broader experience. Assess your strengths, build your knowledge and be a trusted resource. Studies have shown women are reluctant to tout their accomplishments in the workplace. What advice would you give to help women be more comfortable with speaking up?
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As a co-chair of the Women’s Leadership program at U.S. Bank/Specialized Finance, we offer seminars on Mastering Your Inner Critic (presented by Susan Brady, Linkage Solutions). I have learned that it is helpful to identify the common hurdles women face on their journeys of leadership advancement. I recommend discovering what trips you up and how to conquer those fears. It’s not just about touting your accomplishments. It’s important to be intentional about your professional advancement and embracing your own strength, wisdom and power. Sometimes that includes sharing your accomplishments in the workplace.
How do you balance work/personal time? Finding a balance between work and personal time is always a struggle. Strong and frequent communication with both your employer and your family is critical. Check in with those you care about to be sure they’re feeling good about the balance. Staying organized helps me be productive. I use travel time to review calendars, make appointments, and prepare for the upcoming weekend family time. Juggling the responsibilities of my career and raising my family was the most stressful time of my life. It was critical to have loving and responsible caretakers for my children while I worked. That may seem obvious, but if you trust that they will come to you with important decisions, and they put your children first, it frees you to be more engaged in your career. I also recommend taking some personal time to help you reflect and prioritize. I currently have an incredibly supportive manager, and that in turn has made me even more dedicated to my career responsibilities. How can commercial finance organizations attract and retain more women? The efforts SFNet is making to increase awareness and provide networking events for women is very helpful. Including more women on panels at our conventions is an important goal for SFNet. Taking the next step would be to concentrate on development programs for women that build relationship capital with our male counterparts. Gender diversity is important to all successful businesses and is becoming a major focus for many of them. We all need men to be supportive and engaged in the inclusion initiative.
Impossible is vastly overestimated.
At U.S. Bank, we believe that your company can reach its goals, no matter how ambitious, and we’re proud to offer the competitive products and services to help you reach them. Get started on making your possible happen today.
Congratulations to
Sandra Evans
Recognized as an influential Woman in Secured Finance
usbank.com
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WOMEN IN SECURED FINANCE 2020
RECOGNIZING EXCELLENCE
A AFSAR FARMAN-FARMAIAN Varagon Capital Partners
fsar Farman-Farmaian is a managing director and general counsel of Varagon Capital Partners, where she is responsible for all firm legal matters and active in the firm’s Compliance group. Afsar joined Varagon in 2016 from AIG Investments, where she had senior transactional responsibility for the structuring, legal and regulatory aspects of various alternative investment strategies, including structured products. Prior to joining Varagon, Afsar was at PineBridge Investments (and its predecessor firm), where she was a senior investment professional serving as managing director of Capital Recovery Group, the firm’s non-performing loan portfolio strategy. Afsar also held senior legal roles in the firm’s primary and secondary private equity groups. She began her career at Cleary, Gottlieb, Steen & Hamilton LLP, working on a wide range of alternative investment matters. She earned an A.B. degree from Princeton University and a J.D. from Harvard Law School.
What advice would you offer to women just starting out in the industry? Network. Develop and maintain relationships with colleagues, competitors, clients, peers, outside counsel, vendors and any others. In my experience, women gain excellent technical skills but can underestimate the power of networking. The quality of our work is essential, but is not the only factor in a successful career. Studies have shown women are more reluctant to tout their accomplishments in the workplace. What advice would you give to help women be more comfortable with speaking up?
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into any work product I delivered. He spent hours pointing out all the things I needed to do better, more creatively, more decisively and worked me to the bone. I seemed not to be doing anything right. Luckily, I eventually realized that, if he was spending so much energy on me, he must care about and believe in my potential. We finally laughed about it. From his perspective, he saw inexperienced talent and wanted to fully develop it as quickly as possible; it was a waste of time to rehash the things I had done well. He was being wonderful; I had to learn to recognize that. To this day, we are friends.
First of all, before even getting to proactively touting anything, let’s stop apologizing. Too often, we pepper our conversations with “sorry” when we have not done anything to apologize for. When we do that, we take away from ourselves and invite people to follow our lead.
How have you approached big career decisions?
As to speaking up, while arrogance is unhelpful, facts are facts. I find it easier to think of myself as being transparent. Because I oversee all legal matters across the firm, each colleague sees only the portion of my workload that involves them. To help us all (including myself) stay reality-based, I keep a running list of everything I have worked on in any given month. This means that at any time I can show a written record of my accomplishments. It keeps us all grounded.
When I have the luxury of choreographing a career decision/ change: (i) I move slowly and, where possible, solicit input from colleagues, my managers and other counterparts; and (ii) I try to be cognizant of all the downsides of making a change (as well as all the wonderful upsides of my status quo) so that I am prepared for the risks and benefits of the change.
What do you know now that you wish you knew in the beginning of your career?
The industry is still predominantly male, especially in the senior ranks. It is very powerful to have men proactively recruit, sponsor and mentor women. Let’s encourage, celebrate and reward them for doing that.
It is important to find mentors who become vested in your success and who will champion your cause. Interestingly, mentors do not always take the form you might expect. At the beginning of my career, I reported to a cranky man who - it seemed to me - tore
I have not always approached big career decisions/change. At times, they have bulldozed me! Sometimes, c’est la vie. Where I have lacked control, I have tried to be deeply grateful for all the good things and focused on optimizing what I can control.
How can commercial finance organizations attract and retain more women?
WOMEN IN SECURED FINANCE 2020
RECOGNIZING EXCELLENCE
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annah Hausmann is a vice president on the investment team at Waterfall Asset Management, a structured credit hedge fund in New York City with over $8.5 billion AUM*. At Waterfall, Hannah invests in a range of credit products, including asset-backed securities, whole loans, and bespoke financing facilities across a variety of commercial and consumer sectors. Hannah is a graduate of Tulane University’s A.B. Freeman School of Business, where she earned her B.S. in finance and energy and graduated as valedictorian and summa cum laude.
(*estimated as of 2/1/2020)
HANNAH HAUSMANN Waterfall Asset Management
What advice would you offer to women just starting out in the industry? Be kind. And be kind to everyone, regardless of their seniority or role in an organization. I believe this to be good advice for both genders, though it may seem contrary to the narrative that “nice girls don’t get ahead” or that niceness is an obstacle to success. I’m not advising that women should not be assertive (women should be assertive!), and I’m not suggesting that women should let people walk all over them. But navigating the workplace with kindness in mind can be your strength, not your weakness, even when faced with challenging circumstances. The structured credit industry is much smaller than you may realize at the start of your career, and you will continue to run into the same faces. People talk, so only give them reasons to speak highly of your character. Success in this industry requires collaboration with others both within and outside of your organization, and people generally prefer to work with and help those who are kind to others. Being kind to everyone is the simplest way to make your life easier and your workday more enjoyable. Develop a network of trusted mentors. Very early in my career, I frequently received advice about how vital finding a mentor – almost always expressed as “mentor” singular – is to a woman’s success. And while I was very lucky to have a strong mentor from early on, I think this advice can put somewhat excessive pressure on young women to find this singular, magical, unicorn of a mentor as soon as possible. Forcing this relationship with a single ideal mentor can be challenging or take some time, or maybe all the qualities you’d seek in a mentor do not exist in a single person within your organization. Instead, you can build a network of mentors (plural!) that can help advance your career in different ways. Find a mentor
on your team whom you feel comfortable approaching with questions about your daily work. Find a mentor outside of your team who can provide a valuable third-party perspective. Find a female mentor (inside or outside of your organization) who may have insights on the unique challenges women may face in a male-dominated industry. Be proactive in asking for additional responsibilities and new opportunities. If you wait for work to be delegated to you, you may end up repeatedly doing the same type of work, but this work might not advance your career (even if you complete it superbly). Women may be less inclined to ask for things in the workplace, but in my experience, the type of opportunities that had the potential to advance my career rarely landed in my lap without my explicitly asking for them. Even with fantastic mentors and sponsors, no one is more invested in your success than you are, so you can’t wait for others to propel your career forward. Constantly ask for feedback; don’t wait for annual performance reviews to find out how you’re doing. Most people are not inclined to give unsolicited feedback, so you must explicitly request feedback from your manager and colleagues. The more frequently you receive feedback, the more efficiently you can incorporate that feedback into your work.
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WOMEN IN SECURED FINANCE 2020
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J JOYE LYNN Wells Fargo Capital Finance
oye Lynn is the head of Wells Fargo Capital Finance’s Corporate Asset Based Lending group and is responsible for managing a nationwide team that proactively collaborates with Wells Fargo Corporate & Investment Banking and Wells Fargo Commercial Banking groups to bolster industry expertise and integrated capital solutions to customers. Prior, Joye was a managing director in Loan Sales and Syndications with Wells Fargo Capital Finance where she was responsible for a team that worked and collaborated with senior management teams across Wells Fargo and client executive teams to generate ideas and solutions for structuring large syndicated asset-based loans for leading global companies. In her 20-year career with Wells Fargo and its predecessors, Joye has garnered extensive experience in structuring, executing, and the distribution of broadly syndicated asset-based loans for large corporate and middle-market customers both domestically and abroad. Joye joined a Wells Fargo predecessor in 2000 and has held various roles within investment grade and leverage loan syndications and asset-based underwriting. Prior to joining Wells Fargo, she spent several years with Citibank. Joye earned a Bachelor of Science degree in finance and international business from Rochester Institute of Technology.
What do you enjoy most about your role? Least? My two favorite things about my job are: (1) Being a part of and watching team members grow, develop, learn new things, and willingly take on more challenges. It is incredibly rewarding to see them achieve and accomplish new things, and it gives me great things to share with senior leaders. (2) Helping our clients achieve their goals, big and small is something I truly am fortunate to be a part of. Whether it’s working with management on acquisitions that double the size of their company fulfilling a lifelong dream of the founder, adding in a new foreign sub facility sooner than a client expected to improve liquidity ahead of an earnings call, or lending money to build a new state of the art facility that will employee hundreds of workers. As for my least favorite part clearing out my inbox! Studies have shown women are reluctant to tout their accomplishments in the workplace. What advice would you give to help women be more comfortable with speaking up?
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A while back, I read an article that published a study stating that a woman will not post for a position unless she meets at least 100% of the criteria while men will apply if they meet almost 80%. I originally did not think this was true until I became a manager and, I too, started pursuing senior roles. I could not believe I was guilty of this. My advice to overcome this mindset is to know your strengths, how you can help the new group/manager achieve their goals and envision yourself already sitting in the chair. Sell yourself! Use your skills and resources to walk them through your vision and plan. If you
have a clear deficiency, own it. We are all human and being accountable is an important trait! How do you balance work/personal time? The very term work-life balance implies that there is balance to be had, in my opinion there is not. If you give 50% each to work and your personal life, neither would be fulfilling. I focus on being present wherever I am and on whom I am with – be it my team, my family, or our clients. That being said, there are several tools that I encourage all men and women to utilize: scheduling time for yourself, flexible work arrangements, using your paid time off, taking advantage of technology (FaceTime, videoconferences, Cozi, etc.), communicating with your team to let them know when you will be unavailable, and if possible, delegating your duties so they do not pile up awaiting your return. Part of balance is being fulfilled; it is essential to have a job and team that you enjoy and work that challenges you to grow. One more thing that has made a difference is learning to say no to both personal and professional obligations if you are asked to take on a task or assignment that you do not have the bandwidth or desire to take on. At work, if the project is strategic to achieving your or the Company’s goals, then consider asking to shift some of your responsibilities to make time which may also provide a growth opportunity to someone else.
WOMEN IN SECURED FINANCE 2020
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auren Locke, chief operating officer for Wells Fargo Commercial Capital (WFCC), is an industry veteran with more than 25 years of experience in delivering business objectives and driving results. She currently plays a critical role in developing and executing business strategies for WFCC through the coordination and execution of cross-business initiatives that improve the client and team member experience.
LAUREN LOCKE Wells Fargo Commercial Capital
Lauren started her financial services career in wealth management, and then moved into corporate investment banking for Bank of America upon completing her MBA at University of NC, Chapel Hill. From there, she worked diligently to advance her career trajectory and professional qualifications by earning her CFA and Series 7, 8, 63, 24 and 53 licenses, ultimately serving in various COO roles with Wells Fargo Securities, Government & Institutional Banking, and Loan Syndications and Debt Capital Markets. Lauren is a proven leader with a history of executing on programs and initiatives that enhance Wells Fargo’s commercial finance business. She is a strong advocate for her team as well as others at Wells Fargo through her work with various diversity and inclusion initiatives, with a focus on supporting veterans. Lauren also is actively involved in her Charlotte community and serves on the board for Child Care Resources Inc.
