TSL June 2017

Representing the Asset-Based Financing, Factoring & Supply Chain Finance Industries Worldwide June 17

TSL INTERVIEW

GAIL

BERNSTEIN

PAVING THE WAY FOR WOMEN LEADERS IN COMMERCIAL FINANCE

PAGE 4 ALSO IN THIS ISSUE

THE GIRL WITH THE DRAGGIN’ W-2 P16 A REGIONAL BANK RESPONDS TO SMALL-TO-MEDIUM ENTERPRISE FUNDING NEEDS P26 TSL PROFILE P15 REVOLVER P111

THE

50+ WOMEN IN COMMERCIAL FINANCE ISSUE LEADING THE WAY: PROFILES OF GROUNDBREAKING INDUSTRY LEADERS P32

TSL INTERVIEW

SALLIE

KRAWCHECK

MOST M OST POWERFUL POWERFUL W WOMAN OMAN ON WALL STREET SHARES WITH TSL HER THOUGHTS THOUG

PAGE 10 WICF ON THE MOVE P25 THE CFA BRIEF P106

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Representing the Asset-Based Financing, Factoring & Supply Chain Finance Industries Worldwide

THE WOMEN IN COMMERCIAL

FINANCE ISSUE

5

THE SECURED LENDER’S

WOMEN IN COMMERCIAL FINANCE ISSUE

LEADING THE WAY:

Welcome to TSL’s Women in Commercial Finance issue. In the pages that follow, we highlight the accomplishments of over 50 women involved in asset-based lending and factoring along with an interview with PROFILES OF GROUNDBREAKING Wall Street pioneer, Sallie Krawcheck.

INDUSTRY LEADERS

BY KATHERINE BELL

IN OUR NEXT ISSUE The world is changing every day. From BREXIT to the new administration in the U.S., find out how these changes can affect you and the way you conduct business.

Representing the Asset-Based Financing, Factoring & Supply Chain Finance Industries Worldwide

Volume 73, Issue 5

June 17

TABLE OF CONTENTS 4 The TSL Interview Gail Bernstein: Paving the Way for Women Leaders in Commercial Finance Gail K. Bernstein is executive vice president, national investment manager, PNC Business Credit. Prior to September 2013, she was the marketing manager of PNC Business Credit.

Bernstein is a member of the Commercial Finance Association’s Board of Directors, currently serves as vice chair of the Education Committee and is a member of the Women in Commercial Finance Committee.

By Michele Ocejo

with the

The Girl 4

Draggin’ W-2 10 10 TSL Interview: Sallie Krawcheck: On Discovering Your Own Power

Sallie Krawcheck’s professional mission is to help women reach their financial and goals. She is the CEOPAUL and co-founder Ellevest,HOUSE, a justBY professional DIANE SCHUMAKER-KRIEG, JEANNE,ofSARAH launched digital investment platform for women.

She is the chair of Ellevate JOHN E. SILVIA, TIM QUINLAN, MISA BATCHELLER Network, a many-thousand-strong global professional women’s network. And she is the chair of themen Pax Ellevate Global Women’s which invests “I always valued and women equally,Index and Fund, I found that because inothers the top-rated companies for advancing women.

Krawcheck is the author did not, good women economists were cheaper than of Own It: The Power of Women at Work, released in January of 2017. She has men. Hiring women does two things: It gives us better-quality work been named among the top ten of Fast Company’s “100 Most Creative People” for less money, and it raises the market value of women.’’ list. Before becoming an entrepreneur, she was CEO of Merrill Lynch Wealth Management and of Smith Barney. By Michele Ocejo

– Alan Greenspan

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15 TSL Profile

Far West Capital’s Freight and Trucking Factoring division, based in El Paso, TX, has grown from two employees to an office run by 16 women. Lorena Bolivar, senior vice president, joined Far West in 2008.

Here, she shares what she has learned along the way as well as advice for women in the industry.

16 The Girl With The Draggin’ W-2

Women’s labor market participation, experience and education all mirror that of their male counterparts more closely than in any previous period and yet women still earn just 80 cents for every dollar earned by men. While this frequently cited figure is accurate, it is somewhat blunt in its measurement. Career choice, hours worked and other factors discussed in this report explain some, but not all of the difference.

By Diane Schumaker-Krieg, Paul Jeanne, Sarah House, John E. Silvia, Tim Quinlan, Misa Batcheller

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WICF On The Move: LA Event Update Over 150 finance professionals, entrepreneurs, and business owners gathered for the inaugural Southern California Women’s Business Connection on March 2 at the Skirball Cultural Center in Los Angeles.

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SPONSORED CONTENT A Regional Bank Responds to SME Funding Needs Provident Bank’s asset-based lending group specializes in family-owned, privately held small and midsized companies, often the kinds of businesses that most large lenders would simply ignore.

Sharon Bender, senior vice president, director of asset-based lending at Provident Bank, notes that they see considerable opportunity in helping SMEs to grow. By Myra Thomas

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WICF Profi les: Leading the Way Profiles of over 50 women in our industry who exemplify success and who deserve to be recognized for their hard work and dedication.

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The CFA Brief 106 108 110

CFA Calendar CFA Chapter News CFA Among WICF

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Advertisers Index

111

Revolver

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THE SECURED LENDER’S

WOMEN IN COMMERCIAL FINANCE ISSUE

LEADING THE WAY:

In a lighter twist on this column, Jennifer Palmer of Gerber Finance discusses how asset-based PROFILES OF GROUND-BREAKING lending is like dating. Yes, dating.

INDUSTRY LEADERS

BY KATHY BELL

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The Commercial Finance Association 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 assetbased 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 9 times per year (Jan/ Feb, March, April, May, June, July, September, October and November) $65 per year nonmember rate, and $100 for two years nonmember rate, CFA members are complimentary,

by Commercial Finance Association, 370 Seventh Avenue, New York, NY 10001.

Periodicals postage paid at New York, NY, and at additional mailing offices. Postmaster, send address changes to The Secured Lender, c/o Commercial Finance Association, 370 Seventh Avenue, New York, NY 10001.

STAFF & OFFICES Michele Ocejo Editor-in-Chief Eileen Wubbe Senior Editor Aydan Savaser Art Director Cover Photo & Page 4/5 Photo Credit: Dawn Bowery dawnboweryphotography.com Advertising Contact: James Kravitz Business Development Director T: 646-839-6080 | jkravitz@cfa.com Editorial Offices 370 Seventh Avenue Suite 1801 New York, NY 10001 (212) 792 -9390 | Fax: (212) 564-6053 Email: tsl@cfa.com | Website: www.cfa.com

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THE TSL INTERVIEW

GAIL BERNSTEIN PAVING THE WAY FOR WOMEN LEADERS IN COMMERCIAL FINANCE

Gail K. Bernstein is executive vice president, national investment manager, PNC Business Credit, located in Pasadena, CA. Prior to September 2013, she was the marketing manager of PNC Business Credit-Western Region, a de novo office that she opened in 1998.

Before joining PNC, Bernstein was the national sales and marketing manager for Wells Fargo’s ABL unit. She also held the post of senior credit officer and national marketing director for Signal Capital Corporation’s asset-based unit as well as managing director of Bank of America’s Latin American Private Banking Division, where she managed 80 employees and $4 billion in AUMs. Besides her extensive experience in ABL, her career encompasses a specialization in international lending and investment management. She has traveled extensively in Latin America and is bilingual in English and Spanish.

BY MICHELE OCEJO

THE SECURED LENDER JUNE 2017 5

Bernstein is a member of the Commercial Finance Association’s Board of Directors, currently serves as vice chair of the Education Committee and is a member of the Women in Commercial Finance Committee. She is also a board member of the Commercial Finance Conference of California, the Southern CA CFA chapter (formerly President and Chairwoman). She is also on the Board of the Advisory Council of the College of Business Administration, Hilton Center for Business, Loyola-Marymount University (LMU), as a member of the Development Committee and was recently asked to serve on LMU’s Board of Regents. Her active memberships include the Jonathan Club Finance Committee and Women Jonathans, the Executive Committee of Business Forum International, the Association for Corporate Growth and the Women’s Leadership Council.

Bernstein also serves as an executive supporter for PNC Corporate & Institutional Banking Forward (For Women’s Advancement, Recognition and Development).

Here, Bernstein discusses achieving success as a woman in a male-dominated industry, what industries are seeing both growth and challenges and the prospects for the middle market in 2017.

Please tell everyone how you got started in the industry. We know most people don’t think at ten years old “I want to get into asset-based lending.”

No, at ten, I wanted to be a judge. I gave that idea up after I joined the debate team my sophomore year in high school. Debating was great, but I hated writing briefs.

Actually, asset-based lending (ABL) came to me. In 1985, I was in Texas working for a $22-billion bank. They had a unique concept: a management committee that reviewed and approved movement of personnel to

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different departments. At the time, I was managing its Latin America area and had just finished restructuring its Mexican portfolio. My name came up before the management committee, but they didn’t think I would be exactly the right fit for an available position at their asset-based lending subsidiary. But the woman in Human Resources, who had placed me in the Latin America area, called me up and said, “I want you to meet with the president because I actually think you’d be a great fit with him. And I think you’re somebody he would really like to bring into his organization.”

The asset-based lending unit was a separate subsidiary, started by a veteran from GECC. When I went to talk to him, he said, “You know all the nuances of the bank.

I need you more at the managerial level, taking larger credit facilities to committee (imagine back then increasing a local tech company’s line of credit from $10,000,000 to $15,000,000, which has since gone public and whose current line exceeds $1 billion), putting together a credit policy, and overseeing issuing our sub’s financial statements.” He hired me. I received express ABL training by sitting in on some audits and spending time with account executives going over manual trend cards (no one misses those days) outlining collateral information, which, of course, is now automated.

As the senior credit and operations officer, my team and I wrote a credit and audit policy manual — first and last time I did that, thank God! Unfortunately, the Houston bank had problems with their energy portfolio (this was the 80s’ and oh, how history repeats itself), and needed cash, so they sold the subsidiary for a decent premium. I interfaced with both sets of lawyers representing the buyers and the bank itself, reviewing and negotiating benefits. It was actually a very interesting place to be, a great experience to learn by doing. Subsequent to the sale, I moved into the national sales and marketing

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position and stayed on that side of the business most of my career. In 1988, I returned to California (I am second generation) to work for Security Pacific Business Credit which became BABC. Subsequently, in 1996, I was recruited to Wells Fargo’s ABL unit to put a national marketing team together after their purchase of First Interstate Bank.

When Wells merged with Norwest in 1998, I left and opened the LA office of PNC Business Credit. I stayed in the ABL world, except for the two years I spent heading up B of A’s international private banking group (1994-96).

It’s no secret that commercial finance is a male-dominated field.

When you began your career, there were even fewer women in the industry. What challenges have you had to overcome over the years and how do you think the industry has evolved in this respect?

When attending my first CFA Annual Convention in the ‘80s, we were to wear cocktail attire to the opening reception.

So I did, but quickly found it was assumed I was someone’s wife. After that, I wore business suits to these events, so the men would recognize I was from the industry, but even that did not always help.

The challenges: there were hardly any women in the industry, but then again, there were hardly any women in my MBA program back then either (my last class at USC in ’79 was comprised of 250 students, of which only 7 were women. It was a competition running a company. The women formed a team: we won the competition). In the ‘80s, women were just starting to enter the industry, and we were wearing our pinstripe suits and our little rose ties, trying to decide whether to act like men to fit in. The answer is not to act like a man, just be as competent or better. And sometimes it is an advantage. In the days when you still signed a loan agreement in person, I was in London for a large syndication where we had co-underwritten the loan. There were 39 men and me at

The challenges: there were hardly any women in the industry, but then again, there were hardly any women in my MBA program back then either (my last class at USC in ’79 was comprised of 250 students, of which only 7 were women. It was a competition running a company. The women formed a team: we won the competition). the signing and closing dinner. No one had a hard time remembering which navy blue suit I was.

My thought process was always “vive la difference.” I was always very outspoken (“Gail, I can’t believe you said that!” And my response would be, “Really? You were thinking the same thing. I just had the nerve to say it.”) and people in those days seemed to have very finite ideas of how women should speak and act. I never really fit the mold. But I decided early on in my career to tie myself to the production of revenue. That way, people paid more attention to the bottom line produced and less to inconsequential nonsense. Organizations are always interested in people who have a book of business, who can produce revenue.

It makes you marketable.

Not everyone is cut out for sales.

You have to be assertive to win business and some may tag you as “aggressive” or “emotional” or worse, tell you that you are in a “man’s” job.

I was very successful at generating revenue as a business development officer early in my career as well as putting teams together and running a P&L. A good team will make you successful, so a fair manager never has to resort to taking credit for what his/her team produces. Bottom line results speak for themselves. I found out early on that the squeaky wheels get the grease and that, if you can back up whatever you’re asking for with results — which I was always able to do — you have a lot more leeway than

if you cannot.

There are women in top leadership roles in ABL now, running P&Ls, but you can count them on one hand. Bill Kosis, the president of our ABL, has supported women in leadership roles.

Our heads of field exam and operations are women as well as two of our portfolio managers, and they are the indispensable backbone of our unit.

However, I would like to see more women on the business development side. But women have to do their part, too. At PNC’s ABL unit, I have seen very few women graduate from the training program, and, after spending time in field exam and underwriting, go into business development. As recently as last week, I talked to a manager at a bank four times the size of PNC. I thought our numbers were low with six women business development officers; they had two. Ladies, this is an opportunity. Step up to the plate!

I think the board has done a great job at the CFA of including more women and people of color, but ten years ago it was all-white, all-male. We have evolved, but I think we need to continue to evolve.

As far as what advice would I offer to young women, I would say, work hard, be the best that you can be, go the extra mile without being asked!

I do think women get tested a little bit more. But if you show you know what you’re doing, you can advance.

Put yourself in situations where you can learn and progress. Let your boss

know what your goals are. Be vocal on salaries, bonuses and promotions if they are deserved. And, by all means, keep a sense of humor because this journey will have bumps in the road.

I have handled some of my toughest situations with humor. Most of them occurred in my business dealings in Latin America, but that may be material for a future book.

About 15 years ago, I gave a talk with Vicky Balmot, who was then at Congress/Wachovia, on whether there’s a glass ceiling. And the answer back then was, yes, there was a glass ceiling. But you can’t act like there is one or we won’t progress. I think the ceiling has opened, and take advantage of that. Women don’t ask for the business or promotions as readily as men. Women should focus on sales positions more than they do. I think running a P&L is where the money and the power is, so more women should focus on that as an ultimate goal.

The commercial finance industry is not alone in needing to improve its percentage of women and minorities in mid-to-top management. It also applies to many of the people we finance. PE firms and the investment banks have very few women partners.

Venture capital has been more open to women. I still don’t think you see very many women partners though.

And my question to all the men in all industries would be: “What are you personally doing to clear the path for your daughters?”

I often wonder what the men are

THE SECURED LENDER JUNE 2017 7

doing to promote women partners in their firms and women running P&Ls. I had a woman once tell me that she wanted to make as much money as possible and leave it to her daughter so that she would never have to enter the business world of investment banking and commercial finance, and face the same kind of challenges she had. I don’t think people should think that way. We should focus on how we can make it better for women to enter and stay in the business world.

Women need to network and to try to help other women. When women first started getting into the business, there weren’t very many women who could mentor you. And it doesn’t necessarily have to be a woman mentor. Men can mentor you –it just needs to be someone who supports you.

You can’t do it alone. I know PNC has programs where executive sponsors are males as well as females. I think many organizations are trying to improve support groups for women and minorities.

Bill Demchak, PNC’s CEO, has been a great supporter of women. The heads of our capital markets, commercial bank and real estate groups are all women. So PNC, overall, has been stepping up to the plate and having

women run P&Ls. I think more and more institutions are focusing on doing the same.

Women should also definitely find a group to network with, such as CFA’s Women in Commercial Finance Committee. Most industry organizations have a women’s group and a young professional group these days.

You’re being honored by the National Jewish Health in June. Could you tell our readers what this honor means to you?

(Editor’s note: This interview was conducted prior to the event, which was held on June 3.)

National Jewish Health has focused on the commercial finance industry and the apparel industry; that’s even branching out. In Los Angeles we have two honorees, me and Noel Ryan, who is an investment banker with Houlihan Lokey.

I’ve always believed in giving back.

I’ve always been involved in charitable boards and gotten involved in projects, such as painting a school or taking clothes down to Tijuana or visiting teenagers in juvenile detention whose parents didn’t visit them.

I’m bilingual, so I thought I should use that to help others; I was a volunteer translator in court for Spanish-

We all just have to be smarter in lending to cyclical industries. In 2008, the housing industry was hit very hard, as were companies serving the housing industry. We expected that maybe automotive would take a hit, but automotive companies weathered that storm well. The economy goes up and down, and there’s always some particular industry that gets hit more than others, but they eventually all bounce back.

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speaking women obtaining restraining orders against batterers. Not only do I feel like this honor is recognition for industry as well as personal accomplishments, but I also love raising money for good causes. I’ve always been on the fundraising committee of my daughter’s schools and my alma maters. The money I donate to LMU is designated to women of color in the business school, preferably in the entrepreneurial program, because I want to see more women business owners, especially amongst minorities.

I went to visit the National Jewish Health (NJH) in Denver, and what they’re doing with respiratory diseases — especially children with asthma and COPD in adults — is very, very impressive. I initially supported it because they had picked honorees from the commercial finance industry. But the more I got to know them, the more I liked their mission. The cases where no one else could figure out a cure, where they did, is amazing! An athlete who thought she had asthma actually got so stressed out before competitions that her vocal chords restricted causing her breathing impairment. So, she had been taking all these asthma medications for naught. When visiting my own doctor two weeks ago, I mentioned I was being honored by NJH and she said, “They are a great hospital.

One of my patients started going there and her level of care and how it has affected her health has been amazing.” I’m deeply honored to receive recognition from an organization that is improving the lives of so many. I encourage people to check out their website and support the work of NJH. I’ve always loved giving parties, and I am pretty good at it. I expect people to have their dancing shoes on for the gala on June 3 because there’s going to be a great band for a celebration worth remembering.

In what industries is PNC seeing the most opportunity in right now? What industries are particularly challenged?

The energy sector is definitely challenged, although recently the price of oil has picked up. Time will tell if that sticks. I think you’re seeing a comeback in the economy. All the cyclical industries that we all finance hit a bump in the road at some point. I was in Texas in the ‘80s when that oil bust hit. No appraiser was ever going to tell you that you could possibly get 10 cents on a dollar when they did the appraisal at the beginning of the loan. In some cases, when the oil bust hit back then, appraisers were advising that you could melt the rig down to the iron ore and recognize more than you could trying to sell it. But that industry is coming back. We all just have to be smarter in lending to cyclical industries. In 2008, the housing industry was hit very hard, as were companies serving the housing industry. We expected that maybe automotive would take a hit, but automotive companies weathered that storm well.

The economy goes up and down, and there’s always some particular industry that gets hit more than others, but they eventually all bounce back.

Rather than tell you what industries we focus on, it’s probably easier for me to tell you what we don’t do.

We’re not big on progress billings, so we don’t finance construction. We also don’t finance restaurants. The easier it is for assets or talent to walk out the door or perish, the tougher the financing challenge. But other than that, we’re pretty flexible. Manufacturers, retailers, wholesalers, distributors and some business service companies (e.g., staffing companies) are staple borrowers for the ABL world. We have a great leader in Bill Kosis. He is understated and not one to seek out the limelight but he has a keen intellect (the best I have seen in the business) and has always been very innovative.

If we only had an ABL product, we probably wouldn’t be as successful as we’ve been. But we’ve had the stretch product for decades (lending up to an additional 25% of the commitment).

Bill brought us in to lending on recurring revenues, providing second lien

financing and participating in the unitranche market. PNC is lucky to have such a loyal leader, one whose many team members have followed him and stayed with him for years.

PNC Business Credit has evolved as a company and with technology.

Millennials are the first to show us that we have to move with the times.

Communication is completely different now. For example, there are tools that enable you to search for all the CEOs and CFOs in a city that went to your alma mater. You can contact or connect with them and see who else they know. LinkedIn as well as other products have evolved and are providing tools that help you target prospective clients or referral sources.

We in the lending game have to evolve along with the technology.

Knowing how that technology impacts our customers is important. All the rigs that were stacked as a result of the most recent oil crisis, will they go back into use or has a new model or technology come out? Tracking inventory, machinery and equipment, serial numbers, auction results, etc. continue to improve. Technology has completely changed the way we lend, the way we do business, and the way people borrow. And so we, in the industry, are constantly having to evolve.

According to the National Center for the Middle Market, middle-market companies ended 2016 on a high note, showing revenue and employment growth and expressing confidence about both the national and global economies. What kind of effect is this having on middlemarket lenders and how do you think the middle market will fare in ’17?

I think the middle market will do very well in 2017. The first half of last year was dead in the water, and the second half just took off. I’d have to look at what percentage of the business we did in the second half, but I think we saw this in 2010 where it was slow in the first half and then came roaring back in the second half. And that has continued into 2017.

For a traditional ABL-structured financing, it is definitely a borrower’s market. It has been and continues to be very competitive. Companies were not borrowing as much in 2016, and PNC’s portfolio has grown quite a bit since the end of the year, not only from new clients, but also from existing customers who continue to expand and, thus, borrow to finance growth. We have been very busy and very active, and I think that will continue. I would think other financial institutions are experiencing the same.

If the oil price coming back sticks, that will help the economy and the companies in that industry. Now that the election is over — whether or not anybody likes the outcome or not — people at least are past that and borrowing again, hiring employees, and generating increased revenues. You’re seeing an uptick in M&A activity; our sell-side investment bank, Harris Williams, had their best year ever in 2016, and 2017 is continuing that trend. I think most investment banks would concur that 2017 is proving to be a strong year.

While it’ll be competitive for middle-market lenders, I think middlemarket borrowers are definitely back in the market to borrow. Acquisitions and dividend recaps are alive and well.

That is another reason why financial institutions have to look at themselves and review the products that they offer to their customers. If you don’t provide your customer with innovative solutions, someone else will.

I do think it’s going to be a strong year. The stock market definitely thinks so.

Michele Ocejo is editor-in-chief of The Secured Lender.

THE SECURED LENDER JUNE 2017 9

SALLIE KRAWCHECK CEO AND CO-FOUNDER, ELLEVEST

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TSL Interview

Sallie Krawcheck on Discovering Your Own Power

BY MICHELE OCEJO Sallie Krawcheck’s professional mission is to help women reach their financial and professional goals. She is the CEO and co-founder of Ellevest, a just-launched digital investment platform for women. She is the chair of Ellevate Network, a many-thousand-strong global professional women's network. And she is the chair of the Pax Ellevate Global Women’s Index Fund, which invests in the top-rated companies for advancing women. Krawcheck is the author of “Own It: The Power of Women at Work”, released in January of 2017. She has been named among the top ten of Fast Company's "100 Most Creative People" list. Before becoming an entrepreneur, she was CEO of Merrill Lynch Wealth Management and of Smith Barney.

KRAWCHECK WILL BE THE KEYNOTE SPEAKER AT CFA’S FIRST WOMEN IN COMMERCIAL FINANCE CONFERENCE, SEPTEMBER 27-28, IN NEW YORK CITY.

THE SECURED LENDER JUNE 2017 11

In your book, Own It, you propose that women should have the freedom to be women at work and not feel pressured to act like men. You state that the unique strengths possessed by women can, in fact, be what drives their success and the success of their organizations. Can you explain for our readers what you mean by this?

So much of the advice that women get is to be more confident, raise your hand if you’re not ready for the job, take on responsibilities, take on more risk. In other words, in some ways adopt some more masculine qualities.

This direction, in essence, informs us to conform to the organizations as they exist today, organizations that promote males, that typically have male CEOs and executive teams.

And the work that I’ve laid out in the book on diversity shows that it is the different characteristics that women can bring to work, or any people of difference bring to work, that drives the power of diversity, which leads to higher returns such as company performance, greater innovation, etc. It just strikes me that taking these qualities that make for diverse workforces, and then trying to turn everybody into similar versions of each other, negates the power of diversity.

Sometimes it helps to think about it not as men versus women, but to think about an introvert versus an extrovert. If you’re a manager, it’s just easier to manage extroverts. And so the easy way here is to tell everybody to become an extrovert. Oh, okay, but that can be uncomfortable for the individual whom you’re trying to change, and it can cause them to leave the workforce.

If we, as managers, work harder and enable people to be their real selves and instead do the harder work of drawing them out or managing them as they are, as opposed to trying to turn them into carbon copies of each other, that can drive better business performance.

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Can you please tell readers a bit about your belief that the way that we work today and the way our work lives are evolving is better suited to the qualities of women?

Technology is changing everything, and quickly. We can see it in the financial services. My business, which is a digital investment platform, simply wasn’t an option some years ago. We see it in media and marketing certainly, but we also see it within some of the other career paths people chose.

Marketing a handful of years ago was really brand building, and so it was a qualitative business. Today it’s qualitative and quantitative. It’s not only brand building, it’s also multi-touch attribution analysis of the advertising that one does in digital.

Business is changing fast, and I believe a lot of the change will play into the hands of women. In the environment of 50 years ago, command and control management made a lot of sense. If you were the only one who had any information or data, you could boss everybody around. But today information is cheap, broadly available, and so it’s no longer just bossing people around, command and control, but instead characteristics of being able to analyze the information, being able to rally people around it, being able to communicate the information, the ability to keep up with the complexity, qualities that research indicates women bring to work in spades and are becoming more and more valuable.

months in advance and have a discussion about how much the job is worth.

Increasingly, you can go to different sites such as payscale.com or getraise. com and calculate how much your job is worth, not to the exact dollar, but certainly triangulate the value. And then have that conversation with your boss about what metrics he or she is looking for, what are important to him or her in that year. And then, when you go into the raise conversation later in the year and you deliver the numbers you should, whether that’s your key performance indicators, whether it’s your X number of projects in on time, Y number of new clients, whatever that thing is, once you’ve delivered it, that then becomes a much easier conversation, as opposed to walking in not having had either of those and asking for more money.

At what point in your career did you have the confidence to negotiate compensation commensurate with your market value? And what advice can you offer to women when they’re preparing to ask for a raise?

I think so much of the advice focuses on the conversation, and, if you walk in and ask for a number and your boss is not prepared for it, you put yourself at quite a disadvantage.

The way that I advise to do it is to sit down with your boss months and

What advice would you offer to women on how to prospect for board positions, if you’re at that stage of your career, and what do you think they should consider when deciding between not-for-profit versus forprofit board positions?

Like everything else, this is all about networking, and the easiest way to get on a board is to know somebody on that board and be recommended for that board. And that’s how I’ve gotten on two of the boards that I’ve been

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You also point out in the book that, if you don’t ask, not only are you losing money, but you’re probably handing it over to the man who does ask.

You are. It happened to me. I will never forget. I was short on a bonus years ago, and I couldn’t figure out why. I kept thinking: did they not like me? It wasn’t short by an enormous amount, but some amount versus what my boss and I had discussed. And it became clear to me over the course of the next week that one of the big-time research analysts had threatened to quit and had been given more money, and so that money had been taken from me and everybody else.

AND THE WORK THAT I’VE LAID OUT IN THE BOOK ON DIVERSITY SHOWS THAT IT IS THE DIFFERENT CHARACTERISTICS THAT WOMEN CAN BRING TO WORK, OR ANY PEOPLE OF DIFFERENCE BRING TO WORK, THAT DRIVES THE POWER OF DIVERSITY, WHICH LEADS TO HIGHER RETURNS SUCH AS COMPANY PERFORMANCE, GREATER INNOVATION, ETC. on. I’ve never had an executive search person place me on a board. I just got an email yesterday from two friends of mine whom I know in the professional world who asked me to consider going onto boards. So it’s networking, networking, networking.

For-profit versus non-profit board is a personal decision. Whatever board you go on, you want it to be something that is interesting to you. My little rule of thumb, which is selfish, is that I won’t consider a board in which I don’t believe I’ll get as much from them as they’ll get from me.

If you have the opportunity and choice, going someplace where you will continue to learn makes being on a board not just prestigious, but will also add to your professional resume.

Because, believe you me, boards take up time.

What are some effective ways that women can advocate for each other?

I happen to think it’s: Just do it. It is not only emphasizing what other women have said in a meeting, but if someone tries to take the idea, don’t make her fight that battle for credit alone. Speak up and say, “Suzie just said that, and I loved it when she said it.” And it’s proposing women for promotions and for jobs. I’ve seen a woman, who’s supposedly supportive of other women, say that we shouldn’t give a woman a job because she just had twins and so would be exhausted.

Let the woman make that choice, let her have the opportunity given to her,

and then let her and her family make that choice as opposed to someone else making it.

I just left a board because of one of these situations. There was information I’d been asking the board for years and was told the information was impossible to get, wasn’t worth looking at. It became sort of a joke with me that I would ask the question at every board meeting. I showed up about a year ago and a gentleman asked the question, and the guys said what a great question, we should really gather up that information, and I quit that day. And at first I thought I should protest and tell them why.

Then I thought they just don’t deserve my time; I quit.

What advice do you have for young women just starting out in finance and other male-dominated industries?

Work hard. I get the question so often, and I think underlying your question is: In a male-dominated industry, does it help me or hurt me to be a female, and my answer to that is always yes.

There are times when it helps you and there are times when it hurts you. And the times when it helps you are when it helps you stand out. When I was a life insurance analyst and there were ten life insurance analysts who were all males, I stood out. And so that could be a great thing. Sometimes it could be not such a great thing, if my recommendations were incorrect.

But, in general, it was a positive.

I wouldn’t have been on the cover

of Fortune magazine if I had been a middle-aged white guy. I’m pretty pragmatic about it.

Now, that being said, a friend of mind said something I thought was pretty insightful, which is if you look for discrimination, you will find it. If you make it part of your day to look for it, it is there and it is everywhere, and you will burn yourself out. I’ve seen women do that. They were not able to laugh off the guy who just doesn’t get it, but instead got upset at each slight and, sadly, it ended up being her who left, not the guy.

In your book, you touch on a topic that may be uncomfortable for some women. Women-on-women bias. We all know it’s there. It’s not just men who hold these stereotypes. What do you think we could do to overcome it?

We all hold them because we’re all brought up in the same society. When we think of the word “leader” or “CEO” or “genius”, we all have a male pop into mind. And for so long, when women advocated for other women, they were dismissed on it. So you would try to do the right thing, and the response would be “you ladies are in it together.” This is not just my perception; this is research-based.

So, one, we start out with the same biases, and, two, we get smacked by the patriarchy for advocating for other women. Women being successful is good for all of us. It’s good for companies, it’s good for the women, it’s good for their families, it’s good for society.

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You will likely have to point out on more than one occasion that, “You may not be familiar with the research that says that I will get dismissed for advocating for Suzie, but let me tell you why.”

And, by talking about it, you take it off the table. Not every time, but most people mean well. You will hear them say, “Oh, I didn’t know that. Well, I guess that is true. If you say that, I’ll tend to think that it’s you girls being girls together. All right, well, let me listen respectfully.” And, even if they’re jerks, you put them on notice.

In the book, you give an example of a man and a woman up for the same promotion. Both have the same qualifications, both are viewed as ambitious and aggressive. The woman is referred to an executive coach while the man is promoted. Is there something women can do to get ahead of this kind of bias before it happens?

This one actually can be a very tough one because that conversation is happening when she’s not in the room. Carla Harris, a great banker over at Morgan Stanley, has said every important decision about your career is made when you’re not in the room.

So it is a good thing to have a spon-

sor in the room. We all know about mentors. You’re probably also familiar with sponsors, who not only answer your questions, but actively advocate for you.

If you’ve got a sponsor in that room and someone says, “She’s aggressive, so people don’t like her,” the sponsor can reply, “She’s effective and have you noticed that people have to be aggressive in this environment in order to be successful? Look at every guy we just promoted. She couldn’t be successful if she wasn’t.” Sponsors are not just important for a career, but in certain instances they can make or break a career.

I also talked in the book about how I was reorganized out of Bank of America at a time when the business I was running was ahead of plan, gaining share, and growing, and it was the only one of the company’s businesses that was doing so. When I phoned the members of the board of directors to first thank them for the opportunity, and then ask what could I have done better, the feedback I got was there was nobody in that room advocating for me. The thinking was that, if the business results were that good with me running it, imagine how much better they’d be with someone else.

FOR ME, I WAS WORKING ON WALL STREET AND RUNNING SMITH BARNEY AND MERRILL LYNCH IN ORDER TO HELP AMERICAN FAMILIES INVEST AND PLAN SUCH THAT THEY COULD LIVE BETTER LIVES, DO MORE THINGS FOR THEIR CHILDREN. WHEN IT CAME DOWN TO THE RIGHT CHOICE TO MAKE, FIGHTING FOR THOSE CLIENTS, BECAUSE I WAS VERY CLEAR ON WHY I WAS THERE, IT WAS EASY. IF I WAS THERE FOR MONEY FIRST, THEN I WOULDN’T HAVE DONE THAT.

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In your book I was struck by the conversation you had with your son where he points out that you’re “one of the good guys.” How do you think this may have affected your career?

Was it challenging to be compassionate and ethical on Wall Street?

No, because it’s who I am, and I thought hard about what motivates me and, while I will negotiate for salary like everyone will negotiate, it is not solely about money. For so many women the number one reason they accept a new job is purpose.

And that’s been true for me. I got job offers at hedge funds over the years and always thought, well, what’s the meaning and purpose here? I see the money; I don’t see the meaning and purpose. And so I turned those opportunities down despite the fact that they were lucrative.

For me, I was working on Wall Street and running Smith Barney and Merrill Lynch in order to help American families invest and plan such that they could live better lives, do more things for their children. When it came down to the right choice to make, fighting for those clients, because I was very clear on why I was there, it was easy. If I was there for money first, then I wouldn’t have done that.

Thank you so much for sharing your insights with the readers of The Secured Lender. TSL Michele Ocejo is editor-in-chief of The Secured Lender.

tsl profile

f

ar West Capital’s Freight and Trucking Factoring division, based in El Paso, TX, has grown from two employees to an office run by 16 women.

Lorena Bolivar, senior vice president, joined Far West in 2008. Here, she shares what she has learned along the way as well as advice for women in the industry.

