June 2019 by Secured Finance Network

Representing the Asset-Based Financing, Factoring & Supply Chain Finance Industries Worldwide June 19

The Difference Makers Issue CELEBRATING THOSE WHO ARE HAVING AN IMPACT ON THEIR COMMUNITIES AND ORGANIZATIONS ALSO IN THIS ISSUE

SECURED LENDING AND FELONS P34 CHARACTER FIRST: INTERVIEW WITH

MAKING A DIFFERENCE: INTERVIEW WITH HILCOâ&#x20AC;&#x2122;S

THOMAS

GRECO

JENNIFER

PALMER

PROFILES START P8

P38

BOSTON FINANCE PROFESSIONALS JOIN TOGETHER TO MAKE A DIFFERENCE P48 THE DYNAMIC POWER OF DIVERSITY P44

AND

GARY

EPSTEIN

P40

WHERE ARE THEY NOW? P50 CFA EDUCATION FOUNDATION ESTABLISHES SCHOLARSHIP AND DIVERSITY COMMITTEE P56 DEPARTMENTS

COLLATERAL // THE CFA BRIEF // REVOLVER //

The 2019 Secured Finance Market Sizing & Impact Study The Authoritative Tool for the Secured Finance Industry to Plan, Benchmark, & Raise Capital The CFA Education Foundation, in conjunction with Ernst & Young, has conducted the first of its kind Secured Finance Industry Market Sizing and Impact Study for the purpose of benchmarking, strategic planning, attracting capital and assisting in advocacy efforts on behalf of the industry. Through primary and secondary research, the study dimensions the size and scope of the commercial marketplace for secured lending and its related products and services. Part primer, part data compilation and part analytical assessment, the study provides the reader with a detailed view into the highly interconnected segments of this network and their collective impact on capital deployment and economic development. The findings dimension an industry that is far-reaching, influential, thriving and presenting significant growth opportunities for its participants to expand their served and available markets.

VISIT WWW.CFA.COM AND DOWNLOAD YOUR COPY TODAY!

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w w w.s t u c k y n e t.c o m

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

Volume 75, Issue 5

June 19

FEATURES

TSL’s

Makers Profiles

Character First: Interview with Jennifer Palmer

8 8 TSL’s Difference Makers Profiles Celebrating those who are having an impact on their communities and organizations.

40 Making a Difference: Interview with Hilco’s Thomas Greco and Gary Epstein

34 Secured Lending and Felons Several commercial finance executives band together to give former inmates a second chance. By David Rains

38 Character First: Interview with Jennifer Palmer Jennifer Palmer, president of Gerber Finance, discusses how philanthropy is front and center in the company’s day-to-day business. By Michele Ocejo

44 The Dynamic Power of Diversity: How Diverse Perspectives & Inclusive Thinking Can Create Powerful Teams

38 Secured Lending and Felons

Thomas A. Greco, chief executive officer of Hilco Valuation & Industrial and Gary Epstein, Hilco Global EVP and chief marketing officer, discuss the National Jewish Health Humanitarian Award and the many other ways in which Hilco Global is making a difference through Hilco Helps (www.hilcohelps.com), a program that Epstein branded for all of the firms’ cause-marketing initiatives. By Michele Ocejo

A leading researcher, author and advisor in the fields of leadership and inclusion offers practical tips for harnessing the power of diverse teams. By Arin N. Reeves

48 Boston Finance Professionals Join Together to Make a Difference

The Boston Corporate Finance Community (BCFC) was founded by Cheryl Carner, Crystal Financial LLC; Ken Frieze, Gordon Brothers; Keith Vercauteren, Wells Fargo; Ward Mooney, Crystal Financial LLC; and Kevin Murtagh, Riemer & Braunstein LLP. By Ward Mooney and Kevin Murtagh

50 Where are they now? Members of CFA’s 2017 and 2018 40 Under 40 Classes check in to give an update on what they’ve been up to and what has changed since receiving their Award. By Eileen Wubbe

56 CFA Education Foundation Establishes Scholarship and Diversity Committee and Launches Guest Lecture Program The CFA Education Foundation has created a Scholarship and Diversity Committee, which held its organizational meeting during CFA’s Asset-Based Capital Conference in Las Vegas. By Michele Ocejo

DEPARTMENTS 4

Collateral The latest issues affecting the ABL and factoring industries, including company news and personnel announcements.

Letter From CFA’s CEO, Rich Gumbrecht, discusses TSL’s Difference Makers issue.

The CFA Brief 59 67 69 71

Among CFA Members CFA Chapter News Calendar CFA Volunteer Leaders

Advertisers Index

Revolver

STAFF & OFFICES Michele Ocejo Editor-in-Chief and CFA Communications Director Eileen Wubbe Senior Editor Aydan Savaser Art Director

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

Advertising Contact: James Kravitz Business Development Director T: 646-839-6080 jkravitz@cfa.com

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 asset-based financial services. The opinions and views expressed by The Secured Lender’s contributing editors and authors are their own and do not necessarily express the magazine’s viewpoint or position. Reprinting of any material is prohibited without the express written permission of The Secured Lender. The Secured Lender, magazine of the assetbased financial services industry (ISSN 0888255X), is published 8 times per year (Jan/Feb, March, April, May, June, September, October and November) $65 per year non-member rate, and $100 for two years non-member 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.

collateral INDUSTRY NEWS

THE INDUSTRY IN BRIEF

BHI Adds Two New Specialty Teams BHI is pleased to announce the addition of two new industry verticals – “Food & Beverage” and “Specialty & Sponsor Finance” in its New Jersey representative office in response to a surge in business activity across these industries. Leading the team to augment the growth in its “Food & Beverage” portfolio is Thomas Vigna, senior vice president who has over 25 years of middle-market commercial banking experience. The “Specialty & Sponsor Finance” team, led by Carl Giordano, senior vice president, will focus on transactions involving commercial and industrial loans and the private equity segment. Both leaders have actively recruited industry experts from money center banks to accommodate this growth and will report directly to John Yoler, division executive. In an interview, Yoler, who started the New Jersey representative office for BHI, said, “These are dynamic times for BHI and its targeted strategy to meet our clients’ financing needs within the food and beverage sector and partner with the private equity community. We are excited and confident to have Tom and Carl help broaden our share of this market. It is BHI’s commitment to provide its clients with an unparalleled level of professional and personal service that has fueled its growth.” Gabriel Hamani, CEO of BHI commented: “The addition of these two new specialty teams is a testament to BHI’s vision of growth and ongoing commitment to strengthening relationships with our middle-market customers. BHI has had much success within Food & Beverage and the Sponsor Finance community.” In addition to the “Food & Beverage” and “Specialty & Sponsor Finance” verticals, Yoler’s division also provides financing solutions to

retailers, distributors and manufacturers, and other middle-market and large corporate clientele. BHI’s team of commercial lending professionals have experience providing financial solutions that include working capital lines of credit, capital expenditures, growth financing, dividend recapitalizations, and leverage buyouts. BHI, the U.S. division of Bank Hapoalim, Israel’s leading financial institution with $123 billion in assets* and A2 Rated by Moody’s, provides commercial lending solutions to middle-market clients in the following sectors: commercial real estate; food and beverage; entertainment; apparel; healthcare and high-tech. In addition to its New York headquarters, the bank operates representative offices in the United States: Woodcliff Lake, New Jersey; Aventura, Florida; and two locations in California, downtown Los Angeles and Beverly Hills. www. bhiusa.com **BHI is a registered service mark of Bank Hapoalim B.M.**

Blank Rome Welcomes Experienced Finance & Restructuring Partners in New York Blank Rome LLP is pleased to announce that Mitchell M. Brand and Harris J. Diamond have joined the firm as partners in the Finance, Restructuring, and Bankruptcy group in the firm’s New York office. Brand and Diamond focus their practices on asset-based lending; leveraged cash flow lending; second lien, mezzanine, and unitranche financings; as well restructuring, workout, and bankruptcy matters. They join from Stradley Ronon Stevens & Young, LLP and previously were with Otterbourg P.C. where Brand practiced for 33 years. “We are thrilled to continue our

DON’T MISS CFA’S CROSS-BORDER LENDING SUMMIT SEPT. 19, 2019 TO REGISTER VISIT WWW.CFA.COM

Firm’s 2019 strategic growth with the addition of Mitch and Harris,” said Grant S. Palmer, Blank Rome’s managing partner and CEO. “They bring a diverse financial and restructuring background that further bolsters our leading financial services practice. Currently with more than 150 attorneys, our New York office has experienced sustained growth over the past several years. With the relocation of our office to 1271 Avenue of the Americas scheduled for later this month, we are well positioned to continue to welcome accomplished attorneys like Mitch and Harris in the market, with an eye toward continued expansion.” With Brand and Diamond on board, the firm’s Finance, Restructuring, and Bankruptcy group now has 65 attorneys throughout the country. The duo collectively counsels regional and national banks, commercial finance companies, hedge funds and credit funds, private equity firms, and other institutional and individual investors on a wide range of matters involving asset-based and cash flow lending (including crossborder and unitranche financing), general corporate lending, secured and unsecured financing, and leveraged and structured finance. They also have extensive experience handling Chapter 11 debtor-in-possession and exit financings, debt restructurings, financial and corporate restructuring, creditor representation, loan workouts, and asset protection during the restructuring and bankruptcy processes. They provide commercial lending counsel across many industries, including wholesale distribution, healthcare, manufacturing, energy, and transportation, among others, and draw on their combined background and extensive experience to advise clients on special situations, side pocket investments, illiquid or troubled debt

Blank Rome is an Am Law 100 firm with 13 offices and more than 600 attorneys and principals who provide comprehensive legal and advocacy services to clients operating in the United States and around the world. Blank Rome’s professionals have built a reputation for their leading knowledge and experience across a spectrum of industries, and are recognized for their commitment to pro bono work in their communities. Since its inception in 1946, Blank Rome’s culture has been dedicated to providing top-level service to all of its clients, and has been rooted in the strength of its diversity and inclusion initiatives. For more information, visit blankrome.com.

Cambridge Savings Bank Hires Veteran Asset-Based Lending (ABL) Team of Keith Broyles and Yvonne Kizner to Lead New ABL Business Line Cambridge Savings Bank (CSB), one of the oldest and largest community banks in Massachusetts, announced that it has hired the veteran AssetBased Lending (ABL) team of Keith Broyles and Yvonne Kizner to lead CSB’s newly created ABL business line. Broyles and Kizner, who each have over 25 years of experience in the ABL space, most recently established and led the ABL business line at Blue Hills Bank in Norwood, MA. Broyles and Kizner joined CSB on April 1 as senior vice president and head of Asset-Based Lending and senior vice president – Asset-Based Lending, respectively. In their new role with CSB, Broyles and Kizner will lead the bank’s new ABL business line under CSB’s Corporate Banking division and will work closely with the full Corporate Lending team.

In describing his view of CSB’s latest strategic initiative, president and CEO Wayne Patenaude stated, “Keith and Yvonne are a strong and experienced team with a proven track record of success in ABL, and we are thrilled about the prospective future growth that an ABL business line under their leadership will bring to our overall Commercial Banking business line.” Broyles echoed Patenaude’s enthusiasm, stating “We believe we will not only bring access to a market that fits in well with CSB’s existing commercial banking philosophy, but also access to a market that has been untapped by CSB thus far.” Kizner added, “Keith and I are very collaborative and have a well-established rhythm working together in this business, and we look forward to taking what we’ve learned from our past experiences to help CSB accomplish its goal of providing family owned and privately held businesses throughout the New England area with the working capital they need to support their growth initiatives.” By launching a new ABL business line, CSB will broaden its commercial lending solutions by offering clients the ability to safely leverage their assets for maximum growth potential. Moreover, by building its new ABL business line on the foundation of Broyles’ and Kizner’s extensive inventory and accounts receivable expertise and specialized knowledge of asset values, CSB is launching its latest initiative in a manner consistent with regulatory expectations.

INDUSTRY NEWS

and/or equity investments, restructuring distressed equity and/or debt transactions, acquisition financing, and distressed debt investing. “Mitch and Harris are a great fit, adding further depth and experience to our national team,” said Lawrence F. Flick, chair of Blank Rome’s Financial Services Industry group. “Their strong experience in a number of industries, including healthcare, consumer products, retail, manufacturing, distribution, and equipment financing, as well the specialized counsel they offer during special situations—from distressed transactions to complex restructurings—will be of tremendous benefit to our clients.” “When looking at Blank Rome’s strategic platform and deep bench in its financial services industry group in key markets including New York, California, Pennsylvania, Washington, D.C., and Texas, the decision for us to join the firm was easy,” Brand and Diamond said in a joint statement. “With Blank Rome’s reach across the country, led by strong lawyers in dozens of practice areas, including technology, healthcare, leveraged finance, real estate, lender finance, retail, and maritime, among others, we will be able to provide unparalleled resources to our clients.” Brand earned his B.S., summa cum laude, from Union College, and his J.D. from Emory University School of Law where he was the editor-in-chief of the Annual Survey of Bankruptcy Law. Diamond received his B.A., cum laude, from the University at Albany and his J.D. from St. John’s University School of Law. Active in their communities, Brand and Diamond will continue supporting clients on a variety of pro bono matters and remain engaged in causes they value as part of their move to Blank Rome.

THE SECURED LENDER JUNE 2019 5

TSLâ&#x20AC;&#x2122;s

Makers Profiles

Celebrating those who are having an impact on their communities and organizations.

letter from THOUGHTS FROM CFA AND TSL STAFF

n the following pages you will meet some of the “difference makers” in the secured finance community. This issue of The Secured Lender celebrates those who are having a profound impact on both their communities and their organizations. I have no doubt you will be inspired by their compassion, enthusiasm, selflessness and dedication. In addition to honoring these individuals, this issue also gives us a chance to get to know them better, beyond the typical business relationship. We learn what is important to them and why they do what they do, whether it be volunteering to aid underprivileged kids or spearheading their company’s diversity efforts. One such dedicated industry member is David Rains of Commercial Finance Consultants, who has banded together with several commercial finance executives to give former inmates a second chance through their work with the Prison Entrepreneurial

Program. This organization was founded by an investment banker who saw potential in this neglected segment of the population. Turn to page 34 to read about David and his colleagues and why they have dedicated themselves to this project. In March, Thomas A. Greco, chief executive officer of Hilco Valuation & Industrial, was honored at the 42nd annual Financial Industries Dinner in New York and presented with the National Jewish Health Humanitarian Award. On page 40, don’t miss the interview with him and Gary Epstein, Hilco Global EVP and chief marketing officer. They discuss the award and the many ways in which Hilco Global is making a difference through Hilco Helps. The article on page 48 illustrates the good that can come from chance encounters. In the spring of 2016, a few Boston corporate finance professionals were attending a conference in NYC and decided to meet for dinner. A wide variety of industry topics were discussed, but the conversation soon turned to the importance of the Boston corporate finance professionals giving back to their community. Shortly after, the Boston Corporate Finance Community (BCFC) was founded by Cheryl Carner, Crystal Financial; Ken Frieze, Gordon Brothers; Keith Vercauteren, Wells Fargo; and the authors, Ward Mooney, Crystal Financial, and Kevin Murtagh, Riemer & Braunstein LLP. Dr. Arin Reeves, a leading researcher, author and advisor in the fields of leadership and inclusion, offers practical tips for harnessing the power of diverse teams on page 44.

“SFNet better reflects the dynamic and diverse community we are today. I look forward to the promising future ahead of us, as a purpose-driven association and industry led by people and organizations that truly make a difference.”

Here at CFA, we certainly understand that power. As a result, earlier this year, the CFA Education Foundation established a Scholarship and Diversity Committee. The primary mission of the Committee is creating opportunities in secured finance for a diverse group of young people. Scholarships and paid internships, funded by the Foundation and local chapters, respectively, and supplemented by individual and CFA member company matching gifts, will receive emphasis as well as assisting women, underprivileged individuals and minorities with career development opportunities. On page 56 you will find details about the Committee and its recently launched Guest Lecture Program. On page 38, TSL editor-in-chief, Michele Ocejo, interviews Jennifer Palmer, president of Gerber Finance, who discusses how philanthropy is front and center in the company’s dayto-day business. On page 50, Eileen Wubbe, TSL senior editor, interviews past 40 Under 40 Award recipients about how receiving the Award has affected their careers. This issue is particularly well timed as it is the last one we will publish as the Commercial Finance Association, as CFA becomes Secured Finance Network (SFNet) in July. Diversity and inclusion, were key drivers of the rebrand. SFNet better reflects the dynamic and diverse community we are today. I look forward to the promising future ahead of us, as a purposedriven association and industry led by people and organizations that truly make a difference.

Warm regards, Richard D. Gumbrecht CFA CEO

THE SECURED LENDER JUNE 2019 7

THE SECURED LENDER’S

Difference Makers!

BIOGRAPHY

Robert graduated in 1972 from Michigan State University and served on the faculty of Michigan State from 1972 until 1985. He quit academia to join the real world of business and started with New York Life Insurance. While selling insurance, Robert learned about the alternative lending business and, in 1988, started his career in factoring. Since then, he has worked for several alternative lenders in a variety of roles. He currently works with two of his sons at 12five Capital LLC, which has an excellent team of 10 staff members. Robert has been married to Linnea for 36 years and they have three sons, Ryan, Jay, and Sean, and Robert has two daughters from a first marriage, Amy and Kimberly. Robert is currently an elected Village Trustee in the Village of Bolingbrook, past president of the Bolingbrook Rotary Club, current board member for the Bolingbrook Chamber of Commerce and The Bolingbrook Pride Organization, a member of the Northern Will County Exchange Club, and a past board member of the Amita Hospital Foundation.