What advice would you offer to women just starting out in the industry? Get out there and network! Whether it be through your company, your community, or your industry, it’s vital to meet and learn from people in various roles and backgrounds. Raise your hand when you have the opportunity to take on a stretch assignment. You’ll meet new leaders, learn new skills, and expand on your areas of expertise. It’s OK to say no to things that are not important to you…women often try to do it all, so prioritizing is critical. Always have the courage to do the right thing, no matter the consequence. To be an authentic leader, the best thing you can give people is your time and your attention.
Also, do not be afraid to step outside your comfort zone or raise your hand for the next opportunity. Fear has a way of sneaking into our hearts and minds to hold us back. Facing your fears will build strength and confidence for the journey ahead. How have you approached big career decisions? I’ve surrounded myself with great people, both in the workplace and in my personal life. I think it is important to have people in your corner who know you very well, allow you the space to speak your truth, and will provide you with solid advice and guidance. Throughout my career, I have established great mentoring relationships. I have been on both sides (as mentor and mentee) and find both equally beneficial. How do you balance work/personal time?
Studies have shown women are reluctant to tout their accomplishments in the workplace. What advice would you give to help women be more comfortable with speaking up? You are in the position you are in because someone believes in you and your vision. Your perspectives are valuable. Take a deep breath, clear the jitters holding you back and be ready to articulate your plan. What do you know now that you wish you knew in the beginning of your career? A career path isn’t always a straight line. Be open to considering jobs that are lateral or even lower than your current role if there is greater potential for satisfaction or growth opportunities down the line.
I think this is one of the most difficult things women must do. In many cases, we are still trying to find a seat at the table and understand how the sacrifices we make for our career will impact our personal lives and our family. One of the best pieces of advice I once received was, “You choose the incline and the speed of the treadmill; there are times when you need to slow down and other times you can run full throttle”. Life happens, plans and priorities change, so I try not to put too much pressure on myself to keep everything balanced. However, I do try to find moments throughout the week where I can connect with family, friends or myself. Focused time for connection reenergizes me for the times I need to run full throttle.
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mrita Patel, senior vice president for Wells Fargo Commercial Capital, is a 20-year industry veteran who is responsible for Business Process Management and transformational change for one of the banks divisions, Wells Fargo Commercial Capital. Tasked with streamlining continuous improvement across multiple lines of business and products, she is passionate about driving strategic growth through bringing transparency to how we do business, uncovering opportunities and spearheading impactful change. Amrita possess a diverse leadership background across multiple functions in the commercial finance industry including IT, sales, operations, Six Sigma and M&A/divestitures.
AMRITA PATEL Wells Fargo Capital Finance
During Amrita’s career, she has led teams through various acquisitions and divestures, enterprise initiatives (US and International) for accelerated growth and delivered seamless transitions for change management. Her commercial experience spans a variety of industries including manufacturing, food and beverage, construction, transportation, IT and franchise finance. Most notably, she led the successful divestiture of GE Capital’s $9 billion Transportation Finance business, as well as the acquisition of Navistar Capital by GE Capital. Prior to her current role, Amrita was the national sales leader for the Commercial Vehicle Group of the Wells Fargo Equipment Finance business managing CVG’s Commercial Direct, Bus, Trailer and Specialty Vehicle segments.
What advice would you offer to women just starting out in the industry?
How have you approached big career decisions? OR What is your approach/advice to change in the workplace?
Be curious and always be a continuous learner regardless of where you are in your career. Working in a matrix environment requires you to not only understand your discipline but also those who support your business. This knowledge will be powerful in your ability to influence others and create comprehensive solutions that benefit all parties.
My career has not been a linear path but more of a collection of experiences that have built my expertise in the commercial finance industry. As you face each new opportunity, ask yourself what skillset will you refine or learn in the role. What will you contribute in return and how will this opportunity tie to your end goal. Embrace change, stretch and challenge yourself, and get comfortable being uncomfortable!
Studies have shown women are more reluctant to tout their accomplishments in the workplace. What advice would you give to help women be more comfortable with speaking up?
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I still struggle with this, as it feels unnatural. I was fortunate to have had great coaching early in my career that has continued to help guide me today. With practice, you become more comfortable and confident in owning your contributions. Some of the advice I would offer is to write down your accomplishments each quarter, then ask yourself “How do my contributions connect to the larger vision of the company?” Keep challenging yourself until you get there and your story will build around it. The other piece of advice is to share your accomplishments with your mentors or personal board of directors because they can coach you to highlight your successes while also sharing with others. Lastly, OWN your success. There is nothing wrong with claiming your victory and sharing it in a humble way!
How do you balance work/personal time? Balance is not an exact formula but one that you work on each day/week/month, based on the variables at hand. I still use my mentor’s advice she gave me many years ago during a time where I had a big promotion opportunity and found out my mother was terminally ill within the same week. In life, we juggle crystal balls and rubber balls. The crystal balls need to be in the air or they shatter and cannot be repaired. The rubber balls will bounce back to you eventually. Some days the crystal ball is that business meeting or critical deal you have to finish. Other times it is an ill parent, a child’s game or a promised dinner as a family. I constantly reset my balance to help ensure I keep the crystal balls in the air! In addition, I have learned not to feel guilty or apologetic when my crystal ball is personal – we all balance many roles and this is not a sign of weakness, but of being an authentic leader — who is also a parent, a daughter, a friend, spouse, community leader along many other titles.
Recognizing exceptional contributions to the secured finance industry Advancing and promoting diversity and inclusion in all aspects of business is one of our highest values at Wells Fargo. We congratulate the women of Wells Fargo Commercial Capital who are featured in this issue, and all of those in the industry, for their passion and dedication to helping customers move their business forward.
Lauren Locke
Joye Lynn
Amrita Patel
Executive Vice President Wells Fargo Commercial Capital
Managing Director Wells Fargo Capital Finance
Senior Vice President Wells Fargo Commercial Capital
Find personal stories, insights, and research at global.wf.com/investing-in-women
Š 2020 Wells Fargo Bank, N.A. All rights reserved. IHA-6693397
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RECOGNIZING EXCELLENCE
K
ysha Pierre-Louis has over 25-years’ experience in commercial finance, corporate banking, asset-based lending, factoring, equipment leasing and business banking, and has a proven track record of ensuring the quality and profitability of company credit portfolios.
She currently serves as the head of government gontracting finance with White Oak Business Capital (WOBC), an industry-leading commercial lending firm providing working capital to SMEs serving the Federal Government. Prior to WOBC, she served as chief credit officer at Federal National Commercial Credit (FNCC), where she was responsible for managing the asset-based and factoring loan portfolios for small to middle-market companies and government contractors.
KYSHA PIERRE-LOUIS White Oak Business Capital, Inc.
Kysha is an active proponent of the commercial finance industry and serves as a Board Member of the Montgomery County Chamber of Commerce and Secured Finance Network; and is a member of the Professional Service Council, SECAF, Northern Virginia Chamber of Commerce, International Factoring Association, and Association of Corporate Growth. She is also involved in local community and civic organizations that support social services.
What advice would you offer to women just starting out in the industry? One of my favorite quotes is from George Elliot, a pseudonym for a female writer of the Victorian Era. She wrote, “It’s never too late to be what you might have been.” This quote represents how I counsel aspiring professionals by encouraging them to never chase what you think you should look like on paper (resume); instead, seek what interests you, corresponds with, and supports your life objectives. Many women have found career success and happiness later in life, so keep pursuing the goals important to you. Studies have shown women are reluctant to tout their accomplishments in the workplace. What advice would you give to help women be more comfortable with speaking up? As a graduate of an all-women college, Smith College, I found that confidence and communication were fostered in the classroom, and I learned to take risks and challenge myself and others. Like with anything, it’s learned behavior. We watch our male counterparts do it all the time with ease and confidence while we walk away lamenting our silence. Stop and ask yourself which felt better, walking away self-loathing or advocating for yourself with self-assurance. I suspect the latter.
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What do you know now that you wish you knew in the beginning of your career? It’s okay to fail or be wrong. You will learn and grow from your mistakes and should not consider them a defining career moment, as work and life does go on and success can and will happen. Setbacks often become great stories told by successful people.
How have you approached big career decisions? I ask myself, does this support the career I ultimately hope to achieve, does it stretch me beyond my comfort zone, is it a springboard for growth, and will I acquire new skills that will create opportunities? The workplace should never be an area of complacency, it’s malleable and evolving. A futurist once advised, “We have to unlearn and relearn as the US is experiencing exponential growth and change.” What do you enjoy most about your role? Least? I enjoy mentoring, cultivating and grooming the next generation for success. I also enjoy the challenges of the job which include setting the Company’s strategic direction, managing a team of unique individuals and executing on that strategy. I least enjoy being overscheduled -- time is never on my side and there is never enough time in the day to attend to everything and everyone properly -- I routinely look up and it’s already 6 p.m. How do you balance work/personal time? I attended an event for C-Suite Fortune 500 Women, where one of the panelists said you can redo a job, but you can’t re-raise your children. That being said, we all make everyday sacrifices when it comes to our professional and personal lives. We have to set priorities that are nonnegotiable. It’s important that I’m present and advocate for and have influence over my children’s wellbeing and education. I’ve been an officer on the PTA and Class Mom for both of my boys each year from Pre-K through Grade 5. To manage it invariably means that I, in most cases, must self-sacrifice so that both they and my work aren’t impaired. Tell us something about yourself that may surprise people. I am the former Mrs. Logan Circle for the Mrs. DC America Pageant.
White Oak Commercial Finance P R O U D LY S U P P O R T S A N D C O N G R AT U L AT E S
Kysha Pierre-Louis for her recognition as a leader in the commercial finance industry by
The Secured Lender
Wonderful role models like Kysha make a difference every day, and help tomorrow’s leaders and growing businesses succeed with confidence.
White Oak is an international financial products and services firm serving small and mid-size enterprises (SMEs) with credit facilities to support their capital needs during times of growth, acquisition, and refinancing. White Oak recognizes the evolving financial demands of this vital business segment and supports SMEs through tailored solutions including term loans, assetbased lending, invoice factoring, trade finance, federal government contractor financing, equipment financing, stretch ABL, and FILOs in the US, UK and Australia. These initiatives are offered through White Oak Commercial Finance. For more information, contact us at info@whiteoakcf.com.
NEW YORK | LOS ANGELES | SAN FRANCISCO | DC | CHARLOTTE | CHICAGO | BOCA RATON
Visit whiteoaksf.com or contact us at info@whiteoakcf.com
WOMEN IN SECURED FINANCE 2020
RECOGNIZING EXCELLENCE
M
egan Pirooz is a senior associate in the finance group at Winston & Strawn LLP. Megan provides counsel to a diverse range of clients, including regulated banks, non-bank lenders, small business investment companies (SBICs), private equity sponsors and public companies through the life cycle of debt transactions, from inception through closing and beyond. Megan has extensive experience in senior secured, first and second lien, mezzanine, and asset-based financings including investment grade debt transactions. She frequently represents borrowers and lenders in domestic and cross-border transactions in a variety of industries. Megan also has substantial experience in counseling clients through restructuring, workout and other distressed debt challenges.
MEGAN PIROOZ Winston & Strawn LLP
When Megan is not spending time on billable matters, she is representing pro bono clients in a variety of matters ranging from obtaining asylum to seeking out appropriate educational opportunities for children with special needs.
What advice would you offer to women just starting out in the industry?
What do you know now that you wish you knew in the beginning of your career?
You are much more qualified and capable than you give yourself credit for. I faced the same imposter syndrome when I was a new associate. I thought I couldn’t possibly answer questions or complete tasks for multi-million- and billion-dollar transactions as a brand new associate. I had a mentor very early in my career who helped me by telling me that he would answer any question I had if I tried to look for the answer three different places and told him where I had looked before coming to him. I realized that, even as a first-year associate, I found the answer to the question or solution to the problem within three tries. When I didn’t come up with the answer, I learned something else from the search every single time. This “three tries” rule is one that I implement with junior associates under my supervision.
You don’t have to be exhausted to be successful. In fact, if you constantly overwork yourself, you’ll either burn out, your work product will suffer or both. This seems so obvious but the commercial finance space is filled with war stories of all-nighters and battling through multiple closings in one day. Especially as women, who already feel a need to prove themselves and fit in, we push ourselves to the point of complete burnout and frustration before we speak up or take a break.
Studies have shown women are reluctant to tout their accomplishments in the workplace. What advice would you give to help women be more comfortable with speaking up?
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Women are faced with the dilemma of being perceived as “bossy,” “braggy” or even-less-kind “b” words, or not being taken seriously. Something that I’ve found helpful is surrounding myself with supportive people who give me that extra push forward when those “b” words take over my internal dialog. I’m fortunate to work at a firm where stopping by partners’ offices with feedback is encouraged. When I don’t speak up about an issue, my fellow associates speak up. If you don’t work in a supportive environment, find encouragement in friends. Seek people out who back you up and encourage you to speak up for yourself. At the end of the day, it is your career, your future and your advancement on the line. Don’t let temporary discomfort stand in the way of the career aspirations that you have worked so hard for.