When Lorena Bolivar joined Far West Capital almost ten years ago as an account manager, it was just herself and her boss at the time. Her sister, Brenda, then came on board, and they have been growing ever since.

“In 2010, Cole Harmonson, Far West Capital’s CEO, asked me if I could handle the office and sales. At that point, I didn’t know anything about sales. But, I like balance and I thought, ‘I don’t think that could be that hard.’”

Bolivar was managing the office, and, at the same time, looking for new clients. Currently, the El Paso office has around 160 clients.

“Three of my sisters work with me.

Brenda started about a month after I did and is now our operations manager. Ericka, a senior account manager, has been here for six years and Susana joined us a couple of years ago and is more on the accounting side. I’m the first born of seven, with five sisters and one brother.

All of my life I’ve been around women

FAR WEST CAPITAL

and my mother always taught us good values and to care for one other. I think that is what makes the difference between just looking at a client like a number or a true relationship, which is how we see our clients. Many people wonder, ‘How can we work together?’ Sometimes when family is involved in business it can be complicated, but we make a great team. They treat this company like it’s theirs, and their clients as if family.”

Bolivar says she never would have imagined herself running an office, let alone one consisting of 16 women.

“I have interviewed a few men, but it just hasn’t worked out. We make such a great team. The ladies are awesome, responsible and they know what they have to do.”

Bolivar notes there is a strong office camaraderie often with the entire office going out to lunch for birthdays, for example.

“Everybody gets along well. I think the most important thing is every employee respects each member of this team and their beliefs. We are a real community.”

Bolivar estimates 90% of Far West Capital’s El Paso office clients are local, and the entire El Paso staff is local and fluent in Spanish, which is the first language of most of their trucking clients.

“We’re able to develop that relationship and have face-to-face contact with them,” Bolivar added. “Trucking companies will get paid the same day they deliver, or when they are back in El Paso, without having to wait up to 45 days to receive payment, whether it’s to pay their drivers or for fuel and company expenses.”

Bolivar attributes her success to having the right attitude, moreso over knowledge.

“When I started in the factoring industry, I didn’t know what factoring was, not in Spanish or English, and I didn’t have a degree,” she said. “So, for

me, it was something totally new, but I had the hunger to learn and do my best.

I started from the bottom and little by little, I learned. I would Google and read as much as I could on factoring. I always tried to be better and better. It doesn’t matter if you know or don’t know what you’re doing, but give it the best of you.

Always try and continue growing and learning. Always push and fight for your dreams. Everything is possible.

“Women are not only intelligent, but we have so many values that we use in the work world,” Bolivar added. “We’re kind of like Super Woman. We work, we may have children and manage a household, and other roles, all at the same time, all while being great professionals.

So I think we have what it takes to be great leaders in this industry.”

As the El Paso office continues to grow, Bolivar stressed she looks for potential employees with a hunger to learn and work.

“I can usually tell within 10 minutes if someone will be a good fit here or not.”

The theme of community will continue for Far West Capital, as the company recently formed the Far West Capital Women’s Club, meant for the FWC team office and wives of their clients.

“The goal of the club is to support and bond with women who+ have the same dreams, fears and challenges that make us get up every morning looking for better opportunities,” Bolivar explained. “In March, we had our first quarterly event and it was a success. There were 50 women present and the guest speaker was a psychologist discussing managing stress in your professional life and household.

We had dinner and margaritas to relax and everyone enjoyed the evening.”

Eileen Wubbe is senior editor of The Secured Lender.

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The Girl

with the

Draggin’ W-2

BY DIANE SCHUMAKER-KRIEG, PAUL JEANNE, SARAH HOUSE, JOHN E. SILVIA, TIM QUINLAN, MISA BATCHELLER “I always valued men and women equally, and I found that because others did not, good women economists were cheaper than men. Hiring women does two things: It gives us better-quality work for less money, and it raises the market value of women.’’

– Alan Greenspan

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Women’s labor market participation, experience and education all mirror that of their male counterparts more closely than in any previous period and yet women still earn just 80 cents for every dollar earned by men. While this frequently cited figure is accurate, it is somewhat blunt in its measurement.

Career choice, hours worked and other factors discussed in this report explain some, but not all of the difference.

Research indicates that bias also plays a role and companies still have some work to do to ensure that women are compensated fairly.

Closing the gender pay gap should be more than just a social goal. For businesses, it is a way to boost profits and tap a deeper pool of talent. For the larger economy, narrowing the pay gap could draw more women into the workforce and increase labor force participation, an oft-cited factor in explaining below-trend GDP growth.

Raising female participation and earnings would support income and spending, particularly for low-income households. The Girl with the Draggin’ W-2 is not looking for a handout. She seeks equal pay for equal work.

• Full-time working women are paid just 80 cents for every dollar earned by men (Figure 1).

• Over the past 50 years, women have made significant gains, but progress towards closing the pay gap has stalled over the past 15 years.

• Women’s labor force participation topped out around the same time and remains 12 points below men’s.

• Closing the wage gap could draw more women into the labor force, benefitting both businesses and the broader economy.

• Women spend 50 percent more time than men on housework and family care, a factor that depresses their workforce participation rates and wages.

• On an encouraging note, women are now out-achieving men educationally. This bodes well for their future earnings and labor force participation rates

FIGURE 1

Source: U.S. Department of Commerce and Wells Fargo Securities

The Girl with the Draggin’ W-2 On many fronts, women are on more equal footing with men than at any time in history. Women hold public office, serve in combat roles in the military, and are ordained in many religious denominations. The same holds for women’s progress in the labor market. Women’s participation, experience, education and earnings all mirror that of their male counterparts more closely than in any previous period and yet women are still compensated at a significant discount.

As we detail in this report, much of the difference can be explained. Addressing the rest of the pay gap may be the key to unlocking growth at the macro level and improving business profitability.

The “Mommy Track” and Other Factors Behind Lower Participation To break down the gender pay gap, we start by acknowledging that women have less experience in the workforce relative to men. However brief, greater time spent out of the labor force slows women’s accumulation of job-specific skills for which employers naturally pay a premium. About 14 percent of the wage gap can be explained by women having less work experience.

The decision for women to work has not always been easy, as segments of the workplace have historically been less welcoming for women. After joining the workforce in increasing numbers from the late-1940s to the late-1990s, female labor force participation plateaued and remains more than 12 percentage points below that of men (Figure 2).

The gender participation gap varies widely by age (Figure 3). While female teenagers are just as likely to be in the labor force as males, the participation gap grows and peaks when women reach their 30s and are most likely to have young children. Although fewer mothers are exiting the workforce after having their first child relative to prior generations, childcare considerations clearly take a toll on the participation rates of mothers with young children (Figure 4). The cost of childcare has increased twice as fast as household income over the past 15 years. Meaning, it often makes more sense for one parent (usually the woman) to stay at home with the children rather than work and have all or most of that paycheck consumed by childcare expenses.

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FIGURE 2

Source: U.S. Department of Labor and Wells Fargo Securities

FIGURE 3

Source: U.S. Department of Labor and Wells Fargo Securities

Whether this is by choice or by social expectation, women still take on the greater share of childcare and household responsibilities. Women spend about 50 percent more time

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each day than men on housework and more than double the amount of time caring for children.

These traditional social roles, the high cost of childcare and a lower level

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of earnings keep a larger share of women outside the labor force even if they would like a job. In 2015, the number of women who wanted a job, but were not currently looking due to childcare or family responsibilities, was nearly four times greater than the number of men.

Lower participation rates, in part, reflect more fluidity among women in the workforce. While women are increasingly the primary breadwinners in their household, for more than 70 percent of working married couples, men still out-earn women. With women more likely to be the secondary source of income, there may be less pressure to find a job or remain employed. As such, women are less likely to join the labor force; rather than being “pushed” by financial need or social expectation, a subset of women are able to wait for the “pull” of a suitable job opportunity.

As a result, women to some extent serve as a “swing” source of labor and a second source of income.

Who’s Got Time for a Career with Multiple Jobs and Housework?

Of course, for many households, that second income is vital and participation is required. Balancing financial needs and/or the desire for a career, alongside household and family responsibilities, leads to a higher share of women working part time.

Fewer hours worked also contribute to the lower levels of cumulative experience that explains a portion of the wage gap.

Although most choose to work part time, a consistently greater share of working women report being under-employed compared to men. Like all under-employed workers, limiting working hours restricts the acquisition of skills and experience that are vital to career advancement and earnings growth. Having to piece together multiple jobs rather than a single full-time job can also limit career advancement (as well as access to employer-sponsored benefits), and we note that a higher share of women work more than one job to make ends meet.

Even for women who are considered employed full time, on average they tend to work fewer hours than full-time working men each week (40.7 hours vs. 43.5 hours

in 2015). Here again, household and family responsibilities seem to factor into the employment experience of women; married mothers employed full time still spend roughly an hour more per day on housework and family care than married fathers (Figure 5).

Lowering Occupational Gender Barriers for Women…And Men Differences between professions in which men and women work are the largest cause of the gender pay gap.

While it is well known that certain jobs tend to be disproportionately male/

FIGURE 4

Source: U.S. Department of Labor and Wells Fargo Securities

FIGURE 5

Source: U.S. Department of Labor and Wells Fargo Securities

female (e.g., men are five times more likely to be engineers while women are nine times more likely to be receptionists), it is less known that these gender differences in industry and occupation account for half of the wage gap.

Industry and occupational differences between genders can be attributed to an array of factors, such as employment trends, educational attainment, individual preferences and even social expectations. Employment data show that women have generally secured jobs in occupations that have registered the most rapid growth over the past three decades (Figure 6).

From 1985 to 2016, net payroll growth was the fastest among managers and professionals and, over this period, women’s representation in these occupations saw the largest increase.

Educational attainment also plays a role in the distribution of men and women among occupations. Research suggests that, in general, the higher the level of educational attainment, the smaller the occupational differences between genders.

While the legacies of gender sorting in the labor market cast a long shadow, women have made substantial strides in several key occupational categories in recent decades. The share of women in management, business and financial occupations has grown considerably over the past 30 years, rising roughly 10 percentage points from 34 percent in 1985 to 44 percent today.

Notably, the percentage of women in management occupations alone has also risen, reaching nearly 40 percent in 2016 (Figure 7). Still, women remain underrepresented in higher-level roles, with females accounting for just 16 percent of C-suite positions and only 4.6 percent of S&P 500 CEOs. This contributes to women’s underrepresentation among the nation’s top earners, with just 9.5 percent of females claiming that title.

Moreover, women’s concentration in management varies considerably by industry, with females holding management roles in lower-paying fields. It bears noting that stereotypes

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FIGURE 6

you compare jobs that require similar skills and education, but contrast by gender, the earnings discrepancies become apparent. For example, the median earnings of janitors (mostly male) is roughly 30 percent higher than the median earnings for maids and housecleaners (mostly female).

When women move into male-dominated fields, research shows that the pay in those jobs drops relative to other occupations. In other words, as women become more prevalent in a profession, the work in that field, and therefore the earnings, get devalued.

Source: U.S. Department of Labor and Wells Fargo Securities

FIGURE 7

Source: U.S. Department of Labor and Wells Fargo Securities

and gender barriers have limited job options for both men and women. The share of male registered nurses has more than tripled since 1970, but men remain less than 12 percent of total employment.

Even in female-dominated fields,

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men tend to earn more. Among fulltime working men and women in the same nursing fields, male nurses make about 10 percent more than female nurses on average. In fact, men earn more in nearly every occupation category (Figure 8). Moreover, when

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If Not for Education, Pay Gap Would Be Even Bigger Differences in educational attainment, a reflection of workers’ skills, can help to explain variations in pay. Lower educational attainment was once a contributing factor to the gender wage gap, but in recent years has become an advantage for women. The pay gap would be roughly 6 percent larger if it were not for the fact that women are now out-achieving men educationally.

In 1991 the share of young women enrolled in college surpassed the enrollment rate for young men, and the gap has widened over time (Figure 9). This trend has shifted the gender balance at U.S. universities; women now account for the majority—56 percent—of the 10.5 million students enrolled in four-year undergraduate programs as of all 2015. The recent strides made by young women have put the share of total women with a college degree on par with men, with one-third of both the male and female populations holding a bachelor’s degree or higher.

Sizeable Portion of the Pay Gap Remains Unexplained Recall the statistic cited in the introduction that the average full-time working woman earns roughly 80 cents to the dollar of a full-time working man—or $10,470 less annually. While this figure is accurate, it is a somewhat blunt measurement that obscures a complex

FIGURE 8

Source: U.S. Department of Labor, U.S. Department of Education and Wells Fargo Securities

FIGURE 9

Source: U.S. Department of Labor, U.S. Department of Education and Wells Fargo Securities

issue. As we have detailed in this report, the differences surrounding men and women’s time in and out of the labor force, industry/occupational choice and education all contribute to the gender pay gap. A portion of the gender wage

gap, however, remains unexplained.

When controlling for a host of characteristics, 38 percent of the earnings gap is still unaccounted for (Figure 10). Some of the unexplained shortfall may be due to discrimination. While explicit pay

discrimination has become much less common, research suggests implicit/ unconscious biases (e.g., working mothers can be perceived as less committed, female students in the sciences can be viewed as less competent) persist and can prevent women from entering better-paying occupations.

Other characteristics also play a role. Women are four times less likely to ask for a raise compared to men; when they do ask, women typically request 30 percent less and are viewed more negatively than men for asking.

In addition, women are more likely to have mentors at work, but men are 46 percent more likely to have a sponsor—a senior leader who advocates on his behalf and directly helps in obtaining promotions and/or raises.

A wage-penalty for needing to work more flexible hours is another factor.

Employers may be increasingly comfortable with employees working from home from time to time or leaving the office early only to log back in after the kids are in bed, but that flexibility comes at a cost. Women, given their greater likelihood to be single parents or the primary caregiver, often require more flexibility.

One Way to Fix Lower Growth: Close Gender Gaps Lower GDP growth has been a significant issue facing the economy since the 2008-09 recession, and slower growth in the labor supply is part of the problem.

On that basis, there is an economic case to be made for closing the gender wage gap. As women’s earnings were improving relative to men’s in the 1970s-1980s, the opportunity cost of sitting on the sidelines rose. Therefore, further convergence in the pay gap, achieved by paying women more, might help to lift female labor force participation and support growth in the labor supply.

The importance of the opportunity cost between formal (conventional job) and non-market work (housework and child-rearing) for women is highlighted in the rising labor force participation rates for women as education,

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FIGURE 10

Source: Blau & Kahn 2016 and Wells Fargo Securities

FIGURE 11

FIGURE 12

Source:

22

and therefore earnings, increases (Figure 11). Put simply, more education leads to higher-paying jobs and higher pay pulls people off the sidelines. Higher earnings and more education also encourage women to extend their careers later in life. On that basis, further gains in education among women would likely increase the labor supply and boost economic growth.

Closing the remaining participation gap and drawing more women into the workforce would support both economic growth and real household incomes. As shown in Figure 12, family income was greatly enhanced over the past 40 years by more women—particularly mothers—entering the workforce. Considering that 83 percent of singleparent households are headed by women, closing the earnings gap could support the economic mobility of future generations by providing more financial resources for those

U.S. Department of Labor, U.S. Department of Commerce and Wells Fargo Securities

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children to climb the economic ladder later in life.

The Business Case for Gender Diversity Beyond boosting broad economic growth and mobility, businesses could benefit directly by helping women achieve more equitable labor market outcomes—particularly in terms of earnings. Since women take home less pay than men and lower-income households have a greater propensity to spend incremental income, closing the gender pay gap could boost consumer spending.

Individual company performance also stands to benefit from women being on more equal footing with men.

Having a greater number of women on corporate boards has been linked to stronger company performance as well as better corporate oversight.

Similarly, having more women in senior leadership roles and a gender-diverse workforce more broadly boosts a company’s bottom line through higher sales and higher profits. By including more women in management positions, diversity of thought and decision making improve. Company leadership is better able to identify with women and develop products and services that meet the needs of half of the U.S. consumer base. At the same time, a more inclusive work environment can reduce employee turnover and its associated costs.

The Girl with the Draggin’ W-2 is not looking for a handout. She seeks equal pay for equal work. When she does better, we’ll all do better.. TSL Misa Batcheller is an analyst in the Economics group with Wells Fargo Securities. Based in Charlotte, North Carolina, she covers U.S. macroeconomic trends, housing and regional economies.

Batcheller graduated from Wake Forest University in 2015, earning a B.A. in Economics with minors in psychology and entrepreneurship.

Sarah House is a vice president and economist with Wells Fargo Securities.

Based in Charlotte, NC, she covers the U.S. macro economy, including the labor market, manufacturing sector and inflation trends. She regularly writes indicator reports, produces special commentary,and contributes to the company’s Weekly Economic & Financial Commentary. Sarah frequently speaks about the economy to the national media, including Bloomberg News and National Public Radio. Sarah earned a B.A. in economics from Tulane University in New Orleans and an MSc in local economic development from the London School of Economics. She is a member of the National Association of Business Economics and the Charlotte Economics Club.

Paul Jeanne, CFA, CPA, is a managing director and Associate Director of Research with Wells Fargo Securities. He helps manage the high grade research team, leads the research associate training and development effort, and contributes to the strategic direction of the department.

Jeanne received a bachelor degree in mathematics and economics from Vanderbilt University and an MBA in finance from Emory Business School. He also holds the Chartered Financial Analyst designation and is a certified public accountant.

Tim Quinlan is a director and senior economist with Wells Fargo Securities. Based in Charlotte, North Carolina, he provides analysis on the macro U.S. economy and major foreign economies. Quinlan’s work has been published in academic economic journals and his comments on the economy regularly appear in The Wall Street Journal, The New York Times and USA Today. Prior to joining the company, he worked for Putnam Investments in Boston. He has a B.A. from Siena College in Albany, New York.

John Silvia is a managing director and the chief economist for Wells Fargo. Based in Charlotte, North Carolina, he has held his position since he joined Wachovia, a Wells Fargo predecessor, in 2002 as the company’s chief economist. Before his current posi-tion, John worked on Capitol Hill as senior economist for the U.S. Senate Joint

Economic Committee and chief economist for the U.S. Senate Banking, Housing and Urban Affairs Committee.

John is on the Bloomberg Best Forecast list for his forecasts of GDP, the ISM manufacturing index, housing starts, and the unemployment rate.

John holds B.A. and Ph.D. degrees in economics from Northeastern University in Boston and has a master degree in economics from Brown University. John’s first book, Dynamic Economic Decision Making, was published by Wiley in August, 2011. His second book, Economic and Business Forecasting, was published in 2014, also by Wiley. His third book, Economic Modeling in the Post Great Recession Era, was published in 2017 by Wiley.

Diane Schumaker-Krieg is global head of Research, Economics & Strategy and leads all fundamental research across sectors and asset classes for Wells Fargo.

She serves on the Wells Fargo Corporation and the Wells Fargo Securities management committees. SchumakerKrieg is a Phi Beta Kappa, Sigma Xi, and summa cum laude graduate of Wellesley College, and holds an M.B.A. in finance from Columbia University.

For the past 7 consecutive years, she has been recognized by American Banker on its prestigious “25 Most Powerful Women in Finance” survey. In 2014, Harvard’s Smart Woman Securities named Diane “Woman of the Year.” In 2007, Legal Momentum, the nation’s oldest legal advocacy group for women, presented Diane with the Aiming High Award, citing her as a business leader who has broken new ground.

Blau, Francine D. and Lawrence M. Kahn (2016). “The Gender Wage Gap: Extent, Trends, and Explanations.” NBER Working Paper No. 21913, Jan. 2016. Estimates are for the wage gap in 2010.

2 Between 1990 and 2015, the Consumer Price Index for child care and nursery school rose an average of 7.0 percent per year compared to a 3.5 percent average annual increase in the median household income.

3 American Time Use Survey, 2015. U.S. 1

Bureau of Labor Statistics.

In 2015, 25.2 percent of women who were not in the labor force but wanted a job reported not looking for work due to childcare or family responsibilities. In comparison, only 6.8 percent of men met these criteria, according to data from the U.S. Bureau of Labor Statistics’ Current Population Survey.

4 In 2015, 5.3 percent of working women held multiple jobs compared to 4.5 percent of men. The gap widens when looking specifically at never-married workers (6.2 percent for women vs. 4.2 percent for men) and widowed, divorced or separated workers (5.9 percent for women vs. 4.3 percent for men).

6 Blau and Khan (2016). Blau and Khan found that occupation and industry accounted for 32.9 percent and 17.6 percent of the gender wage gap, respectively.

7 Wootton, Barbara (1997). “Gender Differences in Occupational Employment.”

Monthly Labor Review.

8 Author calculations based on Korn Ferry analysis of top 1,000 U.S. companies by revenue in June 2016. C-Suite positions include CEO, CFO, CIO and CMO. 9 Catalyst. “Pyramid: Women in S&P 500 Companies.” New York: Catalyst, September 19, 2016.

10 Ibid. Top earners are defined as the 5-7 executives whose earnings companies are required to disclose.

11 Christin, Liana (2013). “Men in Nursing Occupations.” American Community Survey Highlight Report. U.S. Census Bureau.

12 Levanon, Asaf, Paula England and Paul Allison (2009). “Occupational Feminization and Pay: Assessing Causal Dynamics Using 1950–2000 U.S. Census Data.”

The University of North Carolina Press.

13 Blau and Kahn (2016).

14 Blau and Kahn (2016). Authors control for experience, industry, occupation, education, region, race and unionization. In 2010, the 38 percent of the gender wage gap totaled $0.09 per dollar. A 38 percent portion of the wage of the gap in 2015 would total $0.08 per dollar.

15 Correll, Shelley J., Stephen Benard and In Paik. (2007). “Getting a Job: Is There a Motherhood Penalty?” American Journal of Sociology, 112 (5): 1297-1338.

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THE SECURED LENDER JUNE 2017 23

Moss-Racusin, Corrine A., John F. Dovidio, Victoria L. Brescoll, Mark J. Graham and Jo Handelsman (2012). “Science Faculty’s Subtle Gender Biases Favor Male Students.” Proceedings of the National Academy of Science (PNAS), 109 (41): 16474-16479.

16 Babcock, Linda and Sara Lashever (2003). “Women Don’t Ask: Negotiation and the Gender Divide.” Princeton University Press.

17 Bowles, Hannah Riley, Linda Babcock and Lei Lai (2007). “Social Incentives for Gender Differences in the Propensity to Initiate Negotiations: Sometimes It Does Hurt to Ask.” Organizational Behavior and Human Decision Processes, 103: 84-103.

18 Hewlett, Sylvia Ann, Melinda Marshall and Laura Sherbin (2012). “Sponsor Effect 2.0: Road Maps for Sponsors and Protégés.” Center for Talent Innovation.

19 Goldin, Claudia (2014). “A Grand Convergence: Its Last Chapter.” American Economic Review, 104 (4): 1091-1119.

20 Other reasons for the rise in female participation rates through the 1990s included improvements in household technology, more control over family planning, rising education and changing social attitudes towards women and work.

21 The share of women age 65 and over who are employed has risen from 7 percent in 1985 to 15 percent in 2016, with employment rates rising as educational attainment increases.

22 Urahn, Susan (2012). “Pursuing the American Dream: Economic Mobility Across Generations.” The Pew Charitable Trusts.

23 Carter, David, Frank D’Souza, Betty J. Simkins and W. Gary Simpson (2007).

“The Diversity of Corporate Board Committees and Firm Financial Performance.”

Oklahoma State University Working Paper, Department of Finance.

24 Adams, René B. and Daniel Ferreira (2009.) “Women in the Boardroom and Their Impact on Governance and Performance,” Journal of Financial Economics, vol. 94 (2009): p. 291-309.

25 Noland, Marcus, Tyler Moran and Barbaba Kotschwar. (2016). “Is Gender Diversity Profitable? Evidence from a Global Survey.” The Peterson Institute for

24

International Economics, Working Paper Series, WP 16-3.

26 Badal, Sangeeta. (2014). “The Business Benefits of Gender Diversity.” Gallup Business Journal.

27 Center for Advanced Human Resource Studies. (2010). “Paving The Path to Performance: Inclusive Leadership Reduces Turnover in Diverse Work Groups.”

CAHRS ResearchLink No. 3. Ithaca, NY: Cornell University, ILR School.

Wells Fargo Securities Economics Group publications are produced by Wells Fargo Securities, LLC, a U.S. broker-dealer registered with the U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority, and the Securities Investor Protection Corp. Wells Fargo Securities, LLC, distributes these publications directly and through subsidiaries including, but not limited to, Wells Fargo & Company, Wells Fargo Bank N.A., Wells Fargo Advisors, LLC, Wells Fargo Securities International Limited, Wells Fargo Securities Asia Limited and Wells Fargo Securities (Japan) Co. Limited. Wells Fargo Securities, LLC. is registered with the Commodities Futures Trading Commission as a futures commission merchant and is a member in good standing of the National Futures Association. Wells Fargo Bank, N.A. is registered with the Commodities Futures Trading Commission as a swap dealer and is a member in good standing of the National Futures Association.

Wells Fargo Securities, LLC. and Wells Fargo Bank, N.A. are generally engaged in the trading of futures and derivative products, any of which may be discussed within this publication. Wells Fargo Securities, LLC does not compensate its research analysts based on specific investment banking transactions. Wells Fargo Securities, LLC’s research analysts receive compensation that is based upon and impacted by the overall profitability and revenue of the firm which includes, but is not limited, to investment banking revenue. The information and opinions herein are for general information use only. Wells Fargo Securities, LLC does not guarantee their accuracy or completeness, nor does Wells Fargo Securities, LLC assume any liability for any loss that may result from the reliance by any person upon any such information or opinions. Such information and opinions are subject to change without notice, are for general information only and are not intended as an offer or solicitation

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with respect to the purchase or sales of any security or as personalized investment advice.

Wells Fargo Securities, LLC is a separate legal entity and distinct from affiliated banks and is a wholly owned subsidiary of Wells Fargo & Company © 2017 Wells Fargo Securities, LLC. Important Information for Non-U.S. Recipients For recipients in the EEA, this report is distributed by Wells Fargo Securities International Limited (“WFSIL”). WFSIL is a U.K. incorporated investment firm authorized and regulated by the Financial Conduct Authority. The content of this report has been approved by WFSIL a regulated person under the Act. For purposes of the U.K. Financial Conduct Authority’s rules, this report constitutes impartial investment research. WFSIL does not deal with retail clients as defined in the Markets in Financial Instruments Directive 2007.

The FCA rules made under the Financial Services and Markets Act 2000 for the protection of retail clients will therefore not apply, nor will the Financial Services Compensation Scheme be available. This report is not intended for, and should not be relied upon by, retail clients. This document and any other materials accompanying this document (collectively, the “Materials”) are provided for general informational purposes only.

SECURITIES: NOT FDIC-INSURED/NOT BANK-GUARANTEED/MAY LOSE VALUE

c wicf

ON THE MOVE

FA’s Women in Commercial Finance Committee Participates in Southern California Women’s Business Connection Over 150 finance professionals, entrepreneurs, and business owners gathered for the inaugural Southern California Women’s Business Connection on March 2 at the Skirball Cultural Center in Los Angeles. The event was a joint effort led by the CFA’s Women in Commercial Finance (WICF) Committee and the Los Angeles Chapter of the Risk Management Association. These two organizations partnered with the National Association of Women Business Owners and the Commercial Finance Conference of California to create an event whose mission was to facilitate economic growth and partnerships between women.

The evening featured a panel discussion among an esteemed group of women entrepreneurs and finance professionals.

Guests were treated to an inspiring discussion on pursuing passions, discovering personal power and overcoming obstacles.

Each panelist provided unique perspectives on successful financing arrangements and how entrepreneurs and lenders can better work together to create mutually beneficial relationships. “What made this event so special was the energy and candor that our panelists brought into the room. They shared their experiences and perspectives on the visibility of women in industry, growing their business, taking risks, managing a team, working with advisors, and remaining nimble in an ever-changing environment.

It was a pleasure to be a part of such a dynamic discussion with women so full of pas-

sion and drive,” said the panel moderator Katherine Bell, CFA’s WICF Committee Chair and a Partner at Paul Hastings LLP. The uniqueness of this program drew a diverse group of financial service professionals, as well as entrepreneurs, established lawyers, and service providers, all of whom networked over sushi and cocktails after the panel. Some attendees reconnected with peers they hadn’t seen in years, while others appreciated the opportunity to meet women they normally don’t encounter at networking events.

As part of the CFA WICF Committee’s dedication to community outreach, a portion of the night’s proceeds was donated to Dress for Success Worldwide West. In addition, eight students from a local high school and their chaperones received complimentary access to the event.

Jessica Staheli, member of CFA’s WICF Committee and a board member of RMA LA, remarked that “we couldn’t have been happier with the event. It was fantastic to see so many women come together for conversation about life, work, challenges and victories.”

The popularity of the event spoke to

its resonance with professionals across various industries, tied together by shared experiences and opportunities for growth.

The WICF and RMA are planning a second Southern California Women’s Business Connection in 2018. “Hearing the perspectives of women business owners was a unique twist to the typical industry panel discussion,” commented Sheri Fenenbock, co-chair of the Santa Monica chapter of Capital Finance’s Women’s Connection and member of the event’s planning committee. “It was inspiring to see such a diverse group of professional women coming together to collaborate and share common experiences.”

Jessica Staheli is senior vice president with Scherzer International and serves as a committee member of the CFA’s Women in Commercial Finance.

Sheri Fenenbock is a national program manager at Wells Fargo Capital Finance, responsible for overseeing all early talent credit training programs. Sheri serves as Co-Chair of the Capital Finance Women’s Connection in Santa Monica and is a committee member of the CFA’s Women in Commercial Finance.

Over 150 finance professionals, entrepreneurs, and business owners gathered for the inaugural Southern California Women’s Business Connection on March 2 at the Skirball Cultural Center in Los Angeles. The event was a joint effort led by the CFA’s Women in Commercial Finance (WICF) Committee and the Los Angeles Chapter of the Risk Management Association.

THE SECURED LENDER JUNE 2017 25

SPONSORED CONTENT PRESENTED BY PROVIDENT BANK

A Regional Bank Responds to Small-to-Medium Enterprise Funding Needs

By Myra Thomas Regional banks have focused on realigning their businesses to take advantage of their intermediate size, which affords them the economies of scale necessary to respond to new regulatory challenges, as well as the flexibility to focus on lending to niche commercial and industrial businesses

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www.Provident.Bank REGISTRATION IS OPEN FOR CFA’S ANNUAL CONVENTION IN CHICAGO! WWW.CFA.COM

REGIONAL BANKING

Asset-based lenders are particularly critical to small- and mediumsized businesses looking for funding. While the larger banks might dominate ABL, they aren’t necessariy the right fit for SMEs. Simply put, the big banks sometimes prefer to chase the big fish. It’s the asset-based lenders at regional banks that are often filling the gap when it comes to the credit needs of small and midsized businesses, particularly ones subject to the ups and downs caused by seasonal sales and industry cycles.

And while the credit contraction after the financial crisis impacted businesses of all stripes and sizes, small and midsized companies were especially hard hit and looking for help with funding. As larger financial institutions wade back into commercial lending waters, the regional banks continue to be the ones responding to the credit needs of many SMEs, as well as consumers. In a study from the Brookings Institution titled “The Regional Banks: The Evolution of the Financial Sector”, regional banks, unlike their larger brethren, have increased loans strongly since 2010.

The paper also concludes that, post-crisis, “regional banks have focused on realigning their businesses to take advantage of their intermediate size, which affords them the economies of scale necessary to respond to new regulatory challenges, as well as the flexibility to focus on lending to niche commercial and industrial businesses”.

“We are the right size to get deals done.

We’re small enough to offer the local decision making and personalized service of a community bank, yet large enough to offer the products, services and capabilities of a national bank.”

— Sharon Bender, senior vice president, director of asset-based lending at Provident Bank

Understanding the SME For instance, Provident Bank’s asset-based lending group specializes in family-owned, privately held small and midsized companies, often the kinds of businesses that most large lenders would simply ignore. Sharon Bender, senior vice president, director of asset-based lending at Provident Bank, notes that they see considerable op-

THE SECURED LENDER JUNE 2017 27

REGIONAL BANKING

“Provident offers personal attention to each ABL client during the implementation of cash management services... This team continues the pledge to client experience by remaining a consistent point of contact for support related inquiries.”

— Bernadette Macko, SVP, director of corporate cash management for Provident Bank portunity in helping SMEs to grow.

And it takes expertise to do just that. The types of companies that Provident Bank deals with require a keen understanding of the business cycles and capital needs of these same firms. They lend to a wide swath of industries, including importers of furniture and other consumer products, IT staffing firms, rental equipment businesses, and trucking logistics companies.

Bender says regional ABL players are differentiating themselves with customized lending solutions and service to handle the specialized needs of many SMEs. Businesses with $15 million to $200 million in revenue are Provident Bank’s sweet spot, and the bank will consider deals between $2 million to $35 million. For small and midsized businesses, assetbased lenders at regional banks are often the best way to quickly get funding to respond to seasonal changes in working capital, facilitate an expansion, or orchestrate a turnaround. Simply put, the larger financial institutions aren’t prepared to handle the nitty gritty of understanding an SME, while the smaller banks aren’t really focused on cash-flow management. Bender notes, “We are the right size to get deals done. We’re small enough to offer the local decision making and

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personalized service of a community bank, yet large enough to offer the products, services and capabilities of a national bank.”

Focusing on the Borrower But winning over the SME client also requires acknowledging how they do business. Most small and midsized firms are used to having a close relationship with the businesses they deal with on a day-today basis. They are often the ones to deliver high-touch customer service to the people buying their products and services, so they expect the same from their bank.

Their asset-based lender needs to be prepared for that. They need a bank keenly focused on the customer’s experience. As a regional player, Bender says that Provident Bank has a special ability to connect with the borrower. “We decided early on that our ABL group was going to be customer-centric,” she says. “The focus has to be on the customer.”