ROBERT JASKIEWICZ Managing Director 12ﬁve Capital

What advice would you offer to someone just starting out who wants to be a difference maker in their organization? GET INVOLVED. Join service groups such as Rotary, Lions, Exchange Clubs, Chambers that service the territory you hope to develop a business in. Do not just join, but become an active and contributing member of each group you join. Payback will be ten-fold. DO NOT just sit on the sidelines after you join and hope for the best. You are wasting your time and money if you do that. Please discuss any additional organizations you are involved with and why their missions are important to you. I am an active board member for the Bolingbrook Chamber of Commerce servicing over 600 members. I was instrumental in starting up an award program that recognized successful businesses that were involved in the community and gave back to the community as well. That program is now in its 15th year. I became an elected Village Trustee for our town of 76,000 people in 2017, an active Rotarian and past president of the

Bolingbrook Rotary Club and a charter member and Treasure for the Bolingbrook Pride Organization serving the LGBTQ community. I recently joined the Exchange Club of Northern Will County to help fight child abuse. The Exchange Club is about people helping people in the belief that hope for tomorrow happens today. Each of these groups allows me to help a different audience in a variety of ways. What advice would you give to people who want to give back but aren’t sure how to select exactly which charities or organizations? Determine first what interest you have, what is near and dear to your heart, and why you want to serve. If you join a group you have no connection with, you will lose interest fast and the other members will see you do not truly care. There are over 40 not-for-profits in my home town of 75,000 people. I’m sure every town will have a variety of not-forprofit groups that you can join and serve with passion.

This allows us to interact and not feel like my volunteer time is taking away from family time. It also teaches my children the importance of volunteering. What advice would you give to someone who says they wish they could be more involved in “giving back” but just can’t find the time? You will never find time if it is not a priority. It just means you do not truly believe in the mission of the group. If “giving back” is one way to also build your business, you will find time. If it is for personal satisfaction, you will find time. If it is being done because it looks good on a resume, and is not a true priority, you will have trouble finding time to help. I love contributing as a Chamber Board Member, and active Rotarian, and an elected official, because helping people matters. Does it help grow business? Yes. But that has become secondary to having a great time giving back to our village, developing meaningful relationships with other members and to helping those who are served by each of the groups I’m active in.

How do you balance work/personal time and your time spent giving back? As much as possible, giving back should be a family affair. Whenever I’m involved in a service program, I involve my wife and children as much as possible.

DON’T MISS CFA’S CROSS-BORDER LENDING SUMMIT SEPT. 19, 2019 TO REGISTER VISIT WWW.CFA.COM

BIOGRAPHY Sandra Lovett-Tillman is a managing director/co-owner at aVeriFact, LLC. Her primary area of expertise is client development associated with the implementation of aVeriFact’s financial and background investigation services to improve due diligence results for its clients. Sandra’s efforts have been directed towards expanding financial investigation options for asset-based lending, pre-lending/vendor-supplier prequalification, BSA/AML risk investigations, recovery/workout/litigation, asset and liability and employee background due diligence. Her experience, knowledge and insight have resulted in an impressive growth in services for our clients; and she enjoys working to develop search options to address their unique challenges. She is now making quality search services available to small businesses! By addressing search needs (before, during and after) entering a business relationship with an individual/ company, she is committed to identifying potential risk(s) to enable Small Business Owners to mitigate risk before it adversely impacts their investment in their companies. Sandra is a 1984 graduate of Louisiana State University, with a BS-business/management and a Licensed LA Private Investigator since 2007. She recently graduated from the Goldman Sachs 10,000 Small Business Program, Cohort 22, through Delgado Community College.

SANDRA LOVETTTILLMAN

Managing Director/Co-Owner aVeriFact, LLC Tell us more about your involvement with St. Baldrick’s Foundation, and the “Leave Nothing to Chance” campaign. The “Leave Nothing to Chance” campaign was started in 2018, after my son, Devon, passed away due to Ewing’s Sarcoma (a pediatric bone cancer) on September 15, 2017. He was an LSU sophomore and 20 years old. Devon was diagnosed on October 6, 2016 and fought for 11 months to survive, including undergoing chemotherapy treatments that were designed for adult cancers 20-30 years ago. He left nothing to chance; however, due to lack of awareness and funding for research, his chance of survival at diagnosis was a mere 10-20% at best. We partnered with the St. Baldrick’s Foundation for this initial campaign in Devon’s honor and raised over $4,600 to fund cancer research and take childhood back from cancer. Your bio mentioned that this year aVeriFact is expanding services to meet small business owners’ search needs to identify risk and, in doing so, have committed to donating a percentage of aVeriFact’s profits from this new market to fund even

more children’s cancer treatment research. Please share more on these efforts. I recently participated in the Goldman Sachs 10,000 Small Business Program, Cohort 22, through Delgado Community College. The program is designed to educate small business owners in how to grow their businesses and requires that each scholar prepare a five-year growth plan. In speaking with small business owners, it became apparent that most small business owners do not have access or knowledge of public record search beyond database, Google or gut instinct, which can expose them to risk that could easily be identified through a direct search of public records. Having knowledge of potential risk: before, during and after, they enter a business relationship that enables them to mitigate that risk and/ or increase their recovery on delinquencies. This became the basis for our five-year growth plan. Our inspiration for opening our services to SBOs is Devon and his fight against cancer. No one ever thinks it will happen to them…until, it does. Then you are faced with your lack of knowledge, and resources that you were previously unaware of, that now literally impact your quality of life, and your life. The same holds true for small business owners, just as it does for our corporate clients. What you don’t know can hurt you and ignorance will not spare you.

Our goal is to help SBOs reduce risk, increase recovery and further eliminate adverse impacts on their business through direct public record search AND donate a portion of our profits from this new market to St. Baldrick’s in order to increase research funding leading to more effective treatments, increased survival and potentially cures for those who will, are, or have fought, childhood cancer. What advice would you give to someone who is looking to give back and volunteer on selecting which organizations they should dedicate their time to? How can they narrow down to find the right charity or organization for them? I would recommend that you look for a cause and organization that you can be passionate about. That can drive the change you would like to see in this world. In doing so, you will find that you benefit even more from the experience as you become part of something bigger than yourself. Don’t do it just to put it on your resume. Do it because you believe in it! Tell us something about yourself that may surprise people. I am an introvert! Let’s hear it for those that step out of their comfort zone, day in and day out, eh?

THE SECURED LENDER JUNE 2019 9

THE SECURED LENDER’S

Difference Makers!

BIOGRAPHY

David Ritchay is the business support executive for Bank of America Business Capital and Asset-Based Lending (“BABC”). David is charged with leading strategy initiatives and is responsible for the BABC Business Risk Support, International Risk, Treasury Risk, and Field Exam teams. David originally joined BABC in 1988, working in field exam and underwriting. During this period David also co-managed the field exam staff, and underwrote asset-based and cash flow loan facilities. From 1999-2006, David was a division portfolio officer, with portfolio and credit responsibilities for both the Chicago and New York regions. After three years working at NewStar Financial, David rejoined BABC as a portfolio manager and in 2010 assumed his current role. David received a bachelor degree in accounting from the University of Wisconsin – Whitewater. He is currently Chairman of the Posse Chicago’s Leadership Council, and Chicago Board Member for LEAD (Leadership, Education, Advocacy and Development) for Women.

DAVID RITCHAY

Senior Vice President, Business Support Executive Bank of America Business Capital and Asset-Based Lending What advice would you offer to someone just starting out who wants to be a difference maker in their organization? For someone striving to make a difference in their organization, it’s crucial to make yourself visible and share your ideas with the right people throughout the company. One can do this by actively engaging in networking and volunteer opportunities, as well as affinity groups offered by your company. People should also seek leadership experience – even if it’s outside your organization at first. Good opportunities for leadership roles include local nonprofits that are of interest, to help build and foster strong leadership qualities. Tell us more about your involvement with Chicago Leadership Board of LEAD (Leadership, Education, Advocacy and Development) for Women and as an LGBT+ Pride Ally as well as The Posse Foundation. How did you become involved? Why are their missions important to you? Both are bank-wide organizations, and I

participate with the Chicago-based chapters. These groups provide opportunities for professional development, education and networking purposes to help teammates raise their profiles and interact with other colleagues they might not otherwise meet throughout Bank of America. In addition to sharing ideas with other affinity group members, it is a great tool to help retain talent within the bank. Additionally, the Posse Foundation identifies, recruits and trains a diverse group of high school students with extraordinary leadership potential in 10 cities nationwide, including Chicago. Posse scholars receive full-tuition scholarships from Posse’s partner colleges and universities. In 2013, I became involved in Posse through our summer intern, and connected with the Posse Chicago team through volunteer, mentoring, recruiting, alumni and fundraising activities. Because of my belief in Posse’s mission, I joined the leadership council in 2015. I am a strong advocate for their goals to expand the pool of candidates for top colleges and universities and build more interactive campus environments for students of all backgrounds. What advice would you give to people who want to give back but aren’t sure how to select exactly which charities or organizations? It’s important to get involved with an organization you’re truly passionate

about. Take the time to research and volunteer with different organizations until you find the one that resonates with you most. Without the passion behind the mission, it may be difficult to fully commit to the cause as needed. It’s also helpful to network with other leaders and volunteers within the organization to get a true sense of what the organization and commitment entails. What do you enjoy most about your role at Bank of America? The opportunity to work with such a strong, passionate and experienced team who are together focused on serving our clients, shareholders and supporting the communities in which we work and live. What advice would you give to someone who is looking to give back and volunteer on selecting which organizations they should dedicate their time to? How can they narrow down to find the right charity or organization for them? It’s important to first identify your primary interests, and then volunteer at scheduled events to network with the charity leaders and other participants. Through these events, you can learn more about the organization’s mission and determine if you are a good fit with the organization, other volunteers and the time commitment.

DON’T MISS CFA’S CROSS-BORDER LENDING SUMMIT SEPT. 19, 2019 TO REGISTER VISIT WWW.CFA.COM

BIOGRAPHY Karen leads a team of relationship bankers covering U.S.-based large cap companies in diversified industries. In her almost 30 years with the firm, Karen has held leadership positions in national accounts, Gulf South banking, financial institutions, and international banking. She has served as a mentor in the Capital One Commercial Banking Development Program and is former head of Capital One New Orleans Women’s Network. She is a member of the Association of Financial Professionals, and a graduate of the Leadership for Extraordinary Performance program and the New Orleans Regional Leadership Institute. Karen is also Capital One’s market president. In this position, she connects Capital One’s resources with community needs and plays a critical role in ensuring that Capital One lives up to the promise of “investing for good.” Karen represents Capital One as a featured speaker for numerous Future Edge and community development banking programs that enhance and expand economic opportunities for families and businesses. Launched by Capital One in 2015, Future Edge is a five-year, $150 million initiative to help American workers obtain skills and resources needed to succeed in the 21st century.

KAREN DEBLIEUX

Head of U.S. Corporate Banking and Market President Capital One Commercial Banking What advice would you offer to someone just starting out who wants to be a difference maker in their organization? People who are passionate, driven, authentic, positive, curious are the ones who make a difference. They are leaders who accomplish what others think is impossible. They take risks, they learn from failure, they act and they drive change. Difference makers know that values are non-negotiable. They operate with the knowledge that confidence can co-exist with humility, kindness, compassion, respect and openness. They dare to make a difference in their businesses and in their communities by challenging processes and people that obstruct progress. They are driven by an internal fire that is fed by adversity and that allows them to emerge stronger. Difference makers are the catalysts for positive change and they set the standard for great organizations. Tell us more about your involvement in the Capital One Commercial Banking Development Program. Why is the mission important to you?

It is a great thrill to watch associates develop from novice bankers to leaders in our firm. The Capital One culture is built around Excellence and Do the Right Thing. Notice the word “and” -- it is not a trade-off: it is both excelling in the job and doing it with collaboration and adherence to our values. The associate development programs were established to help perpetuate our culture and to ensure strong performance. Success is achieved by creating teams comprised of people from diverse backgrounds with different skill sets, working toward a common goal. The growth achieved when diversity of thought is combined with commitment is incredible. It is gratifying to be a part of our associates’ growth story. Please discuss any additional organizations you are involved with and why their missions are important to you. While raising eight children, my parents found the time to serve the community with board positions, volunteer work and financial contributions. They were committed to making a difference, especially in the lives of those less fortunate. Their resolute, selfless contributions--especially of their time--was inspiring. There is no greater title than that of servant leader, which I aspire to be. The missions of organizations like the YMCA, New Orleans Police and Justice Foundation, Catholic Charities, Boys Hope/ Girls Hope, New Orleans Recreation Dept,

Jesuit High School, Stuart Hall School for Boys, Blue Ridge Leaders School and many others demonstrate their commitment to improving the lives of those in need. They take risks, they challenge the status quo and they are resilient in the face of adversity. It is a privilege to serve those organizations that are working every day to make a difference in our community. What advice would you give to people who want to give back but aren’t sure how to select exactly which organizations? To effectively serve an organization, volunteers must strongly believe in the mission. We have real jobs and the community service is an added responsibility, which means that we must have incredible passion for the volunteer work. Our goals and those of the charitable organization have to be aligned, if we are to serve with commitment and intention. Choose organizations that have a clear vision, led by staff who are committed, passionate and mission-driven. A charitable organization with passionate people who are dedicated to serving and who believe that change is possible will have an immeasurable impact in the community. Once you figure out who you want to serve, be resilient, inspire others with your leadership, keep your word, let your actions speak loud, have faith and have fun. Dare to change a life.

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THE SECURED LENDER’S

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BIOGRAPHY

Dave Kucera has more than 25 years of investment and commercial banking experience advising owners and managers of financial assets, assisting in financing, raising capital and delivering customized solutions to clients in many countries. As head of Capital One’s Financial Institutions Group, Dave leads a team that provides advisory services, recourse and non-recourse financing, capital markets solutions, investment banking, term ABS/CLO financing, and other services to financial institutions throughout North America. Before joining Capital One, he led the U.S. Securitization business for BMO Capital Markets, which he co-founded and helped build into a leading North American provider – providing more than $75 billion in funding for the lender finance markets. As Capital One’s market president for Chicago, Dave leads the local team in coordinating and encouraging volunteerism amongst the more than 1,000 Capital One associates in the region. He’s an active board member of several industry organizations and community groups including HFS Chicago Scholars, a group that helps economically disadvantaged Chicago high school students flourish in and out of the classroom by providing educational enrichment through lifelong mentoring, college readiness and academic excellence programs, as well as providing financial assistance to attend top Chicago-area schools.

DAVE KUCERA

Head of the Financial Institutions Group, Chicago Market President Capital One Commercial Banking What advice would you offer to someone just starting out who wants to be a difference maker in their organization? One of the first things to do is to think about what you are passionate about. Following your passion often leads to higher interest, engagement and follow-through. Many organizations provide their associates opportunities to be a difference maker in their company through mentoring, learning groups, and community involvement. I would suggest that if someone has an interest, and does not find an opportunity to become involved, they should “raise their hand.” At Capital One, investing in a “whole person” is highly encouraged. We welcome associates who are interested not only in their day job, but also want to get involved in our efforts to add value to the organization and their community. Tell us more about your involvement in HFS Chicago Scholars. How did you become involved? Why is their mission important to you?

One of my interests has always been about the value and importance of education, at all ages. I am also excited about the many ways that are developing to improve education. Technology is changing every industry, including education, and traditional forms of learning need to be questioned and evaluated to help us all evolve and thrive in the world we are living in. One of the reasons I first got involved with HFS is that their organization provides scholarships for economically disadvantaged high school students who otherwise would not be able to attend the school of their choice, and requires that scholars receive mentorship services throughout high school. HFS scholars sign contracts that require them to maintain a certain GPA, as well as volunteer a certain number of hours in their communities. That “two-way” contract is unique, and helps create a virtuous cycle of support and success. What advice would you give to someone who says they wish they could be more involved in “giving back” but just can’t find the time? As I have gotten older, one of the things I increasingly value is my time. As we progress in our lives, assume additional responsibilities personally and professionally, start families, and get involved in our communities, it can become harder to

balance the various aspects of our lives. A respected executive at one of my former employers found that over time, he had an increasingly hard time balancing his life, so he started combining his responsibilities in many ways. I try to do that with my own life, and have found it to be an effective timemanagement philosophy. What do you enjoy most about your role as head of Capital One’s Financial Institutions Group and as Capital One’s Chicago Market President? One of the most exciting things about my roles is that they are complementary. They allow me a unique opportunity to incorporate my personal and professional goals in a relatively seamless manner. In our FIG business, with the help of many talented and passionate partners, we work to solve the needs of our clients. As president of our Chicago market efforts, I work with a great team that cultivates and creates a great environment for our Chicago area associates. It has been great working with a broad range of Capital One’s Chicagoland leaders, and we have started to involve the community and our clients in some of our activities. I believe that the more we can combine the various parts of our lives, in a way that works for each of us, the more successful and effective we can be in growing personally and professionally.

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Mike Lorusso is managing director and group head for CIT Group’s Power and Energy finance unit. In his role, he is responsible for overseeing financing activities in primary parts of the energy value chain, including the power project sector and the oil and gas sector. He has particular expertise in financing renewable and conventional power generation, as well as oil and gas exploration and production. Prior to joining CIT, Lorusso served as the head of Energy and Project Finance, Americas, for National Australia Bank. Before this, he served as senior vice president of Structured Finance for ABB and earlier worked as a deal team leader to originate, structure and close energy transactions for GE Capital Corporation. Lorusso has a bachelor’s degree in engineering from Duke University and an MBA from Fairleigh Dickinson University.