How can commercial finance organizations attract and retain more women? In an industry that was built for and by men, we must challenge and reshape the structure of the industry as a whole. It’s not enough to solve the “pipeline” problem by hiring more women. We have to build-in intentional mentorship and teaching of women to give them the benefit of those mentorship and learning opportunities that exist for men due to similar life experiences and ways of thinking. We also must even the playing field outside of the office. The formidable years of career advancement are the same years that we look to build relationships and start families. There are only so many hours in the day. So long as men and people in non-heterosexual relationships are not given equitable parental leave and opportunities to work reduced hours, the primary responsibility of managing a family will be placed on one partner (usually women in heterosexual relationships), which takes time out of their potential career development.
CONGRATULATIONS
To Lynn Tanner and Megan Pirooz, including all the well deserving women on being named Leaders in Commercial Finance by The Secured Lender. LYNN S. TANNER PARTNER, NEW YORK +1 (212) 294-6761 ltanner@winston.com
Lynn advises a wide range of lenders, including banks and alternative lenders, on broadly-syndicated and club financings, particularly those involving multiple tranches of debt.
MEGAN M. PIROOZ ASSOCIATE, CHICAGO +1 (312) 558-5814 mpirooz@winston.com
Megan provides counsel to a diverse range of clients, including regulated banks, non-bank lenders, small business investment companies (SBICs), private equity sponsors and public companies through the life cycle of debt transactions, from inception through closing and beyond.
North America
Europe
Asia
winston.com
WOMEN IN SECURED FINANCE 2020
RECOGNIZING EXCELLENCE
L
ynn Tanner, partner, represents banks, hedge funds, including banks and alternative lenders, such as hedge funds, specialty finance companies, mezzanine funds and BDCs, in connection with a variety of financings, particularly those involving multiple tranches of debt.
Her experience includes acquisition financings, dividend recapitalization facilities, working capital facilities (cash flow and asset-based), bridge loans, high-yield debt offerings, debtor-in-possession and bankruptcy “exit” facilities, as well as both in-court and out-of-court restructurings and workouts. Lynn has significant experience with respect to intercreditor issues and has negotiated numerous agreements among lenders in connection with unitranche financings and intercreditor and subordination agreements in connection with first lien/second lien, split collateral, mezzanine and subordinated loan financings. LYNN TANNER Winston & Strawn LLP What advice would you offer to women just starting out in the industry? (a) Start strong. For better or worse, first impressions matter. Being known as the enthusiastic go-getter who turns in great work on time (or even early), checks in frequently, has a great attitude, and delivers more than required will pay dividends for years to come. Similarly, a bad start can be difficult to overcome (people have long memories for negative news). This doesn’t mean that everything always needs to be perfect, but it does mean that people need to believe that you genuinely care about your work, want to do a great job and have put thought into whatever work product you’ve produced. (b) Sound confident and don’t apologize unless you’ve actually done something wrong. Starting out in a bank, fund or law firm can shake anyone’s confidence, particularly when everyone around you seems to be overflowing with knowledge and rattling off jargon you barely understand. In response, you may find yourself analyzing and reanalyzing your every thought to make sure it’s “right” and adding qualifiers to most of what you say to avoid being “wrong”.
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Hedging may make you feel more comfortable, but here’s the problem: if you tell someone that your idea is silly or crazy or that you really don’t know if what you’re saying makes sense, they may just take you at your word! For years, my standard opening line was “sorry, and I apologize if I’ve missed something or if my question doesn’t make sense, but…” and yet I was confused as to why I wasn’t being taken more seriously! This is what I learned: n It’s ok to express an idea or opinion without having mathematical certainty that it’s 100% correct. n “Sorry” is not an opening line; if you really need an “introductory phrase”, try using “here’s an idea” or “I have a question”. n You don’t need to “wait” to take on leadership roles; volunteer for projects, give presentations or apply for awards until you “know more” or are “more accomplished”. If it’s within the range of
reasonableness, go for it (and if the thought of doing it makes you a little scared, that’s probably a sign that you’re on the right track). I recommend the following Washington Post article for some insightful (and entertaining) related illustrations: (https://www.washingtonpost. com/blogs/compost/wp/2015/10/13/jennifer-lawrence-has-a-pointfamous-quotes-the-way-a-woman-would-have-to-say-them-during-ameeting/?0p19G=c) (c) Read the answer to the next question. What do you know now that you wish you knew in the beginning of your career? (a) A successful career requires more than doing great work. While spending every waking minute in the office turning out flawless work product will make you a stellar junior team member, it’s probably not enough to create long-term success. A career is a business, and needs to be treated as such, with appropriate time dedicated to “business activities.” Marketing, networking, serving on trade association committees, preparing articles for publications and participating in speaking engagements are not “luxuries” to be done when free time permits, but items that need to be focused on and taken as seriously as any other work assignment. (b) Relationships are critically important. A huge part of the finance business is built on relationships, both internally and externally, and nurturing those relationships on a regular basis is crucial. (c) It’s ok to be yourself. While there is much to be gained from emulating the behavior of your successful senior colleagues, cloning is neither required nor recommended. Not all behaviors “work” for all personalities and trying to “be someone you’re not” is rarely successful. There are many ways to get to the same place, so fi nd the one that works best for you!
SFNet Education Focus 20/20 Networking Industry data Education Advocacy
SFNet’s new education program provides a well-rounded foundation for a successful career in secured finance. We have partnered with industry professionals to create classes across multiple discipline tracks, each with an eye to real-world application.
Our program can be approached in one of two ways:
1
Widen your focus: take all the core classes to develop a complete understanding of a specific product discipline
2
Streamline your focus: then choose the track most relevant to your functional goals
Visit SFNet.com and explore the Education section to learn more. If you have questions about Education Focus 20/20, contact Nora Walls at nwalls@sfnet.com.
An association of professionals putting capital to work
370 Seventh Avenue, Suite 1801 New York, NY 10001 212.792.9390 www.SFNet.com
SFNet’s Women In Secured Finance: Our History and Numbers SFNet Created (as The National Conference of Accounts Receivable Companies, Inc.): 1944 Debbie Monosson Becomes First Female President: 2008 SFNet’s WISF Committee Founded in 2013 Andrea Petro Becomes Second Female President: 2017 Female SFNet Board of Directors: 2010
SFNet Female Executive Committee Members
6
3
19 WOMEN BOARD MEMBERS
2014
Female SFNet Board of Directors: 2020
2020
SFNet Women In Secured Finance Committee Members 33 WOMEN BOARD MEMBERS
56
115
2014
2020
42%
OF SFNET 40 UNDER 40 RECIPIENTS ARE WOMEN
14%
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26%
29% SFNET MEMBERSHIP
3,215 SFNET MEMBERS ARE WOMEN
SFNET ANNUAL CONVENTION ATTENDANCE
144 2010 WOMEN ATTENDEES
234 2019 WOMEN ATTENDEES
Women In Business: Room for Growth
FEMALE CEOs IN THE S&P 500 OVERALLL
} 5%
FEMALE CEOs IN THE S&P 500 FINANCIALS
24 OUT OF 500 HAVE FEMALE CEOs
What has SFNet’s WISF Done?
} 4%
Inaugural WISF Issue of The Secured Lender June 2013
ONLY 3 OUT OF 85 FINANCIALS HAVE FEMALE CEOs
Although 46% of financial services employees are women, at the executive level, it’s only 15% Promising Stats: Total revenue of women-owned businesses jumped 46%, while revenue for all businesses increased 36%. (2018 State of Women-Owned Business Report by American Express) Since 2007, the number of women-owned businesses has increased by 58%, which is better than businesses overall, which increased by only 12%. (2018 State of Women-Owned Business Report by American Express). While the number of women-owned businesses grew 58% from 2007 to 2018, firms owned by women of color grew at nearly three times that rate (163%). (2018 State of Women-Owned Business Report by American Express)
Profiling and Promoting the Achievements of Women in Secured Finance
Inaugural WISF Standalone Conference, Sept 2016:
203 Attendees WISF Conference, Sept 2017:
222 Attendees WISF Conference March 2019, Sold Out:
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COVER STORY
Interview with BY MICHELE OCEJO
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In January, Gerber Finance announced the completion of its CEO succession strategy, naming longtime president Jennifer Palmer as CEO with Founder Gerald Joseph transitioning to his new role as strategic advisor and chairman of the board.
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COVER STORY: JENNIFER PALMER Palmer, who began her career as an attorney, started at Gerber in 2006 in the marketing department, quickly moving into the position of vice president of marketing, then senior vice president thanks to her signature work ethic and appetite for learning. In 2013, she was appointed president and has since led the company through multiple years of growth as they have posted record wins. Here, Palmer discusses her goals for Gerber, her career trajectory and how the ever-elusive concept of “having it all.”
You began your career as an attorney. Tell us a bit about your career trajectory. Let’s say my professional journey was anything but usual. When I tell the story of how I came to be Gerber CEO, squinted eyes and head tilts are a common reaction. Indeed, I majored in fashion merchandising and graduated from the honors program at Marist College magna cum laude with a triple major in fashion, art and art history and two minors (Italian and economics). Having an aversion to math at the time, I set to leave for Italy for a Ph.D in art history. Math professors were frustrated with me for not taking their classes seriously, while I remained convinced I would never use their subject again in my life. At the eleventh hour, I shifted gears and deferred the overseas Ph.D program to stay close to home and study law at Fordham. Sometimes, life has a plan and it just works out. As a law student, I had the honor to work for Wynton Marsalis in the Jazz at Lincoln Center’s business and legal department. I got to apply law to a business context, as a mechanism to get deals done and achieve goals. Next thing you know, I had a passion for seeing businesses accomplish their vision and made it my purpose by joining Gerber Finance Inc. The tipping point that made me take this leap of faith was truly the people. My first encounter with Gerald Joseph was my interview, during which he completely deconstructed the conventional expectations for negotiation and valued honesty first and foremost. The people at Gerber were, and still are, handpicked for their unique talents and cognitive diversity. Working on this team provides the rare experience of a virtuous and thriving workplace, where relationships with clients go beyond the balance sheet. This still holds true today and it’s what makes the connection with our clients so meaningful as we help their businesses grow.
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I joined the marketing team, where I sought to use my creativity to build the Gerber brand. By raising awareness in our industry and beyond, I understood my efforts mattered and directly helped grow the company. I recognized this was what I was meant to pursue. The Gerber spirit of entrepreneurship, the people, their challenges and goals are what kept me inspired throughout the years. What motivated me was the unique character of every client we took on, each with their challenges and potential, and the relationship we build with them.
Shortly after I joined, our house counsel left, so I was left to myself. Fresh out of school, I never pretended to know the answer to a question or the solution to a problem if I did not know. I was patient enough not to make assumptions and gamble with the company’s money. This is what kept me afloat at that time. Fast forward to a few years back, when Gerald Joseph, Gerber Founder, shared with me his intentions of moving on to the next chapter. Not for him, but for the company. His forward-thinking defines Gerald, which led him in 2015 to promote me to president and essentially began a slow transition. Less than two months ago, as we ended 2019, Gerald officially stepped down as CEO, putting me in the position. I highly value our relationship as beneficial for the company, almost a kind of yin-yang balance; therefore I am glad he has decided to keep a role at the company, contributing his perspective and still being present overall.
What are your main short-term and long-term goals as CEO? Fortunately, goals have been part of my conversation over the years with Gerald, thus we have consistently been making key moves in their direction. Short-term goals include the straightforward “Protect the book.” This is my number-one priority especially given the challenging times we are in right now due to the uncertainty around the economy. While ensuring that we protect our clients, our shareholders and banks, at the same time we have to continue to move forward and “Grow the book.” Fortunately, these goals directly work out in relation to our California expansion. California is a key territory for our business, and while we have a strong historical presence with businesses on the West Coast, our recent appointments of Ed Park and Andrew Hollingsworth to open a new office in San Francisco is another step to expand our footprint in the area which will allow us to protect our collateral, better service our existing clients and increase our local marketing efforts. The well-being and professional development of our employees is also at the top of my concerns. As a financial institution that does not offer credit training programs, we are competing with larger institutions’ education opportunities. I continuously want to work to improve our teams’ learning experiences, understand the employees’ goals to make the best of their potential. Most employees at Gerber have been here for the majority of their career. It is a priority to spend time discussing their plan at Gerber, so that the company can also better grow. Finally, long-term goals: Well, our vision for the California branch is to ultimately be an autonomous operation from our East Coast entity, with both sharing our core principles and culture. As a company, I want our people to be a reflection of our business mission, maximizing their potential, all by providing them with the proper environment. This way, Gerber can continue to be a leader within the industry for uncompromising morals and non-conforming uniqueness.