According to Bender, from the first meeting with the prospective client, things are done much differently than what might happen at another bank. Provident Bank’s relationship manager and portfolio manager both meet with the business to help facilitate the lending process. Underwriting

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would involve field examinations and collateral assessments. “We never know what type of company might be on the end of the phone when they first reach out to us, but we have diversified experience so we can engage fully at the initial meeting,” she notes. “We interview them closely and get the background on the industry to understand the ebb and flow of cash needs and the seasonality of the business.”

Small- and medium-sized business customers get the same level of care, she adds. “We are looking for long-term relationships.” Small and midsized businesses benefit from having a regional bank with a flat management structure, like the one at Provident Bank, with all of the decision makers in one location. A regional bank can deliver a quote quicker. Most banks have a much more complicated hierarchy, and their credit committees might meet infrequently. A field examiner might be one place, while the loan officer could be on the other side of the country. “Proximity makes the process so much simpler,” says Bender. So by the time that a small- or medium-sized business owner returns to Provident Bank’s offices after the initial meeting, they should have a firm proposal in hand that’s approved by the bank’s chief lending officer. That’s not necessarily the case with other asset-based lenders, who might come back to the table with a preliminary quote.

A Customer’s Perspective It takes considerable expertise to evaluate the funding needs of a specialized manufacturing business subject to long lead times or a staffing firm that is quickly growing.

The swings in income can often make it difficult to find a lender willing to give the business a second look. ABL is suited to quickly handle seasonal over-advances,

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www.Provident.Bank

REGIONAL BANKING

for instance. A good lender can determine the best structure for the loan depending on the demands of the borrower.

According to Venkat Chinni, CEO of Heritage Baby Products, a client of Provident Bank, having an asset-based lender in their corner provides them with the available capital to deal with the seasonal aspects of their business, in addition to providing sufficient availability within a line of credit to handle manufacturing product overseas. Chinni also believes that a regional bank can offer a bit more flexibility in loan structure than what a larger asset-based lender might be able to provide.

And given the demands that cyclical industries such as retailers face, it makes sense to have a regional bank ready to understand and quickly respond to the specific business challenges and opportunities they encounter. Provident Bank’s asset-based lending group works closely with Heritage Baby Products on advance rates and access to capital. Chinni notes, “They were responsive to our needs and treated us like a part of the family from the beginning.” The personalized service and quick response time at Provident Bank allowed the baby furniture retailer to “be proactive as opposed to reactive to certain business situations.”

The Nature of Borrowers The nature of the industry may differ from deal to deal. Some borrowers are interested in growing through acquisition, while others want to do it organically. But there’s one thing that small and midsized businesses choosing a regional bank have in common.

“The commonality is the footprint of the deal,” says Bender. And that means local lenders available to answer questions and not delay a transaction. Provident Bank serves small- and medium-sized businesses in Connecticut, New Jersey, New

30

York, and Pennsylvania. Every borrower might have their own challenges, but asset-based lending, particularly when handled by a regional bank, can be a smart way to manage working capital and pursue growth opportunities.

Bernadette Macko, SVP, director of corporate cash management for Provident Bank, has been a consultant to ABL clients throughout her career. Cash flow is the primary activity of an ABL client’s business. Solid cash management products enhance these capabilities and act to differentiate the experience. “We dedicate the time to diagram the movement of funds along with the supporting products to meet each client’s distinct requirements,” says Macko.

“Provident offers personal attention to each ABL client during the implementation of cash management services.” A dedicated Client Support Specialist is assigned to each ABL client through the transition process. The Client Support Team works to familiarize the client and their staff with new platforms and processes. “Client experience is at the forefront of our commitment to our ABL clients,” she adds.

“This team continues the pledge to client experience by remaining a consistent point of contact for support related inquiries.”

Personalized attention and the expertise of a regional bank can be a useful combination for SMEs in need of funding, especially when they are choosing asset-based lending for the first time. And as small- and mediumsized business owners become increasingly optimistic about the prospects for their companies and the economy, regional banks will continue to play an ever-increasing role in their growth.

Myra Thomas is an award-winning editor and journalist with 19 years’ experience covering the banking and finance sector.

REGISTRATION IS OPEN FOR CFA’S ANNUAL CONVENTION IN CHICAGO! WWW.CFA.COM

“The commonality is the footprint of the deal,” says Bender. And that means local lenders available to answer questions and not delay on a transaction. Provident Bank serves small- and medium-sized businesses in Connecticut, New Jersey, New York, and Pennsylvania. Every borrower might have their own challenges, but asset-based lending, particularly when handled by a regional bank, can be a smart way to manage working capital and pursue growth opportunities.”

— Sharon Bender, senior vice president, director of asset-based lending at Provident Bank

Want Your Potential Customers To Find You? Join the CFA Service Provider Directory and Find Industry Partners You Need To Optimize Your Company’s Success

CFA Service Provider Directory BECOME A VISIBLE INDUSTRY RESOURCE

Share information about your business and tell commercial finance professionals how you can help them solve problems and grow their business on CFA’s Online Service Provider Directory. Business leaders will be able to read about the services and products you provide, then reach out to your key contacts for more information.

CFA’s Service Provider Directory will allow you to easily find and contact the industry partners you need to optimize your company’s success.

community. cfa.com/communi ti es /s pd We have over 75 service providers at your fingertips with current contact information to ensure you do not waste any time finding what you need when you need it.

Contact James Kravitz Business Development Director Commercial Finance Association Tel:(646)839-6080 | jkravitz@cfa.com

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THE SECURED LENDER’S

WOMEN IN COMMERCIAL FINANCE ISSUE

LEADING THE WAY: PROFILES OF GROUNDBREAKING INDUSTRY LEADERS

BY KATHERINE BELL

w elcome to the second Women in Commercial Finance issue of The Secured Lender. In the previous pages you read in-depth interviews with accomplished women who have faced the glass ceiling and broken through to achieve success in their respective male-dominated industries: Sallie Krawcheck on Wall Street and Gail Bernstein in asset-based lending. You also read an eye-opening article digging deep into the gender wage gap.

In my roles as a partner at Paul Hastings LLP and as the chairperson of CFA’s Women in Commercial Finance Committee, I often contemplate the responsibility of leadership — especially as it translates into inspiring the next generation of leaders, both male and female. I think that this quote from Sheryl Sandberg epitomizes one of the primary goals that we should strive for in our roles as leaders: “Leadership is about making others better as a result of your presence and making sure that impact lasts in your absence.”

The leaders across our industry, whether executives within lending institutions or finance companies, partners in law firms, executives within turnaround firms, or volunteers leading the CFA as officers or members of various Committees or Chapters,

each have a responsibility to this industry and the next generation of leaders within it. Beyond the responsibility to impart as much knowledge as possible about this industry to the leaders to come, today’s leaders are also charged with identifying talent and inspiring and engaging their teams to drive them to develop their individual strengths in order to grow into the leaders of tomorrow. Equally importantly, industry leaders are challenged to lead their teams to embrace innovation and change within the industry in order to remain competitive. It’s no secret that the financial services arena lags behind other more progressive industries when it comes to diversity. It is my hope that the commercial finance sector will lead the way within the larger financial services industry on the diversity front.

This issue of The Secured Lender, as well as the CFA’s Women in Commercial Finance Committee, endeavors to do just that. The mission of the CFA’s Women in Commercial Finance Committee is to promote the advancement of women in leadership in the commercial finance industry through networking, education and advocacy. We are committed to raising the profiles of the accomplished women across the commercial finance industry to demonstrate to the next generation of leaders the success that has already been achieved and the road that has already been paved. We are also highlighting the significant, no, crucial, effect that diversity has on success within any organization.

Sallie Krawcheck, who will be the

keynote speaker of CFA’s first Women in Commercial Finance Conference on September 28 in New York City, often discusses how diversity isn’t just the “right” thing to do, it makes good business sense: “Study after study after study has shown that companies with diverse management teams outperform those with less diverse teams.

And that diverse teams outperform even more “capable” teams. And they don’t outperform non-diverse teams by a little, but with ROE differentials of 30%+, with lower earnings volatility.” Truly, according to the research, diverse teams provide a tangible competitive advantage.

On the following pages, you will meet over 50 women from the commercial finance industry who exemplify success and we are delighted to recognize their talent and achievements.

These women represent leaders within CFA’s member organizations and CFA’s Education Foundation contributors.

Each of these women understands the value of being committed to this industry and is leaving her mark with lasting impact.

Many thanks to the CFA and The Secured Lender for providing this platform and opportunity to acknowledge these leaders for their contributions.

Katherine Bell Partner, Paul Hastings LLP Chairperson, CFA Women in Commercial Finance

“The leaders across our industry, whether executives within lending institutions or finance companies, partners in law firms, executives within turnaround firms, or volunteers leading the CFA as officers or members of various Committees or Chapters, each have a responsibility to this industry and the next generation of leaders within it.”

THE SECURED LENDER JUNE 2017 33

T

hroughout Tracy’s 17-year career, she has been involved in the execution, structuring or restructuring of transactions totaling more than $4 billion. Constantly working to deepen her finance knowledge and experience, Tracy has strategically positioned herself, spending time engaged in asset-based lending, middle-market lending, healthcare finance, special assets/workout, cross-border structured finance, financial restructuring and consulting. She currently serves as a senior vice president, acting as a senior business development officer, for Bank of America’s Business Capital Group, the asset-based lending arm of the Bank. In this role she sources, structures and executes ABL opportunities ranging from $10 million to upwards of $1 billion throughout the state of Michigan and beyond. Tracy currently serves as a board member for the Detroit Women’s Forum of the Association for Corporate Growth and the Programming Committee of the Turnaround Management Association’s Detroit Chapter. As a former collegiate athlete, she continues to pursue her love of sports coaching youth basketball teams in Metro Detroit. She holds both Series 7 and 63 licenses and earned her Bachelor of Science degree in finance and economics from Lake Superior State University.

Tracy Arceci

Senior Vice President Bank of America Business Capital

What advice would you offer to women just starting out in the industry?

I would advise women just starting out in the finance industry to be confident in themselves and what they have to offer.

You have a role to play and an opportunity to add value even though you may be in a new situation or are being presented with new challenges. It’s not necessary to be an expert within a given role or profession to be confident in what you can do and what you have to offer. Being able to effectively project that self-confidence will make a difference for you in virtually every situation that you encounter.

What do you know now that you wish you knew in the beginning of your career?

I wish I had recognized that speaking up to ask for help isn’t a sign of weakness, but rather an opportunity to get stronger and smarter and better. It can be intimidating to acknowledge that you don’t understand something or need more

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information or don’t know how to handle a challenging situation, and I don’t think any of us want to appear stupid or unintelligent. I have come to realize that not asking for help when needed is essentially forfeiting an opportunity to learn and develop.

What kind of role has mentoring and/or sponsorship played in your career?

A very important one. I have had a number of mentors, both on a formal and informal basis, throughout my career.

These individuals have helped me navigate through new organizations, allowed me to tap into their experience, gain perspective on challenges, as well as help position me for new roles and opportunities. Additionally, direct exposure to these mentors has helped me to indentify traits and characteristics that I admire and desire to cultivate within myself. I owe them a huge debt of gratitude.

In the past few years, I have also had the opportunity to be a mentor which is a tremendously fulfilling experience and, frankly, has benefitted me probably much more so than my mentees!

What do you think the industry could do to attract and retain the best and the brightest today?

When you think about companies that are already attracting the brightest and best, it strikes me that many of these

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are known for having unique corporate cultures that, in some way, focus what is important to employees beyond just title and the size of the bonus pool. As I think of the finance industry, there just aren’t many industry participants that have cultivated corporate cultures which truly stand out in this manner. It’s one of the reasons I am so proud to work at Bank of America Merrill Lynch, a firm that makes its business really personal through a deep commitment to improving the lives of its customers, its employees and the communities that it serves. Bank of America Merrill Lynch evidences this commitment in a number of ways, but some really cool examples of this include company-sponsored volunteerism and matching gifts, a diverse array of support and affinity groups within the organization, many of which are diversity-focused, generous parental leave policies for all kinds of parents, and a commitment to having a workforce that is reflective of the communities we serve. I think looking beyond just the immediate dollars and cents of an idea or way of doing things, and recognizing that there also exists real financial value in building cultures that develop and support the humanside of existing and potential employees, will go a long way in attracting the best and brightest to the finance industry.

M

ichele Michaelis is a managing director in the New York office of BDO Consulting. She has over 20 years of experience in matters relating to bankruptcy and insolvency, crisis management, turnaround planning, business disputes, and forensic investigations.

Michele has worked with troubled and insolvent companies involving turnarounds, reorganizations, and out-of-court workouts representing debtors, secured lenders, and unsecured creditors. She has routinely evaluated liquidity issues, including the formulation, review and analysis of short-term cash flow projections, as well as assessed the viability of business operations of troubled businesses by conducting detailed liquidation analyses, leading to rapid stabilization with sustainable results.

Michele has significant experience serving clients in a wide range of industries including retail, apparel, manufacturing, healthcare, mortgage, media, jewelry, finance, telecommunications and energy. She is knowledgeable in conducting investigations with regard to substantive consolidation issues and fraudulent conveyances, has prepared expert reports on solvency issues, has testified in bankruptcy proceedings, and has extensive experience in pre-planned and pre-negotiated bankruptcies.

Michele Michaelis, CPA, CIRA, CTP, CFF Managing Director BDO Consulting

What advice would you offer to women just starting out in the industry?

The most important would be to recognize your strengths, as well as your potential weaknesses, and not simply try to be someone else. What works for another person, man or woman, in the industry will not necessarily work for you. Although you should follow the example of others who meet your definition of successful, regardless of their gender, you need to remain true to yourself. In this regard, you may discover that solutions to challenges evolve over the course of your career as both you and the industry change and grow. Therefore, when faced with obstacles, those who have gone before you can be an invaluable resource to evaluate your approach to dealing with and overcoming challenges.

What do you know now that you wish you knew in the beginning of your career?

How truly important professional organizations are to your development. I, like many people that went into finance as a career, did so, in part, because I wanted to be a producer rather than a salesperson. Little

did I realize but, as you advance through your career, you inevitably become “The Salesperson”. Therefore, getting involved in industry organizations, such as the CFA, is one of the best ways to develop your skillsets, stay on top of the issues arising in your chosen field, and build a network of contacts.

What kind of role has mentoring and/or sponsorship played in your career?

Someone once told me that “a true mentor is someone who measures their own success on the success of those they helped develop along the way”, and I deeply believe that. Over the course of my career, I’ve seen the finance industry become more diversified and the role of women in leadership expand. I realize that a key factor for success is the mentoring and “in your corner” support that we provide each other, combined with professional development initiatives by both male and female colleagues. These mentors exhibit the ability, and willingness, to recognize your individuality while pointing out where you need to develop, and providing you the resources to get there. In fact, some of my mentors were, likely, not even aware that I regarded them as such. Nor have they all approached guidance in the same manner; all of have been a bit different in terms of what they taught me—be it how to handle tough “on the ground” issues in turnarounds, how

to structure refinancings, or how to develop new business.

What do you think the industry could do to attract and retain the best and the brightest today?

In today’s finance industry, the market can be a rollercoaster. The shifting sands of the economy, both domestic and foreign, the regulatory environment, and the evolution of how we do business as a whole, all make for an exciting, albeit sometimes stressful, time. Gone are the days when our industry was seen as nothing more than the review of spreadsheets and number-crunching. As a restructuring consultant, my challenge is to come up with solutions that reimburse the secured lender at a profitable return while maximizing results for all stakeholders to ensure their support. Therefore, the industry demands innovative solutions to issues. Today’s young professionals want to be a part of the creative process of the companies for which they work. Industry leaders must recognize, and appreciate, the value of these new perspectives and encourage junior staff to take part in the brainstorming, and ultimately, decisionmaking process. Together, the industry can then deliver a better, more comprehensive, financial product for customers and make the asset-based lending industry a more desirable place to thrive professionally.

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JOIN A TEAM THAT’S GOING PLACES STRONG LEADERS, STRONG VALUES Bibby Financial Services proudly recognizes Mary Ann Hudson and Kris Varley, members of our North American Executive Leadership Board, for their career contributions as strong leaders in the commercial finance industry. Both executives lead their teams and manage operations from a position of experience and know-how.

We are a leading global independent financial services provider to more than 10,000 businesses worldwide. Our people are the most important part of our business. A diverse workforce that is reflective of our values: • Teamwork • Innovation • Committed to doing what’s right Interested in joining our team? We are hiring. Visit our Careers page today.

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WE BELIEVE IN YOUR BUSINESS AS SE T BAS E D L E NDING • FACTO RING • T R A N S P ORTAT ION F IN A N CE

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ary Ann brings over two decades of finance expertise to Bibby Transportation Finance and its FreightCheck financing solution.

In a traditionally male-dominated industry, she stands out as a leader and has provided hundreds of millions in financing to companies responsible for keeping America’s goods moving.

Active in many transportation-focused organizations, including the American Trucking Association and the Owner-Operator Independent Drivers Association, Mary Ann has a keen understanding of the needs of the transportation industry and has been a pioneer of easy-to-access services that are driven by the digital habits of customers that primarily do business while on the road. She started her career in customer service at Comdata and quickly advanced through the company by specializing in project management and becoming a Six Sigma Black Belt. After serving as Comdata’s operations manager for the Financial Services Division, Mary Ann joined Bibby Financial Services in 2006 and used her operations and efficiency knowledge to help support the back-office functions of factoring clients. After gaining experience supporting individual and fleet truck owners, Mary Ann began to focus her efforts on the transportation industry and became executive vice president of Bibby Transportation Finance in 2010. In the coming year, Mary Ann is focused on finding more ways to connect with potential clients online and is overseeing development of a mobile application geared towards an on-the-move audience.

Mary Ann Hudson

Executive Vice President Bibby Transportation Finance

What advice would you offer to women just starting out in the industry?

I would tell women just getting started with their careers in this industry to prepare to learn every day. There are very few people in this world that know everything and the sooner you realize this and take full advantage of what you can learn from all the people around you, the stronger you and your team will be.

What do you know now that you wish you knew in the beginning of your career?

In the beginning, you are so driven to prove your place in the position/ company and you want to do all the big things to get you to the top and to gain the recognition as soon as possible. While having ambition and drive is certainly a good thing, you have to be mindful to celebrate the small successes and appreciate the people that helped along the way.

If you take the time to acknowledge

accomplishments at every stage and the people along the way that helped you, you will find your success may come sooner than if you are trying it all on your own. You may be capable of achieving much on your own, but this industry certainly requires a team effort. The ability to confidently work with other people and building professional relationships will get you so much further than going it alone.

What kind of role has mentoring and/ or sponsorship played in your career?

I truly feel I would not be where I am today if it were not for my very first mentor, Patsy. I have so much respect for what she accomplished and endured in her career. The fact that I was so young and she gave me the opportunity to learn from her, was one of the best things to happen to my career. She taught me so many things but some of the most important were seeing the examples she set with her strong work ethic, patience and passion for everything she did. I feel honored and proud to share some of the lessons taught to me by my first

mentor and through the other relationships I’ve fostered over the course of my career with other business professionals. Throughout my career, I’ve tried to share these same lessons with those I mentor, too.

What do you think the industry could do to attract and retain the best and the brightest today?

It’s important for industry leaders to continually invest in their people. A good leader acknowledges that their team is made up of the good people that surround them because one can accomplish more through teamwork than they can alone. Remember, investment is not just about monetary value; it can include investing time in an employee’s personal and professional development, being a motivator/encourager, and verbal recognition of individual and team contributions.

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s head of factoring, Kris leads a team of 40 employees across sales and operations roles in Atlanta, Chicago and Los Angeles. Kris has proven her success executing regional growth strategies and expanded BFS’s U.S.-based factoring portfolio significantly over the past years. Since assuming the helm of BFS’ Factoring business, Kris’s international experience, ability to mentor colleagues and understanding of small business financing has helped restructure the factoring business, bringing it under one team to achieve synergies and high standards of customer service across the organization, thus strengthening BFS’s factoring services. Kris quickly rose through the company ranks after joining Bibby Financial Services North America (BFS) in 2005 and was promoted to executive vice president four years later, overseeing eight potential acquisitions and supporting the opening of new offices. Kris then spearheaded global change management programs at BFS and helped create the foundation for today’s North America operations.

Kris Varley

Executive Vice President and Head of Factoring Bibby Financial Services What advice would you offer to women just starting out in the industry?

Gender has far fewer barriers for career progression than in previous decades.

It seems unbelievable that the lender I started with 25 years ago would not allow women to wear pants to work and there were no female business development officers, senior managers or executives in the company, especially when compared to today, where women are found in a variety of roles in businesses. To young people in general getting started in our industry, I would suggest they be prepared to learn, listen and take advantage of opportunities. Also, never underestimate continued learning opportunities through conferences, workshops, etc. keep your skills fresh and stay current on the industry and news impacting it.

What do you know now that you wish you knew in the beginning of your career?

That hard work brings success and people stay in this industry a long time. Many of

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the people I worked with at the beginning of my career are still in the industry.

The group of experts and peers you connect yourself to can become an invaluable support network. Even in a country as large as the USA, the industry is pretty small and everyone knows everyone, which was pretty surprising, coming from the UK 13 years ago.

What kind of role has mentoring and/or sponsorship played in your career?

When I started my career, mentoring programs did not really exist, but I was fortunate to work with an extremely talented team of people. With so many true role models around me, it was easy to absorb their knowledge, to learn how to deal with different situations and what it takes to be great at your job. If your organization does not offer mentoring programs, my advice is to ask somebody that you work with that you see as a role model if they wouldn’t mind helping you to further develop. On the other side, know that mentorship also requires you to take the initiative and follow through for your development. Listen to everything going on around you and ask lots of questions to ensure you maximize learning opportunities.

What do you think the industry could do to attract and retain the best and the brightest today?

It’s at the company level where employers can do things that will attract and

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retain industry talent. Ongoing training and structured development programs to help track progress, together with open communication policies and allowing employees to voice their opinion are essential. We all need to move with the times and have to constantly implement new ways of doing business to stay relevant and take advantage of technological advances as they become available. People are more likely to stay if they feel empowered and have a say in how the businesses is run. Personally, I never set out to have a career in this industry. I came into it by accident after spending some time traveling and needing a way to pay my mortgage, but after a few weeks on a temporary placement, I was hooked. What has kept me engaged all these years is that no two days are ever the same and I have always felt I can make a difference in whatever role I’ve had. While experience matters to some degree, especially for senior-level roles, we do not look at how long somebody has worked for us in deciding whether they are ready for the next step. New people coming into our company are able to excel if they are willing to work hard, show initiative and learn from others around them with a positive attitude.

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vonne Kizner is the senior vice president of Blue Hills Bank’s Asset-Based Lending Division, in charge of loan operations and underwriting, a group she co-founded in March 2016. Prior to Blue Hills, Yvonne spent over six years at First Niagara Commercial Finance. In both her current role as well as at First Niagara, her specialized knowledge of liquidation values and asset valuation has been a critical factor in the management of the ABL portfolio.

Prior to First Niagara, Yvonne spent the bulk of her career in the liquidation community, serving as the president of HCP Asset Advisors, LLC. Prior to HCP, she spent almost 10 years at Gordon Brothers Asset Advisors, ultimately serving as the managing director of the valuation group. Yvonne is a graduate of Babson College and began her career at Coopers & Lybrand as a senior associate, earning her CPA. Yvonne is a member of the Commercial Finance Association and the Turnaround Management Association, and received the Phil Frieze Award while at Gordon Brothers for her philanthropic activities with the Womens Union, a Boston non-profit organization. She resides in Wellesley, MA with her two teenage daughters, Samantha and Danielle.

Yvonne Kizner

Senior Vice President Blue Hills Bank

What advice would you offer to women just starting out in the industry?

My advice is to have an open mind.

Although you may have a specific career path in mind when you start out, many times the people we meet, both within our organization but also professionals outside the organization, present opportunities completely outside that path.

I would also suggest asking lots of questions up front and generally being a really good sponge. There’s so much to learn from your more-seasoned colleagues, but we’re all so pressed for time that, unless asked, you will miss out on learning from their experiences. No one expects those starting out to know everything, so use every meeting as an opportunity to garner new perspectives and listen to those “war stories.”

What do you know now that you wish you knew in the beginning of your career?

I think I learned this fairly early on, but one item that will define those that excel

and those that may not is learning how to leverage your network. Of course, working hard and making sure you have the knowledge and time management skills to meet your deadlines, and striving to go above and beyond what you’re asked is the hallmark of most successful people.

But I have seen many hard-working friends who are still in the same place 10 years later. Those that look beyond where they are now, periodically gauge how their industry is changing, evaluate what skill sets they possess and determine which skills they are striving to add to their “toolbox,” and ultimately build off their current network to get them to that next stage will see growth in their career. Also, get comfortable in front of a crowd – no one likes public speaking in the beginning, but it’s important.

What kind of role has mentoring and/or sponsorship played in your career?

These have been game-changers for me. When I started out working for PWC, it was grueling working 80-plus hours a week and I knew early on that I preferred to use my financial knowledge in a different way than auditing. I was fortunate to be assigned to a deal with a manager who helped me understand the various options I had, and ultimately

made me open my eyes to moving to a completely different industry, which at that time was going to Gordon Brothers and learning the liquidation business. I had a fabulous mentor there, who would spend time with me going over details of agency agreements, why we go for certain strategies depending on the deal, and helped me learn very quickly (again, be a sponge!).

What do you think the industry could do to attract and retain the best and the brightest today?

That is a tough one; going into commercial finance may not sound as appealing as working for something in social media or the e-commerce sector. I think today’s graduates will need to be convinced this is a career move that will be gratifying, so we need to institute more training programs and provide insight into how this career path can offer challenge and growth. Maybe inviting college finance seniors to one of our industry panels followed up by a networking social is one idea, but passing on our own “war stories” to the younger generation and becoming those mentors ourselves is something we should all take on.

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ara joined BMO Harris Bank as a managing director and head of ABL’s Retail and Asset Purchase Group (APG) during March 2012. APG is focused on committing to and managing a portfolio of $50-$200MM participations in larger asset-based transactions and covers retail nationally for ABL. Prior to BMO Harris, Kara spent three years with PNC’s Corporate Bank as an SVP-credit approver. Previously, Kara spent over 10 years working as a director in Capital Markets focused on cash flow leveraged loan structuring and sales at Merrill Lynch Capital, GE Capital and Heller Financial. Kara also spent the early part of her career in leveraged loan workouts at Heller Financial, and started her career in public accounting at Deloitte. Kara graduated from the University of Notre Dame in 1991 with a BBA - accounting and received her Master in finance and economics at the University of Chicago in 1997. Kara also is a CPA and is Series 7 and 63 certified, and resides in Chicago with her husband and daughter.

Kara L. Goodwin Managing Director BMO Harris Bank

What advice would you offer to women just starting out in the industry?

Read Lean In by Sheryl Sandberg and take her advice! I think Sheryl’s most important point for young women on the concept of “leaning in” is to drive hard at your career, take the career choices that you will learn the most from and push you the hardest. She points out that you can always slow down later in your career, when you do actually have that family that you were futuristically thinking of at 22. If your career is further along when life moments make you want to slow down, you have far more options available to you and your job has become more meaningful. Your company will want you to be part of the team even if it is for part time if you are making an impact. No one had given me this advice, but I essentially lived it. I wound up having my only child when I was almost 40, and by then I was senior enough in my career that my job was too interesting to want to give up.

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What do you know now that you wish you knew in the beginning of your career?

I wish I knew that everything that was going to happen in my career, including all of the ups and downs, would help me grow and be a better leader, manager and person. I had worked at two companies that were acquired. The first time I struggled, as I had to step up in my job, as almost everyone above me left the company, and I had to make decisions I did not feel prepared for. The second time I was laid off along with most of my co-workers in 2008, and did not find another job for a year. I had to re-create myself and career to find a job in a different industry, which ultimately became asset-based lending.

What kind of role has mentoring and/or sponsorship played in your career?

Mentoring and sponsorship have both played large parts in my career, though none of it was planned or even called that. It was far more informal, and it primarily came from being fortunate enough to have great bosses. One of my first bosses was extremely reserved and a great listener; but, when he talked, people listened. My younger self learned a lot from being in the presence of that style, which was different than my own. I have been fortunate enough

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since then to have bosses who have given me the freedom to make decisions and grow, but understand almost any situation I could encounter to be able to give me great advice. If you do not have that situation with your boss, you need to find an advocate in your business outside of your direct management line, or potentially look at other opportunities.

What do you think the industry could do to attract and retain the best and the brightest today?

Attracting and retaining the best and brightest is very challenging for companies today, particularly on the retaining side. A strong, positive company culture is critical. If young people come in for an interview and other young employees seem happy and have interesting work, this is the best advertising for your business. I think giving younger people career options is also helpful, as most younger people coming into a company do not know exactly what they want to do. BMO has a strong analyst training program, where people out of college are trained for a year and then pick three different bank rotations to cycle through for six months. I was also given career choices at Heller, which I really appreciated at the time.

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abrina Singh, based in Chicago IL, joined BMO Harris Bank’s Asset-Based Lending group in 2014 and is responsible for sourcing, structuring and executing asset-based lending transactions nationally for retailers in the apparel, department stores, auto parts, beauty, sporting good and other retail spaces. Prior to BMO Harris Bank, Sabrina was with Citizen’s Bank (formerly RBS Citizens) as an underwriter and portfolio manager in the Commercial Bank and in the Asset Finance Group working on secured lending transactions for both middle-market and large corporate clients in diversified industries. She also spent some time underwriting leveraged loans for private equity sponsors at Orchard First Source Capital. Originally from Canada, Sabrina started her career in Toronto at RBC Capital Markets, working in Corporate Banking on large institutional cash flow transactions. Sabrina graduated from the University of Toronto with a Bachelor of Commerce in Finance and Economics and received her MBA from McMaster University. Sabrina chairs the Women’s Initiative for Networking and Success (W.I.N.S.) committee for BMO Harris Bank and is a member of the Commercial Finance Association.

She resides in Arlington Heights, IL with her husband and two children.

Sabrina Singh

Vice President, Retail Business Development and Senior Portfolio Manager BMO Harris Bank What advice would you offer to women just starting out in the industry?

Be collaborative, not competitive. I believe it’s healthy to compete with yourself to do better and achieve more than what you’ve done in the past.

However, in my career what I’ve found to be the most beneficial is being collaborative with my colleagues and peers. I’ve always learned more by asking questions and being open to diverse opinions, as it can provide me much needed perspective on a subject matter that would be difficult otherwise. It also helps you to perform better at your job and propel you further in your career as opposed to always trying to do it by yourself.

What do you know now that you wish you knew in the beginning of your career?

I wish I spoke up more! I made the mistake earlier in my career of thinking

I was too junior and that my opinion probably did not matter. However, the reality was that many times there were others who would speak up and voice the very opinions that I was thinking internally. I believe senior leaders are always on the lookout for fresh perspectives that all of us can bring to the table. Don’t be afraid to share your ideas; you never know where it may lead.

What kind of role has mentoring and/ or sponsorship played in your career?

My mentors have played an instrumental role in my career by offering their objective opinion when I’ve been at pivotal decision-making points. I’ve found the best mentors I’ve had were relationships that formed organically.

These were men and women that I looked up to and I was proactive in reaching out to them to hear their career stories and they were open to helping me and see how their experiences could apply to my own career.

Their insights and experiences have been invaluable to me and I appreciate the friendships that have developed as a result. On the other side of the spectrum, I think it’s great when junior colleagues reach out and I’m always

open to having good career conversations over a cup of coffee.

What do you think the industry could do to attract and retain the best and the brightest today?

One way to continue to attract and retain talent in our industry is to create a sense of community and impact for the people who work in it. Many of the best and brightest are motivated self-starters that seize opportunities where none appear readily available and tend to thrive in an environment where they can take risks on executing new ideas. It’s important to cultivate that type of community and keep it in mind when hiring talent. Additionally, when organizations and the industry acknowledge these achievements, it creates value for the individual to know that what they are doing actually matters. A reward does not always have to be monetary to create impact and lasting value for the best and brightest to remain motivated and vested.

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s a member of Cahill Gordon & Reindel LLP’s corporate practice group, Jennifer counsels commercial and investment banks and other lending institutions in leveraged finance and asset-based lending transactions, including acquisition financings, leveraged buyouts, going-private transactions, recapitalizations, project financings, debt restructurings, and other secured lending transactions.

Jennifer serves as one of Cahill’s co-administrative partners managing and overseeing the day-to-day business matters of the Firm in coordination with the Firm’s Executive Committee. She has also served on the Firm’s Diversity and Inclusion Committee, Hiring Committee and Women’s Initiative Committee.

Jennifer has practiced in a variety of industries, including communications, gaming, retail, energy, manufacturing, media, publishing and internet technology. She has a broad range of financing experience in both US and cross-border transactions.

Jennifer is a member of the State Bar of New York, the New York State Bar Association and the American Bar Association and has been recommended as a leading finance lawyer by IFLR1000 and The Legal 500. She holds a degree from Princeton University and New York University School of Law.

Jennifer Ezring

Co-Administrative Partner Cahill Gordon & Reindel LLP What advice would you offer to women just starting out in the industry?

I would offer the same advice to women in just about any industry—don’t assume the answer is no. Aggressively seek out the opportunities you want and the advice you need. Don’t wait for a supervisor to determine your career path; just speak up and ask for responsibility. Take on as much as you can handle, with each experience your industry knowledge builds making you a valuable asset to both your clients and your colleagues. Share your ideas and insights where relevant on your transactions; you can add value even at a junior level. Do your homework. Make yourself essential to your clients and supervisors by doing the most homework and being the most focused member of the team.

What do you know now that you wish you knew in the beginning of your career?

While I am fortunate to have a lot of strong client relationships that started very early in my career, there are also plenty of people I have worked with along the way

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with whom I have lost contact. Due to the pace of our industry and the fact that there is only so much time to focus on all the competing concerns in building a career, business development often goes by the wayside. Networking and nurturing client relationships is critical at every level, and it’s worth committing time to business development and networking, starting day one. It is likely you will see a lot of the same faces in different roles throughout your career because our world of finance is smaller than you may think.

What kind of role has mentoring and/or sponsorship played in your career?