MIKE LORUSSO

Energy and Power Managing Director and Group Head CIT Group Why did you decide on teaming with New York City Parks Department to help combat an invasive plant species in Inwood Hill Park as part of “CIT Cares Month”? Why was this particular volunteer effort important to you? CIT’s corporate responsibility framework focuses on personal and financial empowerment, advancing wellness and supporting the environment. We designate every June as CIT Cares Month, during which our employees volunteer thousands of hours of their time to benefit more than 250 community projects nationwide. So when the opportunity arose last June to work with the New York City Parks Department on enhancing conditions at Inwood Hill Park in northern Manhattan, we jumped at the chance. Under the guidance of a specialist from the Parks Department, I and about two dozen other members of CIT’s Power and Energy business, went through the park to help combat the

advance of an invasive plant species that is threatening to crowd out the native vegetation. It was very rewarding to feel that we were making a difference on behalf of the natural environment. Your charitable activities through “CIT Cares Month” were focused on improving the environment. Please tell us about any additional environmental (or other) organizations you are involved with and why their missions are important to you. Will you be participating in a new or similar volunteer effort this coming June, either through CIT Cares Month or in general? Supporting the environment is a theme for CIT’s Power and Energy team. In our professional lives, we help finance the construction and operation of many megawatts of renewable power generation. On the volunteer side, we’ll be collaborating with the NYC Parks Department again in June 2019 -- this time performing tree maintenance and again combatting invasive plant species in and around Manhattan’s Amelia Gorman Park. We’ll be learning how to identify, aerate, cultivate and mulch street trees that are important to sustaining the local environment. This is a volunteer activity and no one is required to

participate. But I must say how proud I am of my fellow CIT colleagues who step up without hesitation year after year to lend a hand. Again, ours is just one of many, many CIT volunteer projects that take place each June across the U.S. Others involve everything from planting trees and cleaning up beaches to harvesting produce and even promoting the reentry of oysters in our waterways. To give you another environmental example, CIT employees last June collaborated with the Surfrider Foundation in support of its work to clean up the world’s oceans and beaches. Employees combed through the sands at Huntington Beach and Newport Beach, California, to remove vast quantities of cups, plastic straws, bottle cap and other trash and debris. Most environmental problems are too big for an individual or even a whole organization to solve on their own. But individual efforts add up. By collaborating with each other and with third-party organizations, CIT employees are able to make a positive, meaningful difference in the community.

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THE SECURED LENDER’S

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BIOGRAPHY

Darren Palestine is the managing partner of Commercial Finance Partners, a Floridabased direct lender and loan consulting firm. Prior to joining Commercial Finance Partners in 2016, Darren was previously the director of sales for Crossroads Financial, a nationwide asset-based lender focused on inventory and trade financing, from 2010-2016. Commercial Finance Partners focuses on small business funding solutions, utilizing the company balance sheet, while also integrating outside capital sources if necessary to facilitate a funding. Commercial Finance Partners focuses on accounts receivable, inventory, and equipment financing; offering both credit lines and term products to its customers. Commercial Finance Partners is also an active SBA loan packager, with over $77 million of loans funded through SBA-backed lending institutions in 2018. Darren attended the University of Florida, earning a master in international business in 2009.

DARREN PALESTINE

Managing Partner Commercial Finance Partners What advice would you offer to someone just starting out who wants to be a difference maker in their organization? It’s important to have organizational buyin. The company culture needs to foster creativity and out-of-the-box thinking – two areas I believe Commercial Finance Partners excels in. Having the support of leadership, co-workers, or co-managers is key as making a difference both inside and outside the organization as it typically takes time away from the day-to-day normal workplace tasks. Tell us more about your involvement with Experience Camps. How was taking a week off work and completely disconnecting to volunteer rewarding? Experience Camps has been the most rewarding experience I’ve enjoyed. I didn’t know what to expect last summer when I arrived at camp in the Blue Ridge Mountains. I was hoping to help kids cope with the loss; I ended up learning so much from the kids and learning how to deal with my own loss. I had no idea the impact it would have on me. Taking the week off was an adventure as well – having the organizational

support was key as it took the pressure off and allowed me to enjoy my experience.

with Experience Camps and plan to be involved as long as I can be.

What was one of your most memorable experiences during that week off volunteering with the kids at Experience Camps? My most memorable experience was the clinical work with the kids. While the camp is focused on fun activities like most sleepaway camps, the clinical work is where you see the kids open up on their experience – many of them speaking about the loss they have experienced for the first time. Watching the kids grow during the week and relate to each other was easily the most rewarding and memorable experience there.

What do you enjoy most about your role at Commercial Finance Partners? I love watching our team grow. What started as an idea with Marcus Ferrari and myself has turned into a company with various verticals, employees and representatives around the U.S, and innovation. Watching the growth of the team – both at an individual level and overall team level and managing some of the growth – keeps things exciting and allows me to consistently evolve myself on a day-to-day basis.

What advice would you give to people who want to give back but aren’t sure how to select exactly which charities or organizations to dedicate their time to? Find something you are passionate about. Whether it’s volunteering on networking organizations or a social organization, the key is to find a cause or organization you believe in and provide a meaningful benefit to. The personal reward often comes through the contribution so making sure it’s something you are passionate about is the only way to truly have an impact— both on the organization or cause and on yourself. I had tried to find something prior to finding Experience Camps that I felt connected too — often times, you feel like it’s an obligation unless you connect on a personal level. I immediately connected

What advice would you give to someone who says they wish they could be more involved in “giving back”, but just can’t find the time? Giving back doesn’t necessarily have to be time-consuming. Time management is key – there is no excuse for not finding the time as there are so many ways to potentially give back. You don’t necessarily have to give back outside your organization — spending time with employees or co-workers can be “giving back” but also rewarding to the organization and to one’s self. With the right time management, “giving back” helps create a nice pause in what often times can be the day-to-day or weekto-week grind of a normal work schedule. To learn more about Experience Camps, please visit www.experience.camp to donate or learn more.

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BIOGRAPHY Brooke is the director of financial operations for Financial Carrier Services, a premier factoring company in Charlotte, NC. FCS specializes in freight factoring for owneroperated trucking companies. Brooke has been an integral FCS team member for the past four years. Her current position involves working with and developing each department within the company to promote and capitalize on growth, efficiency and profitability. Additionally, Brooke is responsible for ensuring operational security as it relates to all financial interests of the company. As the director of financial operations, Brooke has worked to increase company earnings and expand the company profile. She has been instrumental in developing new procedures which allow for increased accountability and communication throughout the company. Brooke has also continued to find innovative solutions for problems that exists within the transportation industry for both the company and their clients. Brooke obtained a BS in psychology from the University of North Carolina Charlotte. She is currently pursuing her MBA and is a member of Delta Mu Delta, an international business honor society. Brooke plans to culminate her educational experience by earning a PhD in business psychology. Brooke and her partner currently live in the greater Charlotte area with their three dogs and two cats.

BROOKE TESNER

Director of Financial Operations Financial Carrier Services What advice would you offer to someone just starting out who wants to be a difference maker in their organization? The advice I would offer to someone just starting out in their organization would be to learn as much as possible, and not be afraid of change. Often, it seems like people get to certain positions, or have been in a particular industry so long, that they believe they have all the answers. I feel that, as soon as we allow this mindset to take over, we simultaneously begin to resist change. By continuing to learn throughout your career, you not only are able to better contribute to your organization through new ideas and improved processes, but also continue to develop as an individual who knows change is both inevitable and beneficial. By being open to new possibilities and ideas, whether it is in relation to small interdepartmental changes, or organization-wide reformations, you will be able to both see the need for and then implement changes that are worthwhile to your organization. I believe that an essential element of being a difference maker

is taking ownership for the advancement and development of the company, and that this type of development is possible only through that individual’s willingness to be the one to foster that change through continued learning. What professional achievement(s) are you most proud of since joining FCS and why? The professional achievement I am most proud of relates to my promotion to the current position I hold. This feeling of pride, however, does not come from having a particular title, but from the fact that I am in a position that allows me to have daily involvement with one of the best aspects of the business world: the people. Because my position with the company involves operational management, this means that I get to work with both the CEO and president of FCS, as well as alongside every department within the company. It is both humbling and rewarding to be entrusted with a position that encompasses so many different types of responsibilities. How did you learn about the factoring and trucking industries without previous experience in these industries?

What advice would you give to people in the same position as you were in joining a new industry? Starting a new job in an industry in which you are completely unfamiliar can be intimidating; however, I found in my own experience with FCS the best way to learn about something new is to become as involved as possible. For me, this meant asking question after question and conducting my own research to ensure that I at least had a good foundation regarding both the process of factoring, and the trucking industry in general. As I became more familiar with the “big picture” as it related to FCS, I then began to look for opportunities that would allow me to learn more about the inner workings of each department. This learning experience was primarily cultivated by the fact that I constantly made it known that I was eager to take on more and more tasks. This desire to want to do as much as possible within the company, as well as having an attitude that is centralized around learning, would be the best advice I could offer to anyone joining a new industry in which they have no previous experience.

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THE SECURED LENDER’S

Difference Makers!

BIOGRAPHY

Sheila Smith joined Gordon Brothers as a Board member and subsequently as an advisor in 2017. She had previously served in numerous leadership positions at Deloitte for 15 years including restructuring service line leader for the Americas Region, service line leader of the U.S., and the New England FAS practice. She is widely recognized for championing the growth of Deloitte through strategic acquisitions, service expansion, and a passion for the platform. Sheila has been recognized by numerous professional organizations and has received awards from Hugh O’Brian Youth Leadership (HOBY) for her work with youth, International Women’s Insolvency & Restructuring Confederation (IWIRC), New York Institute of Credit (NYIC) Woman of the Year, M&A Advisor Lifetime Achievement, inducted into the Turnaround Management Association (TMA) Hall of Fame, and received the TMA Chairman’s Award.

SHEILA SMITH Advisor Gordon Brothers

Tell us something about yourself that may surprise people. I began my professional career as a special education teacher working at a residential treatment facility for adolescent males. I went on to have numerous roles in the public sector running human service agencies, such as Head Start, prior to getting an MBA in public management. Many of the crisis management, motivational, and communication skills I possess today are derived from these experiences. Ultimately, I became the Treasurer of a company that filed bankruptcy, thus beginning my career in insolvency. Please tell us about your efforts in helping women advance in business and helping to empower women in the restructuring industry. My path to a career in insolvency was very circuitous, and I often joke that I never contemplated a career in “death and dying.” In 1991 during the bankruptcy of my employer, the bank suggested we retain a workout firm and that began my first exposure to a

profession in which I have spent over 20 years of my life. I can’t tell you how many times I was asked in various ways, “What’s a nice girl like you doing in a business like this?” I answered with a bit of humor, a key technique in my tool kit. Humor can break the ice, diffuse divisive situations, and reset the tone throughout the often difficult negotiations in which we are frequently engaged. It’s not for everyone, but it worked for me. I recognized early on that our business is not an annuity. You have to reinvent yourself constantly, stay top of mind and find your secret sauce. Simply ask yourself, “Why should they hire me over scores of other professionals?” As part of my contribution to the advancement of women, I developed a training that I call “Cocktail School” which was originally developed for young female associates who found themselves at marketing events, receptions, and in the often-feared public speaking situation. I have since taken Cocktail School on the road and found that the techniques and advice can apply to all genders and ages. For some a refresher and for others a reminder of best practices. I am committed to being an active participant in professional organizations that I have joined, and I recom-

mend that others do the same. Pick an organization, go deep, be a leader versus merely a member and get the microphone. Visibility will elevate the status of women and our insolvency industry. Walk me through a typical day in your life? Like so many other insolvency professionals, I rarely have a typical day. My advisory role at Gordon Brothers is very diverse and is primarily focused on corporate and business development activities. I have found that there is so much more to Gordon Brothers’ multi-asset capital-led offerings than what I and the market understood. As such, a lot of my time is spent helping to create approaches to get that message out. I have known and worked with Gordon Brothers, the Frieze family, and many of the senior professionals at Gordon Brothers for decades, and I find this new endeavor a perfect match for me.

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BIOGRAPHY Victoria Thompson assists clients in a wide variety of finance transactions, focusing on asset-based lending, borrowing base financings, refinancings, special situations, and distressed debt funding. Victoria also has experience with general banking and finance transactions across a number of industries and sectors, including retail, manufacturing, aviation and mining. She acts for all classes of investors including banks, nonbank financial institutions, alternative finance providers, hedge funds, asset managers, quasi-private equity funds, and investment companies. Victoria also advises clients on strategic transactions and joint ventures. Victoria has worked extensively on cross-border and international financing transactions and frequently works with clients and other lawyers in the United States and throughout Asia, Europe and the Middle East. Victoria is dually qualified to practice in New York and England & Wales. Victoria is a recommended in the Legal 500 UK who have noted that Victoria is “a ‘rising star’ who already has a significant amount of experience in the market, particularly in relation to cross-border ABL transactions.

VICTORIA THOMPSON Of Counsel Morgan Lewis

Please tell us about the pro bono partnership with the National Centre for Domestic Violence that you spearheaded. I have always volunteered at pro bono clinics throughout my career. At my prior firm, I was involved in a family law/domestic abuse clinic in the East End of London. When moving firms to Morgan Lewis in Jan 2018, I wanted to continue volunteering pro bono in this area and was determined to rope in as many of my new ML colleagues as possible! Through my contacts at the family law clinic, I was introduced to the National Centre for Domestic Violence, which is a national charity in the UK which provides a free emergency injunction service to anyone who has recently suffered or been threatened with domestic violence. The NCDV helps over 1000 victims of domestic abuse each year. ML is now one of the NCDV’s pro bono partner firms and I’m pleased to say that over 40% of the lawyers in ML’s London office are involved in the clinic. I currently have my sights set on involving the remaining 60%.

Victoria previously spent 11 months on secondment to a New York–based hedge fund in 2015, where she advised on a range of issues. She also spent ﬁve months on secondment in 2016 at Wells Fargo, assisting with their acquisition of GE’s commercial distribution ﬁnance business.

How do you balance work/personal time? Being a transactional lawyer, it can be a difficult balance if you’re busy on a large transaction (or transactions!) which inevitably involves long hours in the office. But the flip side of that is to take the opportunities when you can – if I’m a bit quieter in the office, I use the time to catch up on things that I have put to the side when work takes over – making time to go to the gym being the main one! What do you know now that you wish you knew in the beginning of your career? Building relationships is key – whether that is with your team members, other colleagues or clients. When I started out in my career, I thought that, so long as you did a good job for the partner/associate you were working for and got the law “right”, then that was enough. I now know that building trust with clients is key to a successful and long lasting lawyer/client relationship. I was very fortunate as an associate to spend on time on secondment with two clients, a hedge

fund and a large US bank. My time on secondment has been invaluable in terms of learning what really matters to the client, understanding the internal processes and drivers that influence the client’s decisions and decision-making process and also just by getting to know everyone at the client in a day-to-day setting. What advice would you give to someone who says they wish they could be move involved in “giving back” but just can’t find the time? It can be really difficult to make time when you’re busy at work, juggling family life and everything else in between. I would say, find a project that you are interested in and that works for you. And don’t sweat it if you can’t find the time right now!

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THE SECURED LENDER’S

Difference Makers!

BIOGRAPHY

Valerie S. Mason is a member of the Banking and Finance department of Otterbourg P.C. 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 and general working capital needs, workout arrangements, acquisition financing, lender finance transactions, and Chapter 11 debtor-in-possession and “exit” financing facilities. Valerie is a member of the CFA Women in Commercial Finance Committee, a past president and current member of the Board of Directors of the Women’s Prison Association & Home, Inc., serving as Development Committee Chair, and a member of the Audit Committee, and a Trustee of The Brick Presbyterian Church. She is the president of the East 72nd Street Neighborhood Assn., and was just re-appointed to a second term on Manhattan’s Community Board 8, which serves the Upper East Side of Manhattan and Roosevelt Island.

VALERIE S. MASON

In recognition of her community activities, in 2017 Valerie was named a “Woman of Distinction” by the NYS Assembly, and in March 2019 she was presented with an “Our Town Thanks You Award” from Straus News in New York City. She received her A.B. from Barnard College, and her J.D. from Duke University School of Law.

Member Otterbourg P.C.

Please tell us about your involvement in the criminal justice community through your service on the board of directors of the Women’s Prison Association for 21 years and as board president. How did you become involved and why is this Association’s mission important to you? My work with women in the criminal justice system began before I became a member of the WPA Board. As part of my NY Junior League activity, I taught a weekly class called “Money Addiction” at the Bayview Correctional Facility, a medium security women’s prison in New York City (located across from Chelsea Piers – just imagine seeing a 28-acre sports complex outside your cell window). While I was teaching women about budgets, taxes, etc., what I was learning from them was far more life-changing, at least immediately, for me. Each woman’s story was different but I soon realized there were unfortunate common denominators. Many were victims of domestic violence and child abuse but almost all suffered from a lack of selfesteem. In my experience growing up, low self-esteem in young women manifested itself in eating disorders; in these young

women, it was drug abuse and all that unfortunately flows from it. Many nights, after class, the ladies asked me if I was paid to teach them, and when I told them I was a volunteer, they looked at me in disbelief – why would anyone spend time with incarcerated women for free? They always wanted to hear about my day at the office and, if it was a bad one, they were always full of encouragement and sent me home full of ideas about how to make it better; amazing isn’t it? Most of the women had at least one child, and their faces always brightened when they spoke about their children. They were determined to keep those relationships intact. I admired that, and could tell that the mother/child bonds were strong and kept them going. For me, with a full-time career outside the home, I marveled at how such a long and severe separation did not diminish the mother/ child relationship. My Bayview experience made me want to do more to help them. I attended a not-for-profit board training class at the NY Junior League and soon thereafter, right after the birth of my son, I found my way to The Women’s Prison Association. At WPA, we help women during their incarceration, we run an

alternative to incarceration program and once released, we reunite women with their children and support their re-entry to society. We’ve found that family reunification is a key to reducing recidivism and increasing a woman’s chance of success. Every mother wants her child to be proud of her, and every child loves their mother, no matter what they’ve done. It is very rewarding work. What advice would you give to someone who says they wish they could be more involved in “giving back”, but just can’t find the time? There is nothing more true than if you want something done and done right, give it to a busy person. If you are passionate about something, you will always find time to fit it into your schedule. Since my involvement with WPA, I have founded a neighborhood association with over 4,000 members, and serve on Community Board 8; I am deeply involved with a number of issues that affect my community on a micro and macro level. Together with my work on behalf of my clients and my devotion to my family it is all part of a very satisfying day. I am very lucky and I know it.