It’s no secret that there are not many female CEOs in this industry. How do you think the industry could attract and retain more women? Was there something specific about Gerber’s culture that others could learn from? Well, it starts with attracting women to our industry. For college students, male or female, there is not a lot of appeal in commercial finance, let alone for alternative lending, simply because students don’t know much about it. However, the reality is that our industry is full of exciting opportunities; for example, learning first-hand about various industries, walking into businesses and seeing how others run their companies as well as sitting down with your competitors to share war stories and give each other advice. For an industry rich with so much opportunity, it is unfortunate that there isn’t more awareness or interest from young talent. Thankfully, the SFNet is expanding its efforts to educate and recruit into our industry, and all of us can assist their efforts. We should all make clear the opportunities for growth within our organizations and sharing individual trajectories of successes, all to help educate those new to the industry. For one, I can testify to the greatness of taking on a marketing position in the industry. From exciting events to educational opportunities, meeting brilliant people and learning about a very special sector, there’s a lot of experience to build on all fronts. It is important to note that even though the task can be demanding, and companies, including Gerber, are allowing for more and more flexibility to accommodate this very work-life balance that, in turn, makes employees happy and better at their jobs. For instance, accommodating our employees’ decision to start a family with a generous paid leave policy, as well as giving them options to accommodate their new schedules, so that they do not have to compromise their career or choose to stop working because they cannot afford childcare.
Gerber prides itself on operating on a mission of “Purpose, Potential, and Profit,” and places emphasis on social responsibility. Can you tell us what this mission means to your day-to-day operations and to your clients? Gerber prides itself on being the leading lender to companies that are experiencing accelerated growth. However, a lot of growing companies just focus on the top line versus the bottom line. We are more than just a lender; we are a finance partner and we work closely with our clients to ensure that, while they work on growing their business they are also carefully looking at the bottom line so that it follows in tandem the growth trajectory of the top line. Now, “Purpose, Potential, Profit” came naturally, in that these principles have always been our North Star, so they were easy to articulate. Purpose, because we carefully chose to work with clients whose missions align with ours, clients we can relate to and that are passionate about their business. At Gerber, our Foundation’s volunteer program encourages employees to
dedicate some of their work time to community initiatives. Like us, they need to carry the intent of giving back. Potential is the core of our expertise, to see the promise of growth in the businesses we partner with. We are extremely conservative when going into a deal, because we never want to liquidate. In this sense, we are not a “collateral” lender as defined by our industry. We aim to be with our clients for the long haul and build relationships based on trust and confidence in the business. Profit summarizes our quest for growth, profitability in everything we go after. If there are losses, there needs to be a transparent reasoning behind them, because growth should always be the mission and the commitment. Purpose, Potential, Profit is the unique formula leading our work, from believing in a business’ purpose, becoming an advocate for their success, to working hard to maximize it for them.
You have four daughters; what’s your secret to work/life balance? I am glad you’re asking about this. I realize some can be offended by this question, but the fact remains that working women are still taking on most of the household and familial duties. According to Forbes, they remain more likely to manage the children’s schedules, to be the one tending to them when they are sick, and to take a leave off work when first becoming a parent. These figures hit close to home as I recall the early days of motherhood when I struggled with whether or not to go back to work, but my husband eagerly went back to work just a few days after our oldest daughter was born. Three more beautiful, healthy babies later, I can say I have accomplished a work-life balance that went beyond this struggle. A colleague once advised me to never let your children see you working at home, a piece of advice I never have and will never follow. Truth is, I often find my children’s lives coming into my work day, whether it’s a call from the school nurse about someone needing stitches, or squeezing in the opportunity to make it to lunch duty or class-time parades. While I care about being present for them consistently, they should be aware of the full story to some extent, to understand that my work, especially my time at work away from them, has meaning and a purpose. Any compromise, for instance sending e-mails through dinner or while watching Disney movies on a Saturday night, is ultimately in the interest of everyone’s wellbeing and development. I want to teach them that a strong work ethic can change the course of your life. For example, I grew up with a flight attendant mother in an era in which cell phones and internet did not readily exist. With all the time she spent away, I learned not only how her job provided me with incredible and unique experiences I wouldn’t have otherwise had (going to Singapore at age 10), but I also learned that family moments were about quality, not quantity. Michele Ocejo is editor-in-chief of The Secured Lender and communications director for SFNet.
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FEATURE STORY
Secured finance executives and an executive recruiter discuss how the industry can attract and retain more women.
Advancing in the Ranks BY MYRA THOMAS
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W
Roundtable Participants
omen executives are increasingly making their mark in secured finance by heading up divisions at banks or leading more entrepreneurial shops. It’s certainly helped that young women are graduating college in higher numbers, and more are now looking to finance as a suitable career path, when that wasn’t always the case. Data from McKinsey and LeanIn.org notes that in North America, women now account for over half of the entry-level work force in financial services. It’s interesting to note that, while women make up 46 percent of financial services employees overall, the report also indicates that at the executive level, they are only 15 percent of that total. Their data shows that women in financial services are “24 percent less likely to attain their first promotion than their male peers, even though they request promotions at similar rates.” According to their report, women of color are having an even more difficult time, as they are 34 percent less likely to be granted their first promotion request than men in financial services. Despite the daunting statistics regarding promotion, the women leaders we talked to are still hopeful about the future. But Cynthia Giles, division executive for Wells Fargo Commercial Banking, does acknowledge that the industry is facing the problem of how to get more women into a seat of power. “One of the challenges at the executive level is having a broad talent pool, that includes women, who have experience to take on the roles,” she says. Of course, over time, the number of executive women should expand as the pipeline increases. Giles adds, “If a firm wanted to speed up this process, it would have to intentionally expose women leaders to experiences. We would also have to move away from a ‘years of experience mentality’ to a ‘skillsbased discussion.’” But there are certainly other challenges keeping more women from ascending to major leadership roles.
SYDNEE BREUER
PAULA CURRIE
Rosenthal & Rosenthal
PNC Business Credit
CYNTHIA GILES
BETTY HERNANDEZ
Wells Fargo Commercial Banking
North Mill Capital
Attrition in the top ranks Attrition is just one reason why women are not necessarily advancing up the ranks as they should. McKinsey and LeanIn.org note that company-level attrition was “either equal to or lower than attrition among males for every financial-services role, except for the most senior positions.” Part of the attrition problem is that qualified women may move on because they feel as if they are being ignored when it comes to leadership roles, notes Betty Hernandez, executive vice president and chief credit officer at North Mill Capital. “I always thought that I would earn what was due to me just by working hard,” Hernandez says. But she reminds women professionals that they need to know when to speak up and remind themselves and others of their worth. Attrition is also attributable to the lack of work/life balance in many financial organizations, especially as female executives rise up the ranks. Hernandez notes that one of the biggest challenges women professionals often face is in starting and expanding their families. “This has created new demands for employers, such as a work-fromhome policy,” she notes. Younger families need this flexibility in order to balance all of their demands. Hernandez adds, “When I worked at
TIM KNIGHT
JOYE LYNN
ThinkingAhead
Wells Fargo Capital Finance
one of my first jobs, I was once asked by my team leader, when I was thinking about having children. I knew it wasn’t an appropriate question and spoke up to a different manager.” Nowadays, it would be unheard of to ask this question. And while the industry has come a long way in improving maternity leave options and flexibility, there is still more work to be done to support women returning from maternity leave.
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FEATURE STORY Women, more so than men, also take more time-off to tend to children and other family members. Paula Currie, senior vice president, internal controls director, PNC Business Credit, believes that in order to retain women in the financial services industry, organizations need to develop programs that support women taking temporary leave and assist women re-entering the workforce. “Fostering a culture of work/ life balance is crucial for attracting and retaining good employees,” she notes. And she adds that paternity leave should also be a priority of secured lenders too. “Paternity leave promotes gender equality at home and in the workplace and helps keep parents in the workforce,” Currie adds. “Paternity leave shifts the perception that caregiving is a female’s responsibility and provides a means for women to return to work sooner.” At the end of the day, paternity leave has a positive impact on the trajectory of a woman’s career. The problem of unconscious or implicit bias Many of the hurdles that women professionals face today aren’t explicit, making it much harder to fight against or even unclear that there may be a gender problem at all. But it’s imperative for top brass and the C-suite to be invested in the process to make change happen, says Currie. Business leaders and managers need to take the lead to flip the narrative. Employees require the tools to make decisions related to hiring, promotions, and performance reviews, she adds, so that biases are removed from the process. Decisionmakers can hold employees accountable and reward those who promote and foster workplace diversity.
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How to succeed in business (and really try) So, what exactly do women leaders recommend female professionals do if they want to move up the ranks in secured finance? One of the strongest traits that women, as well as men, need to have is an inquisitive nature, says Giles. “The more obvious traits that have helped me achieve success are a natural curiosity to learn, need to be excellent at even the smallest tasks, and a desire to see my work impact the customer, my team, and my company.” According to Giles, secured lending was a great proving ground to flex her mental muscle, given the changing nature of every deal and the variety of clients. She acknowledges that secured lenders and other financial fields, such as investment banking, have not always had great reputations for being friendly to women, but Giles also believes times are improving for female professionals in these industries. It also pays to be forthright when it comes to career aspirations. Currie notes, “If you want to get ahead in your career, you need to make your goals and aspirations known not only to your direct manager, but also to those in decisionmaking and managerial roles throughout the organization. In my case, each advancement in my career came as a result of vocalizing my desire to take on new roles and expanded responsibilities.” In addition to making career aspirations known, all employees need the support of sponsors to help them advance. Currie points to two sponsors who were instrumental in her career development and who actively championed her advancement within the organization
Organizations can write all of the proactive policies that they want, but it takes networking and mentors to get ahead in a competitive industry, especially when women are still advancing up the ranks. Sydnee Breuer, executive vice president, Western region manager, Rosenthal & Rosenthal, notes, “You have to have friends along the way. Moving into a leadership position simply doesn’t happen overnight.”
But bias is an unconscious reaction, making it harder to consistently change the behavior. Giles adds that the only way to fight unconscious bias is to value the contributions of all employees. Plus, secured lenders need to “create awareness, promote open communication, and value a credible challenge” when there is a complaint of bias made, she says.
In addition to having sponsors, it takes effort on the part of the professional to work hard and learn from colleagues and those with more experience. Hernandez says that creating a network of colleagues and finding mentors can be crucial to advancing in a job, whether they be inside of your organization
or outside through industry contacts. “This is just another reason why being involved with SFNet, either at the local chapter level or at the national level, is so important,” she adds. “The contacts you make there can last throughout your career. I chair the Chapter Committee at SFNet on a national basis, and we are encouraging the local chapters that already don’t have subcommittees for both women and young professionals to create them.” Today, more women are attending the SFNet convention than ever before, and the Women in Secured Finance Committee is the largest committee on a national level.
Formal mentoring vs. company culture Another positive effort is the formalized initiatives that larger organizations and banks are making, including sponsoring affinity groups and events for women employees or those who might share a heritage, sexual orientation or time in the military service. But whether the mentoring is formal or informal, this can also be critical in promoting and retaining valued employees, female and male. Large organizations such as PNC Bank and Wells Fargo do have such formalized programs, but smaller firms often do not. But the onus for a woman’s professional success is often dependent on assessing an organization’s culture, says Joye Lynn, head of the corporate ABL group with Wells Fargo Capital Finance. “Of the people we have hired recently, I tell them to talk to everyone on the team that they can, from the top to mid-level managers,” she says. “You want to know how they communicate, and it’s especially imperative for women to know the team dynamics and how that team is thought of throughout the organization.” Some secured lenders are simply more receptive to women employees than others. It’s essential to find out if there are chances for growth. Lynn advises women to scope out their prospective employer or a new team as best they can, if they are looking for a new job or promotion within their current organization. The approach has paid off for Lynn. She also credits her ability to not fear asking questions. “Many people are afraid to ever look unprepared, but there are times when you need to ask even some of the most obvious questions,” she says. Remember to ask for help, when it’s needed. Organizations can write all of the proactive policies that they want, but it takes networking and mentors to get ahead in a competitive industry, especially when women are still advancing up the ranks. Sydnee Breuer, executive vice president, Western region manager, Rosenthal & Rosenthal, notes, “You have to have friends along the way. Moving into a leadership position simply doesn’t happen overnight.” Once a professional proves their worth, sponsors and mentors can offer suggestions about accelerating a career path or assessing the best team or organization to work for.
turning points for me was taking more risk than I was historically comfortable with,” she says. That can often be the case for women professionals, especially those who find themselves as one of the few in an organization.