I have been fortunate throughout my career to have been mentored by thoughtful and accomplished attorneys (and in some cases, clients!). They have taught me how to be a better lawyer, and how to manage a rewarding life alongside a rewarding career. They have also taken the time to further my understanding of the market forces and the financial products that now form the basis of my legal practice. It is hard to underestimate the value of mentoring for a young corporate attorney—the hours can be long, and the substance of the work is complex, detailed and challenging. While everyone needs to find an individual workplace path that fits his or her own life situation, it can be so useful to borrow what you can from

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others’ successful experiences. Cahill does have a formal mentoring program for all associates, but I always suggest that junior people seek out informal mentors as well.

The most rewarding mentoring relationships I have had were those where I found a person whose practice interested me, or whose professional persona seemed to offer something I should emulate.

What do you think the industry could do to attract and retain the best and the brightest today?

We all need to invest in our young talent and offer them a road map of opportunity.

At Cahill, we have a free-market system for the associate attorneys. Associates are not stifled by practice group definitions and are encouraged to try different areas of law, and work with as many different supervisors and clients as possible. Our theory is that you will become a better lawyer if you have some experience in areas outside your own focus area, because it will provide context for your work within your specialty. At the same time, it allows freedom of choice for our associates to build their own careers in a way that is most interesting to them. By offering opportunities and training coupled with choice, hopefully firms in our industry will be able to retain the most important assets we all have: our people whom we have trained and developed.

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inat is president and in-house counsel of Coral Capital. She leads Coral Capital’s strategic direction, business development and structuring of financing solutions. Her unique combination of business acumen with legal proficiency enables Coral Capital to offer its clients creative financing solutions in complex and special situations.

Prior to joining Coral Capital, Einat was the president of a factoring company where she was responsible for business development, sales and branding; prior to that, Einat was a senior executive at a venture-capital-backed e-commerce company that she co-founded. Einat is a lawyer by training and had practiced law both in New York and in Israel. She holds an MBA from Columbia Business School and an LL.B. from Tel Aviv University School of Law. She served as a Lieutenant in the Israeli Defense Forces.

Einat is a board member of the New York Contemporary Credit Club, and served for two years on the advisory board of the International Factoring Association.

Einat is also co-founder of Kashable, a revolutionary financial wellness company that offers working Americans affordable credit via a voluntary employer benefit program. A game-changer in the employee benefits industry, Kashable, launched by Einat, is a one-of-a-kind approach to online consumer lending that provides employees with access to socially responsible credit.

Einat Steklov

President and In-House Legal Counsel Coral Capital Solutions Co-Founder Kashable What advice would you offer to women just starting out in the industry?

In asset-based lending, just like in the broader financial services industry, it is important to find a mentor who will help you navigate the organization, direct you and be your champion. Much like with apprenticeships, having an experienced individual provide you with guidance means you will be able to benefit from a wealth of knowledge, and establish an invaluable relationship with senior management early on in your career. You should also join an industry professional association and take an active part either as a participant or by being on committees. Go to events, be seen and heard. It is important to build your visibility in the industry.

What do you know now that you wish you knew in the beginning of your career?

Building a career is a marathon and not a sprint. It really helps to make long-term

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plans about where you want to be in the future, but it is just as important to be flexible enough to seize new opportunities as they come along. The challenge of balancing career and family invariably has its peak at the worst possible time, when you’re still a young professional. But “all or nothing” is not the right answer. Being there for your family, while keeping your career going, means finding the right organization -- one that supports a family-work life balance and it also means establishing a good support system at home that lets you advance your career.

What kind of role has mentoring and/or sponsorship played in your career?

Mentoring is something that I firmly believe in, and I often speak with and offer advice to young aspiring entrepreneurs from Columbia Business School, my old alma mater, or from the industry, and through different industry associations. It is important to me to help young people, especially young women, maximize their own potential and to inspire them to build on their ideas and passions so that they can have a rewarding career and fulfill their aspirations. Through our professional exchanges, my mentees

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have “forced” me to have a fresh, new perspective on issues and problems.

Mentoring is both a challenging and worthwhile investment that yields positive results and connection with future leaders in the industry.

What do you think the industry could do to attract and retain the best and the brightest today?

Our industry is still heavily male-dominated, and it is time to get more women into leadership positions. Women enjoy working with other women, and we need to encourage more women to mentor young female entrepreneurs. We also have to be open to the technological changes and fresh ideas that new entrants bring to the industry. Even if not all of them are successful, they require all of us to review or revisit our current approaches and, if need be, make necessary adjustments.

Helping young professionals advance in their careers, attain a work-life balance and enforcing equal pay for equal work must become the standard if our industry is to attract and retain the best and the brightest.

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enise A. Albanese, owner of Cost Reduction Solutions, a national due diligence firm, assumes the role of business development for the company. Prior to joining the commercial finance industry, Denise led a major account team in the office equipment solutions industry for a $5.2 billion publicly held company. Denise has helped grow Cost Reduction Solutions’ customer base by more than 75% in the past 10 years and helped CRS service more than 180 unique customers and commercial lenders.

Denise is active in the lending community, as the acting Chairman of CFA’s New Jersey Chapter. Denise served as CFA’s New Jersey Chapter President in 2016, as well as a committee member on the first ever “40 Under 40” recognition ceremony for the Commercial Finance Association. Denise is a dedicated mentor for young professionals, actively encouraging networking growth, opportunities and promotions within the company and industry for the “Next-Gen/“YoPros.” In 2015, Denise founded a not for profit 501C3, Paulie & Pals, which offers financial assistance to families who have children affected by autism. Denise has two children and is the proud grandmother of two granddaughters.

Denise A. Albanese President Cost Reduction Solutions

What advice would you offer to women just starting out in the industry?

Always put your best foot forward. You should work hard, but work smart. I was told early in my career, be the first one in and the last to leave—“the boss will see your efforts.” Now that I am in the senior position, I can tell you that is a valid suggestion. Good and bad work efforts do not go unnoticed. You should always be prepared, setting goals with a planned strategy. Stay true to yourself and your morals. “A good work ethic” will always prevail. I have a Douglas Adams quote in my email signature: “To give real service, you must add something which cannot be bought or measured with money and that is sincerity and integrity.”

Don’t be shy about “touting” your value and strengths as they relate to your particular position as well as the value you add to the organization. Don’t “go it alone”. Try and seek advice or a trusted mentor to help see you through all of the above.

What do you know now that you wish you knew in the beginning of your career?

I wish I knew that it’s okay to step out of your comfort zone. In doing so, with confidence, the possibilities of success are endless. It is also acceptable to be afraid, just don’t let it hold you back.

Use caution mixed with confidence and optimism as a formula for attaining whatever goal you set for yourself.

What kind of role has mentoring and/ or sponsorship played in your career?

Mentoring the “newbies”, as we endearingly called new business development candidates, ultimately has either validated my own processes or let me “see myself” in action to tweak any deficiencies, and sometimes has even given me the kick in the pants to keep up the pace. In addition to mentoring or sponsoring, I feel it is important to offer your time as a volunteer to a charity or an organization bigger than yourself. Volunteering your time and effort offers you the ability to expand your horizons beyond the workplace. There is an extra underlying benefit, as there are wonderful business relationships that have evolved while volunteering.

There are many positive studies supporting the human need and fulfillment attained as a volunteer.

What do you think the industry could do to attract and retain the best and the brightest today?

To attract the best and the brightest, industry and company leaders need to reach out to local colleges and universities’ Master program directors.

Educating the university or college on the possibilities of a “career path” in this industry that, in turn, would be presented to the students would be a great place to start. There are many instances, when speaking to this group of Millennials, I have heard them say, “I had no idea of this possibility of a career in this industry.” Once they are hired, this generation, known to CFA as YoPros or Millennials, like it done “their way”. They cherish time and scheduling.

Recognizing that setting goals for this group while letting them set their own schedule will be a winning combination.

There are a plethora of studies and suggestions related to this group. YoPros are a driving force with great ideas and energy. Upper management has a new challenge, in a positive way, to welcome Millennials in the workplace and give them a valid position while offering the older generation, who are not exiting the workforce as quickly as they had done in past years, a place to work.

THE SECURED LENDER JUNE 2017 45

T

ania Daniel leads ENGS Commercial Finance’s factoring division.

Tania has spent over 17 years partnering with businesses to meet their working capital needs by providing cash flow solutions such as invoice factoring and other forms of asset-based lending.

Over the course of her career, Tania has held roles in executive management, risk and portfolio management, credit and underwriting, and sales and operations. She joined LSQ Funding Group in 2001 where she played an integral part in many areas of the company. She was able to use the knowledge she gained to grow within the organization and become the vice president of Operations.

Most recently, Tania was chief operating officer of Porter Capital Corporation, where she oversaw daily operations, built a high performing team, developed a dynamic culture, and created strategies that enhanced the growth of the organization.

Tania Daniel

Managing Director ENGS Commercial Capital What advice would you offer to women just starting out in the industry?

My advice is two-fold: to believe in yourself and to be supportive of other women. It is important to be confident in the unique skillset you bring to the table and to embrace those qualities that set you apart from others. We need to be comfortable with ourselves in order to encourage each other to succeed. There is no need to compare yourself to anyone else. Focus on what you know is right and good things will happen. There is plenty of opportunity for all of us to be successful so it only makes sense to recognize and celebrate each other’s talents and achievements.

What do you know now that you wish you knew in the beginning of your career?

I wish I recognized at the beginning of my career that I did not need to tell

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everyone that I am strong, independent, and intelligent to be respected for those qualities. Thankfully, I learned that my actions prove who I am, and there is more power in showing than in telling. At the beginning of my career, I felt the need to constantly prove that I deserved my position.

However, that became self-defeating and counterproductive. It could have easily distracted people from recognizing my strengths, and instead been perceived as a weakness. Letting go of insecurities allowed me to believe in myself which, in turn, made it easier for others to trust in my potential.

What kind of role has mentoring and/ or sponsorship played in your career?

When I joined the industry, there were only a handful of women in leadership roles and not a lot of opportunities to network with them. That made it difficult to enter a mentoring relationship with women outside of my organization. I have been very lucky however to work with many supportive colleagues over the years who have challenged me and believed in me. Relationships are key in this industry and regardless of gender, having trusted advisors whom I can

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confide in, and share a few laughs with, has been critical to my career. I know my mentors and sponsors have my best interest at heart and I am very thankful for their investment in me, both personally and professionally.

What do you think the industry could do to attract and retain the best and the brightest today?

The best thing the industry can do to attract talent, regardless of gender, is to empower people with the ability to make a real impact on the organization. Create a culture that supports training and provides mentoring opportunities. Let your team know that you value them by promoting from within as much as possible.

Set challenging goals, but have fun while obtaining them. Make a point to recognize effort, and to share the success that comes from having a culture filled with the best and brightest. This approach is only effective, however, if it is executed in a way that promotes equal opportunities for all associates.

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L

orena is a senior vice president at Far West Capital. In her role, she is responsible for working with clients in the trucking and transportation industry and managing business development and client relationships at the El Paso office. (Editor’s Note: See page 00 #mustbeadded for a profile of Far West’s El Paso office.)

Prior to joining Far West Capital in 2008 as a senior account manager, Lorena was the senior account manager at Sierra Finance for three years. At Sierra Finance, she was responsible for a variety of services including creating factoring schedules and managing QuickBooks. She served as Far West Capital’s area manager for five years, and managed new client contracts, collections, deposits and sales. Lorena immigrated with her family to the United States when she was 14 years old. Not knowing the language or culture, Lorena quickly adapted to her new surroundings. It was this change that taught Lorena how to continuously overcome life’s challenges.

Lorena is passionate about providing superb customer service, which can be seen through Far West Capital’s long-term client relationships. Lorena is fluent in Spanish and uses this skill to connect with new and existing clients in the El Paso area. Lorena is also a member of the El Paso Hispanic Chamber of Commerce.

Lorena Bolivar

Senior Vice President Far West Capital

What advice would you offer to women just starting out in the industry?

Number one, do not get impatient! If you don’t know something, you will learn it.

Don’t be afraid to ask questions. Knowledge is power. However, the most crucial factor is having a positive attitude. This behavior will help you accomplish your goals.

I speak from my own experience. Managing an office with 15 employees never crossed my mind. At the beginning, I didn’t have a clue of what factoring was or how it worked; besides the fact that English is not my first language, I saw it as a disadvantage. However, I never let that stop me from pursuing what I thought was the best for the company. It was this principle that grew my success and the company’s.

What do you know now that you wish you knew in the beginning of your career?

It is normal to be afraid. No one ever explains that feeling fear is normal. It is essential to understand that it is a very common response to anything new. The

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important aspect is to embrace your fears, instead of running away and stressing out. Every day you will find obstacles in your personal and professional life. Do not avoid them, get through them and see in every challenge an opportunity to grow and get better and stronger.

Focus only on what you can control and have a direct input. Wasting energy on issues that you have no control over is futile. Instead, evaluate the issues that you can control and affect them to create success. If I knew that before, my journey wouldn’t be so painful.

What kind of role has mentoring and/or sponsorship played in your career?

Mentoring and sponsorship has played a key role in my career, I can attribute a big part of my success to three persons who have been an influence in my life.

1. My husband, Jorge Bolivar, who has always been by my side pushing and encouraging me to get the best out of me; he is my rock.

2. Brian Center, CCO of FWC. He has been my mentor and my lead example all these years. I could not be in this position without his knowledge and guidance.

3. Cole Harmonson, CEO of FWC. He gave me his trust when he named me El Paso office manager, and believed in me

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way before I believed in myself. One time during a visit to El Paso he told me, “Here is a blank paper. Write down how much money you want to make, do whatever it takes to accomplish it, having the well-being of the company always in mind.”

What do you think the industry could do to attract and retain the best and the brightest today?

The industry is male-driven. Open the doors to more women. Provide equal opportunities to develop women in the financing industry. We have the potential to learn, lead, adapt and grow in this and any industry, all the way up to the executive positions. If you increase the opportunities, companies will get rewarded with our talent and discipline. We are loyal and determined to walk the journey until we deliver success.

Provide the employees a great environment to work, giving them the freedom to express their own ideas, make them feel that they really matter. Having a strong team is the best structure that any company can have to reach all their goals. We all like to feel that we are part of something amazing and feeling the support of the team is a great drive to unleash your potential.

V

anessa Johnson is an executive vice president at MBMJ Capital, LLC dba Continental Business Credit, Fast A/R Funding. In 2012, Vanessa joined MBMJ Capital, LLC, a start-up factoring company, as senior vice president and portfolio manager, where she was responsible for overseeing underwriting, portfolio management, and building a team of underwriters and account executives to support growth. In 2015, Vanessa was promoted to executive vice, president where she is currently focused on designing loan management software and managing back office operations to support portfolio growth.

Vanessa’s career started in 2004, when she joined Kerr-McGee Corporation, a Fortune 500 company in the oil and gas industry, where she was chosen to be the first candidate for a management development program in Corporate Finance.

Vanessa joined First Capital in 2006 and became vice president and operations manager of their Financial Services Division, where she was responsible for the day-to-day management of asset-based lending facilities with credit lines between $2 million and $100 million.

Vanessa attended the University of Oklahoma and graduated with distinction, earning her BBA in finance.

Vanessa Johnson

Executive Vice President MBMJ Capital, LLC dba Continental Business Credit, Fast A/R Funding What advice would you offer to women just starting out in the industry?

My advice would be to educate yourself on the different opportunities that are available in the industry. Commercial finance encompasses so many different areas that a person can specialize in. It is important to find an area that is best suited to a person’s characteristics, skill set, and work style. Attend training seminars or webinars, consider obtaining industry specific certifications, and network with others in the industry. Building relationships within the industry is key to becoming successful.

What do you know now that you wish you knew in the beginning of your career?

I wish I had understood the importance of “internal networking” within a firm.

I learned over time that it is essential to develop relationships in various departments within a company. When I

worked in portfolio management, I found that having relationships with people in accounting and finance, verifications, treasury, sales, legal, and IT helped me to understand the functions of those departments, which gave me the ability to be better at my job because I understood how the departments within a company worked together. Often, employees stay in their own department and don’t have a strong understanding of the different departments, which results in a narrow view of their job. Having relationships outside of your primary job function gives you more resources to solve problems, be more creative in providing ideas or suggestions, and can provide unexpected pathways to success.

What kind of role has mentoring and/or sponsorship played in your career?

Mentoring has played a tremendous role in my career and my professional growth.

Having a mentor that is willing to share experiences, assist in solving problems, and provide feedback on performance is invaluable for any employee. I would encourage everyone to find a mentor whom they can go to for advice or help. I also believe that being a mentor to someone is just as important as having a mentor.

Mentoring someone improves the overall work environment because it provides insights to employee issues and improves communication.

What do you think the industry could do to attract and retain the best and brightest today?

The industry needs to be involved with college job fairs and educate potential graduates on the industry and the different opportunities that are available. Companies must challenge young employees with projects and keep them involved if they expect to retain talented employees. People want to feel as though they contribute to the goals of the company, so it is important for companies to lay out their goals and identify ways that employees can help meet those goals. I am also a proponent of rotational training, where entry level employees spend time working in four to five departments within a company to learn how everyone contributes to the growth and success of a firm. Many people come into a position and learn one job function; however, if they are given the opportunity to work in other areas, they become better employees.

THE SECURED LENDER JUNE 2017 49

J

ennifer joined Gerber in 2006 as a business development and marketing associate. As a recent law school graduate who had intended on working in art or fashion, she did not expect to work in finance, but was hungry for an entrepreneurial venture where she could truly make her mark.

Jennifer’s intense interest in the people and drive behind small-business success proved to be an incredible guide, and she quickly rose to the role of vice president of business development.

As Jennifer brought new deals to the table, Gerber began to rely on her legal experience to streamline the documentation process while reducing clients’ costs and appointed her senior vice president and in-house counsel.

In 2013, Jennifer was appointed president of Gerber Finance. She is both the youngest and the first female president in the firm’s 20-year history. Jennifer was a recipient of the CFA’s Inaugural 40 Under 40 awards in 2016.

Jennifer Palmer President Gerber Finance

What advice would you offer to women just starting out in the industry?

Own your gender, but don’t let it define you or allow it to create limitations for you. You should aim to be the best in class, not the best woman in class. Female or male, in order to be successful, you must be hungry to learn at each stage of your career, but also be patient. Keep in mind that success doesn’t happen overnight and you need to learn the basics in order to master the fundamentals. Think of your career as a marathon and not a race – instead of focusing on being first out of the gate, focus on consistently improving your performance and coming in strong at the finish line.

What do you know now that you wish you knew in the beginning of your career?

There is no black-and-white definition of success. When I first started out in this industry, the definition of success for me was very one-dimensional – it was all about my career and reaching those traditional goals in the industry. As I matured, I realized job

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satisfaction and meaningful relationships with colleagues are even more important than the traditional milestones like pay increases and titles. Then, when I started a family I learned that personal success is just as important as professional success and for me, personally, I have found that the two are not mutually exclusive. We would probably all agree that, when we are dealing with a stressful situation at work, it is hard not to bring it home. Likewise, for me and no doubt many women, if things are not running smoothly at home, I cannot be my best in the boardroom.

If you start your career ensuring that you are surrounding yourself with good people and meaningful work, stellar job performance and job satisfaction will naturally follow -- you will also build a support system to help you overcome life’s professional and personal hurdles.

What kind of role has mentoring and/or sponsorship played in your career?

Nobody reaches the top without advice, guidance and mentorship. For me, having a mentor has been key to helping me successfully navigate our competitive field. Being a woman in a male-dominated industry is certainly not without its challenges, so it’s important to watch and learn from your successful counterparts, no matter their gender. I have been lucky to have both male and female mentors, all of whom have taught me lessons that have been immensely helpful in my career. The key to finding the value in a mentor is brutal

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honesty in your communications -- if you don’t allow yourself to be vulnerable, you will never get the advice and feedback you really need.

What do you think the industry could do to attract and retain the best and the brightest today?

As employers, we must look to minimize the challenges women face in our industry.

Maintaining a career in this industry as a woman can be challenging, particularly if you’re looking to start a family. You can only successfully balance your career in our industry and family if you have an employer willing to provide you with flexibility in your schedule when needed. Paid maternity leave is the first opportunity to do this.

The small private companies in our industry cannot wait to implement paid maternity leave policies until they think they need them or because they think they cannot afford them. If they wait to take action they will lose their female talent without knowing why and the costs to replace these key executives will cost much more than an appropriate paid leave benefit. When a woman comes back from leave, flextime is an important benefit an employer can provide to allow women to advance their careers while also having a family. In addition to vastly helping the employee and her family, flextime has consistently been proven to boost morale and productivity, which then increases retention – again directly improving the employer’s bottom line.

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P URPOSE.

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POTENTIAL.

Maximizing your

P ROF IT.

discover the possibilities with gerber finance inc.

gerber finance inc. 488 madison ave . 8th fl . nyc. 10022 . 212-888-3833 . www.gerberfinance.com

THE SECURED LENDER

NOV/DEC 2009

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J

essica DeBruin is a principal in the firm’s Commercial Finance Group. She represents banks and other commercial lenders in structuring, documenting, negotiating and overseeing due diligence for asset-based and cash flow loans. Jessica’s work crosses a wide range of industries, including manufacturing, restaurant, technology, software, business service, food and beverage and energy, as well as all levels of the debt capital structure.

Jessica is a four-year member of the firm’s Management Committee and is chair of its Administrative Committee. She is a member of the CFA Women in Commercial Finance Committee and its Strategic Planning Subcommittee, as well as the Women’s Committee for the Midwest Chapter of the CFA. Jessica has also led Goldberg Kohn’s annual Women in Commercial Finance and Bankruptcy event in Chicago for the past five years, and will be hosting its sixth event this fall.

Jessica is admitted to practice in Illinois and is a certified public accountant. Jessica received her law degree from New York University in 2000 and her B.S. in accounting, with honors, from the University of Illinois at Urbana-Champaign in 1997.

Jessica DeBruin Principal Goldberg Kohn

What advice would you offer to women just starting out in the industry?

Ask questions that help you understand the big picture of our industry and your institution. Particularly when you have an opportunity to attend calls or meetings with more senior team members, use those opportunities to learn more about the issues they are raising. Of course, be mindful of finding the right time, and the right person, but it is critical in the early years to develop a solid foundation of industry and institutional knowledge, because information builds on itself.

Persistence and risk taking are also important to having a lengthy and successful career in our industry. Have personal career goals, and know that there will invariably be obstacles. Keep asking for opportunities to learn the tasks you want to learn, and don’t let the first (or second) “no” be the answer for too long. Take risks by seeking and accepting assignments outside your comfort zone, or from demanding team

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leaders, and using those experiences to learn new skills.

Finally, it is critical to know that we work in a relationship-driven industry.

No matter what the role or institution, verbal and face-to-face interactions are important. Also important are each and every contact you have with someone, whether it is a colleague or client, or even opposing counsel, client of clients, and other advisors.

What do you know now that you wish you knew in the beginning of your career?

I wish I’d known how much value a junior team member can bring to an institution and to a transaction. I recently read an article analyzing the benefits to patients from doctor teams with varied levels of experience, and I think the same thing is true for lawyers.

Those coming out of law school today often have a number of years of prior work experience, often in a different industry, and they bring a fresh perspective from those experiences.

Law school is different today than it was 20 years ago, and current students have many more opportunities to have practicum and clinic experience. And recent graduates are much closer to the ever-changing technology landscape.

These factors allow for tremendous

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potential on day one.

What kind of role has mentoring and/or sponsorship played in your career?

Mentoring and sponsorship have played a huge role in my career. Mentors are critical to filling in so many gaps in information that are useful for career success – providing institutional knowledge and advice, explaining the big picture and providing important feedback. One early mentor was a senior partner and we traveled frequently to New York for in-person negotiations. I am grateful for those trips because they provided tremendous opportunities for unstructured mentoring time, whether waiting around in airport lounges or sharing taxis and meals.

What do you think the industry could do to attract and retain the best and the brightest today?

We all know the Millennial generation is looking to make an impact through their careers. I think the most important thing our industry can do to attract and retain them is to listen to them. Our firm has done so to a greater degree than in past years, and I think we’re starting to see benefits from doing so. Whether it’s greater flexibility in work locations, more frequent and specific feedback, increased transparency in decision-making, or other issues raised by more junior ranks, I think institutions can benefit from those ideas.

N

an B. Braley focuses her practice on financing transactions, and represents financial institutions and other clients in connection with secured and unsecured loans, asset-based financings, acquisition financings, syndicated credits, multicurrency facilities, cross-border transactions, subscription lines of credit, participations, intercreditor agreements, subordinated debt, mezzanine debt financings, letters of credit, loan workouts, DIP financings and debt restructurings.

Nan’s experience includes a wide variety of industries and collateral types including telecommunications, entertainment, media, fine art, technology, health care, insurance, real estate, energy, rolling stock and aircraft. She has experience with collection strategies, foreclosures, and borrower representation. Nan also represents clients in derivative transactions, including interest rate swaps.

She is listed in Best Lawyers in America for Banking and Finance Law and Texas Super Lawyers, and is rated AV Preeminent® 5.0 out of 5 by Martindale-Hubbell®.

Nan is a member of the: American Bar Association (including Business Law Section and Section of Science and Technology Law), Dallas Bar Association, State Bar of Texas, Association for Corporate Growth, Turnaround Management Association, Texas Association of Bank Counsel and The Women’s Finance Exchange.

Nan Braley

Shareholder Greenberg Traurig, LLP

What advice would you offer to women just starting out in the industry?

Work hard, assert your right to be involved on the best projects, and build your own client base through networking and relationship building. Listen and learn, but speak up. Your views are important, and people need to hear them. Arrange your life and work so that your career and efforts are sustainable. My most practical advice is to arrange things so that your workplace, home and children’s school (if applicable) are all as close together as possible. Excessive commute time can be a time and energy waste and drain. If you need to get from one of these places to the other quickly or unexpectedly, proximity is a lifesaver. This one item alone can relieve a lot of stress in your daily existence and boost your productivity and happiness.

What do you know now that you wish you knew in the beginning of your career?

You don’t have to accept discrimination or harassment. It is not the norm. It is not

just the way it is everywhere. This concern may not be an issue now so much as it was in the early part of my career, but some workplaces still have a culture that fosters outright or unintentional bias. If you suspect this is the case in your workplace or if your work situation is unacceptable for any other reason, it is advisable to move on as soon as possible. People tend to be complacent and think it won’t be any better somewhere else, but many opportunities are available and there is no reason to stay in a place that treats women or other groups unfairly. Don’t be afraid to make a move if your gut is telling you things aren’t right. Most likely you will be surprised at how different another work environment can be; and, if you wait too long, you won’t believe you put up with an unacceptable situation as long as you did.

What kind of role has mentoring and/or sponsorship played in your career?

My observation is that having a mentor can be key to your success. It is important to seek out mentors even if they are not readily or naturally available. Seeking or accepting a mentor comes easily to some people and is more difficult for others. I’m one of those people who has had difficulty finding mentors, but there have been a few

people along the way who have provided guidance and advice that helped me advance my career. I have been more successful in being a mentor, in part because I realize the importance of mentoring and that it is not readily available for everyone.

You may need to be proactive in seeking a mentor, and many people are happy and honored to serve in this capacity. I make myself available and respond positively when contacted for mentoring or advice.

What do you think the industry could do to attract and retain the best and the brightest today?

While making sure that compensation and benefits are competitive is important, money and perks are no longer the defining factors in attracting and retaining the best talent. Businesses must show that they are innovative and forward-thinking, have the most current and productive technology, are inclusive and open-minded in their hiring and staffing practices, and are adapting to a rapidly changing, global business environment. Businesses should provide employees with appropriate and effective professional development, as well as opportunities that allow employees to feel fulfilled and productive beyond just doing a job and getting paid.

THE SECURED LENDER JUNE 2017 53

S

tarting practice with Hahn & Hessen in 1985, Rosanne was able to capitalize on Hahn & Hessen’s mid-sized structure to garner experience in all aspects of the insolvency practice, both in and out of court proceedings, in litigation and transactional arenas, representing secured and unsecured creditors, SIPA and indentured trustees, equity stakeholders and an occasional debtor. In 1992, she was the first woman elected to partnership in what was then our firm’s 60-year history. As a partner, Rosanne has built a practice and client base focused on delivering personal attention to our clients in a wide range of contested and uncontested matters.

In her 25 years as a partner, Rosanne has held a wide range of leadership positions and, importantly, has stood as an example, resource and mentor for other attorneys, female and male, who value hard work, achievement, teamwork and success tempered with practicality, intelligence and candor. Outside the firm, she has been deeply involved over the years in the Student Mentoring Program at her undergraduate alma mater, Manhattan College, and presently serves on the College’s Board of Trustees both as a Member of the Executive Committee and as Chairperson of the Trusteeship Committee.

Rosanne T. Matzat Partner Hahn & Hessen LLP

What advice would you offer to women just starting out in the industry?

Women starting out in their careers need to learn how to be assertive and creative while maintaining polish and credibility. By being skilled active listeners, women often excel in being responsive to the questions asked, the problems presented and the underlying concerns being expressed by a client or prospect. Women who develop and use the talent for listening to hear what is truly being said and are then assertive in responding to those concerns with creative solutions will position themselves to be recognized and excel. Don’t be afraid to speak out and take credit for your ideas. A reputation for considered thought, delivered with confidence which responds creatively to the problem presented, will carry you further faster than the canned bluster often presented by others.

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What do you know now that you wish you knew in the beginning of your career?

If someone can’t explain something to you in a way that you can understand it, it usually means that they don’t understand it themselves. Don’t be afraid to ask questions and follow a point to its logical (or illogical) conclusion. More often than you think, your question or concern is shared by others and by having the confidence to express that which others are only thinking, you can drive a discussion, become a thought leader among your peers and earn the respect of your supervisors, clients and prospects.

What kind of role has mentoring and/ or sponsorship played in your career?

I was privileged to have five very different firm mentors (all men) in my early career, each of from whom I learned different lessons and skills.

I was able to absorb from each the best of what worked with my personal style into my professional persona. To this day, I smile when I recognize one of them in an approach or attitude I am taking. As I have advanced in my career, I have made a point of mentoring colleagues of both genders within and outside my firm. Most successful mentor-mentee relationships start

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with a spark of commonality revealing a shared approach to certain fundamental precepts. Those relationships are the easiest ones to grow and develop and can be the basis for mutually rewarding lifelong friendships.

What do you think the industry could do to attract and retain the best and the brightest today?

The lending industry provides the life blood for entrepreneurship and acts as a catalyst for all forms of creative economic development. As technology and globalization accelerate unprecedented levels of change in the business models of our clients and prospects, younger colleagues are uniquely situated to appreciate and anticipate these changes and to bring value to the businesses facing the challenges brought on by these changes. If the next generation of bankers and attorneys could be made to truly appreciate their role as a creative business partner in the new economy, they could be made to understand the importance of their role in fostering economic development and betterment. The best and the brightest should gravitate to be part of that future.

WE CONGRATULATE OUR PARTNER

ROSANNE MATZAT 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 there is a complex debt structure or where the creditworthiness of our client’s existing 488 Madison Avenue New York, NY 10022 212.478.7200 hahnhessen.com

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or potential borrower, counterparty or customer is of concern.

C

andi Pavliscak serves as divisional chief risk officer and senior vice president for Hitachi Business Finance. Candi is responsible for managing the operations team, overseeing the credit risk of multiple commercial finance portfolios, managing the service operation for another Hitachi lending division, and coordinating audit and credit functions with Hitachi’s parent company. She has a deep knowledge of credit in both factoring and asset-based lending.

Candi has been involved in the commercial lending industry for more than 25 years.

Her experience covers credit underwriting, documentation, compliance, and legal review for all asset-based lending and factoring transactions. She has worked with community and commercial banks as well as a law firm and non-traditional assetbased lenders. Candi has spent the last several years developing and managing the daily credit and administration functions of client relationships for Hitachi Business Finance. Candi frequently speaks on various small business topics including how small businesses can improve their collections process and how to gain access to capital.

Candi received her bachelor degree in business administration from Oakland University in 1992.

Candi Pavliscak

Divisional Chief Risk Officer and Senior Vice President Hitachi Business Finance What advice would you offer to women just starting out in the industry?

First of all, always keep learning. It brings you personal satisfaction, and it will keep you relevant because the industry is always evolving and changing with technology. It’s easy to find continuing education through industry associations – many offer trade shows, conferences, webinars, and classroom education.

Also be confident to speak your mind.

Remember that your thoughts are just as valid as anyone else’s, regardless of age or gender. Just because the room is full of more established colleagues doesn’t mean they are smarter than you.

I feel a lot of women are intimidated by authority and follow along with the old rules and standards when maybe they shouldn’t. It’s okay to ask questions.

What do you know now that you wish you knew in the beginning of your career?

I wish I knew to be more open-minded

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and not so singularly focused on one career path because opportunities can lead you in different directions.

Sometimes these directions are a better fit for your skill set that you may enjoy more. The career path I had set in my mind when I started college isn’t even close to where I am today, but I’m happy with my choices and they are a better fit for my personality than I ever expected.

I would also tell my younger self that I don’t need to be Superwoman to do a good job. Not only is it okay to ask for help, but it benefits everyone in the long run. No need to do it alone.

What kind of role has mentoring and/ or sponsorship played in your career?

Having a mentor is a great opportunity for workers of all ages to learn and glean insightful information from.

Through the years, I have been able to observe and seek knowledge from members of our management teams, as well as my co-workers. It’s important to keep an open mind because everyone has something to offer, and everyone has something to learn.

That’s the great thing about mentors – they willingly provide the opportunity

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to learn from their experience and act as a sounding board when there’s a tough decision to be made. I have been so fortunate to have a few great bosses over the years that have shaped both my knowledge of the industry and how to build and nurture successful relationships along the way.

What do you think the industry could do to attract and retain the best and the brightest today?

Awareness is a huge issue for attracting people to our industry. I don’t think there are enough students and professionals that know our industry can (and should) be a career choice. It is not covered in mainstream business textbooks. It will be our responsibility as established professionals to mentor and guide these younger individuals as they begin their careers. Also, it’s vitally important to continue engaging these young students/professionals with our various industry events, such as those provided by the CFA. The more exposure we can provide, the more awareness there will be.