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Phil was born and raised in western Wisconsin in a close-knit family of seven. He received a bachelor degree in chemistry from the University of Virginia, working summers at the U.S. Naval Research Laboratory doing research in molecular electronics, the precursor of today’s quantum computing. He then received a law degree from Harvard Law School, clerked for the Chief Judge of the U.S. Court of Appeals for the Second Circuit, and then began his corporate law career at Cravath Swaine & Moore in Manhattan. After Cravath, he structured and negotiated M&A transactions for KKR’s PRIMEDIA, and ultimately chose Otterbourg P.C. as his career home almost a decade ago. Phil is currently Chairman of Otterbourg’s Corporate Department and Chairman of the firm’s Privacy and Cybersecurity Practice. His practice is primarily focused on corporate finance, mergers & acquisitions and corporate securities.In addition, he has led Otterbourg’s push into the emerging fintech areas of distributed blockchain technology, smart contracts and digital assets. Phil is currently working with members of the U.S. House Financial Services Committee on bipartisan legislation to provide regulatory certainty in these emerging fields.

PHILIP C. BERG Member Otterbourg P.C.

Tell us more about your involvement in leading Otterbourg’s push into the emerging fields of blockchain-based smart contracts and digital assets. I was initially made aware of how these technologies were on a path to disrupt certain areas of finance and law from our Privacy and Cybersecurity Practice work. In addition, existing and prospective corporate clients were inquiring about tokenized securities offerings, and Otterbourg’s bank and lending clients were inquiring about secured lending on digital asset collateral. We knew we had to get out ahead of this curve, and with my science and math background, I was well positioned to lead the way. We have since worked with clients on matters such as exempted securities token offerings, asset tokenizations and smart contract programming agreements. My colleagues and I have also worked with federal legislators and regulators to help assure that these industries prosper in the United States, where blockchain assets currently face regulatory uncertainty and inconsistency, not only among Federal regulators (SEC, CFTC, IRS, FTC, etc.) but among the 50 states. A big part of our effort involves pub-

lishing articles and educating policymakers, since only a small proportion of them understand the underlying technology, and thus its implications. Otterbourg had an important role in crafting the proposed federal Token Taxonomy Act, in particular the preemption provisions that are designed to dramatically reduce interstate and interagency regulatory inconsistencies. Please discuss another organization you are involved with and why its mission is important to you. In addition to my “day job”, I am on the Board of Directors and the Treasurer of The Players, a 131-year old social club founded by Shakespearian actor Edwin Booth, Mark Twain, Stanford White, Nikola Tesla and others, which is still in its original clubhouse on Gramercy Park. The club’s chartered purpose is to mix those in the theatre arts with professionals in other fields, such as law. I initially joined The Players when it was having financial difficulties and needed financing. On a pro bono basis, I worked with a lender to creatively work around certain deed restrictions, leading to a successful financing and bringing the club back to financial stability. The Players—and the relationships I have developed over the years there—has “given back” by deeply enriching my life. After a long day of negotiating corporate agreements and transactions, it is refresh-

ing to share a drink with Jimmy Fallon or discuss art with Everett Raymond Kinstler. In fact, I recommend that all bankers and lawyers regularly mix with those in the creative arts. What advice would you give to people who want to give back but, aren’t sure how to select which charities or organizations to dedicate their time to? I try to be active with at least one humanitarian organization, one arts organization and one professional organization at all times. Think about what you care about in each of these fields, then volunteer. Sample before you select the organizations with which you want to do a deeper dive. Although this may all sound very time-consuming, with most non-profit organizations it is not. And the rewards are well worth it. Tell us something about yourself that may surprise people. President Barack Obama and Justice Neil Gorsuch are both friends from my graduating class at Harvard Law School. Turns out that one of them was and remains among my closest friends, and in fact was the very first person to whom I came out as gay decades ago. People who know me and my Democratic-leaning politics are usually the most surprised to learn that it is Neil who is that close friend.

DON’T MISS CFA’S CROSS-BORDER LENDING SUMMIT SEPT. 19, 2019 TO REGISTER VISIT WWW.CFA.COM

Otterbourg P.C. proudly congratulates our partners

Valerie S. Mason and

Philip C. Berg for their recognition as

Difference Makers in the commercial finance industry by

The Secured Lender

THE SECURED LENDER’S

Difference Makers!

BIOGRAPHY

Cassie Rosenthal brings diverse experience and a wealth of expertise to Rosenthal. She has dual responsibilities at the firm, managing both business development strategy and sales and marketing efforts. She has also been instrumental in creating an integrated marketing strategy for the company, as well as revamping the firm’s website and developing its first mobile app. 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 on the board of 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 a Co-Founder of BABE, a networking community for women executives, business owners and entrepreneurs. She is on the board of the New York Institute of Credit (NYIC) and was the inaugural recipient of the NYIC’s Women’s Division Renaissance Award. Cassie has been featured in The Wall Street Journal and The New York Times 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 someone just starting out who wants to be a difference maker in their organization? Difference makers embrace change and know how to help others embrace it as well. They don’t accept things the way they are, just because something has always been done a certain way. If there’s a better approach – whether that’s a process that can be improved upon, a new service offering that can make the organization more profitable or an innovation that can increase efficiency – a difference maker will see it from a mile away. And they don’t just see it, they find a way to make it happen. If you find yourself in that position, my advice is to do your homework, educate yourself on the issues, be thoughtful and creative about how you present your idea and find someone you trust in the organization who can help you champion it and ultimately implement it. With that said, in order to affect change, you also have to recognize the need for it by anticipating challenges and opportunities and not be afraid to tackle them head on. You do this by staying informed, asking good questions, expanding your networks

and putting the time in to talk to and listen to people in the marketplace. Tell us about any charities you are involved in and why their missions are important to you. I serve on the Board of Let’s Get Ready, a nonprofit supporting first-generation college-bound men and women and lowincome high school students through the college-going process. The organization makes it possible for anyone to have the opportunity to learn and improve his/her life. Supporting education programs and initiatives has always been important to me and to my family and my work with Let’s Get Ready over the years has been especially fulfilling. Knowledge is power and everyone deserves the chance to feel that. What do you enjoy most about your role at Rosenthal? I love meeting entrepreneurs, hearing about their journeys and their businesses and learning from their experiences. I’m a people person, so I genuinely enjoy meeting new people in my travels around the country, both within the financial services sector and across different industries. I’m fortunate that my role at Rosenthal allows me to do just that. But most importantly, I

love being a part of continuing my grandfather’s legacy at our firm. It’s an honor and privilege – and also a challenge – but one that I find extremely rewarding. How do you balance work/personal time? What I have learned over the years about balancing work and personal time is that it’s your responsibility to carve out time for yourself. If you don’t, I assure you, it won’t just appear out of nowhere. To strike the right balance between work and life, you must consciously put the things that make you your best self, first. For me, that’s time with family and friends, travel, exercise and charitable giving. How can commercial finance organizations attract and retain women to increase gender diversity? A company cannot increase gender (or racial diversity for that matter), without inclusion in the workplace. Without inclusion, the critical connections that attract diverse talent, encourage participation, foster innovation – all of which lead to business growth – cannot be achieved. I think a work culture in which all individuals are treated fairly and respectfully and have equal access to opportunities and resources, can ultimately contribute to an organization’s success.

DON’T MISS CFA’S CROSS-BORDER LENDING SUMMIT SEPT. 19, 2019 TO REGISTER VISIT WWW.CFA.COM

BIOGRAPHY Runi Mehta is a relationship manager in Santander Bank’s Commercial Banking division. She is based in New York City where she is responsible for managing and growing her portfolio of middle market banking clients in the NY market. Mehta has more than 12 years of experience in banking, lending and relationship management. Prior to joining Santander in the U.S., she served at Santander Bank in London, Citibank and ICICI Prudential in India. Mehta holds an MBA degree from Symbiosis University, India and an undergraduate degree from Fergusson College, India. Mehta is a member of the Lincoln Center Corporate Fund Council, which is dedicated to raising funds for the arts, theatre and music. She has also assumed the treasurer role for the North American Chilean Chamber of Commerce, an organization that aims to foster business between the U.S. and Chile. Mehta is on the CFA Young Professionals committee, and is also a member of Santander’s Women Employee Network afﬁnity group. A New York City resident, Mehta loves travelling and enjoys the arts and theatre.

RUNI MEHTA

Relationship Manager, Commercial Banking Santander Bank N.A. What do you enjoy most about your work as a relationship manager? The best part of the relationship manager role is being able to learn about different industries and businesses, and getting to be a part of their continued success. I take a partnership approach with the businesses I support, and their evolution and expansion provides opportunity to deliver meaningful value-added solutions. I enjoy forging new relationships and connections, which is vital to the role. As a relationship manager, I’m required to stay current not only on the industries and companies that I support, but also on the global macro environment since most of my clients have exposure to international markets, which can be extremely dynamic. There is continuous learning in my role and no two days are alike, which definitely keeps things interesting. What advice would you offer to someone just starting out who wants to be a difference maker in their organization? Work hard, but also work smart. Success is not only linked to performance and diligence, but also to “perception,” and they are both closely intertwined. Show the willingness to take on additional responsibilities, participate in intra- organizational events, and network with

colleagues across different business units. This will put you in a better stead for the next role. Seize an opportunity when it is presented, even if you are not a 100 percent ready. For me, some of the best opportunities have come when I least expected them. While it is good to have a well-defined goal, it is acceptable to deviate from it in the short term and take a different route to ultimately get to your long-term goal. Do not be scared to ask questions and voice opinions; for me confidence comes for being prepared. I have learned there is no such thing as being “over-prepared.” This also ties back to building your personal brand and identity in the organization. Lastly, while we all know it is important to be a team player and have a positive mental attitude, there will inevitably be moments of confusion and frustration at work. I cannot stress enough how important it is to have a “personal board of advisors” during such times. How do you balance work/personal time? It is extremely important to pause and hit “reset,” and I strongly believe in taking time out for yourself and your family. I practice yoga and meditation! I love traveling and try to get away for a weekend or extended vacation a couple of times a year –– nothing rejuvenates like getting a break from the city. Easier said than done, but consciously forcing yourself to switch off and steer clear of the cell phone when you can will do wonders to improve your personal quality of time. Decompressing is key to a healthy

lifestyle, which reflects in improved productivity and efficiency at work. How can commercial finance organizations attract and retain women to increase gender diversity? Gender diversity is a focus area at most organizations and this is particularly true at Santander under the leadership of Ana Botín, Group Executive Chairman of Banco Santander. I am proud to say that Santander ranks first in the Bloomberg Gender Equality Index which measures the importance of gender equality in each firm’s internal statistics, employee policies, support and commitment on gender matters in the communities in which it operates. I believe that some of the initiatives that can attract female talent, and have been effective at Santander, include increasing the number of women in the succession planning pipeline, improving diversity and women representation on boards, forming women-centric affinity groups, mentorship sessions and talks by women in power. Additionally, improved maternity, paternity and adoption policies and flex working environment go a long way towards attracting and retaining women talent. At Santander, I have been fortunate to work with strong women leaders, including my Commercial Banking colleagues Ellen Marshall, regional head of middle market banking for New York and New Jersey, and Laura Fazio, head technology, media and telecommunications banking. Both Ellen and Laura are highly respected in the industry, and focused on highlighting women and women-related causes.

THE SECURED LENDER JUNE 2019 25

THE SECURED LENDER’S

Difference Makers!

BIOGRAPHY

Moira Kowal is head of sales strategy & customer development for TD Bank Asset Based Lending. She has over 30 years of experience in driving commercial growth for corporate ﬁnance organizations. In her current leadership role, Moira is responsible for developing and executing key strategies to maximize shareholder value in alignment with business growth and risk objectives; managing business strategy, sales effectiveness, market analytics and reporting, communications, employee experience and business improvements. Throughout her career, Moira has held several roles in marketing, salesforce effectiveness, administration and strategy. In these roles, she managed customer service programs and events, was a team lead in building and deploying CRM systems and integral in design and execution of business strategies, as well as championing an employee advisory committee. Moira started her career with GE Capital, where she spent 23 years, and has also worked at RBS Commercial Finance and CIT Group, Commercial & Industrial. She has been with TD Bank for seven years. Moira currently serves on the Metro NY D&I Council on behalf of TD Corporate & Specialty Banking (CSB). She also serves on the development committee for Notre Dame School of Manhattan. Moira is a graduate of Fordham University with a BS and is Six Sigma Belt certiﬁed.

MOIRA KOWAL

Head of Sales Strategy & Customer Development, Asset Based Lending TD Bank What advice would you offer to someone just starting out who wants to be a difference maker in their organization? First and foremost, be authentic. Authenticity allows you to always demonstrate your greatest qualities. Raise your hand, either for projects in the workplace or with volunteer opportunities; these are valuable learning experiences and will broaden your skills and knowledge while allowing others to witness your contributions. Be solutionsoriented. Instead of raising a problem, offer a suggestion for improving or overcoming the challenge. Even if your idea is not selected, you will demonstrate thoughtfulness. Whatever you choose to make a difference in, don’t forget to be your best at your dayto-day job! Your charitable activities are focused on improving the lives of women. Please tell us about the organizations you are involved with and why their missions are important to you. I find satisfaction in supporting the development and education of women. I currently sit on the development committee of Notre Dame School of Manhattan. Although it is a

private Catholic college preparatory school for girls, the student body represents the melting pot of New York City with a diverse ethnic and religious population. Tuition is beyond reach for so many applicants and the school’s development committee works to ensure that deserving students can achieve their potential. The faculty provides not only a superior education to enter college, but prepares students to be leaders who serve their communities. 100% of students are accepted into college and 97% win academic scholarships. Through TD Bank, I have also worked with The Coalition for the Homeless in their First Step Program. It is a 14-week curriculum to empower homeless and low-income women to build a better life for themselves through education, training, social support and work experience. Helping these women through their resume review and mock-interview process enlightened the plight of women less fortunate. These women are inspirational in their strength and tenacity to feel empowered and strive for success. You’re also involved in TD’s Diversity & Inclusion initiatives. Please tell us about that. I have been involved in D&I initiatives for the last six years and currently serve on the Diversity & Inclusion (D&I) Council for Metro NY, which is incredibly gratifying.

At TD Bank, we take pride in creating a culture that celebrates individuals’ unique talents and contributions. By fostering an atmosphere of belonging, colleagues are motivated and inspired to perform to their highest potential. For me, I choose to focus on helping to advance women, and work with other women at TD to develop initiatives that foster a path towards leadership. Through leadership programs, mentoring, roundtables with leadership and lunch & learns, we have been able to provide experiences and insights for women at all levels to help them define and forge their path. How do you balance work/personal time? I think the term “balance” is a misnomer because rarely are life demands balanced between two choices; typically, one area requires prioritization over another at any given time. To manage this successfully requires sacrifice and support. My recipe in managing life is to be honest and transparent with expectations for whomever or whatever needs attention. Once you prioritize what you will focus on, be committed, be present and be engaged. It’s important to leave regret at the door, otherwise it will be harder to fully commit. While this sounds practical and logical, it isn’t easy and may require time and practice to get comfortable making choices.

DON’T MISS CFA’S CROSS-BORDER LENDING SUMMIT SEPT. 19, 2019 TO REGISTER VISIT WWW.CFA.COM

Congratulations to Moira Kowal for being recognized as a “Difference Maker”. As the Head of Sales Strategy & Customer Development for TD Bank Asset Based Lending, Moira demonstrates TD’s commitment to the community both personally and professionally. Through her work with the Notre Dame School of Manhattan and The Coalition for the Homeless, she is able to improve the lives and well-being of women.

THE SECURED LENDER’S

Difference Makers!

BIOGRAPHY

Cole Buckfelder is a director in the Loan Sales and Syndications group within Wells Fargo Capital Finance. Cole is responsible for originating, structuring and executing syndicated asset- based loans for large corporate and middle-market customers. He holds a Bachelor of Science degree in business administration from the University of North Carolina at Chapel Hill (“UNC”) and a Master of Business Administration from UNC’s Kenan-Flagler Business School. Cole has worked on the syndication of asset-based loans since graduating from business school at Chapel Hill in 2008. During his career with Wells Fargo, Cole has become a critical player in all phases the loan sales and syndication business, and has played an important role in over $50 billion of syndicated asset based transactions, including some of the largest transactions in the industry. Cole is a great teammate who has made a difference across Wells Fargo’s business units with a combination of credit and market skills, hard work, and determination to ﬁnd the right solution for his clients. Cole has been a difference maker away from his professional responsibilities as well. He has been active in CFA events, serving on several industry panels in recent years. He is also an active member of the UNC KenanFlagler Advisory council. Cole and his wife, Cristina, live in Charlotte, North Carolina along with their two children, Charlotte and Robert.