The value of women professionals Fortunately, secured lenders are getting the message that women executives bring significant value to the organization. McKinsey’s research has shown that “companies in the top quartile for gender diversity on executive teams were 21 percent more likely to outperform on profitability and 27 percent more likely to demonstrate superior value creation”. Women proved a different way of looking at things, says Breuer. Sometimes it might be a more collaborative approach, as women work to gain a foothold in an organization. Executive recruiters, such as Tim Knight, vice president of ThinkingAhead, see the value of women hires firsthand. “They bring creativity to the table and counter the ‘group thinking’ mentality,” he says. He has observed changes in secured finance after more than two decades recruiting for financial firms and banks. The diversity of the marketplace demands it, he adds. “It makes sense that companies want to have more diversity, since it increasingly reflects their client base and the people they want to do business with.” He is also optimistic about the place of women leaders in the industry, as more and more companies are realizing the value female professionals bring to the business. Plus, the greying of the profession is also demanding secured lenders reach out to more entry-level women in finance. The industry needs to work harder to get the word out about the opportunities in secured lending, he notes. Organizations simply can’t keep “cannibalizing” each other and luring top executives away from one another, says Knight. Training, recruitment and strong marketing to a more diverse employee base will be essential to keeping secured lenders profitable. Studies do show that a diverse workforce brings unique ideas and perspectives that result in increased innovation and productivity, as well as greater employee retention. Lynn notes, “Having women and minorities in senior leadership positions is critical to retention. New and seasoned team members need to be able to look around the room, office, those on a call, or at a town hall presentation and see leaders who look like them.” At the end of the day, it simply makes sense to the bottom line to include women in the executive ranks.
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Myra Thomas is an awardwinning editor and journalist with 20 years’ experience covering the banking and finance sector.
Mentors can come in all stripes too, says Breuer. “I looked to a lot of different places for mentors, male and female, and some formal and others not so formal. I wanted to see how they did things.” Plus, says Breuer, she learned to be more proactive in her job search and promotion attempts. “Certainly, one of the
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FEATURE STORY
Reaching the Top: C-Suite Women in Secured Finance Roundtable BY MICHELE OCEJO AND EILEEN WUBBE
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What does it take to break the proverbial glass ceiling in secured finance? What does the journey to the “top” look like for women in financial services? We interviewed four C-Suite women and here is what they had to say. The women we spoke with are Meredith Carter, president and CEO, Context Business Lending; Miin Chen, COO, Siena Lending Group; Deborah Monosson, president & CEO, Boston Financial & Equity Corporation; and Jennifer Yount, partner, Paul Hastings LLP.
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Roundtable Participants lease tell us about your career trajectory and your journey to your current role.
Carter: I have had a different career path than most specialty finance company CEOs, having begun my career as a corporate attorney in Delaware. I grew up wanting to be a corporate litigator, likely before I knew exactly what that meant, and spent college and law school very focused on getting there. I graduated college early and interned at three corporate law firms in Delaware while in school, having chosen to attend UD for that purpose. After graduating Villanova University School of Law, I was fortunate enough to be hired by one of the “big” Delaware law firms and occupy an office next to a renowned lawyer who is now Delaware Supreme Court Justice. The attorneys with whom I worked were brilliant and loved their work but, unfortunately, I quickly realized that I did not love mine. I was lucky to be at a firm that supported my desire to explore another area of business law, and a few years in transitioned to the corporate transactional group. I enjoyed that work more than litigation, having more client contact and helping prevent problems before they began. But when the firm explored the idea of creating a business development position for the first time, that position resonated with me. I expressed interest and ultimately became the firm’s first director of business development. It was people-facing, intuitive and I liked being able to translate law to non-lawyers. Soon thereafter I was promoted to run firmwide marketing and business development, leading a national team across three offices. A few years later I learned that a well-regarded committed capital fund in our area was looking for a manager of business development and applied. I was hesitant to leave the practice of law, both out of pride and after having taken bar exams in three states. But, knowing the excellent reputation of this fund and its team, I ended up taking a leap of faith and parked my clients with a few colleagues, just in case. The fund was originally focused on patent enforcement, but then launched a patent litigation funding arm. Over the next five years, I helped to grow that litigation funding business, and ultimately helped package it and sell it to a UK-based funder looking for a U.S. presence. My experience in law and then in growing a business development-based business for a fund prepared me very well for my next endeavor as CEO of what is now one of the fastest-growing lending companies in the country. Chen: I started out as an auditor at PwC in the Banking and Capital Markets industry group and then moved to J.H. Cohn a few years after. While at PwC, I was able to learn about asset-based lending (ABL) with the client that I was on; however, it just felt like too big a firm for me. I am grateful for everything that I was able to learn at PwC, but I knew that I wanted a different type of audit experience than PwC was
MEREDITH CARTER
MIIN CHEN
Context Business Lending
Siena Lending Group
DEBORAH MONOSSON
JENNIFER YOUNT
Boston Financial Equity Corporation
Paul Hastings
able to offer me at the time. Moving to J.H. Cohn afforded me the opportunity to work with various companies in multiple industries and really get a chance to learn best practices and how different companies operated. After some time there, I transitioned to private accounting with the assistant controller role at Burdale Capital Finance and then treasurer at Patriot National Bank in Stamford, CT. After the relaunch at Siena, I was asked to rejoin the team and I did so in March of 2014 as their controller, moving to CFO in June of the same year and now currently as their COO. Monosson: My career path was not linear. I worked in the stock brokerage industry for five years, went to graduate school, worked in PR for a software company and then joined my father’s company as a salesperson. I spent 10 years in business development, and eventually handled all the advertising and marketing. In 2001, my father approached me out of the blue and offered me the role of CEO. I was a bit surprised, as I didn’t expect him to ever retire. I took a month or so to think about it. It was not obvious to me to take the position. I had to think about the responsibilities involved and how it would change my life.
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FEATURE STORY Yount: My career started well before I went to law school. As a child growing up in Los Angeles, I was obsessed with books. I would spend hours at the library. I recall setting a challenge of reading every non-fiction book at my public library – starting with A and going all the way to Z. I never finished. I also loved watching courtroom dramas – The People’s Court, Law & Order and To Kill a Mockingbird. Years later in law school, two events happened that set the journey for my current role. I did an externship with a bankruptcy judge, and I took a class on Article 9 of the Uniform Commercial Code. The process of reorganizing a business was fascinating. I enjoyed the intersection between legal issues and business issues. I started my career as a law clerk to a bankruptcy judge, and then practiced for a few years as a restructuring lawyer representing secured creditors in Chapter 11 bankruptcy cases. When the economy started to improve during the U.S. housing boom of the early 2000s, I gradually started working on more front-end finance transactions. Acquisition financings, asset-based lending, multi-lien and multitranche deals. When the housing bubble crashed during the late 2000s, I was back to restructurings again – DIPs and exits in bankruptcy. Then, as the economy improved and the non-bank lending market started to grow, I was back to front-end financings again. I was spending a lot of time commuting back and forth from Los Angeles to New York, and in 2015 I decided to move to New York permanently. Being in New York has helped me focus intently on growing into a global full-service finance and restructuring practice.
Were there any detours or setbacks along the way to getting to this role? If so, explain what and the negative or positive effect it may have had on getting you to where you are now? Chen: I don’t necessarily think that were any detours or setbacks for me on my journey to this current role. I really believe that all the positions that I’ve held have helped me get here. In the current role, I think that being able to think a few steps ahead and make contingency plans if things were to go awry is absolutely key to success. At PwC and J.H. Cohn, I learned that with our audit plans and how to pivot if what was originally planned could not materialize. During my time at Burdale and Patriot, especially in the accounting function, you really get to see how everything comes together and therefore how intricate every part of the organization is to the overall business. These two definitely helped me in being able to see how things work from both a high level as well as how the nitty gritty really works.
Mentors have definitely helped me along my career and even before I knew it started. From career advisors in college to today, they have helped me find my voice and given me their experiences to learn from and lessons to take away. I was lucky to have mentors along the way that knew what I wanted even before I came to the realization. — Miin Chen
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Monosson: I probably had a different type of setback. My father was the business. Everyone knew him. I was a daughter. One time when I was negotiating on a deal, the gentleman on the phone actually said to me, “Let me talk to your father” … well that did it. That was not going to happen. I actually think it gave me more strength. But it took a while before people in the industry trusted that I knew what I was doing. The other hurdle was being an employee one day and the boss the next day. There were employees that had the same, if not more, experience than me. There were employees who were my friends, whom I socialized with and I was suddenly their superior. It was not an easy transition.
Yount: I remember when Lehman Brothers’ shares plunged by nearly 50% and it filed bankruptcy on Monday, September 15, 2008. I remember the stock market crashing, at the time, the largest drop by points in a single day since 9/11. I remember this drop was exceeded by an even larger drop in late September. I remember this distinctly because I had just been promoted to the partnership at Paul Hastings. This rite of passage requires that a lawyer transition from being an employee to an owner of the business. As an owner, a partner is required to focus on new business and growth. I recall sitting in a conference room in New York with all the other new partners and thinking, “Now what?” It was at that moment I realized I needed a strategy. I sketched one out and spent a lot of time speaking with bankers, listening to them talk about the market, the companies they helped finance, their experiences, and the business realities they were facing. It was eye-opening. There was a lot of change in the market at this time, as many of these bankers moved to new opportunities. When you are in the trenches with other people during challenging times, you learn a lot. How did your current role come about? Were you promoted or did you change companies/firms? Chen: In my current role, I was promoted from controller to CFO to COO. Yount: I was promoted to the partnership and then to chair of the Global Finance and Restructuring Practice at Paul Hastings. Carter: When one of the principals of a family office with whom I was acquainted learned that our litigation funding business was selling, he asked me if I would consider joining an asset-based lending business that they acquired. I knew some of the people in the parent company of that ABL business and thought the world of their ethics and intellect. I then had a choice of either joining people I knew in a new area of specialty finance or continuing in a familiar area of specialty finance but with new people. I chose the people I knew and trusted, taking another leap of faith to join a new niche of private capital. I reasoned that I could always go back to litigation funding but may never get a chance to work in such a unique culture again. I began my time at Context Business Lending (“CBL”) in a combined in-house counsel and BD role. At the time the company had two loans. About a year into my work, the two leaders of CBL, who were also running another family office investment, transitioned to running the other business full time. The family office took a chance on me as interim CEO, with no promise of permanence unless I proved myself. Being fairly
new to ABL, I approached the role like I had approached litigation in the past: I learned everything I could about the industry very quickly and hired experts to fill in the knowledge gaps. Ultimately, the family office made my role permanent and now, two-and-a-half years later, our team and portfolio have tripled in size. Has mentorship or sponsorship played a vital role in your success? Chen: Mentors have definitely helped me along my career and even before I knew it started. From career advisors in college to today, they have helped me find my voice and given me their experiences to learn from and lessons to take away. I was lucky to have mentors along the way that knew what I wanted even before I came to the realization. They guided me in many career decisions as well as how to approach each position to take away the most I can to get to where I am today. Carter: I am extremely grateful to my Board for giving me the opportunity to lead the CBL team, and for all of the support they have given me since. I know that I am very lucky to work in a rare environment where our parent company and family office are patient and incredibly supportive. The Board’s guidance and thoughtful insights have created a safe environment for CBL to establish a culture focused on creativity and good decision-making. Also, when I began each of my distinct career chapters, I immediately sought out someone whose success I admired and tried to pick their brain as much as possible for best practices. Most recently in ABL, I was fortunate enough to be introduced to Rob Frohwein, founder and CEO of Kabbage, one of the world’s largest fintech lenders. Rob is also a graduate of Villanova Law and also had little credit experience when he started Kabbage. Rob has been very generous with his time and serves as an inspiration to me on many levels. Shortly after I started as CEO of CBL, Rob and his co-founder, Kathryn Petralia, were kind enough to spend a few hours with me brainstorming novel approaches to sourcing and structuring asset-based loans. Their creativity and advice sparked a number of initiatives we have since implemented and I am extremely grateful to them. Monosson: My father was my mentor, as he was to many people inside and outside our company. He was a very patient teacher, even more so with me. He had started several companies over the course of his career and BFEC was his favorite. Outside of my father, the people I met through SFNet played a large role. Many of them I relied on for help, or guidance. I am still a big proponent of getting involved with associations. You don’t gain trust and friendship by just attending conferences once or twice a year. Many are developed by being on committees and getting involved in
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FEATURE STORY small groups and getting to know those people. Yount: Mentorship and sponsorship are indeed vital to success. The most valuable contribution to my career has been an informal board of advisors that has grown over time. Diversity of perspective is key. I seek ideas and thoughts from a diverse group of successful professionals – leaders at Paul Hastings, leaders in the finance and banking industry, and leaders at other law firms. The generosity of shared knowledge and experiences in this industry is extraordinary. According to a 2019 report from Deloitte, the proportion of women in leadership roles within financial services firms is 21.9 percent, with a projection of 31 percent in 2030— an improvement, but still well below parity. We might not see an equal number of women in overall U.S. leadership roles until at least 2085. What do you think financial services firms need to do to speed us this progress?