CFA 40 UNDER 40 AWARDS

SEPTEMBER 28, 2017 THE PIERRE HOTEL NEW YORK

BE PART OF THE MAGIC: THE AWARDS RETURN TO NYC CFA 40 UNDER 40 AWARDS: A NEW TRADITION The Commercial Finance Association is once again celebrating the best and brightest in our industry.

The Commercial Finance Association’s 40 Under 40 Awards is designed to honor the achievements of young professionals in the commercial finance industry: innovators, visionaries, leaders and rising stars. What makes this award program special is the cohesiveness of support across the industry. The Leadership Council is comprised of senior leaders representing bank-affiliated asset-based lenders and factors, as well as independent and entrepreneurial enterprises. The Event Committee is made up of highly engaged industry leaders. Join us in celebrating the industry on September 28th.

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VISIT CFA.COM/40UNDER40

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s HPD Software’s global products director, Andrea Cole is responsible for the company’s overall product direction. She is constantly pushing the boundaries to make sure HPD’s solutions continue to meet the changing needs of businesses in the working capital finance sector, ensuring the company remains the technology partner of choice for commer-

cial finance.

Andrea manages a team of 75-80, overseeing product development, testing and support. Her role is to ensure that HPD’s clients, which span over 50+ countries, continue to receive best-of-breed technology.

She began her career as a graduate trainee at Royal Bank Invoice Finance, where she quickly moved up the ranks to become an account manager in operations.

Andrea later honed her project management skills as part of the change management team, working on IT projects, where she was part of the team that managed the merger with Natwest.

When she joined HPD Software in 2001, Andrea applied the knowledge she had gained in managing service level agreements to support HPD’s multi-country iFactor clients. She then moved into an integral role in the development and implementation of HPD’s Aquarius platform.

Andrea Cole

Global Products Director HPD Software What advice would you offer to women just starting out in the industry?

I am pleased to say that times have changed in the commercial finance industry. Not only are we seeing greater numbers of women working in the sector today, but far more operate at a senior level. Younger women entering the workforce have strong role models to look up and aspire to. As a result, we are seeing more meritocracy, which is positive for our industry.

My message to anyone starting out in the sector would be to work hard, be enthusiastic and open-minded. Youngsters have a whole career ahead of them, one which could go in any number of exciting directions. We operate in a fast-paced and stimulating environment, which continues to evolve — it’s the perfect time to be involved.

What do you know now that you wish you knew in the beginning of your career?

I wish I had known that opportunities

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In 2017 Andrea was named HPD Software’s global products director where she was tasked with launching the company’s LendScape solution. She and her team are now focused on providing the ‘end-to-end empowerment of working capital finance solutions’ that LendScape offers.

would open up as my career progressed. I started my working life believing that the world of work was built on hierarchy, when in actual fact there is a lot less hierarchy than we all perceive.

Having strong interpersonal skills and building up your contacts are vital components for a successful career. Think about the type of person you like to work with and chances are those around you feel the same. If you want to get on, then you need to actively be that person and you’ll attract opportunity to you.

Knowing that I didn’t need to be pigeonholed, or to be afraid of taking risks and opening up new opportunities would have been valuable to me as I began my career.

What kind of role has mentoring and/or sponsorship played in your career?

Early on in my career, working at Royal Bank Invoice Finance, I was surrounded by well-regarded and experienced colleagues. These were people I knew I could turn to for support, who were hugely focused on the development of junior members of staff.

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Throughout my working life I have always turned to colleagues and friends with flourishing careers, who could offer me real pearls of wisdom and advice. This has been invaluable to me at every stage, and remains the same today.

What do you think the industry could do to attract and retain the best and the brightest today?

I don’t think the commercial finance industry needs to work that hard to attract and retain talent. It is globally diverse, fast moving and rapidly growing, and for those reasons it will always attract — and retain — some of the brightest and best.

When I look at technology specifically, then I would argue there is a need to do more to attract women into IT. But this needs to start at grass roots — we need to do more to attract younger girls into IT and technical careers. We need to make IT more interesting in schools and colleges, and to encourage greater take-up of these subjects by girls. This will naturally create a bigger pipeline of female talent and greater diversity in this area of the workplace.

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in is the co-founder, COO & head of Capital Markets at InterNex Capital.

InterNex Capital is an asset-based digital lender specializing in revolving lines of credit up to $5 million for small and mid-sized businesses. Lin is a seasoned structured finance/capital markets executive and business leader with over 20 years global experience.

Prior to launching InterNex Capital in 2015, Lin was managing director at GE Capital, where she held various senior leadership roles for just under a decade and received multiple awards for growth. Prior to GE Capital, Lin was a transactional lawyer at Simpson Thacher & Bartlett (NY), De Brauw (Netherlands) and Freehills (Australia), covering private equity, leveraged/corporate finance and capital markets. Lin serves on the Duke Law Board of Visitors where she received the 2015 Alumni Award, and is a founding member of the Duke Law International Advisory Board. Lin was formerly co-champion of GE Capital’s Asian Women initiative and has recently joined CFA’s Women in Commercial Finance Committee. She holds an LLM from Duke University, an LLB (with honors) and a BCom (accounting and economics double major) from Sydney University (Australia). Lin has lived in four continents, worked in three countries, and speaks five different languages. She lives in Manhattan with her husband and her two children.

Lin Chua

COO & Head of Capital Markets InterNex Capital

What advice would you offer to women just starting out in the industry?

Focus on developing self-awareness early. Understand and be expressive about what benefits you can deliver to your employer, the industry, and seek out opportunities to demonstrate your strengths but also to develop and grow.

Do not underestimate how much your value-add evolves and increases exponentially with your growing experience.

As a woman in finance, yes, of course, be cognizant of potential biases, but most of all, do not let being a woman ever be a chip on your shoulder. Your glass is not “half empty”. It may be a different glass, but it is completely full.

Once you embrace that, and you are fully comfortable with and cognizant of your skills and the value you bring to the table, you should totally forget you are a woman and just get on with it. The sooner you realize this, the more you can focus on achieving your full potential.

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What do you know now that you wish you knew in the beginning of your career?

The most important business relationships you’ll have later on in your career were forged during the earlier days of your career. Cherish those relationships.

Go out for drinks with your friends, and, yes, do grab coffee with the person you enjoyed working with during that last transaction. It regularly surprises me how many of those long-time friends have subsequently turned out to become invaluable strategic relationships. Trust goes a long way in our industry.

What kind of role has mentoring and/or sponsorship played in your career?

I am the grateful beneficiary of the time and generosity that many friends, family, colleagues, mentors and sponsors have showered onto me along the way. I did not make the big decisions in my career — ranging from my move from Australia to the US in the late ‘90s to my leaving an established financial institution to co-found InterNex Capital in 2015 — all by myself. My early mentors — ranging from Duke, Simpson Thacher and GE Capital— remain dear friends, and in some cases business partners and investors today.

Do not undervalue the insight and input you can garner from industry experts,

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peers, family, friends, and mentees. Everybody has something to offer. You can and should offer something to the next person. Build that community of support by helping others. Your eco-system ends up defining you much more than you might think.

What do you think the industry could do to attract and retain the best and the brightest today?

It is key to make the most of your work force’s disparate skills, diverse backgrounds and perspectives. At InterNex Capital, we hold regular brainstorming sessions to tap the creativity, expertise and insights of our team members. We strive to continually engage and challenge them, encouraging them to stretch, to try something different and go outside their comfort zone. We’ll create leadership opportunities in cross-functional projects for that purpose. We also believe in the importance of giving back to our community and we create opportunities for our employees to find their cause to support. Most of all, people want to work with colleagues they like and respect.

“Nice” is a heavily under-appreciated word — and rarely used to describe the workplace in our industry. I am proud to say that we strive to build a “nice” culture here at InterNex Capital.

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achel Rawson represents lenders and borrowers in a wide variety of financing transactions. She advises private equity funds and their portfolio companies in connection with complex leveraged buyout financings and ongoing financing transactions and lenders and borrowers in asset-based secured loans, investment-grade company financings, private placements, and subordinated debt placements, many with multijurisdictional and multicurrency components.

Rachel’s practice also includes representing lenders and borrowers in connection with workouts and restructurings of troubled credits, including out-of-court restructurings and debtor-in-possession financings and exit financings. Recently she has been advising a variety of clients on intercreditor issues, helping them navigate through transactions with multiple debt tranches and multiple lien priorities.

Clients for which Rachel has worked on substantial matters include Bank of America, The J.M. Smucker Company, KeyBank, PNC/National City Bank, The Riverside Company, and TSG Consumer Partners.

Rachel has spoken at numerous professional conferences and seminars on commercial financing and restructuring topics. She is an officer of the Cleveland Chapter of the Association for Corporate Growth and is active in community and charitable affairs.

Rachel Rawson Partner Jones Day

What advice would you offer to women just starting out in the industry?

I would offer the same advice to anyone starting out in any industry - (a) take advantage of opportunities that present themselves and (b) anticipate next steps, be proactive and plan ahead. For women in particular, especially in a male-dominated industry, I encourage them to show up and be visible, and to speak up, to be heard and resist interruption. Part of that includes taking advantage of all kinds of networking opportunities, including those that present themselves in informal or non-traditional settings.

What do you know now that you wish you knew in the beginning of your career?

If you make yourself valuable, and are confident in your abilities, you have can have a tremendous amount of agency over your career path. If you are willing to take charge, you can often set the agenda for whatever it is

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that you take on. It is also important to recognize that not everyone has to be on the same traditional promotion timeline. If the other parts of your life make it necessary, be willing to approach your employer to explore whether they are amenable to a non-traditional promotion schedule, interim titles or other options that provide flexibility without dead-ends.

What kind of role has mentoring and/ or sponsorship played in your career?

I have been very fortunate to have a number of mentors, both men and women, throughout my career. Each of those persons provided different support over time — some were active in supporting my career and were crucial for my promotion, others were sounding boards for different issues that arose at times, and others were central in increasing my profile externally. Mentors included senior partners at my firm, clients, and people in my community. Each of them offered different, but equally valuable, advice and support. These relationships developed over time and were based

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on sound foundations. Some of the mentors found me, while with others, I took affirmative steps to develop those relationships.

What do you think the industry could do to attract and retain the best and the brightest today?

The best and the brightest are attracted by opportunities that maximize self-satisfaction. People generally want to have “meaningful” lives and careers, but meaning is deeply personal. People derive meaning from all sorts of things — money, power, intellectual curiosity, and altruism to name a few. People need to be offered the opportunity to have meaning, whatever that means to that individual. That means incentives and rewards might not be the same for all employees. But while incentives and rewards may not be the same, if they are not equitable, retention may be difficult.

Jones Day Is Proud to Recognize Our Colleague, Rachel Rawson, as a Leader in Commercial Finance.

Jones Day’s Advantages in Banking & Finance: GLOBAL REACH 200+ Banking & Finance professionals around the world Knowledge of collateral and lending requirements across our offices in the U.S., Europe, Asia, and South America CENTRAL CONCEPT Breadth of services Facilitation of informed decision making Advancement of our clients’ business and financial objectives Interdisciplinary teaming and organization Pre-eminent client service KNOWLEDGE Sophisticated understanding of the industry worldwide Ability to handle complex domestic and cross-border transactions Advising clients on regulatory matters locally, nationally, and internationally

2500 Lawyers. 44 Locations. 5 Continents. www.jonesday.com

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ndrea’s extensive financial due diligence experience includes analyzing and modeling structured finance transactions, evaluating asset-based and cash-flow debt structures, and assisting acquirers in financial, cost saving and synergy analysis. Andrea has diverse cross-border experience in manufacturing, distribution, chemicals, agriculture and retail segments. In addition, Andrea has five years of experience providing financial statement audit services to publicly traded companies while at Arthur Andersen.

Andrea provides due diligence assistance and structured finance consulting services to clients in the financial services industry. Andrea has over 20 years of experience, including more than 14 years with KPMG, and nine years with Arthur Andersen LLP’s Transaction Advisory and Assurance Practices. Andrea has 18 years of financial due diligence experience, which includes analyzing and modeling structured finance transactions, evaluating asset-based, asset-backed, and cash-flow debt structures, and assisting acquirers in financial, cost saving and synergy analysis. Andrea has diverse, practical experience in manufacturing, distribution, retail and service segments. From a cross-border perspective, Andrea has extensive experience with structuring deals with international components. In addition to providing due diligence consulting services, Andrea has extensive experience with Regulation AB attest engagements, and other asset-backed securities, transaction-related agreedupon procedures. Andrea has worked with clients across the financial services sector, including commercial banks and finance companies, hedge funds, asset-backed securities issuers, primary and master servicers, and trustee organizations.

Andrea Beirne

Partner, Deal Advisory KPMG

What advice would you offer to women just starting out in the industry?

My advice would be threefold relationships, goals and passion. Develop relationships with professionals from different types of financial institutions, advisory, appraisal and law firms. The relationships you build early in your career will be relationships that you will have forever. They share your passion for this business and the transaction nature of our industry. Set one-year, five-year and ten-year goals, both from a personal and professional perspective. Reflect on those goals on a yearly basis. Share those goals with your mentor and sponsor and discuss ways each year you can attain those goals. Share those goals with your support network from a personal perspective as you will need them to support you to attain your goals. And, last but not least…passion. Reflect on what you want to do with your career and make sure you are passionate about it. Balancing your personal and professional life gets harder

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as time goes on and different priorities come to the forefront. You have to make sure you are passionate enough about what you are building and, if you are, then it is all worth it.

What do you know now that you wish you knew in the beginning of your career?

How important it is to have a support network both within your organization and in your personal life. There is not one way to navigate through challenges in your professional and personal life – everyone has to look at what has worked for others and develop what works for their own personal situation. Learning how to use your resources and finding your support network will help guide you through the challenges you will face during your career. Also, your career is a marathon, not a sprint. Enjoy the different challenges and experiences through the process. Don’t rush and learn from the people around you as much as you can.

What kind of role has mentoring and/or sponsorship played in your career?

Sponsorship has played an important

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role in my career assisting me with reaching the different milestones in my career.

Mentoring has been very important with keeping me on track with my goals, helping me balance the demands of both my personal and professional life and making me get out of my comfort zone and take on responsibilities I may not take on if not coaxed by my mentor.

What do you think the industry could do to attract and retain the best and the brightest today?

Financial institutions need to continue to recruit from schools with great finance and accounting programs and develop training programs that show students all aspects of a deal from developing the relationship with the company, to underwriting, to managing the deal in the portfolio. Finding ways to establish a relationship early on, and expose these students to the many opportunities they have in a career of finance, will lead to connecting these talented, bright students to financial institutions. We need to use the conventions to bring these professionals together to develop relationships with each other and seasoned bankers.

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anice (Jan) started in business finance as an appraiser, asset manager and capital markets manager for Mercury Savings & Loan. Stints at companies like Finance America, AMRESCO, Inc., Lehman Brothers led her to co-found new lending entities including Fortes Financial. Jan helped shape LendSpark’s vision of delivering expert financial strategy and attainable middle-market and small business loans. Proficient in raising capital for the lower-middle and middle market, Jan has created a proprietary assessment tool that maps the way for businesses to 2-3X current business value within two years.

Jan has always felt an affinity with lower to middle-market companies because they typically have a proven product or service and competent leadership. When outside economic factors like interest rate hikes or seasonal downturns impact profits, Jan helps keep the business going until the environment improves.

Jan is passionate about kids and is Chairman of the Board for Serna Academy, Orange County’s first sober high school (in formation). She is also on the advisory giving counsel for Olive Crest, an organization dedicated to preventing child abuse, treating and educating at-risk children, and building strong families.

Janice Ibey

Vice President, Middle Market Lending LendSpark What advice would you offer to women just starting out in the industry?

Our industry offers so many terrific opportunities for smart, driven women and the good news is that much of the pioneering work has already been done to pave a better path for those just beginning. However, with opportunity comes responsibility, so my advice is to be driven, but do it with humility. Another important key to my success was to learn to take the focus off self-preservation — don’t we find ourselves there a lot in this industry? — and force yourself to look for opportunities to improve whatever situation you’re in by adding value where you can. Ask yourself if you can improve your attitude, your aptitude or how you can improve things for others. I’m also a huge advocate of the adage, “Never stop learning”. It’s about accepting our limitations with a positive view by having an insatiable appetite for continually educating yourself, in all aspects of life. Balance is key, so keep yourself from becoming a

“one-note” person. Keep expanding your horizons by absorbing and learning new things. That’s when you’ll find the most satisfaction in work, family, friends and your creative soul. And I always look for ways to “lift others as you climb”.

What do you know now that you wish you knew in the beginning of your career?

We don’t know what we don’t know until we’re humbled by our mistakes or missteps. Everyone is going to make mistakes, but try to minimize those by finding a successful, giving mentor and absorb everything you can from that person. Mistakes were always something I feared early on in my career and now I see that I probably was held back by those fears more than if I had boldly stepped out and faced any missteps head-on, if in fact there were any missteps at all. Don’t hold back out of fear.

What kind of role has mentoring and/or sponsorship played in your career?

I had the benefit of a great mentor and it meant I was able to see more opportunities quicker than, if I had not had that person’s wisdom, insights and connections. Seek out wise counsel and you’ll be the direct beneficiary. I also have had great benefit from taking on mentoring roles with those on the rise. Don’t let age or experience keep you from encouraging

those who are just starting their careers.

You’ll find a lot of joy and personal satisfaction from giving back to those who are just beginning their journey or who have recognized they could benefit from having a mentor. Be careful, though, to guard your reputation by choosing guidance wisely. It’s extremely difficult to repair your reputation once it’s been tarnished, so don’t rush into a mentoring relationship without first doing your due diligence!

What do you think the industry could do to attract and retain the best and the brightest today?

I don’t think we have trouble attracting the best and brightest to our industry; however, I do think we have a tendency to burn out some of our best and brightest, which is never good for any industry. We need to figure out ways to stay innovative and creative when it comes to our human capital resources and provide nurturing environments and experiences that will appeal to our next generation of stars. I also think we often miss the mark by having our focus solely be on achieving goals whether they are career, financial or personal, versus finding out what drives us from a standpoint of purpose and mission.

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ith an over 17-year track record in middle-market lending, Carey is a key figure in the middle market. Since joining Monroe Capital and initiating the Capital Markets function, she has worked to deepen the firm’s relationships across the lending community, driving partnerships and creating value through collaboration. Carey is responsible for Monroe’s buy-side club originations, relationship management, and marketing as well as Monroe’s sell-side syndications. She also serves on Monroe’s Investment Committee. Prior to Monroe, Carey was a senior deal professional at The Carlyle Group, where she focused on originating, structuring, negotiating, executing and managing middle-market loans. Prior to Carlyle, she was a founding professional and senior vice president at Churchill Financial and an assistant vice president at GE Antares Capital. Carey is a member of the Association for Corporate Growth, the Women’s Association of Venture & Equity, and serves on the National Young Leadership Cabinet of the Jewish Federations of North America. Carey earned her B.A. in communications with a Certificate in Business from The University of Wisconsin – Madison and her M.B.A. from The University of Chicago Booth School of Business.

Carey Davidson

Managing Director Head of Capital Markets Monroe Capital LLC What advice would you offer to women just starting out in the industry?

First and foremost, you must believe in yourself and believe that you are going to be successful. As a woman, you have a lens that differs from male colleagues, and that should be celebrated. It is important to acknowledge that being a woman is an asset and provides an element of diversity and differentiated thinking that can bring real value as an investor. Always believe that you will succeed based on merit, ability, and hard work. Additionally, I would encourage women just starting out to focus on networking and expanding relationships early in their career. Oftentimes the value of a deep, expansive network is not evident until later on, but growing that network from early on can lead to expanded opportunities throughout your career. Every new contact should be considered a valuable resource as you advance.

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What do you know now that you wish you knew in the beginning of your career?

I wish I knew that it would all turn out great. Earlier in my career I would stress over things that were out of my control, and I would have what I affectionately call “success anxiety,” or a focus on the need to be a superstar. Over time and through experience, I now realize that I should spend my energy celebrating my successes and invest my time in the people that support me. Rather than seek people’s respect, earn it by being your best. In addition, while work is called “work” for a reason, it is important to try to have some fun and enjoy yourself along the way.

What kind of role has mentoring and/ or sponsorship played in your career?

Mentoring has played a very meaningful role in every step of my career as it still does today. My mentors have provided a safe place, a support network, and been a confidence builder in an environment where the stakes are high. I have enjoyed mentors both inside and outside my firms and my field, and I have relied on my mentors to be both a sounding board and a

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resource for honest and constructive feedback and advice. A strong mentor will tell you the truth even when you don’t want to hear it, and can help guide you through both large and small decisions. My most meaningful mentor relationships have developed organically and expanded naturally over time.

What do you think the industry could do to attract and retain the best and the brightest today?

I think our industry should take a page out of the tech handbook and know that talented, skilled people can take their skills anywhere, so the way to attract and retain top talent is to allow people to maintain flexibility. A career doesn’t have to follow a linear path. We should give people an open field to innovate, try new things, forge forward and grow at their own pace.

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lizabeth R. Khoury represents leading financial institutions and corporate borrowers in domestic and international commercial finance transactions. Her practice focuses on syndicated debt financings, asset-based financings, acquisition financings and multinational credit facilities, employee stock ownership plan (ESOP) loan transactions, mezzanine financings, and other strategic financings that span a number of industries and business sectors. Elizabeth handles domestic and international loan workouts and restructurings, and she advises clients in general corporate and compliance matters. Prior to joining Morgan Lewis, Elizabeth worked as a corporate associate in the Boston office of a prominent law firm. She focused on finance and corporate matters encompassing mergers and acquisitions, finance and restructuring, securities (including public and private equity and debt offerings), and venture capital transactions. Massachusetts Super Lawyers named Elizabeth a Rising Star in 2013, 2014, 2015, and 2016.

Elizabeth Khoury

Associate Morgan, Lewis & Bockius LLP

What advice would you offer to women just starting out in the industry?

Start building your network and relationships (both internally and externally) from the onset of your career and find a trusted mentor or sponsor within your organization who can advocate for you.

Networking is so important to start early in your career, and it makes your job more fulfilling. In addition to networking, it is imperative that you make yourself indispensable to your team. Work hard, produce top-quality work, become an expert in a finance specialty, and learn your craft very well. Finally, be confident and know your worth at all times!

What do you know now that you wish you knew in the beginning of your career?

Strategic self-promotion at all stages of your career is important to your success.

Be outspoken and let your voice be heard.

It is acceptable, and even encouraged, to express your personal career goals

and views from the very beginning if you want to be taken seriously. Also, while working hard, producing top-quality work and learning your craft well are all important, it is equally critical to get out there and socialize with the finance community at an early stage in your career. Try to connect with others in your specific field, attend industry events and local conferences like the CFA, and actively develop new relationships – it makes your job so much more enjoyable and you learn a lot along the way.

What kind of role has mentoring and/or sponsorship played in your career?

Mentoring and sponsorship have been crucial to my career trajectory and success. My mentors (both men and women) have been invaluable sounding boards that have guided my perspective and inspired me to strive for more. My sponsor consistently advocates for me with clients as well as leaders of our firm and has helped me distinguish myself as a reputable professional and prospective leader. Both my mentors and sponsor have offered me important career and personal advice as I continue to navigate law firm life. It is so important for companies to match up entry-level employees with mentors. While most long-standing

mentor-mentee relationships happen informally and organically, it is critical to ensure that everyone has someone more experienced that they can trust for advice and support throughout their career.

What do you think the industry could do to attract and retain the best and the brightest today?

Start recruiting early, develop training and mentorship programs, and promote a team-centered and flexible work environment that encourages ongoing feedback.

Financial institutions that are the most successful at recruiting top talent and retaining it start connecting with promising candidates early – whether during college or graduate school. They offer summer internships and clerkships that introduce candidates to their culture and work environment. Long-term training and development programs are also vital to retaining the new generation of talent.

The best and brightest want to work for companies that are invested in their professional long-term development and are open about advancement opportunities. They want ongoing communication and consistent feedback at their jobs.

It is also critical to create an enjoyable workplace that offers challenging work with real potential for promotion.

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eidi Ames, senior vice president and account executive, has been with North Mill Capital LLC for six years. Prior to that she worked at Santander Bank as a field examiner and Business Alliance Capital Corp. as a collateral analyst. She has risen through the ranks of asset-based lending through hard work and persistence.

She began her career in lending as a collateral analyst, posting daily borrowing base certificates, reconciling collateral and calculating ineligibles. She was promoted to field examiner and was not bashful to request needed information and dig deeply.

During her years as a collateral analyst and field examiner she managed to find time to pursue a college undergraduate degree as well as a graduate degree. Over the last six years she has transformed from field examiner, to one of our most senior account executives, handling workouts as well as a full portfolio load of accounts.

Whether liquidating accounts, underwriting new business or handling accounts, Heidi is tenacious and relies on her gut instincts as well as her well-disciplined collateral focus approach.

Heidi lives in Flemington, NJ, with her husband, Dave, and daughter, Devon. She has been active with the NJ CFA Board and currently serves as its vice president and is an active member of East Amwell Township’s School Parent Teacher Organization. She received her Master of Science in management/organizational change as well as her Bachelor of Science in management from the College of Saint Elizabeth.

Heidi Ames

SVP/Account Executive North Mill Capital

What advice would you offer to women just starting out in the industry?

Learn as much as you can and do not get discouraged. It is very important that you surround yourself with others in the industry who want to help you expand your knowledge. Don’t be afraid to keep asking a question if you do not understand. I recommend starting out in the operations and field exam areas, as it will give you an opportunity to understand the industry from the ground up. I took a job as an administrative assistant to a portfolio manager and from there moved through operations, field exam and credit. You will find a lot of the current leaders in our industry started out at the bottom and worked their way up. For me it was beneficial to work in the collateral area first, as it allowed me to understand reporting requirements for us as a lender and the client as a borrower. This was further enhanced when I became a field

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examiner even though my major was not in accounting.

What do you know now that you wish you knew in the beginning of your career?

That you will never know it all. In my 17 years, I find myself continuing to learn in this industry. A lot of my experience comes from day-to-day, handson experience. It is also important to learn about our customer’s business by going out and meeting with them face-to-face. All the underwriting documents in the world can’t give you the flavor of the business without taking a tour of the facility and meeting with your customer in person. Not every borrower is alike even if they are in the same industry and, furthermore, each industry has its in own nuances.

What kind of role has mentoring and/ or sponsorship played in your career?

I have been very fortunate to work with a group of seasoned ABL lenders that have been willing to share their experience and knowledge with me and present me with opportunities

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that help me to learn and grow in my career. This year I was asked to be a mentor as part of the CFA mentoring program which allows me to share my experience in lending and pay it forward.

What do you think the industry could do to attract and retain the best and the brightest today?

The industry should continue to focus on programs that allow for exposure and training in all of the ABL/factoring areas. I truly believe the reason I could excel in my career was that I was able to work in collateral management, field exam, underwriting, account management and workout.

This foundation to me was the key to my success. I think the industry should offer internships which will allow us to enhance the development of our future leaders before graduating from college. This was a pattern that banks had offered through a credit training program that has become less available to those entering our industry.

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etty has over 25 years of banking experience. She began her career at First Fidelity Bank, NA (now Wells Fargo Bank) in a Credit Training Program.

After two years in the Credit Department she was placed in the assetbased lending area of the Bank where she began her lending career.

She has worked as a portfolio manager, underwriter in asset-based lending as well as a team leader in a Workout Department at various banks.

She is currently chief credit officer at North Mill Capital. She is a member of North Mill’s Management Credit Committee and is responsible for monitoring the credit quality and performance of the company’s asset-based lending and invoice-based financing (factoring) portfolio. Betty possesses a Bachelors of Arts degree in economics from Rutgers University. She also has a Master in business administration from the Rutgers School of Business specializing in finance. She is a past President of the NJ Chapter of the Commercial Finance Association and an active member of the Chapter. She is also an active member of CFA’s Women in Commercial Finance Committee, the Education Committee and is serving as Vice Chair of the Commercial Finance Chapters Committee.

Betty Hernandez Chief Credit Officer North Mill Capital

What advice would you offer to women just starting out in the industry?

My advice for women starting out in the industry is to take on as much as possible. Offer to help out on different projects, whenever available. Read and study your firm’s policies and procedures manuals. Offer to stay late; do whatever is necessary to meet deadlines, even if that means copying, collating or e-mailing (used to be faxing).

Try to listen as closely as possible to the manner in which more seasoned colleagues handle different situations. This will become useful in the future.

What do you know now that you wish you knew in the beginning of your career?

I wish I knew how difficult it was to handle a full time career and a family when I started. It is not for the faint of heart.

Juggling work schedules and a family life is challenging but I’m here to tell you that it can be done as millions of women before us have done it successfully. We

are all human and make mistakes. In the scheme of things, if you miss one of your children’s events it is not the end of the world even if they make you feel that way. In the long run it is your consistent behavior and attention to what is important that matters. That goes for your career as well.

What kind of role has mentoring and/or sponsorship played in your career?

Mentoring and/or sponsoring is extremely important. I have said this before.

I was very fortunate to have had Ted Kompa and Jeff Goldrich as my mentors. They were not only mentors to me but to many of us. They were patient and provided me with challenging situations to figure out, all the while being there behind the scenes. It is because of their involvement in the CFA that I devote my time to the CFA. Ted pushed me to attend the pilot CFA Leadership Program. It was very beneficial. Jeff encouraged me to become involved in my local CFA Chapter. I served on the New Jersey CFA Chapter board and eventually became President of the Chapter. I am now the Co-Chair of the CFA Chapter Committee. Through all of these interactions it enabled me to meet other future industry leaders.

What do you think the industry could do to attract and retain the best and the brightest today?

I think we have come a long way to attract women in particular. Flexible schedules are not always possible in lending as there are deadlines to meet but, whenever possible, that is always helpful to fulfill a work-life balance. I think encouraging young and promising employees to learn the fundamentals of what we do, whether it be through internal training or through CFA Educational training sessions, we should encourage more young professionals to become involved. I would like to see even more women on the credit and operations side of the business, not just in new business development roles. I currently am an EVP, chief credit officer, and shareholder of a small independent entrepreneurial finance company. I sit on the Management Credit Committee and attend Board of Director meetings where I am still the only female (and a minority). I have seen the landscape change in my 27 years of lending, but I’d like to see that statistic change even more and balance out during the next few years.

THE SECURED LENDER JUNE 2017 69

R

ochelle has over 22 years of experience in the finance industry. She began her career at Principal Resources, LLC, now North Mill Capital LLC, in an entry level accounting position. In her time with the company, she has managed the accounting function, worked with lenders, managed a portfolio of factoring clients and currently manages the factoring portfolio and overseas North Mill Capital’s Minnesota office.

She is currently a senior vice president and COO of the IBF Division at North Mill Capital. She is responsible for monitoring the credit quality and performance of the invoice-based financing (factoring) portfolio. She works hand-in-hand with the legal, underwriting and business development teams to ensure that the portfolio is served and risk is properly managed.

Rochelle possesses a Bachelor of Arts degree in accounting from the University of Minnesota’s Carlson School of Management. She has taken MBA classes and completed the Minnesota Executive Program at the Carlson School of Management.

She has also attended webinars and workshops in leadership and other lending-related areas. She has participated on the board of directors of a local non-profit and remains on the non-profit’s finance committee. Rochelle is a member of the TMA, RMA and CFA.

Rochelle Hilson

Senior Vice President – COO of IBF Division North Mill Capital What advice would you offer to women just starting out in the industry?

I would advise women starting out in the industry to be a good listener and observer and not to be afraid to ask questions, take chances or try something new. If a situation is making you feel outside your comfort zone, take a breath, lean in and go for it. I have found that some of the things I was most afraid to try ended up being the most rewarding.

I know that the first networking events I attended seemed a bit overwhelming, but it might help to set a goal of meeting 2-3 new people at an event, know that others may not be comfortable too and practice making conversation. Having a non-work related hobby or interest or reading a business-related or skill-related book and inviting a colleague or friend to join you with the hobby or reading the book can help with building relationships too. I have read The 21 Irrefutable Laws of Leadership with my mentor and with my direct reports, which helped

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with my own growth and development while helping to build relationships with my peers. I would recommend learning to play golf since many business-related organizations have networking events at the golf course. I would also say that it is good to be aware of your core values and be confident in speaking up or making decisions to stay in alignment with your core values.

What do you know now that you wish you knew in the beginning of your career?

I’m a perfectionist, and in the beginning of my career, I wish I would have been more confident in my abilities and more willing to speak up. I think I was afraid to make mistakes and sometimes struggled with receiving feedback; so, having a thick skin, not taking things too personally, and knowing that it is OK to make mistakes can be critical to surviving. I learned very quickly that being able to effectively manage my time was important. Work on developing, practicing, and maintaining time management skills.

What kind of role has mentoring and/or sponsorship played in your career?

Having a mentor helped me to gain perspective and confidence. I was fortunate to have a mentor that believed in me and pushed me to go outside my comfort zone. As a result, I developed more confi-

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dence and became eager to take on new challenges. I have also served the role of mentor with colleagues and that has helped me to build stronger relationships with them as well as improving how we work together as a team.

What do you think the industry could do to attract and retain the best and the brightest today?

I think the industry could work on educating and making people more aware of what opportunities exist in the commercial finance industry, especially at the high school and college levels. Having networking events that are not sportrelated or at the golf course and that involve activities of interest to women might help attract women to the commercial financing industry. Creating and offering more leadership opportunities for women in the workforce and creating an environment that is more accepting and encourages women to work on maintaining a balance between work and family should help with retaining superstars. Offering continued training and mentorship throughout one’s career and advocating for various women in business organizations or affiliates that are supportive and provide resources for women in commercial finance might help retain star candidates.

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V

alerie S. Mason is a member of the Banking and Finance department and specializes in the representation of domestic and foreign banks, commercial finance companies, and hedge funds, in the structuring and restructuring of financing transactions, including revolving credit facilities and term loans for acquisitions, refinancings, and restructurings and general working capital needs, workout arrangements, acquisition financing, lender finance transactions, and Chapter 11 debtor-in-possession and “exit” financing facilities.

In addition to her substantive law responsibilities, for the last 14 years, she has been the Hiring Member of the firm, and serves as a member of its Diversity Action Committee.