COLE BUCKFELDER

Director, Loan Sales and Syndications Group Wells Fargo Capital Finance What advice would you offer to someone just starting out who wants to be a difference maker in their organization? Two things. First, ask a lot of questions. There’s a lot to learn, especially when you are new to the industry or an organization, and I always find that it’s best to ask questions and learn from others rather than trying to go it alone. Second, think outside the box. A great way to differentiate yourself is being creative and coming up with unique solutions to problems. Tell us about any charities you are involved in and why their missions are important to you. I give most of my volunteering time and energy to my alma mater, the University of North Carolina at Chapel Hill, particularly Kenan-Flagler Business School. My initial reason for getting involved was quite simple: I wanted to give back to an institution that gave so much to me. I received both my Bachelor and Master in Business Administrative from Kenan-Flagler and wanted to make sure future students had the opportunity to receive the same foundation I did. Since joining the Alumni

Council at Kenan-Flagler, my motivations have grown. I mentioned earlier that being creative and solving problems with unique solutions is a great differentiator and that’s exactly what Kenan-Flagler is doing. The school is focused on the future of education by using technology to foster real-world and experiential learning. As a result, future Kenan-Flagler students won’t get the same educational foundation that I did… theirs will be stronger. You’ve played a key role in some of the largest transactions in our industry. What do you enjoy most about these deals? I thrive off the competition that these deals create and the challenges that they present. Another enjoyable aspect of the large deals is that they provide me an opportunity to build relationships with other bankers across the industry. Relationships are vitally important in this business and I find that the strongest relationships are built in the trenches, when you are working through a deal. By default, the large deals require more lenders which means more people that I get to work with and build relationships with. How do you balance work/personal time? I’d be lying if I said I have this figured out; in fact, it’s a constant struggle. There are so many people and tasks that require attention on a day-to-day basis in this line

of work, it’s impossible to give everyone the time they deserve. Like most people, family is my number-one priority, but I readily admit that I ask my family to sacrifice quite a bit for my job. Fortunately, I am blessed with a strong and understanding support system – primarily my wife – that knows my job requires me to be working more than most and it will occasionally throw a wrench in our plans. Two keys for me are that (1) my family’s support and understanding needs to be appreciated and rewarded and (2) certain events are sacred and cannot be interrupted by work for any reason. How can commercial finance organizations retain their best and brightest? I believe the most important driver of retention is engagement and the easiest way to keep the best and brightest engaged is to challenge them. If someone isn’t challenged by their work, they are going to grow bored and look for something new. The key is discovering what challenges an individual and being open to allowing that person to find challenge in a new role if that’s what it takes. Personally, I’ve stayed engaged after more than a decade in syndications because no two deals are ever the same and leaders like Barry Bobrow and Dorothy Killeen entrusted me with greater responsibility when the challenge of the next deal wasn’t enough.

DON’T MISS CFA’S CROSS-BORDER LENDING SUMMIT SEPT. 19, 2019 TO REGISTER VISIT WWW.CFA.COM

Recognizing our difference makers

Cole Buckfelder

Darrell Cole

Director Vice President Wells Fargo Capital Finance Wells Fargo Capital Finance

Making positive contributions in the communities where we live and do business is one of our highest goals at Wells Fargo. We congratulate our team members who are featured in this issue, and all those in the industry, for their outstanding leadership and commitment to volunteering their time and supporting their communities. Find more stories on volunteering and giving at stories.wf.com.

Peter Pugliese

Kathyrn Scharre

Senior Vice President Director Wells Fargo Capital Finance Wells Fargo Capital Finance

Wells Fargo’s commitment to giving: · Team members donated more than two million hours of volunteer time in 2018. · #1 workplace employee giving campaign in the U.S. for the 10th consecutive year, based on 2018 donations (2019) United Way Worldwide · #2 Most Generous Cash Donor (U.S.) (2018) The Chronicle of Philanthropy · Top 50 most community-minded companies (2018) Points of Light

© 2019 Wells Fargo Capital Finance. All rights reserved. Products and services require credit approval. 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. PDS - 1494215

THE SECURED LENDER’S

Difference Makers!

BIOGRAPHY

Darrell is a vice president and a field examination manager for Wells Fargo Capital Finance. He attended University of Illinois at Chicago – finance degree. He is a collateralized lending veteran with more than 20 years of experience. In his role, he hires, trains, and develops entry-level talent with a focus on ABL field exam-related training. His favorite way to spend time away from work is to perform community service as well as spend time with his family. Whether it is your first time meeting Darrell or if you have been fortunate to know him for many years, the interaction with Darrell is always the same. You are greeted with a warm “Good Morning”, an infectious smile (that can even be heard over the phone) and an immediate feeling that Darrell has a lot of passion for what he does and is interested in you. As manager of Early Talent, Darrell’s attributes are put to good use as he is often the first Wells Fargo team member to meet prospective candidates for our Early Talent Programs.

DARRELL COLE

decision is short-sighted. To some this may be viewed as potentially career limiting, but if so, you may want to reconsider if said organization is the right fit for you.

What advice would you offer to someone just starting out who wants to be a difference maker in their organization? Being a difference maker means being your authentic self at all times and identifying how your unique strengths can be best utilized in your organization. It is very important to not only understand the values and goals of your organization, but how you personally demonstrate these values as well. If the values of an organization align with your own personal construct, you are well on your way to being a difference maker as your passion will shine in everything that you do. While many people perform their job well and do a great job of contributing to the bottom line, a difference maker spends time thinking about the organization outside of their role and acts on those thoughts. There is also a certain amount of courage required as you have to learn to be comfortable being uncomfortable. As a difference maker, you have to be confident in challenging a group decision when you feel that

You are deeply involved in Wells’ Early Talent Development and Diversity & Inclusion programs. Why are you passionate about these programs? Growing up on the Southside of Chicago and being a first-generation college student, everything after grade school was foreign in every way imaginable for me. I had no role models or footsteps to follow in helping me navigate college nor to provide career guidance. During my senior year of college, a professor offered to assist me in my job search via mock interviews, which is how I landed in ABL. In our final session I inquired as to why he offered to work with me and he said that it was my integrity, perseverance, and unique perspective that made him want to see me succeed in my career. This is when I first learned that there is personal joy in helping others. As far as the personality traits that he had mentioned, I shared with him that I attribute those to my strong family upbringing and having to be innovative in avoiding the traps that snarled many childhood friends. At this time, I had no clue that my career would lead me to Early Talent Development and D&I, but this is no doubt when those seeds were

Vice President, Field Examination Manager Wells Fargo Capital Finance

planted and Wells Fargo has now provided the environment for those seeds to grow. My passion for D&I not only comes from my own personal diversity, but also from witnessing and leading tremendously successful and innovative diverse teams. When we consider some of the NextGen demographics and how well they correlate with what is needed in a successful D&I program, the two become somewhat intertwined. How can commercial finance organizations offer meaningful professional development and career advancement? Many institutions have historically successful development programs, but are now faced with the largest generation talent delta in decades as approximately half of the workforce will be NextGen and the remainder a mixture of GenX and Boomers. The notion of remaining in a specific role for a number of years to gain experience just to be rewarded with linear promotions is not particularly ideal to NextGen talent, yet experience is still a great teacher. Organizations can benefit from targeted development programs that focus on key skills expected of top performers in said role and clearly emphasizing how these programs will qualify an employee for specific roles.

DON’T MISS CFA’S CROSS-BORDER LENDING SUMMIT SEPT. 19, 2019 TO REGISTER VISIT WWW.CFA.COM

BIOGRAPHY Peter earned a Bachelor of Applied Science (B.A.Sc.) Business/Managerial Economics from State University of New York College of Oneonta. Peter is the Northeast Sales Manager and has been with Wells Fargo since 2003. He is responsible for managing a diverse team focusing on middle- market ABL and Commercial Services Trade Capital and Specialty Products. Peter previously worked at GE Capital and Bank of America in similar positions and is a leader in the industry. Peter is active in various credit groups and charities. He lives in Smithtown, NY with his lovely wife Lyn and two children Alexandra and Nicholas. Pete is normally the first person to reach out to new employees and introduce himself. He will want to get to know them and their interests, then introduce them to the rest of the team. And, like any great leader, Pete is constantly looking for ways to help these folks take that next step in their career and then keeping the door open for future opportunities as they grow and develop within the business.

PETER PUGLIESE

Northeast Sales Manager Wells Fargo Commercial Capital What advice would you offer to someone just starting out who wants to be a difference maker in their organization? I would advise a new team member to work hard and have a passion for each job assignment. It’s about buying into an organizational culture and vision. A team member who works hard and has a “We” approach as opposed to one who brings more of an “I” approach, will ultimately be much more successful in the long run. It’s imperative for new team members to develop relationships with co-workers and look for mentors throughout the organization. The last piece of advice I’d have would simply be to be yourself. All companies want and need diversity. A new member at times will try and conform, and act like other employees when, in reality, the end product is always better with new fresh ideas. What is your secret to success when it comes to building a successful and “connected” team? The secret of building a team is creat-

Of course, all of this is accomplished without it feeling like it is his job. Pete recognizes and appreciates that he is fortunate to have a great team, but that he also works in a highly competitive environment and attracting and developing talent is a critical lever for success in the NYC market. Creating a positive work environment, investing in people and nurturing talent generally translates into better customer experiences and that makes this a winning formula.

ing a culture in which employees are looking forward to coming to work each day and are willing to take on new challenges. A team approach where each team member is working hard towards a common goal, with each member helping the other, creates a powerful team. Each individual has certain strengths and when they are meshed together you tend to have a solid group. We try and celebrate all wins and pick each other up on any losses. It’s much more fun to win as a team versus any individual accomplishment. How do you balance work/personal time? The balance between personal and work is critical to a company’s success. I always felt that we are all juggling three responsibilities at the same time – our family, friends and work. I advise my team that we should always pay close attention to our families, as it’s a very difficult one to fix. It is so important for all team members to spend time with family and friends and find

the right balance. I think when you build a solid team, each team member will help each other so one doesn’t miss an important life event. An employee that has the right balance will be much more effective and focused on his work. How can commercial finance organizations retain their best and brightest? In order to retain the best talent, we need to keep them challenged and recognize their success. In all aspects of life, no one likes to be taken for granted. It can be as simple as a pat on the back thanking them for their contributions. Communication with team members in both a team setting and one on one is important. Team members that have deep relationships with co-workers and are rewarded emotionally and financially will be retained.

THE SECURED LENDER JUNE 2019 31

THE SECURED LENDER’S

Difference Makers!

BIOGRAPHY

Kathryn Scharre, director of underwriting for Wells Fargo Capital Finance (WFCF) in New York, is responsible for underwriting and closing asset-based loans for large corporate and middle- market firms, with exposure to the United States, Canada and Europe. Recently, Kathryn was selected to work on a team that underwrites fast-moving transactions in coordination with the broader Wells Fargo Wholesale Bank to deliver comprehensive financial solutions to meet the needs of customers. Prior to her role as an underwriter, Kathryn was based in the WFCF Santa Monica office as a relationship manager in the Syndicated Finance Group. Kathryn holds a Bachelor Degree in Business Administration, with a concentration in finance, from University of Southern California. She is a member of the WFCF Diversity and Inclusion Council and WFCF New York Women’s Connection.

KATHRYN SCHARRE

Director of Underwriting Wells Fargo Capital Finance What advice would you offer to someone just starting out who wants to be a difference maker in their organization? To raise your hand to participate for everything and anything. Whether it be helping on a task force to roll out new business initiatives or joining a mentorship program, these types of opportunities not only create exposure for yourself within the organization, but also give you the chance to personally make a difference. I have been lucky enough throughout my career to get opportunities to get involved and it has afforded me the ability to expand my network and be able to have and impact on both the people and policies around me first-hand. Stepping up for these types of opportunities establishes you as a “go to” person in the organization when things need to get done and really opens doors for your career. What do you enjoy most about working on complex transactions? I think the thing I enjoy most is the amount of different people I get to work with when assigned to a complex transaction. I was recently tasked to work on our Bridge team, in which I get to collaborate with multiple

Since joining WFCF in 2011, Kathryn has been a highly motivated, hard-working contributor to the group. She joined the underwriting team in 2015, and has since underwritten over 40 of the most highly complex transactions. Kathryn develops relationships and forms partnerships to work in a collaborative manner across the institution and approaches every potential obstacle in an intelligent, proactive, and solutions-oriented manner. Aside from her professional accomplishments, Kathryn was an active member of the Diversity & Inclusion Council and of the NYC WFCF Women’s Connection. She served as a mentor in a Wells Fargo formal Mentor/Mentee program, and acted as a development representative for WFCF Business Line Ambassador program where she created training and support materials for the Ambassadors to utilize at recruiting events. During 2018, Kathryn was a presenter on a panel for the Commercial Finance Association Cross-Border Lending Summit and moderated a panel for Leading Through Change for senior management. She’s also actively involved in her community and supports charities such as Ronald McDonald House and Children’s Hospital.

WFCF team members, as well as colleagues throughout the broader bank, to provide a comprehensive banking solution to our customers. This opportunity has enabled me to better understand how other groups within our business operate and, even more importantly, has afforded me the opportunity to experience a difference of thought. For the past seven years of my career, I have worked primarily on ABL deals, which are heavily focused on collateral. Being able to work with other groups that have more experience in cash flow and who may approach a deal from a different vantage point, has enabled me to look at transactions from a different perspective and expanded my analytical thinking. It has also provided me multiple touch points within the institution that I can go to for assistance and advice when working on new deals.

do to retain their best and brightest, is to focus on providing the appropriate support to its employees. In this day and age, employees want to know that they have the support and backing of their senior management. I have been blessed in my career to have managers who have supported me and been sponsors for my career. I believe a major part of my success has precipitated from the confidence I have gained knowing that my managers not only trusted me and believed in my work, but also that they truly wanted me to succeed. It has also contributed to making me really love my job. It is obviously important to like what you do, but just as important to like the people you work with. We spend more time in the office than we do with our friends and family, so feeling like you have a support system and people that care about you at work is pivotal!

How can commercial finance organizations retain their best and brightest? The most important thing organizations can

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SECURED LENDING AND FELONS BY DAVID RAINS

Several commercial finance executives band together to give former inmates a second chance.

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The immediate thought that comes to mind when you see the topic of this article might be fraud or, more specifically, white-collar crime. Perhaps it might be what a client should be labeled if he steals your cash and ends up in prison. Outside of this scenario, rarely do many of us think about this segment of the population as they are out of sight and out of mind. The challenge with that thought process is most of that population will be released at some time. The costs can be very high for both the victim and the felon. However, I would like to highlight a different perspective that is having a positive effect on a certain group of felons, a number of secured lending volunteers, and society as a whole. The Prison Entrepreneurial Program (www.PEP.org) was established in 2004 by an investment banker who saw potential in this neglected segment of the population, which most people have an aversion to helping. That vision has compounded into a program which has now seen more then 360 businesses launched by its

graduates, with five of those generating more than a million dollars in annual revenue. More importantly, unlike the average prison population, PEP graduates tend to stay out of jail. The normal statistics for felony recidivism are over 50% of individuals released from prison return within the first five years of release, almost 25% after three years. The recidivism rate for PEP graduates is around 7%, over a 300% improvement. It would be difficult for even the most skeptical among us to doubt the PEP’s economic impact, as illustrated in the snapshot below. What differentiates PEP from every other prison-reform program is its focus on both pre-release and postrelease training. PEP starts with training incarcerated felons in the basics of business and entrepreneurship, along with the positive life skills to which many inmates have never been exposed. Upon completion of the 7-9 month program inside and subsequent release, the men are taken to a PEP re-entry home for up to an additional nine months, where they are pro-

vided with clothing, living essentials, continuing training and accountability. Every PEP graduate is now being gainfully employed within 30 days of release. This is so important as many doors are shut to convicted felons, an obvious component of the recidivism cycle. Through the volunteer work of area executives, all PEP graduates find work quickly. It was for these reasons that Jason Floyd of Amerisource, Steve Hausman of Triumph Business Credit and I were enticed to become repeat attenders in PEP training curriculum. Jason Floyd was the first of us involved, back in 2004 (the year of PEP’s inception). Here is a synopsis of his experiences with the program spanning 14 years. “I received a personalized invitation in the mail from Catherine Rohr (the founder of PEP) to come to prison and be a judge for an inmate business plan competition. I had to wonder out of a city of four million plus, why I had received an invitation? That day I spent in prison some 15 years ago is not one I will soon forget. I learned these men weren’t just undesirables

Source: www.pep.org

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locked away for the betterment of society, they were human beings and ‘but for the grace of God, there might I be’. They had families, stories, hopes and dreams. “The majority of these men came to prison from disadvantaged backgrounds and they all had obstacles that drastically increased the odds for their ending up in prison. Moreover, there were never any expectations placed upon these men to accomplish anything; consequently, they had no expectations of themselves. I left prison that day inspired in many ways; by what these men had accomplished in a few short months, the amount of gratitude they showed me for caring enough to spend my time with them and by the spiritual presence I had felt throughout that day. I’ve been to church hundreds of times in my life, but I had never experienced ‘church’

I 36

A&M. Today, seven plus years later, he is managing our ABL portfolio. As I

I made a personal decision during that time in prison that I would never

left prison that day inspired in many ways; by what these men had accomplished in a few short months, the amount of gratitude they showed me for caring enough to spend my time with them and by the spiritual presence I had felt throughout that day. I’ve been to church hundreds of times in my life, but I had never experienced ‘church’ like I did that day behind bars. — Jason Floyd, Amerisource

like I did that day behind bars. “I have since been back to prison for different PEP programs, been a mentor, taught a class in PEP’s ESchool and Amerisource has sponsored several graduation events, but my most meaningful experience has come from hiring one the program’s graduates here at Amerisource. It wasn’t long before every department at Amerisource wanted to recruit him. In time, this PEP graduate received his undergraduate degree from U of H and worked his way up through the ranks. Appreciating his smarts, work ethic and attitude, we agreed to pay for him to pursue his MBA at Texas

The author with participants in the Prison Entrepreneurial Program

think back on the time and resources I’ve invested in PEP over the years, it’s no stretch to say that I’ve received far more than I’ve ever given.” Craig Canon, president of Vertex Financial, had received a flyer for a PEP luncheon at the Park Cities Club in Dallas. That flyer included a quote from Jason Floyd. Craig knew about my past and invited me to go with him. The program was very intriguing – perhaps more so for myself than Craig or any of the invited guests. I had a deep knowledge base about felons because I was one. In my younger days, I was involved with drugs, which led to multiple arrests and felony convictions.