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the workplace. Not only can we help women, we can also help men understand what it is to be a woman in the finance industry and build awareness through that channel. As a woman who joined the finance industry (although via an audit position) right out of school, I was extremely intimidated by those around me who had louder voices and more experience. Speaking to women was always easier, as I felt that they could at least relate to me on the basic level that we were both women. Classes or mentorship program that aims at the aspect to be able to relate beyond gender would have been beneficial.
Above all else, I think the most important qualities in a leader are integrity, authenticity and open-mindedness. Leaders should set an example of always doing the right thing and rolling up their sleeves as team players themselves. I think good leaders should also be transparent, genuinely care about their employees and not pretend that they are infallible. They should openly talk about their mistakes and encourage others to do so as well so that the team can learn from each other. — Meredith Carter
Chen: Finance is still a field dominated by men and that just escalates when you get into the leadership roles – it is just how the numbers will play out with the current makeup. I think first, as an industry, we need to learn how to attract more women to the field. Either it is through more outreach efforts early on or through programs in the workplace. There is definitely more that can be done. We can start in the recruitment at the collegiate level to educate women on what life as a woman may look like in the finance industry through panels or discussions. We can also help women navigate through some insecurities (for me, it was speaking out) to help them become more confident in
For the working moms who are aiming for leadership roles, work-life balance is extremely sensitive. I read somewhere recently that working moms are expected to work as if they don’t have kids and be a mother as if they don’t have a career. It’s hard to juggle those expectations! Programs or support surrounding that may help attract women to the field, who are thinking of what a future or a career path would look like with a family, could also help speed those statistics along. I have to say, though, in terms of work life balance, especially with kids involved, this goes for working dads too, who are also caught up in the middle of it all. In that respect, I think programs related to work life balance and a home life needs to be extended to all.
Monosson: I am definitely not qualified to answer this question. We have probably been asking the same question year after year after year…it needs to start with getting more females interested in finance and banking in the first place. There is a lot of competition out there in other industry sectors, How to make this industry more appealing is a
subject that needs to be thought out and then implemented at the college level. Carter: I think the narrative around why women should be in in financial services leadership positions needs a new frame. Right now, many companies are creating artificial ways to slot women into leadership positions purely for the perceived perception benefits companies may enjoy as a result. I would argue that this approach is doing everyone a disservice. It perpetuates the notion that women have a handicap that needs to be accommodated and, in some cases, requires companies to accept a less-qualified candidate because they “need a woman” in that slot. Instead, the narrative should be focused on the skills that women bring to leadership roles. As noted in a recent article in Inc. magazine, “from increasing productivity and enhancing collaboration, to inspiring organizational dedication and decreasing employee burnout, the benefits of having women in the workplace are well documented.” In addition, as Philip Tetlock describes throughout his book Superforecasting, when a leadership team is making critical decisions, conclusions reached after consulting people with diverse perspectives are likely to be more well-reasoned and representative of a company’s customer base than those of often self-validating homogenous leadership teams which exist in a bubble. What do you think are the most important qualities in a leader and why? Chen: The ability to stop and listen/think before jumping into a solution is an important quality. On a whole, we just want to get things done, but there is a right way to do it and an easy way to do it. I think a leader needs to put aside the need to just check the box and mark it done versus thinking ahead and proceeding slowly. A leader should have the ability to calm a situation, think through the issues and be able to clearly address the plan of action. A leader should always be able to have back-up plans to be able to pivot and be flexible as needed. Monosson: Disclosure: I still aspire to be a leader. I am not there yet. The qualities that I admire in a good leader are a quiet patience, listening more than speaking, being comfortable allowing employees to make decisions and also mistakes and learn from them (but not too many times!). I also think leaders. in tough times, can help steer the boat out from the eddies…and keep going on an even keel. My father was a good leader. Maybe someday I’ll get there! Yount: Vision, strategy, and inspiration. A leader needs to unite people around an aspirational vision. Build a strategy for achieving that vision. Attract and develop talented professionals. And then inspire that team of professionals to implement the strategy in order to achieve the vision.
Carter: Above all else, I think the most important qualities in a leader are integrity, authenticity and open-mindedness. Leaders should set an example of always doing the right thing and rolling up their sleeves as team players themselves. I think good leaders should also be transparent, genuinely care about their employees and not pretend that they are infallible. They should openly talk about their mistakes and encourage others to do so as well so that the team can learn from each other. I think that good leaders should also be honest with themselves and others about their strengths and when they need assistance to fill their blind spots. Also, I think that good leaders will routinely actively solicit the opinions of a variety of members of their team. Sometimes the least-informed people on an issue can produce the most objective solutions. Good leaders should understand that everyone enjoys the validation that their work and opinions are appreciated and incorporated. Good leaders should also empower people to challenge the status quo and create better solutions to established problems. I think that doing these things will lead to higher levels of motivation, empowerment, job satisfaction and retention of employees as well as increase the bottom line. Finally, I think that good leaders should spend time personally interviewing potential new team members to help preserve company culture and bring on complimentary, additive new talents. As the famous Peter Drucker quote that we have framed in our conference room says, “Culture Eats Strategy for Breakfast.”
Michele Ocejo is editor-in-chief of The Secured Lender and communications director for SFNet. Eileen Wubbe is senior editor of The Secured Lender and TSL Express.
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ASSET VALUATIONS >> NETWORKING >>
ASSET VALUATIONS
BUSINESS INSIGHTS
each relevant jurisdiction). In many countries, however, the letter of the law is only one factor among many to reflect upon.1 Unwritten local customs and practices are often as, if not more, important to understand in order to protect an assetbased lender’s interests.
Focusing on International Platforms in Bankruptcy or Insolvency BY RAFAEL KLOTZ AND FEDERICA PIETROGRANDE
Despite the array of jurisdictions, and countless variations of practices and conventions among and within each territory, most RAFAEL KLOTZ countries’ legal systems Gordon Brothers fall into one of two broad groups: common law and civil law. Whether the insolvency is underpinned by one or the other will have a material impact on the secured lender’s capacity to enforce its rights. All things considered, insolvency laws in common law countries tend to provide the secured lender with a greater degree of protection and enforcement rights over all forms of collateral.2 This does not imply that civil law systems are not lender-friendly, but beyond taking security over FEDERICA PIETROGRANDE real property or through the Gordon Brothers actual possession of movable assets – which tends to be well developed almost everywhere – security over the kind of movable or intangible collateral on which many asset-based loans rely are much more difficult to enforce with any high degree of confidence in these jurisdictions. To simplify our comparison, we will focus on the US and UK when looking at common law systems and Continental European countries as their civil law counterpart.3
Recalibration of the Asset Footprint
Cross-border loan workouts and enforcement of security interests across multiple jurisdictions is a complex matter and greatly depends on the venue of the insolvency and the location of the collateral. These factors are also intertwined with the overall reach of the credit facility. A deep understanding of the multiplicity of issues that may arise during a workout or insolvency can not only enhance a lender’s ability to be made whole in an enforcement scenario, but can also create opportunity for liquidity providers to expand their geographic offerings and create unique value for their global borrowers. This is the third and final article on the topic of recalibration of the asset footprint across cross-border jurisdictions from the perspective of the asset-based lender. In the first article we addressed the benefits and perils of financing a borrower’s global expansion plans within the confines of an asset-based loan structure. The second article outlined the key practical considerations of valuing collateral assets spread among different countries. This article focuses on what a lender should expect when confronted with a cross-border insolvency or bankruptcy of its borrower.
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The subject of cross-border insolvencies is as broad-ranging and diverse as the countless number of separate legal regimes and countries across the globe. A single article can offer only a brief summary of such an intricate topic. Nonetheless, there is a common narrative in most cross-border workouts. As we illustrated in the first two articles, the location of both the borrower and the collateral are the key starting points to be considered when underwriting a cross-border loan. The same logic applies to a cross-border workout. Presumably, long before being confronted with an event of insolvency, a lender and its professionals will have structured the facility with a view toward the eventuality of enforcement in multiple jurisdictions (consistent with our prior recommendation to obtain expert local advice and a country-specific valuation in
Legal regimes based on common law – which are typical of most English-speaking countries – generally afford secured lenders a greater level of predictability when it comes to insolvency (or even enforcement in a solvent context). The range of options vary significantly from country to country, though. From the unilateral ability of a secured lender to select and appoint an administrator after a default without court supervision in places like the United Kingdom or Australia, to the debtor-in-possession Chapter 11 bankruptcy process in the United States, secured lenders faced with a credit in insolvency in a common law country are, more often than not,
able to proactively protect their interests. This often includes the ability to force a sale of the collateral or require other recapitalization structures intended to protect the lender. In stark contrast, most civil law jurisdictions (e.g., virtually all countries in Continental Europe) tend to be more debtor-friendly and most processes are court-supervised. As a general rule, these insolvency systems frown upon an immediate liquidation or prompt sale of the collateral. The initial expectation is for a deliberate and unhurried process that leads to a reorganization or a going concern sale of the productive units of the insolvent business. A sale of collateral, in particular assets that are essential to the ongoing operations of the debtor, is very rarely permitted until the prospect of a going concern sale has been exhausted. In many of these countries, secured creditors are mere spectators, allowed little more than the basic right to file their claims as any other creditor. Moreover, secured creditors may only get repaid through the distribution of the proceeds of sale of their collateral under a court-supervised process in which they have limited ability to object or even credit bid. Even the length and efficacy of the sale and distribution in many of these systems often depends on the specific court and professionals involved. Similarly, the actual duration of the filing, sale, and distribution phase are court-specific, as the terms provided by the law are often deemed to be indicative and not mandatory.4 Finally, civil law systems are more likely to give priority over a secured lender’s claim to a number of statutory claims like certain taxes and labor claims. With the ever-increasing globalization of trade and the apparent political and social volatility in many developed countries, there has been a push for changes into wellestablished tenets of secured lending laws. For example, the United Kingdom has historically been a creditor-friendly system. This, in turn, has given rise to a robust ABL market and corresponding high liquidity. Not unexpectedly, the political and economic uncertainty of the last few years, coupled with some high-profile insolvencies, have put the system under a greater degree of scrutiny. This has led legislators to consider some drastic changes to the well-established insolvency statutes, which, if enacted, could swing the pendulum towards a more debtor-friendly scheme. Starting in April of 2020, certain tax claims will have superpriority ranking (so-called “secondary preferential creditors”) and the right to be repaid out of the collateral of a floating charge holder (the so-called “Crown Preference”). This may deplete the security pool available to lenders that are reliant upon floating charges to fully secure their advances. Where an asset- based lender is particularly reliant upon floating charge assets, they may be forced to reduce or even withdraw existing facilities. Several matters are currently under discussion. Including the following, among others: n the introduction of an early automatic stay (even for out-
of-court proceedings) that would restrict the rights of a floating charge holder; n the creation of a new, stand-alone procedure which would allow the cram down of a dissenting class of creditors; and n a prohibition on the enforcement of contractual termination rights which arise solely because a party has entered into an insolvency procedure (so called “ipso facto” clauses) which may have significant consequences for suppliers of goods and services. Whether these reforms will be ultimately made into law, and in which form, remains to be seen, but the impact on asset-based lending could be profound. Conversely, in recent years, several European jurisdictions have made efforts to improve liquidity by introducing creditorfriendly reforms, including the opportunity for extrajudicial enforcement of some types of pledges and a methodology for lenders to get security over movable and after-acquired assets. Some notable examples of these reforms in Europe are Belgium and Italy.5 In Belgium, there is now an electronic pledge register, and the enforcement of a properly registered pledge will no longer require court intervention. Pledgors and pledgees will be able to agree to the terms of enforcement, including the option for the lender to repossess and/or sell the pledged assets. Similarly, in Italy6 a floating-charge equivalent should become effective once the specific electronic registry becomes fully operational. Also in this case, enforcement will no longer require court involvement if the parties have agreed to sale procedures in advance. These new laws, however, have not yet been adequately tested in their respective judicial systems. Given the legacy of hostility to self-enforceable remedies in civil law systems, it will take time for these advances to be fully understood and relied upon for underwriting purposes. It is worth mentioning that the European Parliament and Council formally adopted last June a Directive on preventive restructuring frameworks,7 which unmistakably resembles the US Chapter 11 process. The goal of the Directive is to harmonize the laws and procedures of EU member states in restructurings, insolvency, and the discharge of debt. It introduces a set of baseline principles, along with more targeted rules in some specific cases, and allows member states discretion to go beyond these basic principles when incorporating rules into national law. Some notable features of the Directive’s framework are as follows: n a debtor-in-possession process; n automatic stay; n performance of essential executory contracts; n prohibition of ipso facto clauses; n protection of new financing or interim financing; and n classes of creditors, cross-class cram down, and best interest of creditors test.