Valerie is a member of the CFA Women in Commercial Finance Committee, past president and current member of the Board of Directors of the Women’s Prison Association & Home, Inc., serving as Chair of the Development Committee, and a member of the Audit Committee, and a Trustee of The Brick Presbyterian Church in the City of New York.

Valerie recently received the New York State Assembly Woman of Distinction Award from State Assembly Woman Rebecca A. Seawright.

Valerie Mason Member Otterbourg P.C.

What advice would you offer to women just starting out in the industry?

Take advantage of all of the training programs offered by your employer, become active in the CFA (both locally and at the national level) and join the Women in Commercial Finance Committee. CFA and WICF provide great opportunities to keep you updated on substantive business and legal issues as well as other issues facing the industry as a whole. Also, attending the various CFA educational programs and events throughout the year will facilitate your ability to enhance existing business relationships and friendships and develop new ones with others in the commercial finance industry and the lending community-at-large. You should be invested in building genuine connections, i.e., a real give -and-take. You are asking for advice and introductions, and you should be pro-active in offering the same in return, if not immediately, then in the future. In addition, while you are immersing yourself in your own industry, don’t forget about keeping up with and expanding your non-industry

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contacts. You never know when they will become important to you or some of your other contacts. Network development can be just as important as skill development.

Stay in touch with your college classmates and become involved in your alumnae association and not-for-profit activities.

Participation in non-industry organizations will provide additional opportunities to develop team and leadership skills and at the same time broaden your network of relationships. And last but not least, if you don’t know how to play golf — learn, and that advice is for women and men.

What do you know now that you wish you knew in the beginning of your career?

Only half-jokingly, how important it is to know how to play golf, even if not well. Do you sense a theme here?

Happily, I was lucky when I chose my first and current firm, Otterbourg P.C. Otterbourg’s structure then and now affords attorneys beginning their careers with real opportunities to develop legal expertise in the banking and finance practice area and exposure to the business side of commercial finance from the get-go. The depth and breadth of experience of our lawyers creates a natural learning atmosphere in which new associates feel comfortable asking questions of attorneys who have seen it all and then some. We understand that, when you are starting out, you are in the learning phase of your career, and we encourage questions. Additionally, we

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want to hear new perspectives and professional analysis.

What kind of role has mentoring and/or sponsorship played in your career?

Mentoring has played a very important role in my career, both in terms of skill development and for achieving short and long-term career objectives. I think it is important to have at least two mentors: one within your organization who can offer regular support and encouragement and help you navigate the corporate structure and politics of your organization, and one outside your organization who can be an objective sounding board and offer guidance and support of your career in a more general way and with a wider world view.

What do you think the industry could do to attract and retain the best and the brightest today?

There are many promising initiatives underway right now both at the individual organization level and industry-wide.

These initiatives are acknowledging and embracing the importance of diversity in achieving successful outcomes. They include programs that provide opportunities such as training, education and mentoring and management initiatives that encourage participation from all team members in various areas of the organization’s business and strategy.

Otterbourg P.C. proudly supports our partner

Valerie S. Mason for her recognition as a

leader in commercial finance by

The Secured Lender

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or more than 27 years, Bobbi Acord Noland has been engaged in structuring, documenting, negotiating and closing secured loan transactions for financial institutions, including complex syndicated credit facilities. Bobbi also has experience in structuring and closing international financial transactions involving both secured facilities and receivables purchase facilities.

In connection with the representation of the firm’s lending clients, she also has been involved in various workouts and restructurings of financing transactions.

Bobbi is a Fellow of the American College of Commercial Finance Attorneys. She also has been recognized as one of the foremost banking lawyers in Georgia by Chambers USA in Banking and Finance, a leading Banking practitioner by The Best Lawyers in America and one of Georgia’s “Top Rated Lawyers” by Martindale-Hubbell and ALM. She has been selected as a Georgia Super Lawyer for more than a decade and in 2008 was named one of the top 50 Georgia Women Super Lawyers.

Bobbi has served as an adjunct professor at Emory University Law School in Atlanta. In addition, Bobbi serves on the Firm’s Executive Committee and Compensation Committee.

Bobbi Accord Noland Partner Parker Hudson Rainer & Dobbs, LLP

What advice would you offer to women just starting out in the industry?

I think that it is important for young women to be intentional in their careers and to map out at an early age potential professional milestones, no matter how small or large. Also, it is extremely valuable and rewarding to cultivate internal and external relationships with other professionals throughout your career.

The relationships that I developed, both within my firm and with clients and friends at financial institutions and other law firms as a young attorney, are some of my most valued relationships and continue to enrich my career on a professional and personal level.

What do you know now that you wish you knew in the beginning of your career?

The practice of law in the commercial finance area is a marathon and not a sprint. To excel in our area, we have to work at it every day. The most important

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part of our practice is knowledge of the law. I would advise a young attorney to start their advanced learning in both finance and bankruptcy law at the very beginning of their career and continue to develop that knowledge on a consistent basis with disciplined reading and continuing legal education and by stepping out of their comfort zone as a young attorney to volunteer for challenging projects.

Also, business development starts on the first day of your career with every interaction that you have with clients and the other parties to a finance transaction.

Business development has become increasingly more important as the market changes and developing and constantly refining a business development plan with the assistance of mentors should reap positive results later.

What kind of role has mentoring and/or sponsorship played in your career?

I have benefitted from excellent mentoring at every stage of my career. I was given opportunities to interact with clients early in my career and to develop my legal knowledge at an accelerated pace. My mentors not only introduced me to firm clients but also to their connections with other members of the bar and other professional colleagues. They always have been great role models for excellence and quality in providing legal

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services and have shown me leadership skills that are based upon uncompromising ethics and morals. But, more importantly, they invested in me as a person and not just as a professional colleague.

As a result of the strong mentoring that I have experienced, I view it as my obligation and honor to continue to mentor younger professionals.

What do you think the industry could do to attract and retain the best and the brightest today?

For both men and women, I think that educating them not only on the fundamentals of our industry but also on the value and rewards of a career in the finance industry is important. We should cultivate new talent by listening to them and continually improving and adapting what we do to make sure that it remains relevant and interesting.

Also, for women, it is key to continue to promote women in leadership roles in the industry and also to think about ways to include younger women in our industry in panels and committees at both the national and local levels. Senior mentors also can introduce women more directly into our professional and social interactions with both men and women so they see the relationships that we have developed and start developing their own network of friends and colleagues in our industry.

K

atherine Bell is a partner in the Finance and Restructuring practice of Paul Hastings and is based in the firm’s Orange County office. Katherine was a co-founder of the Firm’s Alternative Lender and Private Credit group.

Her practice focuses on complex commercial and corporate finance transactions.

Katherine regularly represents banks, alternative lenders (including insurance companies, funds, and specialty finance companies), and other lenders in credit facilities (both cash flow and asset-based), acquisition financings, structured financings, and other leveraged finance transactions that span the capital structure. Her financing matters frequently occur in conjunction with leveraged buyouts, restructurings, or recapitalizations, and involve both domestic and global businesses across a broad range of industries. The structured nature of the positions her clients take in the capital structure necessitate sophisticated intercreditor advice. Katherine is well versed in negotiating intricate intercreditor relationships on behalf of her clients in both senior and junior positions, including 1st lien/2nd lien transactions, split collateral arrangements, and unitranche transactions.

Katherine recently co-authored Asset-Based Lending: A Practical Guide to Secured Financing (Practising Law Institute, 8th ed. 2015), which is generally considered to be the definitive treatise on asset-based lending.

Katherine Bell Partner Paul Hastings LLP

What advice would you offer to women just starting out in the industry?

Take ownership of your professional development and actively influence the direction of your career. While top performance is a baseline requirement for success, just putting your head down and throwing yourself into your work is often not enough to achieve professional success.

Your goals and milestones may change along your path forward. It is critical to periodically take time to reflect on your performance, your trajectory, and your goals and to redirect or adjust course in response. This exercise will better position you to proactively influence the direction of your career, instead of simply reacting as things come your way.

Remember that you have the reins – it is your responsibility to take your career in the direction you want to go. Gather information, explore opportunities, and make it known what you are trying to achieve.

Playing an active role in your profes-

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sional development will positively impact the satisfaction you find in your work and will position you for success.

What do you know now that you wish you knew in the beginning of your career?

It is okay to say no. This is an important lesson and one that I still struggle at times to implement. While I think it is important to consider many of the opportunities that you will encounter along your professional path, sometimes the best course of action is to decline an opportunity. Be thoughtful, consider what is at stake, and explain your rational when appropriate. Sometimes declining an opportunity is necessary in order to address other priorities. Also, sometime you have to walk away from one opportunity in order to make room for new ones.

What kind of role has mentoring and/or sponsorship played in your career?

Mentoring and sponsorship have been absolutely critical to my professional development. I’ve been blessed with a number of incredible relationships in that vein over the course of my career, and many continue to play important roles in

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my success today.

In my experience, no one achieves success alone. I think the most important role that mentors and sponsors have played for me has been to push me to perform outside of my comfort zone in order to bring new challenges and opportunities within my reach. My mentors have also acted as sounding boards as I’ve considered how to approach challenges and opportunities. Having access to their experience and perspective has been invaluable.

What do you think the industry could do to attract and retain the best and the brightest today?

I think that one of the biggest challenges that this industry faces is that it is viewed as very conservative and traditional. Many newer professionals today are looking for a role that excites them – something dynamic and cutting-edge where they are making a difference. The commercial finance industry offers countless exciting opportunities around the globe and has enormous impact on the communities around us, but we have to better market all of that in a targeted way to get the attention of young professionals and to address their priorities today.

CONNECT | EDUCATE | INSPIRE

CFA’S WOMEN IN COMMERCIAL FINANCE CONFERENCE

WOMEN IN COMMERCIAL FINANCE CONFERENCE September 28th, 2017 • New York, NY The CFA Women in Commercial Finance Committee is proud to present an in-depth conference designed to provide real-life tools and examples on how to advance your career. This half-day conference, taking place ahead of the 2nd 40 Under 40 Awards celebration, will bring together some of our industry’s leading female executives and employment professionals to offer their insights and tips on navigating issues faced and a path to success in today’s work environment. Our conference will be highlighted by special keynote speaker, Sallie Krawcheck.

With a reputation for integrity, creativity, independence of thought, a sense of humor and an unrelenting focus on results, Sallie Krawcheck has built a career that has reached the top levels of success across a range of functions: as a senior corporate executive, as a research analyst and now as an entrepreneur. In her new book, Own It: The Power of Women at Work, Sallie describes a new kind of career playbook for a new era of feminism, offering women a new set of rules for professional success: one that plays to their strengths and builds on the power they already have.

Featuring Guest Speaker Sallie Krawcheck September 28th, 2017 150 East 42nd St. Corner of 3rd Ave. New York, NY 8:30 a.m. - 2:30 p.m.

FEE $220 MEMBER/NON-MEMBER Contact Jeff Walsh @ jwalsh@cfa.com

Registration includes a special reception the evening of September 27th at the offices of Paul Hastings in NYC. Space is limited – sign-up today!

CFA’S WOMEN IN COMMERCIAL FINANCE COMMITTEE

WWW.CFA.COM

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ate has been an asset-based lending professional for her entire 30+ year career, holding sales management and executive positions with Wells Fargo Business Credit, GE Capital and Citigroup, managing growth and transition in the ABL businesses of these Fortune 500 companies. She currently serves as the ABL business director for People’s United Business Capital, managing the business, including the portfolio, underwriting, and sales teams. Kate is responsible for growing the business in the Northeast, as an important component in the banks’ business strategy to grow its middle-market presence. In addition to her business experience, Kate has participated in industry associations in leadership positions. She held Board positions with the Turnaround Management Association and the Commercial Finance Association. Currently, Kate is a member of the Executive Committee at the CFA. She is a former chair of CFA’s Women in Commercial Finance Committee and the current chair of the Committee’s Strategic Planning Subcommittee.

Kate holds a BA degree from the University of Connecticut and an MA degree from Trinity College in Hartford, CT.

Kathleen Z. Lepak Senior Vice President, Market Manager People’s United Business Capital

What advice would you offer to women just starting out in the industry?

Identify someone senior in the organization as a sponsor – an advocate for you within the organization who will guide you in your career choices and represent you well with others in the hierarchy.

This person should have a view to the quality of your work, your integrity and your commitment to the business. Communicate frequently with your sponsor, ask for feedback and solicit projects that will accelerate your education in the business, as well as build your visibility with both your team and the business hierarchy. Pay attention to the business results – ask your sponsor to share high level performance, and discuss general strategy. Take the time to correlate activities in the business with success – this practice is invaluable in shaping your experience in identifying the factors that drive optimum performance.

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What do you know now that you wish you knew in the beginning of your career?

Early on in my career, I did not pay much attention to the broader perspective of opportunity across the industry and, consequently, did not set a career strategy. I wish I knew then that there are a myriad of paths you can take, and professionals in the industry to connect with. I am very fortunate to have found, incidentally, the career path that was well-suited to me. Maybe it’s luck, hard work, or a little of both. Our younger professionals have the benefit of a broader perspective. The career preparation that occurs in the colleges and universities, along with the return of credit training programs in some institutions, provide a view to the market, a more detailed explanation of purpose of various financial services businesses, as well as connections to professionals in the industry to help those in the earlier stages of their career make strategic decisions in their career planning.

What kind of role has mentoring and/or sponsorship played in your career?

Mentoring is very important as it relates to self-awareness and the development of strengths and skills required to advance in a career. It provides an ongoing dialogue that helps to define a direction toward goals. Sponsorship is different, but equally important, as a sponsor

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provides the visibility within the organization to showcase a person’s value to the business. Mentoring is a long-term relationship of support and development; sponsorship is positive representation and advocacy toward career advancement.

What do you think the industry could do to attract and retain the best and the brightest today?

We should focus on recruitment and credit training as an ongoing and very important part of staff development. Be present on college/university campuses, build relationships with career development offices at these schools on a longterm basis. Advocate for management and credit training programs within the institution that include rotations for wellrounded experience, as well as exposure to senior management. Be aware of the market value of younger professionals and take care to keep pace with accelerated compensation as they grow into their roles and gain experience. Provide mentoring, coaching and sponsorship to keep a clear view of career aspirations and expectations with your team members so that there is an open dialogue about meeting every need.

Know-how gets noticed.

Congratulations to

Kate Lepak

on her recent recognition for being named a Leading Woman in Commercial Finance.

Kate truly is a business expert who stands out from the crowd and demonstrates her leadership qualities, while going above and beyond for her customers.

peoples.com Š2017 People’s United Bank, N.A. | Member FDIC |

Equal Housing Lender

D

onna is a strategic partnerships manager in RapidAdvance’s Factor/ ABL Divison. In that role, she and a growing team are dedicated to helping factor and ABL partners provide additional funding to their existing and prospective clients.

Donna joined RapidAdvance with 20 years of factoring and ABL experience, having worked for some of the best companies in the industry.

“I know it can be difficult for small businesses to find working capital,” Hinrichs says, “but I can reach out to factors and asset-based lenders to show them just how easy it is to provide their clients with reasonable, reputable solutions to the clients stretch piece and over.”

A graduate of Southeast Missouri State University, Donna is active in the TMA, IFA and CFA. She was past President of the Midwest Chapter of the CFA in 2011. She currently is on the Women in Commercial Finance event committee in Chicago, Chairperson of the Entrepreneurial Membership subcommittee, and a member of the CFA Annual Convention Planning Committee.

Donna Hinrichs

Strategic Partnerships Manager RapidAdvance What advice would you offer to women just starting out in the industry?

Find a company who has the same philosophies on teamwork, leadership and sense of values as you do. It can take a lot of due diligence on your part to be successful with your first round of interviews. Be persistent. Ask as many questions as possible. You are interviewing them as well as they are interviewing you. Find a company that you can be proud to represent. Be true to yourself; you can’t pretend to be someone else, at least not for very long. Find opportunities to network with other women in the industry; it is essential for all women in business.

What do you know now that you wish you knew in the beginning of your career?

I was apprehensive about voicing my opinion so I would either apologize in advance or not speak up at all. My mentor told me to “always speak up.”

Be sure to share your ideas with your

co-workers, mentors and network. You could easily have an alternative take on a situation and it could be a game changer. Some ideas will fall flat and others will be successful.

I also believe that the power of a strong network is an essential tool for being successful. Whether it is social networking, such as LinkedIn, Facebook or Twitter, or networking at an event, it is a way to be better connected than ever. Networking is something I enjoy and look forward to. Whether it is a national CFA event or a local event, I always come away with new additions to my network and reconnect with others.

What kind of role has mentoring and/ or sponsorship played in your career?

I have had several great mentors during my career. Early on in my factoring and ABL career, Larry Meek, who has since retired, was an important role model and coach. When I began my career almost 20 years ago, I was one of a handful of women in factoring.

Larry encouraged me to take chances, to think outside of the box, and take charge of situations. I also had two very important CFA mentors, John Ross and Chris Foltman. They are both past

presidents of the CFA Midwest Chapter. They encouraged me to become involved in the CFA, which ultimately led me to becoming president of the Midwest Chapter.

What do you think the industry could do to attract and retain the best and the brightest today?

A work life balance is truly essential in today’s marketplace. Millennials are demanding more and more from their careers. Although money is a big determining factor in a career, it is not the only key to retention. The industry will need to create the type of professional environment that not only attracts the best and brightest but retains them as well. Feeling professionally fulfilled is one of the key determiners for retention. I have heard from many starting out in the business that feeling passionate about what they are doing, making a difference, acquiring new skills or career progression are key determination factors to their choice in careers. Our industry must take on an active role in creating the type of environment that not only attracts the best and brightest but allows them to thrive.

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ina Mackenzie is the director of Strategic Partnerships at RapidAdvance. Gina earned a Bachelor Degree of Science in finance and communications from Lehigh University and a Master of Finance from New York University.

A seasoned industry professional with substantial experience in the financial services arena, Gina joined Rapid from another advance provider. Prior to her involvement in the working capital space, Gina served in various capacities at investment banking and commercial lending firms including Credit Suisse First Boston, CIBC World Markets, Prudential Finance, and Affinion Benefits Group.

Gina is an active member of the CFA and currently chairs the newly launched mentor program for the Association. She lives in Chatham, New Jersey and accordingly is a huge fan of The Boss, Mr. Bruce Springsteen. An avid traveler for her job, Gina enjoys being in new places and meeting all kinds of people, but is always happy to return to Jersey and her girls, Molly Belle (13) and Madeline Joy (10).

Gina Mackenzie

Director of Strategic Partnerships RapidAdvance

What advice would you offer to women just starting out in the industry?

To be perfectly cliché, hook your wagon to a star. Find someone you admire, trust and know will guide you without judgment. Good mentors are invaluable. You don’t know what you don’t know and people are typically glad to share their thoughts and experiences.

What do you know now that you wish you knew in the beginning of your career?

Sometimes it’s better to keep your mouth shut even if you know (think) you are correct. Good business includes diplomacy, not just being right. It wasn’t an easy lesson for a Jersey girl with a big mouth, but once I figured it out, it helped my business relationships immensely.

I also wish I had realized earlier to take a macro look at situations/projects rather than just focusing on my own particular part. Looking back, I recognize that there were times that

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I was so absorbed in my assigned task(s) that I didn’t step back and evaluate the larger endeavor/goal.

Had I done so, I may have been able to add more value than solely completing my appointed duties.

What kind of role has mentoring and/ or sponsorship played in your career?

I had three incredible mentors and was able to advance my career and handle issues more adroitly based on their advice and experience. Two of my mentors played a more ‘formal’ role — took me to structured meetings and networking events, allowed me to listen to their conference calls, and reviewed my work product while I learned the language and procedures that were new to me on Wall Street.

My last mentor was more informal – we used to joke that she was my “Bat Phone.” At that point, I was a further along in my career and felt that I was expected to know more and act more independently. When I wasn’t sure about something that I felt I was expected to know, I could ask her without feeling sheepish or embarrassed. She made me feel comfortable posing questions in situations where I may have otherwise been too concerned about negative perception to speak up.

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Additionally, I try to remember that though age and experience would typically put me in the role of ‘mentor,’ I will always benefit from being the ‘advisee.’ Throughout the CFA mentor program, I have learned things from my current mentee that were incredibly valuable. Who knew that you could use your phone to pay for parking meters in some areas? Not I, until I was guided by my mentee whilst trying to avoid a parking ticket at a busy conference! Sounds like a simple lesson, but it has helped me in subsequent travel. Being attentive to feedback from my peers and superiors rounds out my professional development.

What do you think the industry could do to attract and retain the best and the brightest today?

Embrace (or at least acknowledge) the differences between the “new generation” and when we started out. Over the years, the world has been transformed: technologically, politically, economically; we can’t hold newcomers to the same standards to which we were held. This isn’t to say that the standards have been lowered – they have just changed.

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andy Newman is an operations manager at Riviera Finance in Los Angeles, CA, an accounts receivable (“factoring”) company. She started her career at Riviera in October 1985 while attending high school. Sandy found a job posting on the board at school for a file/mail clerk and applied. She worked three hours each afternoon after school and earned $4 per hour. During the next 10 years, Sandy was very motivated and involved herself in nearly every position (account executive, senior account executive, administrative assistant) in the office and soon after was promoted to operations manager in March 1995. When she became ops manager, the office outstanding was approx. $2.3m and throughout years has grown to over 200 active clients. The territory Sandy manages is Southern California and Western Canada. Her office staff of 18 is also very tenured with at least half of the employees having over 15 years of experience.

Fast forward 32 years later: Sandy is still enjoying her career at Riviera Finance while continuing to manage a very successful office. Outside of the Riviera world, Sandy loves to travel and shop.

Sandy Newman

Senior Operations Manager Riviera Finance

What advice would you offer to women just starting out in the industry?

Be persistent and stick with it. Keep your ears open and listen to the people around you. Never be satisfied with your position. Continue to strive for growth. Continue to make contacts with others in the industry so that you expand your knowledge base.

Take pride in yourself.

What do you know now that you wish you knew in the beginning of your career?

With each success there will be a challenge around the corner. And with each challenge you will gain more knowledge and get stronger. The importance of networking within the industry. There are hundreds of companies that do the same thing and we are all basically competing against each other in the same market. But that doesn’t mean there can’t be cooperation. I’ve often reached out to others

in my position or had others come to me with advice or questions about client circumstances experienced, good or bad. If I can help someone else avoid a pothole that got me, then it’s better all around. On a personal note, some of us would like a peek into the future. In my case, it would have been wonderful insight to know that 32 years later I would still be working at a great company called Riviera while managing a very successful office.

What kind of role has mentoring and/ or sponsorship played in your career?

It’s been very important. The ownership, VPs, HR, IT, Legal and my fellow managers are a very active and supportive group. The majority of us have grown up together at Riviera. To be able to have access to people whom you can go to for advice, who are willing to listen and engage in a conversation that allows you to explore your thoughts and concerns while receiving valuable feedback that allows you to grow in your decision-making has been very beneficial in my career. And I am now in the position to reciprocate and provide that same type of mentorship with others within my company.

What do you think the industry could do to attract and retain the best and the brightest today?

I think that expanding beyond the known walls of the finance world through trade shows, job fairs, social media, etc. will help to introduce our industry to those who are unfamiliar with it. I think more education and communication needs to be forthcoming, striving to prove the factoring industry is an industry that helps businesses to grow and achieve their full potential. If people knew more about the client interaction and the satisfaction you get in seeing a company succeed and how fulfilling it can be, more people may be interested. It’s more than just a job with numbers; it’s about the owners, the employees, and all the other people you get to help and the relationships you form.

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essica is a senior field examiner at Rosenberg and Fecci Consulting, a New Jersey- and Connecticut-based financial services firm focusing on collateral field examinations. Jessica has taken on increased responsibility in her five years at Rosenberg and Fecci, progressing from an assisting role to a leadership role on client engagements. She is responsible for leading collateral field examinations for factoring, ABL, floor planning and other facilities typically ranging from $1,000M to $15,000M. Jessica has also assisted on larger deals exceeding $100,000M and is well-versed in multiple industries. She interfaces with the client’s accounting staff, controllers and CFOs to gain a full understanding of potential collateral issues and clearly communicates findings to lender relationship managers and credit officers.

Prior to Rosenberg and Fecci, Jessica worked for over five years as a civilian budget analyst for the U.S. Army Department of Defense. She was a member of a high visibility branch, responsible for the maintenance of several Army budgets totaling over $1 billion. Jessica gained valuable financial and analytical experience from her position with the DOD. Jessica is the first person in her family to have gone to college. She has a BA in accounting from Rider University and is pursuing an MBA with a concentration in accounting.

Jessica Durand

Senior Field Examiner Rosenberg and Fecci Consulting

What advice would you offer to women just starting out in the industry?

My advice to women just starting out in the industry is that confidence is your best asset. I wouldn’t recommend being arrogant or vain, but you can show others that you are capable of handling difficult tasks by always maintaining your composure and poise while meeting workplace challenges head-on. Having a ‘can-do’ attitude will go a long way to effectively performing in a role and to attaining professional success. Even if it means sometimes working out of your comfort zone, if you believe in yourself and your abilities, others will be more apt to believe in you too.

What do you know now that you wish you knew in the beginning of your career?

In the beginning of my career, I wish I knew that it really was ok to ask a lot of questions. I thought that asking questions would lead people to think that

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I was ill-fit for my role. I didn’t realize that, by doing so, the more involved you become and the faster you progress. For example, when I first started out as a field examiner, asking one simple question on how to do something almost always led to more in-depth conversations about why we do the things we do or why this really matters to the task at hand.

Through simple conversation, broad concepts were connected and linked in a way that painted a clearer picture for me. I wish I had realized sooner that most people are not hired because they are expected to know how to perform all of the functions of their job; rather, they were chosen because they exhibited qualities that showed management they were going to be able to succeed in the role.

What kind of role has mentoring and/or sponsorship played in your career?

Mentorship has played a major role in my career. Any chance I have had to follow a senior’s lead or imitate the way they do things, I’ve taken it. Every company has a different culture and a different way of doing things. As a junior employee in a new position, I believe it is important to pay attention to your superior’s behaviors and actions throughout the course of

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the workday. From communication styles, physical mannerisms and even organizational skills – if you have the opportunity to learn from someone more experienced than you, take it! Even better, be direct -ask for feedback on your work and follow it. This will not only show your colleagues that you are eager to learn and that you are results-driven; but also, that you are capable of understanding concepts and applying them to your work.

What do you think the industry could do to attract and retain the best and the brightest today?

To attract and retain the best and brightest employees in our industry, I believe that it is vital to make sure there are visible opportunities for professional advancement and career development. Although a job well-done gives employees a personal sense of purpose and pride, being recognized within the company goes a long way in improving morale and employee retention. Employees should be able to work towards pre-determined promotions or opportunities within their organization. Having these milestones laid out and available for any employee to achieve will ensure that all staff members are on an even playing field.

Insight beyond the numbers

Rosenberg + Fecci Would Like To Congratulate

Jessica Durand on her Incredible Years Of Service

Every move counts. Make your next move to us.

Our management team includes the firm’s five partners which have a great depth of experience and knowledge in lender services. In addition,

Rosenberg + Fecci is a full-service financial consulting firm delivering the industry’s highest quality field

each partner comes from a variety of backgrounds and industries, including Asset-Based Lending, Financial Control, Banking, Operations Management, Finance, Auditing, Underwriting and Public Accounting.

examinations for more than 20 years.

R&F maintains an information security policy to safeguard against

R&F provides lending institutions and investors a broad

unauthorized data access. Additionally, we have developed Security

range of due diligence and financial business services,

Incident Management Policies in the event of a data breach. R&F has

with a particular focus on field examinations.

received a satisfactory rating or better from six major banks regarding “Information Technology Security Assessments”. In addition, each examiner is equipped with the latest, high performing technology to complete their assignments.

We'll help you navigate your business landscape.

Headquarters: 623 River Road, Suite 9 Fair Haven, NJ 07704 (732) 933-4815

www.rosenbergandfecci.com

Connecticut & New England: 1 Padanaram Road, Suite 147 Danbury, CT 06811 (203) 744-8040

TM

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assie Rosenthal brings diverse experience and a wealth of expertise to Rosenthal & Rosenthal, Inc. She has dual responsibilities at the firm, managing both business development and marketing efforts. Cassie is highly skilled at sourcing and developing new relationships with management and senior-level executives at a wide range of companies. In addition to her business development responsibilities, she has also been instrumental in creating an integrated marketing strategy for Rosenthal, including its recent rebranding.

Prior to joining her family’s business in 2012, Cassie co-owned and operated two art galleries (Goff + Rosenthal) for nearly a decade, one in New York and one in Berlin.

She is one of the founding members of the New York Advisory Board for Let’s Get Ready, a nonprofit supporting first-generation college-bound men and women and low-income high school students through the college-going process. Cassie serves as President of the Board of Directors for Women Helping Other Women (WHOW), a charitable professional networking group that helps women and children in need.

She is also on the board of the New York Institute of Credit (NYIC) and is a great supporter of the CFA and ORT. Cassie has been featured in The Wall Street Journal, The New York Times, Art + Auction, and Artnet, and has appeared on BBC Radio and CNBC. She received a BA from Colgate University and a Master in Art History from the Sotheby’s Institute in London.

Cassie Rosenthal

Senior Vice President Rosenthal & Rosenthal, Inc.

What advice would you offer to women just starting out in the industry?

Don’t be afraid to speak up, ask questions, or challenge ideas. In an industry with a long history, certain practices may be in place simply because that is how they were always done. Women just starting out have the unique advantage of having a fresh perspective. What may seem obvious to you may not be to your veteran colleagues.

Furthermore, women are intuitive and excellent listeners. Use that to your advantage to better understand your colleagues and clients and to inform your ideas.

What do you know now that you wish you knew in the beginning of your career?

That change is (almost always) a good thing. People change jobs, companies, cities, and careers all the time.

Without change, you can’t expand your horizons and skillsets, meet new people, experience new challenges

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or push yourself beyond what you thought yourself ever capable of. I would tell my younger self to embrace every opportunity and not to be afraid to put myself out there. You would be amazed at what unfolds when you do.

What kind of role has mentoring and/ or sponsorship played in your career?

The best mentors I ever had were my parents. I was fortunate to have their guidance and support as I navigated both my studies as well as my diverse career paths. Subsequently, I have always thought it important to pay that forward to others. I have been mentoring students since I was in high school and continue to do so today.

Opportunities are all around us but it helps if you have someone supportive in your corner to encourage you to seize them.

What do you think the industry could do to attract and retain the best and the brightest today?

In addition to our individual company efforts to recruit today’s best and brightest, we would all benefit from

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more effective collaboration within the industry to strengthen the overall messaging and image we portray, especially toward young people just starting out in their careers. Pooling resources, sharing best practices, and generally creating a more open, transparent environment would give all of us – bankers, factors, lawyers, accountants, and others – a more unified and consistent platform to attract, recruit, train, and develop top-notch talent.

Working together to develop collaborative presentations that represent various disciplines and career paths (finance, factoring, legal, accounting, and others) could be particularly beneficial in recruiting efforts at graduate schools, universities, and even high schools.

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athleen Barrett is Scargo Hill Capital’s director of marketing and communications, responsible for the planning and execution of firm’s corporate marketing and communications strategy. Kathleen directs all media and community relations, branding, advertising, market research and digital/social media activity for the firm. She also manages Scargo Hill’s sponsorships, events, employee development and training initiatives and corporate relationship building across relevant industry sectors.

Kathleen brings more than 10 years of marketing experience within the financial services industry. Prior to joining Scargo Hill Capital, she was the director of marketing at Brighton House Associates, a Boston-based capital introduction firm where she supported the marketing and logistics of the organization’s annual conference. Previously, Kathleen was the assistant vice president of marketing and communications at Salus Capital Partners, where she was responsible for all internal and external communications, including email marketing, public relations, social media and corporate philanthropy. Kathleen has also held positions in marketing at affinity credit card founder The Kessler Group, and non-profit American Consumer Credit Counseling.

Kathleen graduated from Saint Anselm College with a degree in business.

Kathleen M. Barrett Director, Marketing & Communications Scargo Hill Capital

What advice would you offer to women just starting out in the industry?

Women or men, no matter the industry — always trust your instincts. Your gut is your best guide when making decisions.

Five years ago, I was looking to leave my role at a non-profit in hopes of making the next big jump in my career when I interviewed with a company and was promised the world. The problem was they didn’t put any of those promises in writing, so my gut told me to force the issue, because something didn’t feel right. When I did, I was met with nothing but negativity and was told I didn’t seem to be a “team player” – I politely declined their offer and waited until I found a company that was just as passionate about me as I was about them.

What do you know now that you wish you knew in the beginning of your career?

It’s okay to make mistakes on the job, but be sure you learn from each of them.

I’m not suggesting that one purposefully

make a mistake that may cost themselves or their employer, but rather that you likely learn the most from the mistakes you make on the job. At the beginning of my career, I feared making mistakes, not wanting to disappoint my boss, my company or myself. But, as my career progressed, I have found that making mistakes on the job, big and small, has not only humbled me, but has given me the opportunity to apply lessons learned into future projects, both professionally and personally. Surviving those mistakes and moving on from them has also helped me to let go of the fear associated with a risk or a mistake.

What kind of role has mentoring played in your career?

I have been lucky enough to have three individuals whom I consider the biggest influencers in my career. They all had one thing in common, trust. One of them trusted that what I lacked in experience, I made up for in enthusiasm and a desire to learn and build my career. One of them trusted that I wasn’t out to take their job, but rather was there to help and improve our processes to increase the productivity of the department. My most recent mentor trusted I had the experience and wherewithal to lead multiple strategic projects concurrently. I have learned two important things when it comes to

mentoring. First, it is important that you don’t force a mentor relationship, that you let it develop organically and second, oftentimes you don’t realize someone has been mentoring you until you look back on how you have grown since beginning a role.

What do you think the industry could do to attract and retain the best and the brightest today?

Challenge your employees and provide development opportunities. The sole reason I left my past employers was because I no longer felt as if I was being challenged or encouraged to develop my skills. Fostering the development of your employees shows not only your appreciation for their commitment to their current job function but also your trust in their ability to take on more responsibilities. I’m lucky enough to have been encouraged to join the CFA’s Women in Commercial Finance Committee and to attend not only their meetings, but other industry events and gatherings. Providing these types of opportunities shows you place value in the professional development of your team and will breed loyalty.