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drink or do drugs again. That was 30 plus years ago and, as anyone who has been to the CFA annual conventions with me the past 20-plus years will attest, I never drink alcohol. Now you know the reason why. After attending several events and appreciating the experiences which Jason described, I invited one of my first clients, Steve Hausman, to go to prison with me. After Steve attended his first PEP event in 2006, we concluded that these men needed major help with their selling skills. Steve assembled a one-day sales training class using Ron Willingham’s book “Integrity Selling.” We’ve now been teaching this class

last year’s North Texas graduation dinner. You never know what you might find in prison, but I’ve found that hope triumphs over despair and real-life reformation breaks the recidivism cycle of incarceration. Could the next great company leader in secured lending come from behind these bleak prison walls? If you would like to go to prison, contact one of us and we will take you to the Big House. TSL

Steve Hausman addresses PEP participants.

O 3-4 times a year for 12-plus years to over 2000 PEP program participants. In

addition, Steve is now serving on PEP’s Governing Board where he’s specifically focused on microlending programs for alumni businesses. “PEP is the best ministry for selfish people,” Hausman shared. “Often times our charitable efforts are limited to providing brief moments of hope and relief, a service which we are certainly called to do. What PEP offers is sustainable reform through visible life restoration. For volunteers like us, it’s instant gratification and reward. In fact, sometimes I feel like we’re ripping these guys off because they

give back to us so much more than we share with them. Our go-forward

David Rains is the Founder and president of Commercial Finance Consultants and FactorHelp. In the past 20 years, CFC has placed over 14% of the ABL and factoring industry while FactorHelp has been instrumental in helping over 50 start-ups enter the industry. David’s contact info is dar@searchcf. com or his office is 469-402-4000.

ften times our charitable efforts are limited to providing brief moments of hope and relief, a service which we are certainly called to do. What PEP offers is sustainable reform through visible life restoration. For volunteers like us, it’s instant gratification and reward. Our go-forward vision is to build partnerships with retail banks which fulfill both the spirit and substance of the Community Reinvestment Act in a way that could potentially transform small business lending to local communities.” — Steve Hausman, Triumph Business vision is to build partnerships with retail banks which fulfill both the spirit and substance of the Community Reinvestment Act in a way that could potentially transform small business lending to local communities.” Triumph Business Capital’s parent organization, TBK Bank, has also been supporting this great cause in numerous ways. In addition to equipping dozens of team member volunteers, TBK Bank has provided financial and leadership support as well. Aaron Graft, vice chairman and CEO of TBK Bank, even gave a keynote speech at

THE SECURED LENDER JUNE 2019 37

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H T I W W R E E I V M L R A E T P IN R E F I JENN o Ocej e l erber e G h f c i o t y By M siden ilanthrop e r p , h er ’s Palm ses how p ompany r e f i Jenn e, discus r in the c c te Finan t and cen ess. n n is fro -day busi o day-t

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What is Gerber’s philosophy about lending to companies who “give back”? In our industry the three Cs (credit, collateral and character) have always been a guide for determining whether or not to move forward with a deal. For many lenders, credit or collateral comes first. However, for Gerber Finance Inc., character has always been the most important. Gerber has many times walked away from deals with good collateral and that are considered a good credit, deals that other lenders are eager to do, simply because we did not connect with the people or were uncertain of their character. For Gerber, it’s all about the people behind the company. We always say it doesn’t matter how good the collateral or how strong the balance sheet is, if we don’t like the people or we don’t feel comfortable with them, we will walk from the deal. That can be hard internally, as it’s extremely subjective and people have different gut feelings, but Gerber has always lived by “never regret a deal we didn’t do.” We only believe in looking forward. How do you decide if someone fits your criteria for being a “good citizen”? Our clients have aligned themselves with important causes such as providing communities throughout the world with access to clean/safe drinking water, providing educational opportunities to orphans and war victims, raising global awareness of skin care awareness and treatment around the world and protecting our environment. One of the key elements for us when determining character is looking at a company’s commitment to giving back. It is imperative to us that we align ourselves with clients who are passionate about giving back to their community and/or the environment. When looking at our portfolio we see the majority of our clients do give back — this is no accident. When looking for new clients, we are actively searching for clients who care about their community, care about the environment, care about improving people’s health. We are all about relationships. We get to know our clients very well and spend a lot of time with our clients, so we are looking to work with individuals whose core principals align with ours, individuals we can relate to and respect. We also believe aligning ourselves with clients like this improves their credit profile because, if they care about giving

President Jennifer Palmer and employees of Gerber Finance participate in Gerber Gives Back by packing bags of breakfast and lunch foods for the HOPE-Full Kids program, which provides food for children in need on school break days and is funded by the Gerber Finance Foundation. back and making the world better, they will likely care about us if there is a problem. What kind of effect do you think this has on the bottom line? Many of our clients either contribute a percentage of their top or a percentage of their bottom line to causes that are important to them while others have set up separate foundations that are laser-focused on driving their cause forward. In either case this commitment takes resources and profits away from their bottom line. Fortunately, our clients balance sheets are strong enough to support these choices. Also, I would bet that their decision to connect their business to philanthropy is what makes them special and unique. I believe their passion is partly responsible for them being able to obtain and retain their top talent as well as create an inspiring culture, which continues to drive them forward. This all has a positive effect on the bottom line. How does Gerber itself give back to the community? Giving back to the community and supporting charitable efforts have always been important to Gerber and, in 2017, CEO Gerald Joseph and I solidified Gerber’s commitment to the community by starting The Gerber Finance Foundation and Gerber Gives Back. Our aim is to help move members of our communities forward. Gerber Finance Foundation leverages expertise and access

to provide hunger relief for children; and every quarter, Gerber Gives Back enables employees to take time off to volunteer and give back to the community. Last summer, Gerber Finance Foundation partnered with HOPE Community Services of New Rochelle to form the HOPEFull Kids program, providing breakfast and lunch for children in need during school holidays. For children who rely on school for meals, school breaks may be a source of worry and hunger, as food may not be accessible. Our goal is to ease the worry for children and their parents, and to ensure that the children have access to food when school meals are unavailable. HOPE-Full Kids launched in September of 2018. For the 2018-2019 school year, we expect to distribute more than 5000 bags of food, reaching 200 children each school break day. Gerber’s volunteer program, Gerber Gives Back, began in the fall of 2017. To date, Gerber employees have volunteered over 315 hours of time in different agencies, and packed and distributed over 6000 bags of food for the HOPE-Full Kids program and HOPE Community Services food pantry. The Gerber Finance Foundation and Gerber Gives Back ensure that giving back to the community remains a priority for Gerber Finance. TSL Michele Ocejo is director of communications for CFA and editor-in-chief of The Secured Lender.

THE SECURED LENDER JUNE 2019 39

Making a Difference: Interview with Hilco’s Thomas Greco and Gary Epstein BY MICHELE OCEJO

In March, Thomas A. Greco, chief executive officer of Hilco Valuation & Industrial, was honored at the 42nd annual Financial Industries Dinner in New York and presented with the National Jewish Health Humanitarian Award. Greco has over 30 years of financial services experience. As a leading expert on asset valuation methodologies as well as asset values across a broad range of business sectors, he has led valuation and lending teams on numerous major financings for companies across multiple industries, including Retail, Metals, Technology, Automotive and Transportation. Here, he and Gary Epstein, Hilco Global EVP and chief marketing officer, discuss the award and the many other ways in which Hilco Global is making a difference through Hilco Helps (www.hilcohelps.com), a program that Epstein branded for all of the firms’ cause-marketing initiatives.

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Thomas A. Greco

Gary Epstein

chief executive officer, Hilco Valuation & Industrial

EVP and chief marketing officer, Hilco Global

ou recently received The National Jewish Health Humanitarian Award. Please tell us about that experience and what this award means to you. Greco: I was incredibly honored and grateful to be the 42nd recipient of the award this year. It was an incredible journey. I first learned about National Jewish Health when I joined Chemical Bank in 1992. Over the years, I have seen many friends, mentors and respected colleagues receive

this award. Admittedly, being considered worthy of the same honor as the esteemed group of 41 humanitarian award winners before me was a bit overwhelming at first, but quickly my team and I embraced the occasion and was able to raise over $720,000 for National Jewish Health, the highest in the 42-year history of the event. This event supports such a worthy cause. I was lucky enough to be able to visit the Denver campus of National Jewish Health, which can be summed up with two words, unique and extraordinary. I was especially impressed by the Day School, which allows very sick children to simultaneously receive exceptional medical care and a first-rate education, in a happy, friendly, safe and nurturing environment. I have seen, first-hand, how the incredible medical professionals and hospital leadership are committed to treating, studying and solving the worldâ&#x20AC;&#x2122;s most

Doug Jung, managing director, Diligence Services, Hilco Valuation Services and National Jewish Health Humanitarian Award Honoree Thomas A. Greco

THE SECURED LENDER JUNE 2019 41

If UCAN didn’t exist, the alternative for these same youth could be devastating.

“Hilco Helps” by packing backpacks for Cradles to Crayons. challenging respiratory diseases and, of course, saving lives. National Jewish Health never refuses a patient in need, regardless of their ability to pay. The Financial Industries Dinner helps sustain

that mission. What really struck me on our visit was the powerful, shared culture that exists throughout the entire National Jewish Health organization. A culture of teamwork. A culture of never giving up until a solution is found. Truly a kind and caring community. I feel very fortunate to be a member of what is undoubtedly the kindest, most gracious community in the financial services industry. I truly feel like part of a family. Since being announced as the 2019 honoree, the outreach has been overwhelming. The Dinner was a unique opportunity to have my family see me in such a way that made them exceptionally proud of

me. They were proud to see the respect I received from my industry colleagues, and proud of the fact that I devoted so much time and energy to such a worthy cause.

How do you find the time to devote to charitable causes and what advice would you give to those who want to volunteer, but are worried about the time commitment? Greco: Make it something you just do as part of your life, and not some extraordinary event. I would also say should try to make it fun. It’s easy to find time to do stuff you enjoy. Also, if you really want to make a difference and cannot devote a lot of personal time, you can always donate money or supplies. Do things that fit easily into your work or personal life, like mentoring at-risk youth to be future leaders and consider that devoting time to charitable causes is really about devoting time to yourself. You will reap rewards from the time spent on giving back.

A few years ago Hilco Global decided to combine all of the company-wide philanthropic efforts together under a unified and focused program called HILCO HELPS. The Hilco Helps initiative has allowed the company to focus our mission, which is to improve the lives of those in need (often children), in communities that are underserved and require assistance to maximize their full potential. You are on the board of UCAN. Why is this organization important to you? Greco: I joined the President’s Board of UCAN shortly after I moved to Chicago in 2010 and remain on the board today. UCAN’s vision is, ‘Youth who have suffered trauma can become our future leaders.’ UCAN strives to build strong youth and families through compassionate healing, education and empowerment. UCAN’s vision and mission resonated with me immediately. Spending time with at-risk children, youth and families in Chicago and watching the UCAN team create a healing process and provide a continuum of care for youth who have experienced trauma has been inspiring. The important work UCAN does gives thousands of kids a chance and a choice to achieve greatness.

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Please tell us a bit about the Hilco Helps program and the charities it supports. Epstein: Hilco Global founder and CEO Jeffrey Hecktman has always placed a high priority on “tzedakah”, the Jewish word for “giving back” to those in need. Through the years he and the management teams across all 20 operating companies have supported various causes often with an emphasis on programs that help children and support education. Over the years, Hilco Global has donated millions of dollars in direct contributions, in-kind goods and services, and sponsorships, supporting many worthy organizations doing outstanding work including groups such as Youth Guidance – a professional school mentoring program for vulnerable inner city kids in Chicago and Boston; The

All Stars Project in Chicago, New York, New Jersey, Dallas and San Francisco – an afterschool activities program that works to transform the lives of youth in poor communities using the power of performance; Cradles to Crayons – A national support program which provides supplies for critical every day needs of children and their families in Chicago, Boston and Philadelphia; The Chicago Public Schools through a unique Summer Learning and Free Books Program, and many others.

In addition to dedicating personal time to these organized programs, Hilco Global employees have also donated their time and attention to relief efforts in several disaster zones, hundreds of hours at local churches and at inner city schools across the country as well as actively participating in the Hilco Global Summer Internship Program which has provided dozens of kids summer employment and mentoring at offices across North America and in Europe. A few years ago Hilco Global decided to combine all of the company-wide philanthropic efforts together under a unified and focused program called HILCO HELPS. The Hilco Helps initiative has allowed the company to focus our mission, which is to improve the lives of those in need (often children), in communities that are underserved and require assistance to maximize their full potential. By focusing our efforts behind a more single-minded mission, we believe we can have an even greater impact and get our employees engaged and excited about giving back to the communities where we work, live and play. Recently, a group of “Hilco Helpers” spent

a weekend braving a rare end-of-April snowstorm shopping several liquidation sales for children’s shoes, which are being donated to Cradles to Crayons and other charities in Chicago, Boston and New Jersey. Often the needed items are the basics. But by being a resource that the community organizations can turn to, they are able to restore the dignity and help alleviate the stresses that these children often feel so they can focus on things such as school and their education. Interesting-

involved in philanthropic endeavors: We have participated in many different events such as the local Chicago JP Morgan annual run, which raises money for local charities. Last year we had over 40 local employees participate. We also get involved in other charities such as the Cradles to Crayons back-pack-a-thon where we helped pull together over 25,000 backpacks and related supplies that children need as they started the school year. Last year we also donated over a million dollars’ worth of toys that

s an organization, we have placed more and more emphasis on community-giving. Our executives have for years have made it a priority to be philanthropic. A great example of this was when our employees mobilized after the consecutive hurricanes hit Texas and Florida in 2017. We implemented an employee match that gave financial support to local charities, such as the Rebuild Texas Fund and the Florida Disaster Fund. ly, children’s shoes are the most-requested item and one of the most difficult items to source. Hilco Global was happy that we were able to purchase the shoes and donate them to help out given we can purchase a higher volume of product at deep discounts. How does Hilco encourage and support its employees in their own philanthropic endeavors? Epstein: As an organization, we have placed more and more emphasis on community-giving. Our executives have for years have made it a priority to be philanthropic. A great example of this was when our employees mobilized after the consecutive hurricanes hit Texas and Florida in 2017. We implemented an employee match that gave financial support to local charities, such as the Rebuild Texas Fund and the Florida Disaster Fund. In addition, we leveraged our network and were able to make a considerable donation of goods that were desperately needed in those regions. It was great to watch us come together for a common cause! Other ways we support our employees being

we purchased from the Toys R Us liquidation sale that our employees distributed at various events in both Boston and Chicago. One of the events we gave away over 1500 toys to children in the Chicago Little Village neighborhood where we are redeveloping the old Crawford Plant to become a vibrant economic engine for the community. It was a great event where we were able to do something that wasn’t related to the project, yet was able to get involved in and give back to the community. As you can see, this philanthropy is very important to the overall mission for Hilco Global. TSL Michele Ocejo is editor-in-chief of The Secured Lender and CFA’s director of communications.

THE SECURED LENDER JUNE 2019 43

The Dynamic Power of Diversity: How Diverse Perspectives and Inclusive Thinking Can Create Powerful Teams DR. ARIN N. REEVES A leading researcher, author and advisor in the fields of leadership and inclusion offers practical tips for harnessing the power of diverse teams.

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A stick of dynamite is comprised of a unique combination of diverse chemicals that is stable and unworthy of notice, but when its fuse is lit and its blasting cap explodes, the intense power that bursts forth…is dynamic. The power of dynamite, when harnessed appropriately, allows us to literally blast through mountains to create works of art like sculpting the faces of U.S. presidents into the hard stone of Mount Rushmore. The collective effort of teams is akin to a stick of dynamite. When a team has the right mix of diverse perspectives and the activating fuse of inclusion, the team becomes capable of achieving powerful results. Diverse perspectives without the blasting catalyst of inclusion cannot become dynamic, and an inclusive spark without diversity fizzles uselessly. The dynamic potential of diversity, combined with the necessary spark of inclusion, can create powerful teams who can blast through outmoded ways of working to achieve levels of excellence in problem-solving and innovation, which every organization needs to compete in today’s world. How exactly do teams with diverse perspectives and inclusive thinking create the explosion of excellence that teams without diversity and inclusion just cannot achieve? The answers to this question are simpler than you might imagine; however, just because the answers are simple, doesn’t mean they are always easy for humans to implement. 1. Working on a diverse team that is inclusive of each other’s different perspectives makes people more critical thinkers. Our brains have the potential for unimaginable brilliance, but our brains are also hardwired to conserve energy by doing as little thinking as possible on a daily basis. If your brain can find a way to make something automatic (implicit bias), it will find a way. If your brain can engage in predictable interactions with people who

feel familiar and comfortable, it will gravitate towards those interactions. Our brains are hardwired to seek out familiarity, comfort and predictability in order to conserve energy; and, when we engage in the familiar, comfortable, and predictable, we feel relaxed and good because we are not expending a lot of energy in our thought processes. When our brains have to negotiate the discomfort and unpredictability that diverse perspectives stimulate, we are pushed out of our relaxed comfort zones into dynamic thinking zones where we can be our sharpest and most creative selves. Similarity makes us comfortable. Diversity makes us smarter. Diverse perspectives allow us to create a dynamic mix of ideas that will blast us through the status quo, but diverse perspectives need inclusive behaviors from everyone on the team to transform into powerful results. After you create a diverse team (yes, it’s easier said than done, but there is no easy way around this first step), implement inclusive behaviors like the following, to activate the dynamic power of diversity you have assembled: ◗ Create a culture of curiosity where people are rewarded for asking questions. Implement a rule on calls and in meetings that, when someone throws out an idea, everyone asks one question about the idea before they offer their opinions on the idea. ◗ Take turns talking during calls and meetings. Although the “jump in when you have something to say” model of dialogue feels more organic, it is less inclusive. This model favors the extroverted over the introverted, the interrupters over the listeners, and the overrepresented over the underrepresented. Talking in an ordered way can feel more formal, but it is more inclusive. ◗ Take a break between brainstorming and deciding. The break doesn’t have to be long, but the clear