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ASSET VALUATIONS
This development should be encouraging to creditors familiar with the overall predictability of the U.S. bankruptcy system. Yet, the Directive also introduces a controversial feature: Member States can opt-in to adopt a “relative” priority rule instead of the “absolute” priority rule that is the mainstay of the Chapter 11 system’s protection of secured lender’s rights. As readers of this publication are surely aware, the absolute priority rule in Chapter 11 requires senior classes to be paid in full before any junior class can receive any distribution under a cram-down plan. In stark contrast, the optional relative-priority rule in the Directive would allow confirmation of a cram-down plan so long as all senior classes are treated more favorably than junior classes, even if not repaid in full. EU officials in support of this relative priority rule have argued that it would result in a more objective and pragmatic treatment of creditors. However, this rule would in all probability allow shareholders to retain much of the enterprise value while forcing secured and other creditors to accept far less than full repayment. This rule is squarely at odds with the stated purpose of the Directive. If adopted by any Member States, it is certain to generate uncertainty and make the underwriting of risk for loans very challenging. Regardless of the prevailing civil or common-law system, a well-structured cross-border secured loan bolstered by solid underwriting not only ensures that the secured lender’s downside is protected, but also allows the sale of collateral in one or more jurisdictions to become an effective tool in the restructuring of the credit for both the lender and borrower. For instance, unwinding an unprofitable territory may assist the borrower’s reorganization efforts by simultaneously reducing the lender’s exposure and improving the borrower’s overall performance. Yet, this can only be accomplished in the context of the borrower’s country exit or wind down if the secured lender’s rights are not impaired by the borrower’s local insolvency process. In other words, the sum of the parts in cross-border transactions is often more valuable than the whole.
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It is worth pointing out that in many countries, financing activities are regulated and reserved to banks or authorized financial institutions. This should always be addressed during the original underwriting, as it is too late to remedy a breach of lending regulations once the loan is funded. Our experience suggests that this is not always the case, even with sophisticated capital providers. In such instances, the rights of a secured lender may be impaired by unforeseen exposure to civil and, in some cases, criminal, liability. As highlighted in the beginning of this article, loan workouts and enforcement of security interests in a cross-border setting is a multifaceted topic that occupies entire law library sections. We have attempted to provide a broad introductory overview by summarizing some essential elements that are common to all of these processes. The gating factors are the venue (or venues) of the insolvency and the location (or locations) of the
collateral. From this starting point, and followed by disciplined underwriting supported by expert local advice, lenders should be able to enhance value for their borrower-clients by expanding the pool of collateral against which funds can be advanced. In today’s highly competitive ABL market, it may be a knowledgeable investment worth considering. Rafael Klotz is senior managing director international, Gordon Brothers. Rafael is involved in all aspects of Gordon Brothers’ international business, including deal structuring and execution, global expansion, and business development, and is leading the firm’s expansion into Latin America, where he oversees the Brazilian business. He can be reached at rklotz@gordonbrothers.com. Federica Pietrogrande is managing director, Europe, Gordon Brothers. Federica’s focus is on the development of Gordon Brothers’ special situations strategy across Europe, which utilizes a highly flexible and opportunistic approach for alternative debt and equity investments, involving companies in distress or in need of capital solutions. She can be reached at fpietrogrande@gordonbrothers.com. 1 Given the limited scope and length of this article, we are specifically not touching upon the knotty venue issues that arise in the context of many cross-border insolvencies. Instead, we are assuming that the lender’s professionals will have advised the lender on the insolvency regimes that may apply to enforcement of the underlying security, by analyzing the Center of Main Interest of the borrowers and guarantors, and the applicability of cross-border statutes in the applicable countries. 2 We are mindful that this is a broad generalization made for the sake of brevity, which omits the many material differences of secured loan treatment between insolvency systems within the common law tradition. Nevertheless, we believe that this distinction is reasonably accurate based on our extensive practical experience with cross-border secured transactions in both kinds of legal systems. 3 Obviously lumping all Continental European countries into one for legal analysis is also fraught with the risk of overgeneralization. However, there are some important similarities between the many civil law systems in the EU, and as addressed later in this article, a growing centralized approach to insolvency legislation which is conducive for us to offer a joint perspective. 4 In recent years, some European jurisdictions have introduced the possibility of an out-of-court enforcement for specific forms of pledges, but many of these new laws have not yet either been enacted or tested in court to provide sufficient underwriting comfort in the ABL context. 5
Law 11 July 2013 entered into force 1 January 2018
6
Law Decree 2016, converted into Law 119/2016
Directive (EU) 2019/1023 of the European Parliament and of the Council of 20 June 2019 on preventive restructuring frameworks, on discharge of debt and disqualifications, and on measures to increase the efficiency of procedures concerning restructuring, insolvency and discharge of debt, and amending Directive (EU) 2017/1132 (Directive on Restructuring and Insolvency). 7
ASSET VALUATIONS >> NETWORKING >>
NETWORKING
CAREER INSIGHTS
(Almost) Painless Networking BY LYNN TANNER
Although experts generally agree that networking is important to career success, a surprisingly large number of professionals dread the process to the point that the mere mention of the word makes them anxious and irritated. Lynn Tanner of Winston and Strawn provides a detailed “cheat sheet” for taking the pain out of networking. Why does networking have such a bad reputation? Some people find the prospect of approaching strangers terrifying; others feel the whole process is just an excuse for sanctioned disingenuousness (i.e., feigning an interest in someone to get something in return); and others simply hate having yet another “useless work obligation” added to their day. However, networking, in its truest sense, is not intended to be a self-serving exercise, but instead is a method for building long-term relationships over time that are mutually beneficial to both parties and can be done in a way that doesn’t feel scary or awkward. Below we’ll discuss different methods you can use to network, and some practical tips for effective and nearly painless networking that might just make you change your mind about how much you “hate networking.”
What’s so great about networking? The finance business is highly driven by relationships. People want to work with people that they know and trust. Therefore, it makes sense that there is high correlation between people who are well-connected and people who are highly successful. Some reasons for this include: n Increased access to potential clients and customers (and all the financial and other benefits that accompany being a “rainmaker”); n Job search advantages from receiving access to unpublished job opportunities and referrals; n A wider range of professionals from various industries with whom you can collaborate and share expertise and insights (including the kind of stuff you don’t find on Google); n Access to prospective mentors and advisors; n Increased visibility and reputational enhancement within the industry; n Access to featured opportunities within the industry (e.g., speaking roles in conferences, publication opportunities and awards);
n Ability to provide referrals to others, so as to further solidify and expand your network; and n Access to the networks of your network, which magnify the benefits of each of the above.
Most effective networking methods The most effective networking method is…well, there really LYNN TANNER isn’t just one, just as there Partner really isn’t a “best” way to Winston & Strawn LLP develop any other kind of relationship. The strategy that feels most authentic to you is likely the right choice for you. You may need to try a few different methods until you find a comfortable fit, keeping in mind that what works well for your colleagues may not work at all for you, and vice versa. (More on different networking opportunities and styles below.) Regardless of the networking method you choose, you will need to treat relationship-building and maintenance as an essential part of your career and devote the same level of focus and dedication to networking as you do to other aspects of your job. A good way to make sure the process doesn’t fall victim to life’s other demands is to (a) schedule specific times each week to devote to networking efforts, (b) create a detailed action plan to strengthen existing relationships and develop new relationships, and (c) keep track or your progress and update your plan regularly. Another critical requirement is perseverance. Building and maintain a network takes time, regardless of your skill level and, for most of us, it’s a skill that needs to be learned and practiced. (Remember, B-school took years to teach you how to model; most of us never received any meaningful instructions as to how to network, so be patient and don’t give up just because you have an awkward moment or two, or haven’t doubled your business in six months.)
Sources of networking opportunities – The world is your networking oyster Organic networking: Even though we rarely notice it, our everyday lives provide a plethora of networking opportunities. People we deal with everyday can be valuable parts of our networks, but sometimes we fail to recognize them as such because we encounter them in a nonbusiness environment. For example, think about the possibilities that could be achieved from networking with: n Friends and family (and their respective friends and families); n Parents of children’s friends; n High school and college friends; n Former co-workers and clients;
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Takeaways 1
Networking is a key component of professional growth and success.
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Networking opportunities can be found in many places beyond structured events.
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Prepare for networking events beforehand to ease nerves and increase chances of making key connections.
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Follow up with connections after the meeting to solidify the relationship.
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Introverts and remoter workers have their own challenges, which can be overcome.
n People we meet in connection with: - Volunteer activities (if you don’t already have a favorite cause, check out VolunteerMatch, Idealist, CatchaFire, Points of Light’s HandsOn Network); - Church and civic group activities; - Sports; - Hobbies; - Classes; - Alumni events; and - Gym and coffee shop friends. Networking opportunities that stem from these relationships can be significant for two reasons. Engaging in activities we enjoy or working in pursuit of causes we care about gives us the chance to form deep and meaningful connections with like-minded people in situations not tainted by questions of motivation. The second is that networking through these activities allows us to fulfill our familial and other obligations and/or having fun while simultaneously building our professional networks. Think of it as lighting two candles with one match. Non-business networking: As we get older, it becomes more challenging to meet new people, so more and more people attend events sponsored by groups such as MeetUp, EventBrite, Eventful or Linked In Circles, which can lead to anything from casual acquaintances to meaningful relationships, and can often result in the benefits otherwise found only through organic networking.
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Structured professional networking: Finally, of course, there is the classic networking method that most of us think of when the word “networking” comes to mind – professional association networking events. This encompasses everything from trade conferences to national and international professional events. However, there are smaller (and less expensive) events available locally. Try a simple Google search for “professional networking events near me”, or a quick perusal of the Directory of Associations or 10times.com, and you’ll be amazed at what you find. The Secured Finance Network offers tons of networking events, both national and local chapter events: www.sfnet.com.
Tips for making the most of a networking event Below are some tips for making your next networking event more productive and less stressful. Prior to the event Update your social media profiles: if you make an impression on someone during the event, it’s probably best for them to come across your current employment information (rather than your spring break photos) when they look you up. Due diligence: If you can obtain the attendee list in advance, spend some time studying it. If anyone you know is on the list, reach out to them in advance to arrange a meeting, or if you’re only loosely connected, have a mutual friend arrange an introduction (beforehand, whether in person or by email, or at the event). This way, you are able to meet the people you were hoping to meet (without leaving the situation to luck), and also helps you feel a bit more confident, because you are walking into the event with a plan in mind. Make a plan: Set specific some goals for the event (e.g., meet up with X who will introduce me to Y, and meet at least three different equity sponsors). Doing this not only keeps you on track, but focusing on a task helps reduce anxiety. Elevator pitches: Create, memorize and practice an “elevator pitch.” This is a short, prepared, well-rehearsed speech (maybe about a minute or two long) that summarizes who you are, what you do, how you add value, and includes a “next-step” offer. The idea is for it to be short enough to say during an elevator ride and interesting enough to make your elevator companion want to see you after the elevator ride ends. At the event Help from the host and/or playing the host: If you can, arrive a bit early. It may give you some time to spend with the host, who can provide some insights about the event and the participants, and will hopefully agree to introduce you to a few people. But in any event, arriving early gives you the opportunity to “greet” guests as they arrive (and before they become locked into seemingly never-ending conversations). Finding someone to approach: This is where you start putting all your preparation to work. If you’ve arranged to meet someone, go find them, and move to the “First Meeting” section below. If not, this is the part where you take a deep breath. Walking up to a group of strangers isn’t easy, but it’s a small price to pay for what you can gain. (Re-read the “What’s So Great About Networking” section above if you’re feeling your courage withering.) Some ideas for finding a welcoming group include (a) approaching a group with an odd number of participants (since 3-way conversations can be challenging in loud environments and someone will naturally gravitate towards you), or (b) approaching a circle of people, waiting for a break in the conversation and then extending your hand and introducing yourself. Opening lines and discussion points: Try to prepare some opening lines, conversation points and questions in advance, perhaps regarding
the event, the sponsoring organization, industry trends, interesting non-work topics or, if you know whom you’ll be meeting, your potential contact. You may never need your script, but it’s a good confidence builder to know you have it. If you forget what you planned, you can always rely on situational cues, such as the following: n The “What’s That?” Essentially, the idea here is to point to something your potential contact is holding, wearing or looking at. (Similarly, you can wear an interesting piece of jewelry or the like that will make it easier for people to approach you with a “what’s that?” too.) n Immediate points of commonality: Are you standing in the same line, did you order the same drink, do you belong to the same organization, are you from the same city? Ask something about something you have in common, even if it’s fleeting.
n No collecting stacks of business cards: Your goal is to build true rapport with someone (or a few “someones”), not to collect a stack of business cards. Try to focus on getting to know the person in front of you, rather than looking around for the next opportunity. That being said, avoid spending the entire event just speaking with one person. Try to invite others into your conversation. n Pay attention: Be genuine, ask questions and really listen to the answers. Think of your potential contact as a future friend, not just a sales target.