Put the effort into building your team and your team will put the effort to help you grow your company.

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Congratulations to TC Wilde and Barbara Coffin Sterling National Bank is proud to support Women in Commercial Finance

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arbara has over 30 years of ABL/commercial lending experience in Dallas TX. She graduated from Texas Tech University with a BS in child development. After determining she didn’t desire to be a teacher, Barbara began taking accounting and business classes at night, completing 40-plus hours, while working as a collateral analyst at Wells Fargo Business Credit/Security Pacific Business Credit. She was promoted to assistant account executive, prior to the Dallas office of Security Pacific Business Credit relocating to California. Barbara remained in Dallas and joined Transamerica Rental Finance as a collateral/financial analyst.

In the early 1990s, Barbara joined Barclays Business Credit, which, through acquisitions, became Shawmut Capital and then Fleet Capital, as a collateral analyst before being promoted to senior collateral analyst. In 2000, she moved to CIT Business Credit as an operations manager and participated in a corporate-wide business process review, rewriting corporate policies and procedures. She was then promoted to credit analyst, and then account executive. After 15 years with CIT Business Credit, Barbara had the opportunity to move to NewStar Business Credit, now Sterling National Bank, where she is currently a portfolio manager.

Barbara J. Coffin VP Portfolio Manager Sterling National Bank

What advice would you offer to women just starting out in the industry?

The best advice I could offer a woman starting out in the industry is do not underestimate the power of networking.

Find an industry group, like the CFA or WFE, and get involved. Getting involved in one of these trade groups will allow you to develop relationships and gain knowledge and perspective from women who have already conquered this maledominated industry. Also important is to find someone, whether within the company you are employed at or in one of the trade groups, to act as a mentor or role model. A strong mentor will allow you to share experiences and gain encouragement with the goal of providing career advice as well as both professional and personal enrichment.

What do you know now that you wish you knew in the beginning of your career?

I have learned so much in the many years that I have been involved in the commer-

cial finance industry, but I think the one thing I wish I knew then is the importance of networking and staying connected. Networking events can provide a laid back atmosphere to chat with people of similar backgrounds which can lead to many opportunities to grow personally and professionally.

What kind of role has mentoring and/or sponsorship played in your career?

I believe mentoring has played a very important role in my career development.

I have always had strong mentors/role models that I followed and from whom I learned a vast majority of what I know today. Having strong mentors through the years has provide me with encouragement and someone to emulate as I grew in my knowledge and experience.

A trusted mentor can provide you with a sounding board to bounce off ideas in an unfiltered environment and will offer a candid opinion to see the potential impact of the ideas. During the time that I was transitioning from operations to portfolio management, I was fortunate to find a mentor that I could sit down with and talk openly about my concerns and whom I could go to with any question and not be made to feel incompetent. I also made many connections through my mentors over the years which provided me the opportunity to grow my network

of friends and colleagues that I may not have had otherwise.

What do you think the industry could do to attract and retain the best and the brightest today?

Visit universities and colleges to promote the industry. I believe sponsoring internships and analyst training programs would help introduce young people to the industry and would attract new applicants. The opportunities for employment in the commercial finance industry are endless, but unless you know someone or know where to look, it is hard to find information about careers in the industry. Perhaps getting information about jobs and career opportunities out on social media through applications like Facebook, LinkedIn would help to engage younger generations. I believe that promoting mentoring and providing training and leadership development programs will help advance employees and retain the best. I think that training and development is one of the key drivers for retaining talent. Offering the opportunity to gain new skills and experiences will increase motivation and job satisfaction.

Providing a clear career path and training programs to help develop and grow employees will result in retaining the best.

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efore starting in the ABL industry, TC studied business administration and received a Bachelor Degree from Our Lady of Holy Cross College and a Master Degree from Loyola University. TC’s approximate 20 years of ABL experience includes progressive positions in field examination, portfolio management and underwriting.

Through these various roles, she has gained experience in structuring and monitoring different types of loans including hard-core or “old school” ABL, ABL lite, cash flow and unitranche facilities. She has also gained experience in working with different managers, management styles, cultures and credit appetites. By working at various institutions, both in the regulated and non-regulated world, TC has been exposed to a wide range of companies, industries and situations including acquisitions, divestures, dividend recaps and distressed situations in the US and Canada. What does all of this say about TC? It says she is a dynamic, energetic and well-rounded employee who’s looking forward to continued growth. And, when she’s not applying or developing her ABL skills, she’s usually at the gym, watching a movie or traveling. If you’re in Spain this summer or Peru this fall, you just might spot her.

TC Wilde

Senior Underwriter Sterling National Bank

What advice would you offer to women just starting out in the industry?

Don’t be afraid to ask questions. In fact, ask lots of questions. ABL, like most industries, has its own vernacular – filled with acronyms, abbreviations, slogans, etc. As a new AE, I kept a notebook with me. I’d write down everything I read or heard that I didn’t understand - acronyms, words, loan document sections, expressions, concepts, comments, anything, really. I’d discuss each one with my team leader during our scheduled weekly meeting.

Yes, I scheduled a weekly 30-minute meeting with my manager to discuss my list. Naturally, over time, the meetings were needed less often.

And, those weekly meetings became monthly meetings, then quarterly meetings. Until eventually, I no longer needed the meetings. I still appreciate those blocks of time I demanded from my manager.

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What do you know now that you wish you knew in the beginning of your career?

Have fun! Seriously. Allow your personality to shine through. Because, it does just that – it shines! I, like many women, hid my personality at the beginning of my career for fear of being perceived as less professional. I realize this may seem risky but people are drawn to sincerity. So, be true to yourself!

What kind of role has mentoring and/ or sponsorship played in your career?

Mentoring has played a significant role in my career. Who’s hasn’t, right?

I mean, who’s born understanding ABL principles? I don’t think anyone is. Navigating through your first examination, portfolio, underwriting or liquidation can seem daunting.

Always remember, others have survived. Learn from their experiences. If you’re fortunate enough to work at an institution that assigns mentors, use the program. Be engaging. Recognize that you’re being given a competitive advantage over others without an assigned mentor. If you don’t have an assigned mentor, don’t fret. Choose

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your own. Align yourself with a senior co-worker. Or two or three. Recognize that everyone has something to teach you. Don’t forget that. And, don’t forget that everyone includes you. Be the mentor for someone junior to you too. I’ve learned that I enjoy sharing knowledge as much as I’ve learned gaining knowledge. And, a well-trained staff is the most powerful asset an asset-based lender has.

What do you think the industry could do to attract and retain the best and the brightest today?

ABL deals are specialized. Sometimes so specialized that ABL divisions keep them in-house and away from pools of credit analysts. Pools filled with fresh young minds eager to learn. If these bright young minds were exposed to our deals, they’d see that we offer creative and flexible financing solutions tailored specifically to each customer.

External opportunities include social media advertising and career fairs held at colleges/universities.

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anet Jarrett is a managing director, head of Asset Based Lending Group (ABL) at SunTrust Robinson Humphrey, Inc. (STRH). Prior to her current role, she was head of originations for the ABL Group at STRH. Janet has over 20 years of experience in corporate and investment banking with an emphasis in asset-based capital markets and leveraged finance.

Prior to joining STRH in 2013, Janet was a managing director with Bank of America Merrill Lynch, Leveraged Finance and Asset Based Capital Markets group, responsible for originating, structuring and distributing domestic and international assetbased and leveraged transactions.

Jarrett holds a B.S. and M.B.A. from Wake Forest University.

Janet Jarrett

Managing Director – Head of Asset Based Lending Asset Finance Group SunTrust Robinson Humphrey What advice would you offer to women just starting out in the industry?

The asset-based lending market has changed considerably over the last 10-15 years. Maintenance covenants have given way to springing covenants; technology has simplified reporting requirements and made the product more accessible; market depth for individual transactions has surged, in certain instances, to $4B+; unique asset classes have driven the convergence of the ABL and cash flow structures. No longer is this type of financing reserved for companies in transition but rather it is broadly appealing to below-investmentgrade cyclical issuers.

As the ABL product and market continue to evolve, intellectual curiosity, subject matter expertise, strong credit foundation, and an understanding of capital markets will be important foundational skills for the next genera-

tion of ABL professionals. The ability to understand the credit (and market) continuum and structure accordingly will be differentiating. I would encourage women entering the field today to ask lots of questions — not just technical ABL questions but contextual questions; don’t worry about “staying in your lane”, try to understand adjacent products and their impact on ABL structures; extrapolate from what you have learned. Make a habit of collaborating with peers across product groups; they can produce some of the best ideas.

What do you know now that you wish you knew in the beginning of your career?

I heard someone once say that it’s not a career ladder; it’s more like a jungle gym and I think that is very apt. When I started my career, I thought in terms of the next title and focused on what it would take to get the next promotion. What I have learned is that career progression is not linear, rather the accumulation of skills along the way which prepare you for the next opportunity -- and that opportunity may not be what you expect. It’s important to be open to those opportunities and challenge yourself to think broadly about how you can apply your skills across different disciplines.

What kind of role has mentoring and/ or sponsorship played in your career?

Mentorship has been very important.

Forming relationships with people who can offer perspective, advice and insight that you wouldn’t necessarily get on your own is critical to understanding

how to navigate your work environment.

It also allows you to understand how you are perceived so you can accentuate what you do well or change those habits which aren’t as effective. Mentors can give you visibility within the organization and create situations where you can differentiate yourself. Mentors can be your best advocates. Often decisions are made when you are not in the room to represent yourself, so you need someone in that room who will.

I have an “Advisory Board” on which I rely — a collection of mentors from over the years, some within the financial services industry, some outside the industry, both male and female. I often ask them advice on the same issue.

While their advice is rarely the same, it is always very helpful for me to hear multiple perspectives to determine an approach that most resonates with me.

What do you think the industry could do to attract and retain the best and the brightest today?

In order to attract the best and brightest to the industry, we need to create opportunity and foster an environment that rewards creativity. Talented individuals want to be challenged; they want responsibility; they want to challenge the status quo. Early in my ABL career, a very senior ABL risk officer was fond of saying “creativity equals loss”. The creativity to which I am referring is not ignoring basic ABL tenets in favor of booking business, but rather building on these fundamentals to drive innovation.

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aula currently heads up the European Financial Services team within Squire Patton Boggs, which constitutes 53 lawyers specializing in all forms of financial services. In this role, Paula is required to address the concerns of colleagues across jurisdictions and at all levels within the team and provide a clear strategy for the team to follow.

Paula’s own practice centers around her expertise in structured asset-based lending and asset finance transactions, both domestic and cross border. Her practice also spans banking and corporate support, typically acting for major financial institutions and corporates on asset finance transactions including operating leasing, receivables finance, asset-based lending, sale of leasing/asset finance portfolios and securitization.

Before joining Squire Patton Boggs, Paula was head of banking at an international law firm and, prior to that, head of legal and company secretary at a UK-based bank. Paula is a highly-respected practitioner in the ABL and asset finance fields, having been consistently recognized by leading legal publications including The Legal 500 and Chambers UK. Paula epitomizes the emerging breed of successful women business leaders, combining a ferocious work ethic with considerable empathic skills, sharp intellect and highlevel business acumen. She is especially good at getting to the heart of an issue, both when negotiating for her clients and when dealing with the colleagues whom she leads.

Paula Laird

Partner Squire Patton Boggs

What advice would you offer to women just starting out in the industry?

Seize every opportunity! Focus on being a real expert in your field. This will involve some hard yards in the early part of your career, but will pay dividends in the long run. We are living in interesting times which presents a fantastic opportunity to develop a more diverse skill set. There will be as many possibilities for the young talent in our industry to work on distressed cases as with performing businesses, not to mention Fintech and some of the other exciting developments which are changing the market.

Seeking out opportunities in order to develop as broad experience as possible will position anyone perfectly for those senior positions in the future.

What do you know now that you wish you knew in the beginning of your career?

The importance of networking. It is never too early to build a profes-

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sional network. This is particularly important for women because they have less obvious forums where they can engage with others in a business context. However, the value of having a good network cannot be underestimated. What you know is vital, but whom you know can help you demonstrate your expertise more widely and help to grow your profile.

Also don’t be afraid of self-publicity.

Done in the right way, it gets the message out there that you are confident and capable and can be trusted with those important decisions.

What kind of role has mentoring and/ or sponsorship played in your career?

It’s been vital. I have been fortunate to work with a number of people over the years who have really shaped the development of my career. I am now involved in a number of mentoring and thought-leadership programs, so that I can try to pass on that knowledge to women coming through (or aspiring to come through) to the senior ranks.

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What do you think the industry could do to attract and retain the best and the brightest today?

We should all regard it as our responsibility to contribute to the development of a more diverse industry.

This will by definition have a greater chance of attracting the very best, simply because there is a wider pool of individuals to draw from. Banking, private equity and other similar professions have historically tended to be less diverse because they are tough and involve people having to make compromises on a personal basis.

Changing perceptions takes time but our industry should be at the forefront of challenging any behaviors which run contrary to the impression that the industry is other than one where talented individuals can progress and thrive based purely on merit.

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auren Priest-Stephens is a senior associate with Squire Patton Boggs, having moved to the firm from Speechly Bircham LLP in 2008. She focuses her practice on asset-based lending, banking and debt finance matters. Her experience includes financing transactions from the negotiation of term sheets and the structuring of a transaction to the completion of financing documents. Lauren is familiar with the negotiation and drafting of documents for complex cross-border transactions and has extensive experience representing all parties in a financing including lenders, borrowers and syndicate members. Following the completion of transactions, she often undertakes ongoing portfolio support work, including the review and drafting of documentation for the syndication and restructuring of transactions . Lauren also has experience of guiding all parties to a transaction through the process of terminating transactions, through both re-financings and restructurings.

Lauren attended University of Law, York, L.P.C., 2003 and University of Hull, LL.B., 2002.

Lauren Priest-Stephens Senior Associate Squire Patton Boggs

What advice would you offer to women just starting out in the industry?

I would offer up the advice that was given to me when I first entered the industry, which is to remember that a career lasts a long time, with many changes along the way. The first few years of your career are not the only years that you will spend in this industry. At the same time as careers are lasting longer, the industry itself is changing rapidly in response to both world events and technological evolution. In particular, as is so often said, the increased use of technology has lead both to innovation in the way that business is being done and also to the business itself. As the industry evolves in response to these changes, new and exciting opportunities are arising. In short, don’t treat change as an enemy, but rather a new opportunity.

What do you know now that you wish you knew in the beginning of your career?

The importance of networking and

developing relationships across the industry. It is never too early to build a professional network and the process of doing so creates a huge opportunity to increase the sharing of knowledge and ideas between different aspects of the industry. The development of a network at an early stage will provide an platform for both the development of a career and a strong base to develop opportunities as the same arise due to changes in the industry as a whole.

What kind of role has mentoring and/ or sponsorship played in your career?

Mentoring and sponsorship from other lawyers have played an invaluable part in my career. My mentors have acted as guides when I had difficult decisions to make about my future and pointed me in the right direction with respect to opportunities such as the delivery of training and the running of events. Separately, my sponsors have helped my career in a number of ways, from attending training that I have given and events that I have organized, to ensuring that my name is put forward in respect of such items. The guidance that I have received from mentors and the

promotion that I have received from sponsors during the course of my career has also motivated me to put myself forward for such roles and assist younger lawyers in moving their careers forward and the provision of such support, in turn, now plays a significant part in my career.

What do you think the industry could do to attract and retain the best and the brightest today?

It is really important for those moving up within the industry to ensure that they bring up younger members of the industry with them. In recent years there has been an increased focus on mentoring and sponsorship which needs to continue to allow the best and the brightest in the industry to move onwards and upwards. There is also the continuing role of training, both within firms and events that allow people to interact and exchange ideas which is essential for the future development of both individuals and the industry as a whole.

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ennifer Sheasgreen serves as the president of Triumph Healthcare Finance, a position she has held since 2014. In this role, Jennifer has P&L responsibility for the division, oversees the day-to-day operations and leads the sales team.

Prior to her current role, Jennifer was the managing director of Doral Healthcare Finance, which was acquired by Triumph Bancorp, Inc. in June 2014 and rebranded as Triumph Healthcare Finance. She launched the division as a de-novo for Doral Bank at the start of 2011. Prior to this she held senior positions with Marquette Healthcare Finance and GMAC-RFC Health Capital Group.

Jennifer has over 20 years of experience in executive leadership roles spanning all aspects of commercial finance within the healthcare industry to include credit, underwriting, loan closing, operations and portfolio management, and business development.

Jennifer is a former chair of CFA’s Women in Commercial Finance Committee and the current chair of the Social Media Subcommittee. She holds a Bachelor of Science degree in strategic management from California State University at Sacramento and is certified as a Fellow of the Healthcare Financial Management Association with a concentration in accounting and finance.

Jennifer Sheasgreen

President Triumph Healthcare Finance What advice would you offer to women just starting out in the industry?

Take the leap and move forward with the path that makes you feel uncomfortable. It’s only when you move away from your comfort zone that you will continue to grow and achieve new successes. It’s important to start establishing your own professional network and connecting with new contacts in your industry. Differentiate yourself by obtaining relevant industry certifications. Make sure that you communicate your career ambitions to your employer so that you’re both on the same page and you have internal support and always remember to say thank you to colleagues, business contacts and clients. Continually strive to learn your field and not just your immediate role, but how each segment of the process works and fits together. Find a mentor or someone whom you can bounce ideas off of, as it’s helpful when you’re faced with big decisions. Lastly, work/life integration does exist. Don’t make the mistake of sacrificing your family for work.

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What do you know now that you wish you knew in the beginning of your career?

Early on in my career, I wish I knew that, as you mature, you feel more comfortable in your own skin and you learn confidence and assertive communication. Self-doubts can hold you back in your career. It’s important to remember to tell your inner self repeatedly, ‘I can do this’. It’s also important to be your own advocate because no one is going to do it for you. So, if it’s a promotion or a new skill set you want to learn, make it known and go after what you want. Let your voice be heard.

What kind of role has mentoring and/or sponsorship played in your career?

I wouldn’t say I had a traditional mentor or sponsor, but I have had people throughout my career who have influenced my path. I’ve learned over the years what to do and what not to do by just watching, listening and taking in information and also to ‘trust my gut feeling’. Logic and emotion play into decision-making and having a balance of the two has allowed me to leverage my experiences and guide my own path. We have one of our own employees participating in the CFA’s mentoring program and it’s been great to watch her progress. I’ve also had the

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opportunity to serve as a mentor at the Business Journals’ “Mentoring Monday” the last two years. It’s been extremely rewarding and I think that it’s an exciting time for women because the network of support is everywhere and it’s up to you to take advantage of it.

What do you think the industry could do to attract and retain the best and the brightest today?

When hiring we should look beyond the resume and find the people who will complement our culture and have a desire to learn and grow. Not everyone has that innate desire to achieve personal and career growth and finding a candidate that exudes that enthusiasm is a rare find.

To retain that person, have a clear career path so that, if the desire is to move their career forward, there is no confusion about the steps needed to reach those goals. Ambiguity in a job leads to frustration, so set clear expectations and provide feedback. Create flexibility in the work environment so that work and family can be truly integrated and practice what you preach. If you can do that, you will likely receive loyalty in return.

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R

enate LaCroix, in-house counsel at Utica Leaseco, is an expert on Uniform Commercial Code and in conducting due diligence for asset-based financing transactions secured by real-estate, machinery, and current assets. LaCroix is the most senior member of the Utica Leaseco legal staff with eight years and over 200 transactions worth of experience. LaCroix’s duties include, but are not limited to : corresponding with secured creditors to procure subordination and payoff letters, filing UCC financing statement, and walking each customer carefully through Utica’s due diligence process, all in order to thoroughly assess prospective clients and properly secure all collateral involved in each transaction. LaCroix’s experience and awareness when it comes to due diligence allows Utica Leaseco to deftly maneuver through the many pitfalls associated with hardasset lending . Renate is the mother of three and is actively involved in charity, specifically Kids Kicking Cancer and Sparky Anderson‘s CATCH.

Renate LaCroix In-House Counsel Utica Leaseco

What advice would you offer to women just starting out in the industry?

I believe that women really need to connect with and support each other.

Having a rewarding and demanding career can be challenging, considering all of the other roles that women play with regard to having children and managing their households. Surrounding yourself with other like-minded women can make all of the difference in obtaining personal and professional satisfaction. It does not matter who these women are, whether they are experienced superiors or your support staff, we can all help each other to obtain the same goals of success.

What do you know now that you wish you knew in the beginning of your career?

As an attorney, I wish that I had placed more of an emphasis on gaining the knowledge and experience of the financial industry during college and while in law school. If I had known

that this was the industry I was going to end up in, I would have taken different classes in law school and chosen a different undergrad major.

What kind of role has mentoring and/ or sponsorship played in your career?

My first mentor was an attorney that I met when I had just begun law school.

She was much more experienced than me and, during her career, had come face-to-face with how horrible women were to other women. She saw firsthand how women would go out of their way to sabotage other women in order to get ahead professionally. One of the most important lessons that she worked to teach me as I was beginning my career was the importance of supporting each other and lifting other women up, instead of pulling them down. I am grateful to have found these same qualities in Ryann Whitmore, who is now my mentor and colleague at Utica Leaseco. She has encountered the same type of negativity from other women and we have the same goals and outlook in supporting each other. We feel that this helps us to be incredibly efficient and happy and to provide excellent service to our customers. In an industry that

is dominated by men, we should be focusing on bringing more women in and supporting them so they want to stay and women will need to play an important part of that by the way we treat each other.

What do you think the industry could do to attract and retain the best and the brightest today?

In order to retain the best and brightest women, we need to be able to offer a flexible work environment and give them the ability to manage their own time. We are fortunate that innovations in technology allow us to basically work at any time and from anywhere. At Utica Leaseco, we have flexible schedules and sometimes keep odd hours in order to accommodate our customers and brokers.

This allows us to meet demands and respond quickly as possible. Whether it is early in the morning or late at night, women are more than capable of meeting deadlines and getting the work done to close transactions efficiently.

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onika Stormer, controller at Utica Leaseco, graduated from Oakland University with a Bachelor of Science degree in marketing and recently earned her Master of Business Adminstration degree from Walsh College. Before joining Utica Leaseco in 2015, Monika worked in the accounting department as executive assistant to the chief financial officer of MNP Corporation, a nationwide industrial fastener manufacturer. Monika is an essential part of the daily operations at Utica Leaseco; managing title work, ensuring proper lien perfection, and tracking insurance coverage for each asset. Monika is a consistent bookkeeper who pays close attention to detail, allowing Utica Leaseco to provide funding to dozens of important American companies each year. Monika’s dedication to keeping every transaction secure well after closing is critical to our continued success. In her free time, Monika enjoys spending time with her family, especially her two nephews and niece. She also enjoys keeping active and staying fit through barre and yoga, as well as reading and likes travelling to Florida with her family.

Monika Stormer Controller Utica Leaseco

What advice would you offer to women just starting out in the industry?

I would encourage other women just starting out in the industry to network and connect with other like-minded women. Being aligned with other professional women (especially in a male-dominated industry) can be invaluable. Additionally, I would suggest seeking out firms that offer employee training. Some of the most valuable knowledge that I have learned has been from on-the-job learning. Working for a company that supports that has been quite rewarding.

What do you know now that you wish you knew in the beginning of your career?

I wish I knew how valuable on-the-job experience is. I used to believe that everything I needed to know I would learn in school, but nothing could be further from the truth. I have spent a lot of time educating myself and

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seeking answers to my own questions.

I have gained knowledge that I never would have learned in the traditional classroom environment. As I previously mentioned, having an employer that values that type of learning has been fundamental in my being able to contribute as much to our organization as I can. It is a fulfilling experience.

Also, I wish I knew the importance of networking.

What kind of role has mentoring and/ or sponsorship played in your career?

I have learned a lot from my two bosses, although it has not been a traditional mentoring or sponsorship situation. They have taught me to look at situations from different perspectives and observing how they make decisions and operate our business has been a great experience. I have been allowed to learn from my mistakes, as well as voice my opinion. They encourage each member of our team to voice their opinions. It is also important to be in an environment where you are able to ask questions.

What do you think the industry could do to attract and retain the best and the brightest today?

I think that firms in this industry should try to employ recent graduates

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and offer them on-the-job training.

Firms that are interested in attracting the brightest and best job candidates may want to recruit from business schools and business networking groups. As I previously mentioned, a lot of my skills were gained through experience and being able to make mistakes and learn from them. The younger employees of this generation want to feel as though they are contributing to something bigger than just their job. I think that, if employers market themselves to younger employees with the image that they are making a difference, this would appeal to that generation. Additionally, creating a satisfying job experience and offering opportunities to grow within the company and get involved in their communities will attract bright job candidates.

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yann Whitmore, general counsel at Utica Leaseco, graduated Magna Cum Laude from University of Detroit Mercy School of Law where she was also editor-in-chief of Law Review. She brings this same determination to closing deals safely and effectively at Utica Leaseco. Ryann has over 12 years of experience in commercial asset-based lending and is a vital resource when it comes to handling due diligence for complex, multi-bank commercial financing transactions. She is also an expert when it comes to in drafting and negotiating language for asset purchase agreements, mortgagee waivers, intercreditor agreements, syndication and participation settlements, and more. Ryann’s expertise and careful consideration of every potential outcome are essential to the day-to-day legal operations of Utica Leaseco and the success of its customers, something that Ryann takes very seriously. Ryann’s experience representing lenders as well as borrowers allows her to fully understand both sides of every transaction and respond to each item precisely.

Ryann Whitmore General Counsel Utica Leaseco

What advice would you offer to women just starting out in the industry?

While this profession is both rewarding and challenging, it can be overwhelming at times. It is easy to get overworked, overstressed and burn out. I believe women encounter even more difficulties because family demands seem to fall more on our shoulders. Like many working women, I struggled working such long hours and still managing to provide my family the attention it needed. Maintaining a healthy balance between work/ family and time for yourself is very tough, but essential. Looking back, I should have taken on less and been more forgiving of myself. Find healthy outlets for stress, make time to take care of yourself and your loved ones. I found that talking with other women in similar situations, and relying on each other is extremely helpful.

I cannot stress enough how important it is to have strong female friendships in the workplace. I am thankful every day for mine.

What do you know now that you wish you knew in the beginning of your career?

To trust myself more. Confidence in my ability as an attorney and asserting myself wasn’t something that just came naturally to me when I first started out. I found this to be especially difficult as a woman in a maledominated field. As I reflect back, I should have had more faith in myself, training and skills to successfully get things done.

What kind of role has mentoring and/ or sponsorship played in your career?

I have been so fortunate to have had excellent mentors who have been instrumental in my professional development. I consider all of my mentors through the years as my confidants and good friends. A major lesson I learned from my first supervisor was recognizing the value and contributions each person makes to our team regardless of their position and the importance of connecting and developing good relationships with all of them. A strong mentor, of course, will teach you the practical aspects of the job, but also will enrich your life overall.

What do you think the industry could do to attract and retain the best and the brightest today?

In order for the industry to not only attract, but also retain, top talent, companies need to recognize the changes in the world and environment we live in. I’d encourage exploring alternative work arrangements, such as working remotely for a portion of the work week. This is something that I’ve been fortunate to have with Utica Leaseco, as they accommodate a partial remote work plan that allows for flexibility, efficiency and success in meeting our clients’ needs. Our clients’ deals take place all across the country, are very fast-paced, and oftentimes require working weekends and after normal business hours. Having remote connectivity allows us to establish trusted relationships and close deals quickly and efficiently. I believe the trust and flexibility my company fosters results in greater productivity and overall happiness, at work and in my personal life.

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aroline is a vice president at Wells Fargo Capital Finance, the assetbased and specialized senior secured lending group of Wells Fargo Bank. She joined the business development team in 2011 and is responsible for originating, structuring and executing secured lending transactions across a variety of industries. Caroline develops relationships with external and internal referral sources including private equity groups, advisory firms and the expansive Wells Fargo network to support leveraged buyouts and recapitalizations. Since joining Capital Finance, Caroline has worked on over 100 financings, representing $5B of Wells Fargo commitments with significant concentrations in industrials, consumer products and software. She is the head of the Wells Fargo Capital Finance Women’s Connection and a member of the CFA’s Women in Commercial Finance Committee. She is also a member of the CFA’s Young Professionals group.

Caroline started her career at Wachovia Securities, spending three years in the Leveraged Finance and Industrials Investment Banking groups. She graduated from the University of North Carolina at Chapel Hill with a B.S. in business administration.

Caroline Deichmann

Vice President Wells Fargo Capital Finance

What advice would you offer to women just starting out in the industry?

Learn as much as you can and ask lots of questions. Take on extra assignments and seize every opportunity to continue building your skillset. It is extremely important to push yourself to keep learning throughout your career. Make a concerted effort to meet people at your company and in the industry to begin developing your network. Most people are willing to carve out time to meet with you, but you need to be proactive. Always thank people for taking time out of their day to meet with you, and follow up to continue forming a connection. Hard work and a positive attitude go a long way. Being the first one in and the last one out every day makes a very strong impression on co-workers about your attitude and work ethic.

What do you know now that you wish you knew in the beginning of your career?

It is ok to say no. Early in my career, I said yes to every single new deal and extra

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assignment. If you try to do too much, it can impact the quality of your work, and you won’t enjoy your work as much. I have also learned that strong communication skills are just as vital to being successful as analytical and technical skills. Someone once told me to always under-promise and over-deliver, and this is a great principle to follow. Make sure you have a detailed understanding of the task at hand so that you can properly manage timing expectations.

People will be pleasantly surprised if you exceed their expectations by completing the task earlier than you initially communicated.

What kind of role has mentoring and/or sponsorship played in your career?

Mentoring has played a huge role in my career. Wells Fargo Capital Finance’s Diversity & Inclusion Council has an outstanding formal mentoring program that I’ve participated in for several years, and it has allowed me build personal relationships with senior leaders throughout the organization. This has been extremely beneficial to me in my day-to-day role as I work with these individuals to originate, structure and execute new deals. I have also developed several informal mentors who have been invaluable to me as I’ve navigated my career path.

What do you think the industry could do to attract and retain the best and the brightest today?

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To retain younger employees, it is important to identify high potential junior-level team members early in their careers and get them engaged across the platform.

There are so many great internal and external groups and activities to get involved with that will help them stay engaged, develop professionally and build their network. I’ve had excellent experiences internally through the Wells Fargo Capital Finance Women’s Connection, the Wells Fargo Capital Finance Diversity & Inclusion Council and the Wells Fargo My Generation Team Member Network. I’ve led the Wells Fargo Capital Finance Women’s Connection since 2016, and it is focused on career development, retention of talent, networking, mentorship, promoting visibility and enhancing engagement. Our work is making a difference for women in the organization. Externally, I’ve made an extensive group of new connections through the CFA’s Women in Commercial Finance Group, the CFA’s YoPro Group, and other industry events. Additionally, encouraging people to move freely within an organization helps employees stay excited and challenged in their roles. Wells Fargo has allowed me to change my job location and my job function during my nine years with the company. This flexibility is one of the many reasons I’ve spent my entire career with Wells Fargo.

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orothy M. Killeen currently serves as managing director and head of syndicate and sales for Wells Fargo Capital Finance’s Loan Syndications team. In this role, she leads a team of professionals and has primary responsibility for the execution and distribution of syndicated assetbased loans. Dorothy has been with Wells Fargo and predecessor firms since 1999. Prior to joining Wells Fargo Capital Finance in 2009, Dorothy spent ten years in Leveraged Finance with Wachovia Securities, where she served in origination, underwriting, syndicate and sales roles. She currently serves as the Executive Sponsor for Wells Fargo Capital Finance’s Diversity & Inclusion Council. Dorothy has served on the conference planning committee for the Asset Based Capital Conference for several years and on the Education Committee for the Commercial Finance Association. She holds a B.A. cum laude in communications from Tulane University and an M.B.A. from the A.B. Freeman School of Business at Tulane University with a concentration in finance. Dorothy resides in Charlotte, NC where she serves as a board member for the Children’s Scholarship Fund of Charlotte.

Dorothy Killeen

Managing Director Wells Fargo Capital Finance What advice would you offer to women just starting out in the industry?

Build a network within your organization.

Peers and senior members of your team are a good start, but your network needs to include professionals across different roles and levels of your business. Networks keep you “in the know” and can help you accomplish professional goals, including movement within your organization. One of the best ways I’ve found to build out my network is to get involved with special projects or initiatives that are beyond my day to day job. Early in my career, I led a project evaluating Wachovia’s loan return model for the head of our Leveraged Finance business. I also participated heavily in campus recruiting for several years. More recently, I have taken a leadership role in Wells Fargo Capital Finance’s diversity and inclusion efforts. All of these activities helped me develop strong connectivity with Wells Fargo business leaders, increased my visibility in my division and complimented my professional role in Loan Syndications.

What do you know now that you wish you knew at the beginning of your career?

Expect change in the industry and in your business. Economic cycles and changes in the regulatory landscape will have a macro impact on your business, but there will also be more localized, less predictable bumps in the road when you work for a large financial institution.

While the basic tenets of lending remain stable, business models will continually evolve to address changing market conditions and you need to be creative and flexible in your view on how to compete for deals and talent.

What kind of role has mentoring and/or sponsorship played in your career?

My career has been guided by several sponsors who have played meaningful roles at different points during my 18 years in banking. One of my early sponsors helped me navigate flexible work options when I returned from each of my two maternity leaves and over the years while my kids were still young. In each of these relationships, proving myself as a high performer was a precursor to developing the personal and professional connections that evolved into sponsorship.

What do you think the industry could do to attract and retain the best and the brightest today?

Some of the smartest and most ambitious people I’ve worked with over the past several years have been part of Wells Fargo’s financial analyst program

and our credit training program for associates. However, recruiting a talented and diverse work force at the entry level has proven to be easier than retaining that talent and moving those folks up through our business. At the mid-level, the industry loses talented individuals who see limited opportunity for advancement into senior roles or growth in compensation over the medium and long term. Women in our industry often hit turbulence on reentry after leaves of absence; some perceive or experience limited flexibility, especially among highly compensated roles.