demarcation between “what are all the possible answers” and “which answer will we choose” allows people to shift from brainstorming together to deciding together. 2. Working on a diverse team that is inclusive of each other’s different perspectives makes people focus more on facts. When our brains encounter agreement, we feel good and when we feel good, we don’t question the basis of the other person’s point of view. Can you think of a time when you wanted proof – facts – from someone who agreed with you? Can you think of a time when you didn’t want proof – facts – from someone who disagreed with you? Our brains are hardwired to conserve energy, and it takes more energy to process a thought that is in disagreement than it does a thought in agreement with our own. When diverse perspectives are present in an inclusive dialogue, more people focus more consistently on objective facts. This is powerful because diverse groups tend to identify the right data to solve the problem, and they create solutions faster than their non-diverse counterparts. It is critical to remember that this focus on facts is only possible when there are diverse perspectives engaged in an inclusive dialogue. When dialogues occur without a commitment to inclusion, discussions can devolve into emotional arguments, and run far, far away from the facts. Emotional arguments thrive on using differences to divide people into their individual corners. Inclusive dialogue is a commitment to harness the power of differences into a dynamic new collective. To keep your team focused on inclusive dialogue, you can: ◗ Practice and encourage others to practice the art of listening to understand, instead of listening to agree or disagree. This can become the norm simply by asking people to say, “I would like to underTHE SECURED LENDER JUNE 2019 45

stand…” as the beginning to any comment they make. “I would like to understand why you prioritized the list in that way” is heard by our brains very differently from “Why did you prioritize the list in that way?” The former leads to inclusive dialogue that focuses on facts. The latter has a greater probability of leading you into an argument that is untethered from facts. ◗ Assign roles to people so that they have to discuss from the perspective of the role instead of from their own point of view. “Playing” a role reduces the intensity of emotion in our responses, and a reduction of emotion increases the probability of inclusion. For example, you can assign one person to a “Yes!” role and another to a “No!” role. The discussions can still be animated, but the role assignments depersonalize the disagreements, thus making room for inclusion. 3. Working on a diverse team that is inclusive of each other’s different perspectives makes it easier for people to innovate. If you had five people with very similar points of view, a dialogue between them will lead to agreement and consensus, but it won’t lead to much innovation. The chances are slim that five similar perspectives can lead to something that none of them could have come up with on their own. Five diverse points of view, on the other hand, will lead to disagreement, but the chances are high that what will emerge from a meeting of these diverse views is something that no one person could have come up with on their own. Imagine cooking with five measurements of the same ingredient in comparison to five completely different ingredients. The end product of the latter requires more thought and perhaps even some experimentation, but what is created in the end might be better than what could be created with multiple quantities of the same

ingredient. The dynamic power of diversity in fueling innovation is exciting to consider and experience, but it can also rouse anxiety in people who would rather stay in their comfort zones. If it feels scary or awkward to step out of your comfort zone to engage with diverse perspectives, you can start getting more comfortable by: ◗ Deciding to be comfortable with difference, by challenging your comfort zones in ways that don’t involve other people. If you always drive to work, take public transportation for one day. Experiment with eating foods that are outside your normal diet. See a movie that you would never see unless you were deliberately trying to stretch outside of your comfort zone. With each new experience, you learn to step out of your comfort zone, and that will carry over into your dialogues with your teammates. ◗ Reframing change as an experiment. Our brains fight change because the status quo feels so good to our energy-conserving cognitive machines, but our brains don’t fight experiments (feels temporary) as much as they fight change (feels permanent). Framing new ideas as thought experiments allows you to examine them without the “no, the old way was just fine” response that your brain is programmed to give to anything that sounds like change. Thinking of teams as sticks of dynamite whose power can be harnessed to reach new heights of excellence is a good way to remember that you need the right mix of chemistry to create the potential for power, but you need inclusion to transform that potential into real power. TSL A leading researcher, author and advisor in the fields of leadership and inclusion, Dr. Reeves studied business at DePaul University’s College of Commerce, attended law school at Univer-

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sity of Southern California and received her Ph.D. in Sociology from Northwestern University. She is a best-selling author of two books – The Next IQ and One Size Never Fits All – and she is the president of the research and advisory firm, Nextions (pronounced “connections” without the “co”), a new way of seeing and doing leadership and inclusion. Dr. Reeves has designed and led several comprehensive research projects on leadership and inclusion in topics ranging from gender equity, cultural integration and implicit bias to transformational leadership and working through generational differences. Her latest book features research on the neurology of lying and liars and how deception breaks down inclusive interactions and disrupts our abilities to gather and leverage collective intelligence.

No matter how we say it, weâ&#x20AC;&#x2122;re happy to have you CFA Welcomes Service Providers as Members This is a milestone in our 75-year history, and the next step in becoming the essential community for all organizations and professionals who deliver and enable commercial lending. To learn more about joining CFA, community.cfa.com/membership or contact James Kravitz, Business Development Director, (646) 839-6080 or jkravitz@cfa.com.

www.cfa.com

Boston Finance Professionals Join Together to Make a Difference BY WARD MOONEY, CHAIRMAN, CRYSTAL FINANCIAL LLC, AND KEVIN MURTAGH, RIEMER & BRAUNSTEIN LLP

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In the spring of 2016, a few Boston corporate finance professionals attending a conference in New York City decided to meet for dinner to spend some quality time catching up. A wide variety of industry topics were discussed, and towards the end of the evening, the importance of the Boston corporate finance professionals giving back to their community became a lively topic of discussion. Soon after, the Boston Corporate Finance Community (BCFC) was founded by Cheryl Carner, Crystal Financial; Ken Frieze, Gordon Brothers; Keith Vercauteren, Wells Fargo and the authors, Ward Mooney, Crystal; and Kevin Murtagh, Riemer & Braunstein LLP. Many examples of various corporate finance industry events that honored industry leaders and provided support to not-for-profit enterprises were identified and celebrated. Although the Boston corporate finance community has established a strong reputation for its collaboration and leadership in all aspects of the corporate debt capital markets, we realized that we had not united together to organize an important event to support the needs within our community. That evening we decided that we would bring the BCFC together to establish a new networking event in partnership with a local game-changing not-for profit enterprise. Of course, time passes quickly, and months later we were still discussing the possibilities, but we had not developed a call to action. Finally, in February 2018, we established a steering committee of corporate finance professionals whose objective was to establish an annual and unique celebration that would not only be a premier networking event, but, more importantly, would provide the BCFC with an opportunity to create a long-term partnership with an outstanding Boston not-for-profit. We chose an untraditional, exciting venue, City Winery Boston. We interviewed and visited many outstanding non-profit enterprises, and ultimately selected More Than Words (MTW). MTW has achieved immense success in rescuing and empowering the most

Boston Corporate Finance Community (BCFC) held its inaugural event in October 2018

vulnerable and disadvantaged youth by teaching them life-changing skills that provide a path to self-sufficiency and economic empowerment. These results are achieved through the innovative use of an entrepreneurial environment as a laboratory and classroom. Each year at-risk youth take charge of their lives by making a three-year commitment to join a flourishing, successful retail/ wholesale used-book enterprise. Finally, we selected our first honoree, Bob Duffy, managing director, Berkley Research Group, LLC. Bob is an impactful leader and consummate professional in the BCFC. He embodies the importance of teamwork and collaboration, as well as working with vulnerable youth to change their worlds. We, as full-time corporate finance professionals and not full-time event planners,]quickly learned that we were facing numerous challenges to successfully convert our vision into a reality: establishing our credibility, venue planning, marketing, administrative systems, invitations, and fund raising—all on a volunteer basis! Fortunately, through the dedicated efforts of the steering

committee and various organizations who donated their services, it all came together on the evening of October 25, 2018, when 325 members of the BCFC “Gathered to Give Back” and to show their support for MTW by delivering a check to them for $350,000, and to share our enthusiasm for our industry, and our commitment to give back annually to our community. Inspired by the success of our inaugural event, we are now planning this year’s event, which is scheduled for October 10, 2019 at the InterContinental Boston where we will continue to show our support for MTW and will be honoring Bill Mayer, executive vice president of Wells Fargo Bank. For more information, please visit www. bostoncorporatefinancecommunity.com TSL Ward Mooney is chairman of Crystal Financial LLC. Kevin Murtagh is a senior partner with Riemer & Braunstein LLP.

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CFA 40 Under 40 Award Recipients: Where Are They Now?

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CAROL ANDERSON

Vice President, Portfolio Management, U.S. Bank Asset Based Finance, 2017

By Eileen Wubbe The Secured Lender catches up with prior winners from CFA’s 2017 and 2018 classes of 40 Under 40 Award Recipients.

How did receiving the CFA 40 Under 40 Award help your career/visibility? I’m so very appreciative of the visibility the award has provided. Shortly after receiving the recognition, I received a call asking if I would be interested in being a panelist at the CFA National Convention in Chicago along with three or four other 40 Under 40 recipients, sponsored by the CFA’s Women in Commercial Finance Committee. I agreed and found it to be such a great opportunity to reach beyond my comfort zone, especially given we would each be speaking in front of and sharing ideas with the most senior leaders in the industry in attendance at the conference. After overcoming my nerves, I was quite surprised at how much I really enjoyed being part of the panel. More recently, I moderated a panel on inclusive leadership at our internal employee offsite. Had I not had the positive experience of being a panelist with the CFA, chances are I never would have volunteered to lead the panel at our offsite. I can now say doing so is “within my comfort zone”!

What changed for you professionally after receiving the Award? How do you think the Award helped your professional life, either directly or indirectly? While my day-to-day roles and responsibilities haven’t changed, the award has had a significant impact on how I view my current position and consider what’s next. The award isn’t solely a recognition for past performance; rather, I believe it comes with the responsibility to work towards becoming an even stronger leader within the industry. As a start, I’ve strived to push myself forward daily by sharing knowledge, taking on special projects, teaching and assisting others, volunteering, networking, and going the extra mile wherever I can. While I’ve struggled in the past with my own internal (and perhaps self-limiting) challenges at times in terms of the strength it takes to be an impactful leader, the award re-set the bar and reminded me what I’m capable of. Did winning the Award encourage you to get involved in other professional organizations or groups outside or work? I attended the CFA Women in Commercial Finance Conference in New York the morning of the 40 Under 40 Awards ceremony in 2017, and was inspired by the keynote speaker, Sallie Krawcheck, founder of Ellevest, Ellevate, and experienced Wall Street executive, to join Ellevate, a professional women’s network focused on leadership, development, and a commitment to helping each other succeed in our careers. The network provides a wealth of support and career development opportunities both virtually and locally, which I’ve found to be an excellent complement to the leadership and development opportunities offered internally by my employer, as well as by the CFA/ Secured Finance Network. What advice would you give to our 2020 40 Under 40 award recipients? Don’t feel like you need to follow the same path as someone else to get to where you want to be in your career. Opportunities appear at different times for different people and comparing yourself to others is a waste of time and energy. Some paths will be straight and predictable, others will

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be winding and unmarked. Forge a path that makes sense for you and acknowledge that not every twist and turn will lead you to where you want to go. Sometimes you’ll just need to take a step back and start over. Other times, someone will suggest a path you thought would be out of your reach. Try it. See what happens. But, most importantly, remember to give thanks. Thank everyone who has helped you along the way — your mentors, managers, teammates, family, and friends. I’m thankful every day for those who have supported me.

sions with prospects. A good amount of CEOs/CFOs will complete initial research when receiving introductions or preparing for management meetings and have congratulated me or asked questions about our industry group. In your 2018 bio for 40 Under 40 you stressed the importance of active listening and note taking. How can recent grads become focused when they start a new job? College prepares students to take copious notes and focus on digesting the material through testing, but does not always give the necessary experience in application. Recent grads should continue to hone their note-taking skills but also work with manager and mentors to apply their knowledge across all facets of lending. How can young professionals seek out opportunities to build their recognition in this industry, whether they received a 40 Under 40 Award or not? Joining your local CFA Chapter is important. I was not always a member during

STEPHEN BERIAU

Managing Director, Encina Business Credit, 2018

How did receiving the CFA 40 Under 40 Award help your career/visibility? The receipt of the Award coincided with my move into originations from underwriting and extended my name further into the industry. The Award also brought increased communication between myself and my existing network. It was great to hear from colleagues from throughout my career who were unaware of my role change. How do you think the Award helped your professional life? It has been very helpful on initial discus-

KAREN MARINO

Vice President, North Mill Capital, 2018 my years in credit and it made my move to originations require more leg work than if I had remained involved.

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How did receiving the CFA 40 Under 40 Award help your career/visibility? I was very proud to be honored and recognized at the September 2018 40 Under 40 Awards ceremony. The CFA is a huge part of the commercial finance world and to be recognized is a great honor. I received many well wishes from people, which has led to some friendships that I might not have otherwise made. In December of 2018, I was promoted to vice president and subsequently have changed roles and am a senior underwriter at North Mill Capital. Winning the Award allowed me to step out of my comfort zone and climb. Did winning the Award encourage you to get involved in other professional organizations or groups outside of work? I have always been very interested in volunteering, but winning the Award allowed me visibility and opportunity. It gave me access to people in my profession that were in my age group and people I can connect with. Prior to receiving this award, it was hard to find other young professionals to connect with. Being surrounded by people who also won the award gave me the confidence to get more involved with the CFA, especially the National YoPro Committee. Since getting more involved, I’ve participated on the Newsletter Committee, the YoPro Leadership Summit Planning Committee, and I aspire to do more at the local level. What advice would you give to our upcoming 40 Under 40 Award recipients in 2020? Enjoy the recognition! Get to know your fellow award winners and stay connected. It can be a little intimidating, but do not let that get in your way. The award is a great icebreaker to connect with 39 other people who can be potential friends, contacts, referral sources, and future leaders of the industry.

a 40 Under 40 Award or not? I would highly encourage them to get involved with their local CFA Chapter and/or at the national level. Accountability is hard to gain without first having done something to prove that you’re accountable. Working alongside other professionals in your industry as a volunteer is one way to demonstrate that you can be counted on and thus gain favor (and consequently, recognition) in your ‘day-job’. Personally, that’s how I’ve tried to leverage my time on various committees, the executive team, and the board of the CFA Midwest Chapter.

NICK PAYNE

Director, New Business Originations, Siena Lending Group, 2017 How did receiving the CFA 40 Under 40 Award help your career/visibility? Winning this Award gave me a certain visibility that I would not have otherwise had. I found that especially useful in business development where so much of your success or failure is predicated upon first impressions. Having won the Award gave me both the confidence and credibility to approach potential deal sources and prospective borrowers that I may not have otherwise had. In doing so, it was a tool that helped open many doors that would have been closed. In your 2017 TSL profile for 40 Under 40, you mentioned you are a mentor. How did you find it rewarding and how can people take ownership of their career professional development? I am all about paying it forward and really do enjoy mentoring younger people. I consider it a privilege to do so. If someone comes to you for advice when they could have come to however many others, that means that they’ve put stock (or trust) into what you have to say. That’s a responsibility that I don’t take for granted. How can young professionals seek out opportunities to build their recognition in this industry, whether they received

What advice would you give to our upcoming 40 Under 40 award recipients? Enjoy the process and the experience. The CFA has done an excellent job of making this recognition (and the event in New York) very special in a short timeframe. You should sit back and enjoy your accomplishments that got you to this point. Then, when it’s all over, get back to work. You are now a 40 Under 40 and, as such, your peers are going to expect you to perform at a high level now!

YONATAN S. PETEL M.B.

Associate/Partner, McMillan, 2018 How did receiving the CFA 40 Under 40 Award help your career/visibility? Receiving the CFA 40 Under 40 Award contributed greatly to my visibility in the industry and my professional reputation. While good work is often recog-

nized by individual clients and through referrals, the Award represents recognition from the industry as a whole. It has provided me with an opportunity to better distinguish myself from others providing legal services in the same field. The profile in the special edition of The Secured Lender also provided me with an opportunity to build my profile across North America. How do you think the Award helped your professional life? I received many congratulatory messages from clients when I received the Award. It has reinforced the relationship of trust I have with clients I work with, who see it as external confirmation that they are in good hands when seeking my advice on matters of vital importance to their business. The connections I have made with other Award recipients have also been invaluable. In your 2018 TSL profile for 40 Under 40 you mentioned you are a mentor. Please explain more about that—how you find it rewarding and how people can take ownership of their professional development. Having benefitted myself from very strong mentors, I feel that it is my obligation to “pay it forward” and provide the same opportunity to others attempting to develop their legal careers. I find it fulfilling to be able to use my own experiences to benefit others. I believe that one of the most important things that a professional can do, at any stage of their career, is to identify mentors and champions who can provide them with opportunities to learn, grow and advance in their careers. How can young professionals seek out opportunities to build their recognition in this industry, whether they received a 40 Under 40 Award or not? The best way to build a profile in the industry is to get out there and get involved. That can mean attending conferences and industry training sessions, or volunteering for a CFA committee or

THE SECURED LENDER JUNE 2019 53

another industry association or group. Too often, young professionals tend to keep their heads down and focus on their work. Professional performance is important in building your reputation, but there is no substitute for face-toface interactions with others in the industry. What advice would you give to our upcoming 40 Under 40 award recipients in 2020? My advice would be to make the most of the experience by connecting with the other recipients. It is both humbling and motivating to be part of such an exceptional group of young professionals and being selected to receive the Award is not only a recognition of your contributions to the industry, but an opportunity to connect with some extremely impressive and talented people. Be sure to make the most of it.