If you’ve arranged to meet someone, go find them, and move to the “First Meeting” section below. If not, this is the part where you take a deep breath. Walking up to a group of strangers isn’t easy, but it’s a small price to pay for what you can gain. (Re-read the “What’s So Great About Networking” section above if you’re feeling your courage withering.)
n Requests for opinions: Ask your potential contact for their opinion on something. Anything from a serious question about an industry topic to their thoughts on the puff pastries in front of you will do. People like to feel like their opinion matters, and most are more than happy to share their thoughts. (Try to avoid truly confrontational topics though.) n Requests for advice or referrals: Most people inherently like to feel helpful and needed and will be more than happy to oblige requests within reason. n Exciting projects: Ask your potential contact if they’ve been working on any exciting projects lately. Once they begin, you can likely keep the conversation moving by asking additional questions or relating your own experiences. n The elephant: If all else fails, tell your potential target that you’re new or a bit nervous and ask if you can chat with them for a while. Most people will respond kindly, and you may well be able to move the conversation to something more meaningful. n The First Meeting: Assuming you’ve found someone that you’ve “clicked with”, keep the following tips in mind, so that you can begin building a relationship with your new contact:
n Get personal: Move the conversation from superficial topics (e.g., the weather and the food in front of you) to something more meaningful, so that you’re learning about your potential contact as a person and finding commonality. Be sure to remember the details you’ve learned; if you think you’re likely to forget, write them down. It’s not a great feeling to share something intimate with someone only to find out they either didn’t listen or promptly forgot.
n Value: Find a way to provide value for your potential contact. It doesn’t have to be a huge gesture, but try to find something. Just as importantly, if you promise to do anything, write it down and actually do it – quickly! n Don’t be weird and desperate, but do get a second date: You wouldn’t propose marriage on your first date, as it would likely make you seem weird and desperate; similarly, you shouldn’t ask for business at your first meeting; but, don’t end the interaction before you’ve organized how you’ll next interact (specifically). After the event; maintaining the relationship: Once you’ve connected with a contact and made plans to re-connect afterwards, you are on your way to developing a relationship, but this is literally just the first step. Following-up is key to building and maintaining relationships and staying top of mind. Below are some tips for ways to do this: n Invite your potential contact to your LinkedIn network as soon as reasonably possible after your meeting and then try to reach out personally within 1-3 days. If possible, plan an in-person meeting shortly thereafter. People have short memories; if you don’t
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NETWORKING act quickly, they may well forget (making all your hard work for naught). n Remember what you decided about how you could add value. Try to do it straight away, but, if it’s not something that you can do immediately, remind them that you’re “on it”. n Reconnect often. Keep in regular touch through regular calls, coffee dates, etc. Real social interaction may seem to be a lot of work, but the more you can do it, the more likely you are to forge real bonds and remain in the forefront of people’s thoughts. n Send birthday cards, interesting articles (preferably about something related to something you discussed or know they are interested in), updates about what you’re doing and congratulations on things they’ve done.
Introverts are found all over the professional and social sphere, and are often incredibly successful but, if you’re an introvert, networking can be challenging. However, all hope is not lost; consider the following: One-on-one meetings: Introverts shine in one-on-one settings. Instead of struggling through the main reception at a 1,500-person conference, make dates to meet people outside the main hustle and bustle area for a quiet coffee.
n Reciprocity: Introduce people and make referrals, including within your network. This is beneficial to both or you. n Keep adding value. Try to end your interactions with a plan for your next meeting and a way you can provide some value in the interim.
Ask for referrals and recommendations: Take advantage of your skills in one-on-one situations and ask those people you meet with to provide you with referrals, recommendations and introductions.
Remote workers can participate in all of the networking opportunities described above, but the lack of the day-to-day interactions with coworkers can feel a bit isolating. Consider some of the following options: Co-work with a colleague: Just because you don’t regularly attend an office setting doesn’t mean you can’t work in the same space with a colleague. If you’re working on the same project, it’s an obvious choice, but, even if you’re not, everyone probably appreciates the chance to have brief conversations during the workday with someone other than their cat. If you don’t have colleagues in your area, try working in a co-working space. (They’re popular for a reason.) Video chats: Theoretically, it shouldn’t make a difference whether we speak with someone over the phone or by video chat, but for some reason, video calls tend to make people feel closer and more connected. Think of it like the difference between a description of a person vs. a picture of a person accompanied by the same description; which one makes you feel like you know the person better and/or are more connected to the person? Same thing with video chats. In-person meetings: Whenever possible, meet with colleagues, clients and prospects in person, even if it’s not absolutely necessary. If geographical situations make this more challenging, meet with people when they come to your city or vice versa. Slack: If you manage a team remotely, Slack is a great way for making sure everyone feels updated and connected in a way that emails can’t. THE SECURED LENDER APRIL 2020
For the introvert
Warm introductions: Take the anxiety and awkwardness out of having to walk up to strangers. If possible, have a mutual friend or colleague introduce you (or set up a meeting for you beforehand). Warm introductions allow the stage to be set for a non-awkward conversation.
For the remote worker
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something so that people seek you out on a regular basis
Weekly status meetings: Even if there’s no pressing reason to meet, it’s helpful to find out what other people are working on, struggling over or succeeding with. Since you can’t share these things at the watercooler, have short weekly sessions where you touch base. Host an event or brainstorming session: No need to host an international event, but a short meeting where you hold a discussion, brainstorm ideas or just have a dinner can be a great connector. Become a knowledge center: Try to establish expertise in
Social media: There is a lot to be said for face-to-face meetings, but there’s nothing wrong with using social media as a warm-up for the face-to-face meeting. Bring a friend: An extroverted friend is a great way to help bring you into groups and conversations and make sure the conversation keeps moving. Of course, you need to make sure you pick a friend who understands you and your special talents and can make sure you shine too. Breathe and don’t overthink: Congratulate yourself for stepping out of your comfort zone. It’s ok if there’s some awkwardness and it’s ok if you’re having anxiety. Take a deep breath, try to relax, and if you can, try to reach out to someone who looks as uncomfortable as you feel. It may just benefit you both. Networking is essential and, with so many options, opportunities, tips and tricks available, every professional can likely find a way to network in a way that works for them. So, what are you waiting for? Give it a try - you might even learn to love it – don’t worry, we won’t tell… Lynn Tanner is a partner with Winston & Strawn LLP. She represents a wide range of lenders, including banks and alternative lenders, such as hedge funds, specialty finance companies, mezzanine funds and BDCs, in connection with both broadly syndicated and club financings, particularly those involving multiple tranches of debt.
COMMITTEE SPOTLIGHT
Women in Secured Finance Paula Currie is the 2020 chairperson of SFNet’s Women in Secured Finance Committee. BY PAULA CURRIE
PAULA CURRIE Senior Vice President PNC Business Credit Paula is senior vice president and director of internal controls for PNC Business Credit, where she manages the Operations and Field Examination Departments for PNC Business Credit nationwide as well as the Field Examination Department for PNC Corporate Banking. Additionally, Paula is responsible for the PNC Business Credit Development Program, the foundation level for the organization’s training program. Paula joined PNC Business Credit in 1998 and has over 20 years of experience in commercial finance and asset-based lending. She has held a number of positions within PNC Business Credit including field examiner, underwriter, regional underwriting manager and director of field examination. Paula twice received the PNC’s Chairman’s Circle Award. She was nominated for and participated in PNC’s Dynamic Leadership, Executive Women’s Development, and Mentoring for Leadership Programs. Paula has served as a member of PNC’s Talent Management Council and Continuing Education Subcommittee and currently serves as a member of PNC’s Employee Business Resource Group - Women Connect and PNC ForWARD - For Women’s Advancement, Recognition &
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Development. Paula received her B.S. from St. Joseph’s University and completed post graduate work at the Graduate School of Credit and Financial Management at Dartmouth University. She is a member of the National Association of Credit Management and TMA (NOW committee). As a member of SFNet, Paula served on the 40 Under 40 Awards’ Event Planning Committee in 2017 and the Leadership Council in 2018 and the WISF Events/Strategic Planning Subcommittees in 2015, 2017, 2018 and 2019. Here, she discusses the Committee’s plans for year as well as the benefits of volunteering with SFNet. Why were you interested in being chair of SFNet’s WISF Committee? As a woman in the secured finance industry, the mission of the WISF Committee is near and dear to my heart from both a personal and professional perspective. I cannot think of a better opportunity to champion the WISF network’s mission – and do so alongside experienced, successful, professional and similarly passionate women. Being the chair of the WISF Committee is an honor and a privilege. I am thankful for the trust and confidence that the SFNet Executive Committee has entrusted in me and I am indebted to the women who have served in this position before me. I know that I have big high heels to fill and I vow to do my best! Please tell us what the Committee has planned for 2020. The pillars of the WISF network are Connect, Educate & Inspire. We hope to clearly display these pillars with the agenda planned for 2020. In January, we launched the quarterly WISF e-newsletter which provides content of interest to WISF members. Stay tuned for our next issue, which will be distributed in April and will feature Katherine Bell, partner at Paul Hastings, LLP, an amazing, intelligent and successful woman, who is no stranger to WISF having served as the Chair in prior years.
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In addition, we plan on more effectively partnering with the local chapters to better promote WISF nationally and reach member firms with Diversity and Women’s Networking groups. We are in the process of identifying Chapter Champions, who will communicate events and information about local events to the national committee and such information will be included in future e-newsletters. We are also working on creating a “profile” bank on the WISF webpage with information on all of our members. As in prior years, we will identify and sponsor a lunch speaker and host a networking event at the 2020 SFNet 76th Annual Convention in New Orleans, LA.
How do you juggle your high-pressure day job along with the time required to chair WISF? I couldn’t do it without the tremendous help of Eileen Kowalski, who serves as the 2020 WISF Communications sub-committee chair, a member of the SFNet Education Committee and as the SFNet Education Champion for PNC Business Credit. I also receive incredible support from the WISF committee members, including the Events, Content & Communication and Strategic Planning sub-committee members and last, but not least, vast assistance from Michele, Jeff, Kayla and Eileen from SFNet. What do you do to enjoy your time outside of PNC and SFNet? Spend time with my family. I have a 13-year-old son, a recently married daughter and two great nieces under the age of 3. Any time spent with them is precious. Paula Currie is senior vice president and director of internal controls for PNC Business Credit.
SFNET CHAPTER CONNECTIONS
Pegapalooza 2020, hosted by the Secured Finance Network-Southwest Chapter BY TONY BANKS
TONY BANKS director Grant Thornton LLP
On Thursday, January 30, 2020, the Southwest Chapter of the Secured Finance Network hosted its annual Pegapalooza Dealmaker Wine and Whiskey Tasting event. This program was created to serve the regional M&A/ Dealmaker community and features an afternoon of structured “Speed Dating� for 15 investment banks and 15 private equity firms, followed by a Wine and Whiskey Tasting for sponsors and guests. The Wine and Whiskey Tasting featured 19 wine and six whiskey tables, along with a substantial gourmet food buffet. Of course, the Chapter promoted the use of ridesharing services. On the evening before the Wine and Whiskey Tasting, the Chapter hosted a VIP, invite-only reception for investment bank and private equity speed-dating participants, along with Title Sponsors, Baker Tilly and VACO and reception sponsor, CR3/Overlay Analytics. The initial Pegapalooza was created in 2009 by former SFNet Southwest Chapter president, Drew Jakubek. Since then, the event has seen a few different iterations and was even on hiatus for a couple of years. The current structure of the program was organized in 2016 by myself (a long-time SFNet Southwest board member) with Drew Jakubek
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serving as an advisor. After hosting the event in November for the three previous years, the Chapter decided to change the date to January as hosting an event like this in middle of the 4th quarter proved to be a bit challenging. The Chapter ran up against several head winds, including, competing PE events, early holiday parties, end-of-year deal closings and depleted marketing budgets from sponsors. By making a move to January, there was a huge increase in attendance, sponsorship and profitability. Chapter membership increased also.
For more information, contact Tony Banks, director, Grant Thornton LLP, tony.banks@us.gt.com.
Many thanks to Chapter president, Ellen Smith of Riveron, Bryan Fischer of BDO and Rich Johnson, Chapter director for their support of our efforts.
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Due to the success of our event, along with the generosity of sponsors, SFNet Southwest was able to donate $5000 to the S.M. Wright Foundation, a Dallasbased not-for-profit organization that provides support and stability to underprivileged children and less fortunate families through hunger relief, economic empowerment and assistance in the areas of education, health and social services, www.smwrightfoundation.org.
Drew Jakubek, director, Marsh (former SFNet president and founder of Pegapalooza) S.M. Wright II, co-founder, president & CEO, S.M. Wright Foundation; Tony Banks, director, Grant Thornton, SFNet board member & Chair-Pegapalooza; Ellen Smith, managing director, Riveron, president, SFNet-Southwest Chapter.
Plans are already in the works for Pegapalooza 2021, which is scheduled for Thursday, January 28.
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