Rick Levin, who served as president of Yale University for 20 years, recently reflected in a New York Times article that his current role as a tech company CEO would make him better equipped to take more risks and think a little more ambitiously about things if he were to return to his former role. Mr. Levin was quoted as saying, “I had to get used to the notion that trying stuff and failing was going to be O.K. We do a lot of testing of new ideas and sometimes you have to course correct.

It’s just the way it goes.” The commercial finance industry could take a lesson from this insight as it relates to recruiting and talent management. We need to take more risks on talent from outside of our organizations and industry, re-evaluate how and where we do our work, and learn to live with a little failure when it comes to human capital R&D.

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heri MacDonald is a managing director, regional underwriting manager for Wells Fargo Capital Finance. This group is responsible for underwriting and closing middle-market asset-based transactions that range in size from $10 million to over $2 billion, covering a broad array of industries. She is based in Atlanta, GA. Cheri started her 20-year career with Wells Fargo in its Santa Monica, CA office, gaining experience in field exam, syndications, loan administration and underwriting.

In 2006, she relocated to Atlanta to re-establish Wells Fargo Capital Finance’s underwriting group in the South. During her time with the company, she has earned the company’s highest awards, including two Golden Spokes and a Chairman’s Award. She has also been actively involved in Wells Fargo Capital Finance’s Diversity and Inclusion Council and the Women’s Connection, as well as the CFA’s Women in Commercial Finance Committee. She is a graduate of California State University, San Bernardino, with a Bachelor of Science degree in Business Administration with an emphasis in accounting.

Cheri MacDonald

Regional Underwriting Manager / Managing Director Wells Fargo Capital Finance

What advice would you offer to women just starting out in the industry?

Your ideas and perspectives have great value, and our industry has continued to evolve to provide opportunities for you that generations before could only dream of or were a rarity.

Have confidence in yourself, and do not be afraid to challenge the “norm”.

Different perspectives and viewpoints add to the discussion, promote positive development, and assist change within a group and/or organization.

Let your voice be heard; do not shy away from your strengths.

What do you know now that you wish you knew in the beginning of your career?

Developing and building relationships are key. Branch out of your comfort zone and get to know people both inside and outside of your group and organization. Join different groups to develop and grow your network. This

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can be as easy as joining a work or industry sports team, participating in volunteer opportunities in your community that are sponsored by your company or industry, joining groups within your organization like the Diversity and Inclusion group, women’s networks, team member networks, or attending one of the many CFA-sponsored events. This can help improve existing and future working relationships and provide for future career advancement opportunities.

What kind of role has mentoring and/ or sponsorship played in your career?

I was very fortunate to have strong managers who were also mentors to me. They taught me the ropes and encouraged my progression through the organization and into management.

This mentoring has been invaluable to me, but even more rewarding has been the investment in paying it forward by being a mentor myself. It has been a personal highlight of my career. To mentor a fellow team member and watch them grow, develop and make meaningful contributions to Wells Fargo Capital Finance is extremely gratifying and makes me feel like I have made a difference. I am very proud to see them progress, be publicly recognized and grow within their

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own personal careers, and see them continuing to pay it forward by teaching the next generation of asset-based lenders.

What do you think the industry could do to attract and retain the best and the brightest today?

We need to look outside of the box and be open to change to attract the best and most diverse talent, not being afraid of creating opportunities for individuals that look different than you, or have a different background.

An investment in someone that has strong skills, a good attitude and is passionate about learning often pays off more than someone with just a good resume. But the most difficult challenge is really retaining that talent over the long term. It is key to keep people challenged, engaged and fairly compensated, especially during the pendulum swings in our industry that can result in either an extreme amount of work or a long lull in activity. It is also critical to remain flexible, recognizing that our world is becoming more automated and collaborating remotely through flexible work schedules and telecommute options can be a win-win solution.

S

ince 2015 Carolina has been the vice president of Technology Financing Programs in the Middle East and Africa, overseeing the existing Commercial Distribution Finance (CDF) receivable financing book. In her role she is responsible for retaining and developing new relationships with channel partners (broad-line distributors, value-added resellers and systems integrators) in 10 countries across the MEA region.

Most recently, Carolina was the CDF regional sales manager for the UK and Spain.

In this role, she delivered value to a variety of dealers and manufacturers across multiple industries (recreational vehicles, tech, marine). Carolina played an important role in building CDF’s inventory financing presence in Spain and Portugal, where CDF grew financed volumes exponentially year-on-year.

Prior to CDF, Carolina worked in GE Capital Real Estate in Paris and Madrid for 6+ years as an asset management finance analyst and expense/productivity leader.

A native of Spain, Carolina earned a Master in International Business Management from Universidad Carlos III in Madrid and Warwick Business School in Coventry. She speaks English, Spanish, French and Italian.

Caroline Berna Perez

What do you know now that you wish you knew in the beginning of your career?

That there are truly no limits to what you can achieve. Don’t be discouraged if you are unclear about your personal career path.

Stay curious, be patient and be kind to yourself: it can take time to figure things out and your priorities are continuously evolving.

What advice would you offer to women just starting out in the industry?

I am a true believer that strong performance, coupled with active networking and positive attitude to challenge, will naturally lead to sponsorship and career progression.

Performance is key; it is the fundamental of gaining respect in any organization. Networking is a strong tool to promoting and branding yourself.

Be proactive in pushing the boundaries of your comfort zone — learn, unlearn and learn again; it will only make you stronger. In the process, don’t forget to be patient; things will not always go your way or as quickly as you expected and don’t forget to celebrate victories with those who helped you.

When you enter the industry as a newcomer, you quickly notice that it tends to be a very small community of committed professionals with long steadfast careers — that is always a great sign.

What kind of role has mentoring and/or sponsorship played in your career?

I have had the privilege of having many mentors in my career and personal life: leaders, managers, peers, family members and friends. I started my career in commercial real estate in the finance function, I learned a lot and I am grateful for every bit of that experience. At some point I understood that my drive to serve internal customers could be leveraged to deliver: value to external customers in a commercial role. I used my network and my mentors to get introduced to the relevant people that could give me a headstart to the job I aspired to.

Sponsorship has only come very recently in my career; it is something you earn with consistent hard work and dedication.

My sponsors have helped me to continue pushing the boundaries of my comfort zone and have propelled my career. Their support has been instrumental in my appointment to lead our technology receivable financing programs in the Middle East and Africa, a very challenging professional and cultural experience that has proven very motivating and rewarding to me.

Vice President Technology Financing Programs Wells Fargo Distribution Finance

What do you think the industry could do to attract and retain the best and the brightest today?

I believe there is much more we can do to create awareness of commercial lending activities at early stages. Many people don’t really know the range of alternative funding solutions out there and their impact on the long-term viability and growth of small, medium and large corporate businesses across an incredible variety of regions. Our business has done a great job putting together a 9-month Commercial Distribution Finance Graduate Program that enables young talent to discover critical aspects of our business during threemonth rotations. As my CEO says, we should probably go a step further and start creating awareness of our industry and coaching young and diverse future talent in schools!

Retention is led by our team leaders; they need to be equipped to encourage an ongoing two-way dialogue based on trust – about assignments and about deliverables, of course – but, beyond that, about an employee’s career aspirations, training and work-life balance. Our team leaders need to make it a priority to show ongoing respect for their team members as it will lead to a strong workplace culture as well as positive experiences and memories that they will never forget.

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J

udy Toland is the svp, global head of the customer and strategy office for Wells Fargo Commercial Distribution Finance (CDF). In this role, she is responsible for all customer and strategy activities across a $48 B inventory finance business, with 40,000 dealer and 2,000 manufacturer/distributor customers in over 60 countries. This role leads a team responsible for all strategy, new product introduction, commercial excellence, and customer experience initiatives. Prior to her current role, Judy was the chief marketing officer for CDF, which included all the responsibilities above, plus cross sell, product marketing, tradeshows and events, communications, and public relations. From 2014 to 2016, Judy was the commercial leader, electronics and appliances, for GE Capital, CDF. This P&L leadership role was responsible for originating new and retention of existing customer relationships (4,000+ dealers, $5.3B in volume).

Judy has a BS in chemical engineering from Northwestern University and a MBA in Marketing from the University of Michigan- Dearborn. She is a member of the Wells Fargo Wholesale Diversity & Inclusion Council, YMCA of Metropolitan Chicago Board of Managers, BMA Chicago and the CMO Club.

Judy Toland

Global Chief Customer & Strategy Officer Wells Fargo Commercial Distribution Finance What advice would you offer to women just starting out in the industry?

I would highlight that early on, it is very important to not be in a “career hurry” to advance to larger and more expansive roles.

Early in your career is the time to cast a wide net and compile a broad list of skills and experiences that will provide a strong foundation for your future career. It is important to have experiences in varied functions (marketing, sales, risk, etc.) and in various types of roles (individual contributor, manager of people). It is also important to take the time to master critical skills necessary for your company, industry, or function. Once the expertise is developed, the bigger roles will come naturally.

What do you know now that you wish you knew in the beginning of your career?

I wish I had learned the P.I.E. Model earlier in my career. It would have helped me understand how my personal brand directly influences my career advancement. PIE is an acronym for the three critical success factors for a positive personal brand.

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Performance is truly your “ticket to the game”. It is assumed, as you consider your career planning, that you are already functioning at a high level in your current role. You should secure a reputation for consistent high quality work. Your image is what you project. Your demeanor, your communication style, verbal and nonverbal. Also, things like your posture, and appearance. Exposure is the network you create and nurture. This is your internal and external network. Have your elevator speech ready, keep LinkedIn up to date, and consider creating a one-pager that captures your career profile to help shape the buzz about you. Again, it has to be an authentic representation of your values and who you are, in order to stick. All three of these items encapsulate your personal brand. If you have positive marks on all three, the sky is the limit for your career!

What kind of role has mentoring and/or sponsorship played in your career?

Mentoring and sponsorship have been and remain critical to my ongoing success. And these two topics are uniquely different.

First, for the last 15 years, I have had a mentor “board of directors”. This group of 3-5 people have provided me invaluable mentorship and career advice. This group is a diverse collection of former bosses, in and outside financial services, peers, and former directs. I also try to be conscious about having male and female mentors of various career stages on my board. The advice and counsel this group provides is truly invaluable. I leverage their counsel on everything

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from big career changes, to how to handle a challenging business situation. It is critical to have honest, transparent, and consistent coaching to ensure you are always learning, getting better, and growing.

Sponsors are those that advocate for you when you are not in the room, those that will hire you or advocate others to hire you. Sponsors are critical for career advancement, especially as your career progresses to more senior roles. In my experience, I have found that you can only “earn” your sponsors through strong on the job performance, often through direct management or other exposure. You can’t ask or solicit for a sponsor, since a critical component of sponsorship is putting one’s reputation on the line for someone else.

What do you think the industry could do to attract and retain the best and the brightest today?

Our industry is challenging, dynamic, and full of varied opportunities. The key to retaining our best and brightest is maintaining a clear focus on why employees stay at a company or in a particular industry.

Employees stay when they have the following 4 critical items in their roles: 1.) Exciting and challenging work 2.) Career growth and development opportunities 3.) Supportive direct management and leadership 4.) Fair pay and timely recognition – feeling of being valued for the work one does.

Recognizing the women of Wells Fargo Commercial Capital

Caroline Deichmann

Dorothy Killeen

Cheri MacDonald

Carolina Berna Perez

Judith Toland

Vice President Wells Fargo Capital Finance

Managing Director Wells Fargo Capital Finance

Managing Director Wells Fargo Capital Finance

Vice President Wells Fargo Commercial Distribution Finance

Global Senior Vice President Wells Fargo Commercial Distribution Finance

Wells Fargo Commercial Capital applauds the CFA for their dedication to diversity and recognizing the value that women bring to the commercial finance industry.

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.

Wells Fargo Capital Finance is the trade name for certain asset-based lending services, senior secured lending services, accounts receivable and purchase order finance services, and channel finance services of Wells Fargo & Company and its subsidiaries. Wells Fargo Commercial Distribution Finance is the trade name for certain inventory financing (floor planning) services of Wells Fargo & Company and its subsidiaries. Š 2017 Wells Fargo Capital Finance and Wells Fargo Commercial Distribution Finance. All rights reserved. IHA-4226001

CALENDAR

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June 13, 2017 CFA’s Southwest Chapter YoPro Happy Hour Matchbox

July 19, 2017 CFA’s Raleigh – Durham Chapter Durham Bulls Athletic Park Durham, NC

June 15, 2017 CFA’s Midwest Chapter Ambassadors of Lending Networking Event Civic Opera Building Roof Terrace Chicago, IL

July 20, 2017 CFA’s MidWest Chapter – Annual Golf Invitational Haborside International Golf Center Chicago, IL

June 20 – 22, 2017 CFA’s Summer Loan Documentation Workshop Paul Hastings LLP New York, NY

July 27, 2017 CFA’s MidSouth Chapter - Baseball Outing Chattanooga Lookouts vs. Birmingham Barons AT&T Field Chattanooga, TN

June 21, 2017 CFA’s Atlanta Chapter – Educational Event Greenberg Traurig Atlanta, GA June 22, 2017 CFA’s Atlanta Chapter - Summer Social with TMA June 21 – 23, 2017 CFA’s Chapter Leader’s Summit Kimpton Hotel Van Zandt Austin, TX July 11 – July 27, 2017 CFA’s Summer Underwriting Fundamentals Virtual Workshops 106

July 13, 2017 CFA’s Southwest Chapter – PEGapalooza Denver Denver, CO

June 13 – 16, 2017 CFA’s Advanced Collateral Control Virtual Workshop

June 20 – 22, 2017 CFA’s Summer For What it’s Worth – All You Need to Know About Inventory Paul Hastings LLP New York, NY

July 12, 2017 CFA’s California Chapter - Summer Party Sheraton Universal Universal City, CA

August 10, 2017 CFA’s MidWest Chapter – Annual Brewers Outing ATI Deck, Miller Park Milwaukee, WI August 14, 2017 CFA’s Midwest Chapter 5th Annual YoPro Summer Boat Cruise Wendella Boats Chicago, IL August 30, 2017 CFA’s Southwest Chapter Sporting Clay Challenge at Elm Fork Elm Fork Shooting Range Dallas, TX August 30, 2017 CFA’s Southwest Chapter Sporting Clay Challenge at Elm Fork Dallas, TX

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September 5, 2017 CFA’s MidSouth Chapter Annual Golf Event Alabama’s Robert Trent Jones Golf Trail at Oxmoor Valley Birmingham, AL September 12, 2017 CFA’s Southwest Chapter Sixth Annual Energy Summit Belo Mansion Dallas, TX September 19, 2017 CFA’s California Chapter Women of CFCC Event Location: TBD September 26, 2017 CFA’s MidSouth Chapter Sporting Clays Nashville Gun Club Nashville, TN September 26, 2017 CFA’s Atlanta Chapter – Golf Outing Rivermont Country Club Johns Creek, GA September 28, 2017 Women in Commercial Finance Conference Wells Fargo Conference Center New York, NY September 27, 2017 Annual Cross-Border Lending Summit Winston & Straw New York, NY October 4, 2017 CFA’s California Chapter - Hot Topic Panel Discussion Luxe Summit Hotel Los Angeles, CA October 12, 2017 CFA’s Philadelphia Chapter – Educational Event Drexel University Philadelphia, PA

AD INDEX Bibby Financial Services. . . . . . . . . . . . . . . . . . . . . . . www.bibbyusa.com/careers. . . . . . . . . . . . . Page 36 ENGS Commercial Capital . . . . . . . . . . . . . . . . . . . . . www.engsfinance.com . . . . . . . . . . . . . . . . . . Page 47 Cahill Gordon & Reindel LLP. . . . . . . . . . . . . . . . . . . www.cahill.com. . . . . . . . . . . . . . . . . . . . . . . . . . Page 43 Gemino Healthcare Finance, LLC. . . . . . . . . . . . . . www.gemino.com. . . . . . . . . . . . . . . . . . . . . . . . IFC

October 2017 CFA’s California Chapter - Annual Fall Golf Classic Date and Location: TBD

Gerber Finance, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . www.gerberfinance.com . . . . . . . . . . . . . . . . Page 51 Hahn & Hessen LLP. . . . . . . . . . . . . . . . . . . . . . . . . . . . . www.hahnhessen.com . . . . . . . . . . . . . . . . . . Page 55 Hilco Global. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . www.hilcoglobal.com. . . . . . . . . . . . . . . . . . . . BC HPD Software. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . www.hpdsoftware.com. . . . . . . . . . . . . . . . . . Page 59

October 19, 2017 CFA’s Atlanta Chapter – Educational Breakfast Event McGuireWoods Atlanta, GA

Jones Day. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . www.jonesday.com. . . . . . . . . . . . . . . . . . . . . . Page 63 Liquidity Services. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . www.liquidityservices.com. . . . . . . . . . . . . . Page 112 Provident Bank. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . www.provident.bank.com. . . . . . . . . . . . . . . Page 29 Otterbourg P.C. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . www.otterbourg.com. . . . . . . . . . . . . . . . . . . . Page 73 Parker, Hudson, Rainer & Dobbs LLP. . . . . . . . . . www.phrd.com. . . . . . . . . . . . . . . . . . . . . . . . . . . Page 75

November 8 – 10, 2017 CFA’s 73rd Annual Convention Sheraton Chicago Hotel & Towers Chicago, IL

People’s United Business Capital. . . . . . . . . . . . . . www.peoples.com . . . . . . . . . . . . . . . . . . . . . . . Page 79 RapidAdvance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . www.rapidadvance.com. . . . . . . . . . . . . . . . . Page 80 Rosenberg & Fecci Consulting LLC. . . . . . . . . . . . . www.rosenbergandfecci.com. . . . . . . . . . . Page 85 Sallyport Commercial Finance, LLC . . . . . . . . . . . www.sallyportcf.com. . . . . . . . . . . . . . . . . . . . Page 107

November 15, 2017 Sponsor Panel Center Club - Orange County Costa Mesa, CA

Sterling National Bank. . . . . . . . . . . . . . . . . . . . . . . . . www.snb.com. . . . . . . . . . . . . . . . . . . . . . . . . . . . Page 88 Utica Leaseco, LLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . www.uticaleaseco.com. . . . . . . . . . . . . . . . . . Page 96 Wells Fargo Capital Finance. . . . . . . . . . . . . . . . . . . www.wellsfargocapitalfinance.com. . . . Page 105

November 15, 2017 CFA’s Southwest Chapter - PEGapalooza 2017 Dealmaker Wine & Whiskey Tasting 3015 at Trinity Groves Dallas, TX December 7, 2017 CFA-TMA Philadelphia Annual Joint Holiday Networking Event Loews Philadelphia Hotel Philadelphia, PA Save the date December 7, 2017 CFA’s Atlanta Chapter Holiday party with TMA December 13, 2017 CFA’s California Chapter - Holiday Party Sheraton Universal Universal City, CA

THE SECURED LENDER JUNE 2017 107

CHAPTER NEWS

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Atlanta The Chapter will hold an educational lunch at Greenberg Traurig on June 21 at Greenberg Traurig and a Summer Social with TMA on June 22 at Huey Luey’s in Sandy Springs, GA. The Chapter will hold a speaker event on August 24 with Dennis Lockhart, the 14th President and CEO of the Federal Reserve Bank of Atlanta.

The Chapter’s Annual Tennis Outing will be held on August 25 and a golf outing will be held on September 26 at Rivermont Country Club. An Educational Breakfast will be held at the offices of McGuireWoods on October 19. The Chapter’s Holiday Party with TMA will be held on December 7.

For more information visit community.cfa.com/atlantachapter California The Chapter will hold their summer party on July 12 at the Sheraton Universal.

On September 19, the Chapter will hold a Women of CFCC Event (location: TBD) and on October 4, there will be a panel discussion at the Luxe Summit Hotel.

On November 15 there will be a Sponsor Panel at the Center Club-Orange County and on December 13 a holiday party at the Sheraton Universal hotel.

For more information visit community.cfa.com/californiachapter.

Charlotte On May 23, the Chapter held an Economic Update by John Silvia, managing director and the chief economist for Wells Fargo, at The Palm Restaurant.

Silvia is a managing director and the

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chief economist for Wells Fargo. Based in Charlotte, NC, he has held his position since he joined Wachovia, a Wells Fargo predecessor, in 2002 as the company’s chief economist.

The Chapter held a panel and lunch on Supply Chain Finance - How it works and its impact on the Commercial Finance Industry, on April 25 at The Palm in Charlotte. Rodney Schansman, chief executive officer, was the presenter.

Schansman serves as Ftrans’ CEO and member of the Board of Directors and is responsible for leadership and strategic direction of the company. He is a 25-year veteran of commercial finance, healthcare finance and private equity.

As a 15-year veteran and senior vice president of Bank of America Specialized Lending group, Rodney’s experience spans the operating disciplines of commercial finance including underwriting, origination, technology and funding.

After growing BofA’s Specialized Lending portfolio to $1 billion in net funds employed and selling it to GMAC in 2000, Schansman spent three years as an SVP with Bank of America Equity Partners deploying the bank’s capital in strategic investments.

He co-founded Finacity, Inc. (with JV partners Kleiner Perkins, Euler ACI and Texas Pacific Group), a technologyenabled receivables securitization company. Schansman has also led the start-up of several other healthcare financing companies including Inworks Servicing, a healthcare payment cycle management and funding company and Prime Revenue, a vendor finance technology company For more information, visit community.cfa.com/charlottechapter Europe The Chapter held an event on May 3 at Duff & Phelps in London featuring a moderated interactive panel with key UK-based debt advisors looking at: What

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does ABL need to do to move the needle?

The panel consisted of Marc Finer, associate director, Debt Advisory, KPMG; Tim Metzgen, managing director, Marlborough Partners; Floris Hovingh, head of Alternative Capital Solutions, Deloitte and Ken Goldsbrough, managing director, Duff & Phelps, served as moderator.

The event concluded with a reception.

For more information, visit community.cfa.com/cfaeurope/home Florida The Chapter held a Panel Discussion on Strategic Lending Partners for Factors on May 16 at the Lauderdale Yacht Club in Ft. Lauderdale FL and a joint luncheon with TMA/SBRN on May 31 featuring a technology panel at The Center Club in Tampa.

For more information visit community.cfa.com/floridachapter Houston The Chapter held a YoPro! Happy Hour at Armadillo Palace on May 23 at Armadillo Palace in Houston, TX and a Lunch and Learn at the Offices of Winstead PC in Houston on May 16.

For more information, visit community.cfa.com/houstonchapter

MidWest The Chapter’s 23rd Annual Cubs Outing was held May 22. Chapter attendees enjoyed watching the game from the Budweiser Patio at Wrigley Field.

The Chapter also held a Women’s Icebreaker Event on May 4 at The Standard Club in Chicago. Attendees enjoyed wine and networking with other women in the lending community. The Icebreaker started an hour before the Spring Educational Panel, discussing The Changing Landscape of Retail, also held at the Standard Club. The panel discussed how the retail landscape is evolving and the resulting trends of retail disruption.

They will explore in-depth the threats, challenges, and opportunities the retail sector is facing in today’s e-commerce world.

Save the dates for the Chapter’s 28th Annual Golf Invitational at Haborside International Golf Center in Chicago on July 20 and the 1st Annual Brewers Outing, held at the ATI Deck in Miller Park in Milwaukee.

For more information, visit community.cfa.com/midwestchapter Minnesota The Chapter held a meeting on May 17 discussing Strategic Execution: Getting What You Want From Your Business on May 17 at Day Block Brewery in Minneapolis, MN. Speakers included Paul Cronin, who works with owners and their leadership teams to eliminate frustrations, achieve breakthrough growth and maximize the value of their company, and Robert Krausert, who has experience in many industries with a focus on lean manufacturing and constraint management methods, order fulfillment cycle time improvements, plant/facility layout changes and flow improvements that yield cash flow increases, inventory decreases and customer satisfaction increases.

For more information, visit community.cfa.com/minnesotachapter New Jersey The Chapter’s joint Golf & Tennis Outing with the TMA will be held on May 30 at Essex County Country Club in West Orange, NJ. On October 12, the Chapter will hold a Yo-Pro Financial Planning Seminar - A Real Life Road Map for Your Future At The Offices of Mandelbaum Salsburg in Roseland, NJ. The chapter will hold a happy hour in Hoboken on June 15 at Cadillac Cantina.

The event will offer special pricing for YoPro! attendees. The venue features an

open air courtyard.

The Chapter held a dinner and presentation on Technology and the Future of Commercial Finance Professionals on May 9 at Wilentz, Goldman & Spitzer, P.A. in Woodbridge, NJ. Paul H. Shur, Esq., Wilentz, Goldman & Spitzer P.A. was moderator and speaker, and the panelists were: Joe Accardi, NY/NJ Market Leader – ABL Division, Santander; John Azzinaro, chief operating officer of Real Time Consultants Inc. and Clarence Kehoe, CPA, executive partner, Anchin, Block & Anchin LLP. For more information, visit community.cfa.com/newjerseychapter New York The Chapter held a Women in Lending - Networking Event (co-hosted by CFA and Blank Rome) at Blank Rome LLP, in New York, NY on May 16. Women had the opportunity to network and mingle with women in the lending industry in a relaxed, social setting as an experienced artist guided the class through replicating the night’s featured painting. Opening remarks were given by Debra Putzer, chief client credit officer at CIT Commercial Services; Meredith Fitz, NE portfolio manager EVP - PNC Business Credit and Debbie Habib, global marketing director at FGI Finance.

The Chapter held its 6th Annual Softball Outing in Central Park on May 17 in Central Park on The Great Lawn, Field #1.

Registration, lunch and warm-ups will be held from 11:30-12:30, and the game begins at 12:30. A happy hour will follow the game at a nearby establishment.

For more information, visit community.cfa.com/newyorkchapter Philadelphia The Chapter held its 23rd Annual Golf Outing on May 15 at Cedarbrook Country Club in Blue Bell, PA. Novice golfers enjoyed an additional afternoon pro golf lesson with a pro prior to the outing or had the option to take a golf lesson prior

to dinner. Save the date for the Chapter’s Educational Event on October 12 at Drexel University in Philadelphia, PA and the CFA-TMA Philadelphia Annual Joint Holiday Networking Event on December 7, 2017 at Loews Philadelphia Hotel in Philadelphia, PA. For more information, visit community.cfa.com/philadelphiachapter Raleigh-Durham The Chapter held a spring networking happy hour at Lynnwood Brewing Concern, in Raleigh, NC on May 2. CFA members and guest enjoyed networking over some of Raleigh’s best craft beer and offerings from the Chirba Food Truck. The Chapter will host a Durham Bull Baseball Outing to watch the Durham Bulls vs. Indianapolis Indians on July 19 at Durham Bulls Athletic Park in Durham, NC. For more information, visit community.cfa.com/raleighdurhamchapter Southwest The Chapter will hold a YoPro happy hour at Matchbox on June 13. On August 30, the Chapter will host its Sporting Clay Challenge at Elm Fork Shooting Range in Dallas, TX and PEGapalooza 2017, Dealmaker Wine & Whiskey Tasting on November 15 at 015 at Trinity Groves in Dallas, TX. The Chapter will hold a Critical Issues Update: Mezzanine Financing at McGuireWoods in Dallas on August 16.

For more information, visit www.cfasw.org For more information on CFA Chapters, please visit cfa.connectedcommunity. org/chaptersmain

THE SECURED LENDER JUNE 2017 109

WICF ON THE MOVE

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CFA’s Women in Commercial Finance Committee is an active and dynamic group. Here are highlights from a few of the educational and networking events the Committee has hosted.

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WICF Networking Event attendees at CFA’s Annual Convention in Miami.

The WICF was proud to play an instrumental role in planning and executing the inaugural Southern California Women’s Business Connection event in March 2017. Event coordinators are featured (from left): Wendy Barbas (Boston Private), Katherine Bell (Paul Hastings & WICF Chair), Jessica Staheli (Scherzer International & WICF Member), Sheri Fenenbock (Wells Fargo Capital Finance & WICF Member), and Katie Newton (STENN International).

Andrea Petro, president of CFA, and executive vice president, Wells Fargo Capital Finance, interviewing Venus Williams at CFA’s Annual Convention in Miami.

Andrea Petro, CFA president and Wells Fargo Capital Finance, executive vice president, presented Julia Loney and Allison Wong of McMillan LLP with the Women in Commercial Finance Essay Contest Award for their essay entitled A Crude Wake-Up Call: What the Price of Oil Means for Reserve-Based Lending.

Committee Members enjoy a Networking Event hosted

by WICF at a recent CFA Annual Convention.

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revolver

i

TSL OPINION COLUMN

n a lighter twist on this column, Jennifer Palmer of Gerber Finance discusses how asset-based lending is like dating. Yes, dating.

More than a decade ago, when I was in my 20s and beginning a career in asset-based lending, there were very few other women in the industry. I had no experience and was working hard every day to find deals amid a sea of competition, without the benefit of female peers to act as sounding boards and help guide me in business. The experience of booking new business very much reminded me of what it is like trying to find a mate. Ten years later, it still does, but in different ways.

The Search for “Mr. or Ms. Right” – or the Perfect Deal As a young person starting out in ABL, like in most careers, the future looks bright. Every time the phone rings or someone refers a deal, we feel special to have been chosen, and our selfconfidence grows. As we get more calls and more suitors, both in our personal lives as well as in business dealings, the more confident and assertive we become. We quickly realize that even if we want so desperately for a situation to work out we must not appear desperate. We must be confident and often have to play hard to get to attract the interest of the opposite sex. Client meetings continue to bring a hopefulness and optimism about business

prospects, a feeling that every interaction could lead to a deal. As relative newcomers to the world of dating in our 20s, we tend to share that optimism in our personal lives, enthusiastic and hopeful that each date could lead to a relationship, that each date could be “the one” – the elusive perfect match.

Until they’re not.

As time goes by and we gain several years of experience, we learn lessons about both business and personal relationships, and how to apply those lessons to our marketing efforts – as well as to our dating lives. We (hopefully) become more realistic about our expectations with clients and prospects, and come to the understanding that the date we’re getting ready for may or may not lead to something more substantial. Providing constant sources of support and encouragement, friends and family tend to take on increasing importance in our lives and keep our priorities in perspective.

At this stage, dating and business meetings can sometimes feel like a waste of time, as if we’re just going through the motions. We begin to realize that it doesn’t always make sense to rearrange our calendars and our lives just because the phone rings, or someone swipes right, or because a potential business lead surfaces. We’re more cautious, yet we remain hopeful about our personal and business prospects.

For some of us, after 10-15 years in the ABL business and having gone through relationships be they long, short or somewhere in between, it can sometimes seem like the meeting for which we’re prepping or the date for which we’re getting ready won’t be worth the time and money involved and that it isn’t going to lead anywhere, or that there must be something wrong with a potential mate or business deal if they are reaching out, especially if they were previously in a relationship

with someone we know.

Lending, Like Dating, is Seasonal In ABL, the phone rings quite a bit in the spring. People are emerging from their winter hibernation, excited and ready to get aggressive about business. With financial statements being released, banks are “breaking up” with their clients, providing more opportunities for those of us in ABL. In marketing, we are willing to take on more meetings than in winter, we are happy to have appointments all over the city and enjoy bumping into referral sources and colleagues on the street. In August, phones are quiet because nobody feels like working and our minds drift to long weekends at the beach. But come September, everyone is back to business and working to reach those all-important Q4 goals.

In dating, people are also out and about courting in spring. We have been working out at the gym and getting ready for summer both physically and mentally. Once the weather turns, we are spending time at outdoor cafés, in a great mood, and eager to renew social connections after a winter spent indoors. This continues through August but come September, once Labor Day arrives, people are again looking to settle down and find a partner, that special someone with whom to hibernate through winter. If holiday commitments become an issue, we might decide to break up or – like in lending – will wait until spring to part ways and start the cycle over.

The Deal Process Feels Like Dating, Too Not only is marketing to find deals similar to dating, but the deal process holds many parallels as well. The due diligence/underwriting process often feels very much like the courtship process: We put our best face forward and we’re pleasant and well mannered. Some win-

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ing and dining may be involved in the early stages and introductions may be made to potential clients or mates.

When we find an interesting prospect and want to take a leap of faith, hopeful the opportunity may lead somewhere, we try to move the process along but often find it can be frustrating. “I’ve met with this prospect three times. How many more ‘dates’ before we take it to the next stage?” we think to ourselves.

Assuming the courtship stages go well, marriage often follows. Along with the positive aspects of an evolving relationship come the challenges: struggling to understand each other, trying to change each other, realizing certain habits and tics that may have once been charming are becoming increasingly irritating.

Before we know it, the honeymoon is over or we have lender fatigue. We realize we don’t know everything about our mate or client, we stop trying to understand or impress them, communication slows and the relationship begins to unravel. Often this leads to a divorce, or, in the case of ABL, a liquidation. Perhaps the borrower has committed fraud or “cheated,” and as much as we’d like to remain calm, cool and collected, we can’t help but feel at least somewhat emotional and want to make them understand how much pain and loss they’ve caused.

Suddenly, we find ourselves starting the entire process over, but the search for our new suitor has changed because of technology. Professionally, we realize prospective borrowers are searching for their lenders and often selecting younger sexier options like merchant cash advance players due to the ease and convenience of getting to know them. Personally, it seems like no one is going to the bar to meet someone, but instead swiping left or right on apps like Tinder and OkCupid.

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Both personally and professionally, we have to embrace this new technology in order to remain relevant and available in the market. When we do move on to the next relationship, be it dating, marriage or deal, we’ve grown older and wiser. We may dial down the wining and dining and act more cautious, wary of getting attached and so deeply involved, at least not as early on in the relationship as the last time around.

As crazy as it may sound, lessons learned from years of dating and relationships can very much be applied to the business of asset-based lending, and vice versa. In both worlds, we have to kiss a lot of toads to find a prince or princess, we must have a high degree of patience and, above all, we have to laugh and learn to keep going. In busi-

The Asset Collateral Marketplace Is Complex.

ness as in love, the perfect deal or perfect mate usually comes along when we least expect it, when we think we don’t have time for it, when we’re simply “too busy.” Remain open and available, learn to grow and adapt to the new “dating” world, keep your life properly prioritized and it will come. TSL Jennifer Palmer is president of Gerber Finance and a member of CFA’s Executive Committee.

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