AZURDEE RAMASAR Portfolio Manager, ENGS Commercial Capital, 2017

How did receiving the CFA 40 Under 40 Award help your career/visibility? I’ve been in this industry for over 10 years and, after having received the 40 Under 40 award, the question I get asked most often is, “Where have you been hiding?” The recognition from the CFA

provided me with a platform that I didn’t have before, to connect with so many individuals, both in the factoring space, and commercial finance in general. It’s been amazing to have a network of people you can reach out to, whether it be for deal opportunities, software and technology platforms, or even someone to grab lunch with when you’re in their city. For that, I am extremely grateful! How can young professionals seek out opportunities to build their recognition in this industry, whether they received a 40 Under 40 Award or not? Young professionals in this industry have such a great opportunity in the form of social media. When used appropriately, you now have a way to broadcast all the great things going on within your company and career. You are now able to build your brand with the click of a button, to hundreds, if not thousands of individuals specifically in your industry. Don’t be scared about speaking to someone new, whether it’s at a conference or on LinkedIn. Chances are, they will be appreciative that you took the time to reach out. Additionally, use your industry resources. If you see an opportunity to write an article or a blog on a subject that speaks to your career, take it. If there is a local networking event in your area, make every effort to attend. The opportunities are there, you just have to take them. What advice would you give to our 2020 40 Under 40 Award recipients? Soak it all in. Be proud of your work and your accomplishments. Use the platform as an opportunity to network. Meet lots of new people and shake a lot of hands. You’re truly surrounded by some of the brightest minds in the industry, so don’t take that for granted. Be confident that you belong there and let this recognition in your career be a boost for your upward growth. At times, we can be our own worst enemy. If we get out of our own way, we will realize that the sky is really the limit.

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JONATHAN SCHALIT Senior Counsel, Wells Fargo, 2017

How did receiving the CFA 40 Under 40 Award help your career/visibility? Receiving the Award had a definite impact on my ability to make a jump to an in-house position, which I had been interested in doing. For me, there is no question that receiving the Award helped make my career and personal application much more visible. Please update our readers on what you have been up to since receiving the Award? How has the transition been from moving into an in-house counsel role at Wells Fargo? How does it differ from your prior role? My focus has always been on providing the best quality legal service I can. I never have been interested in the business development side of the profession, in terms of getting clients, bringing in deals and generating business. I certainly cannot deny that has an integral role in the operations of and is the lifeblood of law firms. But for me I have always been more interested in providing the best service that I can to clients and getting

to know more about their business. For me, making the move in-house has been a great change because it allows me to much more closely partner with a variety of people on the non-legal side in one single company. I get to work with people not just in credit and underwriting, but also risk, compliance and regulatory enforcement -- everyone across the enterprise all sharing a common goal, which is getting the bank to be the best financial institution it can be on a go-forward basis. It has been a great transition. What advice would you give to those just graduating law school now? The best thing they could do would be to determine where they want to end up and try to work backwards from there. If they are looking to make a jump in-house, and they are starting at a law firm, they should try to determine which partner or group of partners works with the clients that they would most be interested in ultimately working for, and try to align themselves with those partners and the work to start getting on the radar of those companies. If they are looking to remain at a law firm and make partner, I would say the best advice is try to really build a niche in an area of expertise as early as possible. I believe legal practice is only getting more specialized, even since I started practicing in 2007. At Wells Fargo, we will bring in a number of legal colleagues on any given matter, it can be five to ten depending on the issue and magnitude of it. The earlier a graduate can develop a unique area of expertise and develop a personal brand, the better it will serve them throughout their career.

you certainly want to rely on those who have. It is an area where it is really crucial to have team members with the necessary expertise. How can young professionals seek out opportunities to build their recognition in this industry, whether they received a 40 Under 40 Award or not? Whatever you can do to have your name show up in a Google search of a particular legal issue is, I think, most helpful. If I am working on an issue that I have not seen before or that I know I am not an expert in, and we have decided to send the deal to outside counsel, or we just do not have internal expertise on the issue, I will often look on Google and see who wrote an article or law firm client alert on that issue, because in my mind it demonstrates that person has devoted a significant amount of time to a particular issue and should have some expertise in the area. What advice would you give to our 2020 40 Under 40 Award recipients? Keep an ear to the ground to figure out what direction your clients are heading in on the business side, whether it is a matter of adapting to changing customer demands or changing regulatory pressures, or just strategic initiatives to move in a different direction. Think outside the box and try to figure out where things are heading, and forecast how you can adapt your own legal skill set to be of service as things change in the new environment. TSL Eileen Wubbe is senior editor of The Secured Lender.

What are some of those more specialized areas in law? The derivatives field continues to be very active. Swaps and hedges are playing a larger role, especially as clients deal with increasing economic uncertainty driven by trade wars. If you have not worked in derivatives,

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CFA Education Foundation Establishes Scholarship and Diversity Committee and Launches Guest Lecture Program BY MICHELE OCEJO The CFA Education Foundation has created a Scholarship and Diversity Committee, which held its organizational meeting during CFA’s Asset-Based Capital Conference in Las Vegas.

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Joe Accardi discusses the results of the market Sizing & Impact Study with a class of seniors at Temple University.

Committee members include Richard Gumbrecht, CEO, Commercial Finance Association; Wade Kennedy, partner, McGuireWoods LLP; David Kurzweil, shareholder, Greenberg Traurig, LLP; Bethani Oppenheimer, associate, Greenberg Traurig, LLP; Robert D. Katz, managing director, EisnerAmper; Jonathan Craig, president, Prime Financial Recruiting; Nathen Bishop, first vice president, director of operations, Hana Financial; Charlie Johnson, CFA past chairman and current Education Foundation Board chairman; and Greg Slowik, CFA’s CFO and the Foundation’s Executive Director. “The primary mission of the Committee is creating opportunities in secured finance for a diverse group of young people. Scholarships and paid internships, funded by the Foundation and local chapters, respectively, and supplemented by individual and CFA member company matching gifts, will receive emphasis as well as assisting women and minorities with career development opportunities. I’m thrilled to be a part of this very important initiative,” said David Kurzweil. “Both with respect to general membership as well as leadership of the CFA, bringing attention to diversity is important for the health, relevance and ultimate success of the CFA and the Foundation (or frankly any organiza-

tion). It is not so much an attempt to promote the success or advancement of any particular group or perspective, but rather a priority developed to ensure the broadest possible resources and information for the organization to draw on. Any dynamic organization that needs to grow and change in order to serve its constituents needs to have this breadth of experience and knowledge feeding its decision-making and that experience and knowledge comes from the membership and leadership of the organization,” said Wade Kennedy. The Committee decided to initially develop a Guest Lecture Program (GLP) designed to introduce ABL, factoring and other secured finance products to undergraduate juniors and seniors. “We hope to reach students at colleges and universities in minority and underserved communities through these GLPs. Secured finance is not an industry most students are aware of and we would like to change that,” said Greg Slowik. As a follow-up, internships at CFA member companies will be made available for students attending any GLP and showing strong interest in gaining further knowledge and hands-on experience in secured finance. To get the ball rolling, Robert Katz of EisnerAmper, who is adjunct professor of finance at Temple University, arranged for the initial guest lecturer

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The Guest Lecture Program kicked off on April 8 at Temple University.

presentation to his Corporate Finance class on April 8 in Philadelphia. Joe Accardi from People’s United Bank was the guest lecturer. The class of 20 students, all getting ready to receive a BA degree in Business/Finance, had stimulating interactive discussion with Joe about asset-based lending, including what it is and career opportunities in the field. “The inaugural GLP was a success and we are grateful to Rob and Joe for making it happen. CFA, soon to become SFNet, is committed to increasing our industry’s diversity as well as attracting and training the next generation of leaders,” said Rich Gumbrecht. According to Accardi: “Our discussion began with some basic concepts of creditworthiness, and the possible need for collateral. I explained that, as cash flow and liquidity become more strained, collateral becomes more important to ensure full repayment of a debt, and then various types of potential problems come into play with certain assets. “I was as impressed by the great questions from the students. They clearly had a strong academic background in finance and had learned a lot over

the years of their academic life. They had no problem absorbing some real nitty-gritty ABL concepts like borrowingbase availability, ineligibles and NOLV,” Accardi said. Accardi provided an example of a former client of his from years ago, a company that was an importer of Christmas tree ornaments. “Very quickly the students understood that the inventory had a certain value in September, and a much lesser value in January. I was hoping that they’d come away with the idea that, with asset-based loans, you always need to be thinking about potential risks. This is not plain vanilla, auto-pilot lending, and that’s why it’s so stimulating and fun!” Accardi explained that the ABL business had been so rewarding for him over nearly four decades and urged the students to consider learning more about career opportunities and looking into internships with asset-based lenders. There was discussion about careers in credit and underwriting, new business development, and portfolio management. Accardi and Katz also discussed career and internship prospects with

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CFA members and the support of the CFA through jobs, trade publications and education. Both offered to serve as a sounding board for students who were interested in exploring ABL career opportunities. “More than half the class indicated an interest in learning more about the CFA and lending opportunities and several did follow up with us after class,” said Accardi. Accardi told students what potential employers, in any field, are looking for when considering hiring a recent college graduate. “Obviously, no one is looking for 10 or 20 years of experience when hiring someone in their earlymid 20s. So what we are looking to hire is someone with a strong work ethic, strong communication skills, a positive attitude, a collaborative nature, and an eagerness to keep learning and growing. If that’s what you’re coming to the table with as a potential team member, success is pretty much guaranteed.” “The Foundation’s Guest Lecture Program is the best way to introduce young people to the secured finance industry... and CFA’s Chapter organizations are the best vehicle to deliver those programs locally.” said Charlie Johnson, chairman of the Foundation. “That’s why I am personally encouraging each Chapter president to make delivering at least one GLP to local a college business finance or accounting class a part of their Chapter’s agenda each year.” “In addition to the GLP, the Committee plans to establish a pilot program providing commercial lending educational resources to two community lending organizations that finance underserved communities, including women and minority-owned businesses, in Chicago. The two organizations are Chicago Community Loan Fund and Chicago Neighborhood Initiatives. Stay tuned for further details,” Kennedy said. TSL Michele Ocejo is director of communications for CFA and editor-in-chief of The Secured Lender.

the cfa brief AMONG CFA MEMBERS

CFA NEWS IN PRINT

Allied Affiliated Funding: a division of Axiom Bank, N.A. (Allied), is pleased to announce that Stacie Durman has joined the company in the role of underwriter and account executive. Durman has over eight years of experience in factoring. She brings with her, credit and account management expertise that will help grow new business and provide fast fundings with superior client service, which are key elements of the Allied Customer commitment. In her prior role as a senior account manager, Durman created time-saving business processes, while underwriting and managing an account portfolio. Gen Merritt-Parikh, president of Allied, noted, “We are thrilled that Stacie has joined our team. She brings an innovative and solution-focused approach along with solid factoring experience that will help us achieve even more as we continue to grow our division within the bank.” Avidbank Holdings, Inc.: Joe Wilson has joined the bank as senior vice president, Corporate Banking Division. “Joe’s banking career spans 30-plus years,” stated Dori Hamilton, executive vice president and chief banking officer. “With that level of experience, I’m eager to leverage his depth and breadth of knowledge to strengthen the leadership within our Corporate Banking Division.” “I am extremely excited to join Avidbank’s very successful Corporate Banking team in San Jose,” stated Wilson. “Avidbank has a strong reputation for exceptional

customer service, understanding the intricacies of business banking, and providing customized banking solutions that meet client expectations. The Bank has a strong commitment to the communities and businesses that it serves, and I look forward to contributing to the Avidbank team’s growth and prosperity going forward.” Wilson’s experience prior to joining Avidbank includes senior management positions at Lighthouse Bank, California Bank of Commerce, Focus Business Bank, Heritage Bank of Commerce and California Business Bank. Wilson holds a bachelor of science degree in business administration from Gonzaga University. He can be reached at (408) 200-7388 or jwilson@avidbank.com. Axiom Bank N.A.: Pete Longo was promoted to VP, Digital Banking. In this role, Longo will further enhance and grow the bank’s digital service line. “Pete has demonstrated his expertise in the field of emerging banking technology, which aligns with the shift we see in the industry. Under Pete’s leadership, Axiom Bank will continue refining our product base so we can provide consumers with the tools and features they want,” said Urjit Patel, EVP, Consumer Banking of Axiom Bank. Longo was hired as VP, AxiomGO product manager last July to oversee the bank’s checkless checking account and cuttingedge mobile app, AxiomGO. In that time, Longo facilitated functional upgrades and introduced new features to the app. AxiomBanking.com Axiom Bank N.A. also announced it named Denesh Kalia as vice president, treasury management manager. In this role, Kalia will develop new business opportunities and enhance product offerings in treasury management and commercial banking. “Denesh is a strategic leader with extensive experience in the financial services industry and deep expertise in treasury

solutions,” said Ted Sheppe, executive vice president, Commercial Banking. “His focus on working capital analysis and his consultative approach will benefit our commercial customers as they grow their businesses.” Kalia brings more than two decades of experience in financial services leadership. He previously served as senior vice president, director of treasury management for a national bank. BHI: Diane D’Erasmo joined its Advisory Group. D’Erasmo was formerly vice chairman emerita of HSBC Bank USA, where she served for more than 30 years at the 12th largest bank in the US. Her roles there included corporate banking with specialization in retail, consumer products and multinational subsidiary banking, as well as leadership in risk management, government and regulatory compliance, sales and marketing, plus development of internal initiatives on diversity and women. She advised public, private, domestic and international clients on lending and investment banking transactions, among other areas. D’Erasmo received American Banker’s Lifetime Achievement Award in 2016 and she was recognized as one of the 25 Most Powerful Women in Banking for eight consecutive years. “Diane D’Erasmo brings an unsurpassed knowledge of multiple areas of banking, from investment banking to operations, in the US and abroad. She speaks the languages of finance, risk management, strategy, marketing and leadership. She is attuned to the perspective of colleagues in finance and to customers in diverse industries. We are excited that Ms. D’Erasmo joins the Advisory Group of BHI,” said Gabriel Hamani, CEO, BHI. “BHI’s dedicated focus on customer service and its emphasis on innovative funding for growing enterprises places it among the leading banks of its size. I am most pleased to join the BHI Advisory

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Group at this juncture as the bank continues to extend its success,” said D’Erasmo. “Diane D’Erasmo is known and respected for her judgment, business development, strategy and execution, with a particular emphasis on relationships and team leadership. We welcome her to the Advisory Group, which is now comprised of members all with outstanding international and domestic banking experience,” said Yair Talmor, chairman, BHI USA Advisory Group. D’Erasmo joins BHI’s Advisory Group, which is consists of executive management from BHI and Bank Hapoalim Group, as well as notable New York business leaders. Members from BHI USA include: Yair Talmor, chairman; Gabriel Hamani, CEO; David Hertz, General Counsel; and Howard Ross, EVP. External members include: John Castsimatidis, chairman, Red Apple Group; and David Krell, co-founder, International Securities Exchange LLC. Members from Bank Hapoalim Group include: Oded Eran, chairman; Arik Pinto, president and CEO; Yadin Antebi, head of Financial Markets and International Banking; and Tzahi Cohen, head of Corporate Banking. Capital One announced that it has named Mak Kern as a director on its Food, Beverage & Agriculture (FB&A) specialty banking team. The FB&A group specializes in leveraged lending and full-service corporate banking to private, public, and sponsor-backed companies across the entire food value-chain. In addition to corporate lending, it provides a range of corporate services including treasury management, corporate card, derivatives, foreign exchange, and more. “Mak will be working closely with managing director Rich Collins to expand our presence on the West Coast,” said Paul Baisley, managing director and head of Food, Beverage & Agriculture at Capital One. “His experience will make him a valuable member of this team.” Although Capital One has a long history of serving

the food and beverage industry, it formally launched the FB&A specialty group in 2018 to better serve this vertical. Kern joins Capital One from City National Bank, where, as a senior vice president in its food and beverage group, he provided leveraged finance and traditional senior secured loans to a variety of industry segments, including branded and private label ingredient manufacturers, vertically integrated grower/packers, and wineries and vineyards. Before moving to City National, he was a strategic purchasing manager at Nestlé USA. Capital One: Gary Raisig has joined its Middle Market Banking group on Long Island as a senior vice president and relationship manager. Raisig will work with a portfolio of middle-market clients with annual revenues that range from $20 million to $2 billion. His specialties include working capital and ABL facilities, owner-occupied real estate, depository and treasury management services, capital market services, and foreign exchange and trade services. Raisig will report to Miriam Tanenbaum, head of Long Island and Queens Middle Market Banking, at Capital One’s Long Island headquarters in Melville. “Gary has compiled an exceptional record of supporting businesses throughout his career thus far, bringing the highest level of service and attention to detail in all his interactions with clients,” Tanenbaum said. “We are thrilled to have him on our team.” Previously, Raisig was a director of Business Banking with Capital One’s Small Business Banking group. Before joining Capital One, he was a business relationship manager for HSBC Bank, managing a book of business that included 50 international clients with annual revenues of between $3 million and $50 million. He was Long Island Business Banker of the Year in 2010. Paul Westra was named managing director of Restaurant Investments, supporting Capital One’s Food, Beverage &

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Agriculture (FB&A) specialty banking team. “Over the course of more than 20 years, Paul established himself as one of the most authoritative restaurant analysts on Wall Street,” said Paul Baisley, managing director and head of Food, Beverage & Agriculture at Capital One. “Our decision to selectively build our team with professionals of Paul’s caliber reflects our commitment to providing deep expertise and customized solutions to our clients.” The FB&A group specializes in leveraged lending and full-service corporate banking to private, public, and sponsor-backed companies across the entire food valuechain. In addition to corporate lending, it provides a range of corporate services including treasury management, corporate card, derivatives, foreign exchange, and more. Although Capital One has a long history of serving the food and beverage industry, it formally launched the FB&A specialty group in 2018 to better serve this vertical. “Our food and beverage specialty team has the expertise to deliver additional value because we understand the industry nuances and loan structures common in the sector,” Baisley said. “This can translate into better credit outcomes for our customers.” Westra brings a wide range of experience to his position. Prior to joining Capital One, he was chief financial officer and treasurer of iPic Entertainment Inc., where he helped lead the company’s successful initial public offering. On Wall Street, he was a market-share leader in new-equity issuance for over a decade, serving as lead manager for transactions including Chipotle, Einstein-Noah Bagels, and Buffalo Wild Wings. Westra also spent two years as vice president of business development for Food.com, an outsourced information technology company for restaurants, and co-founded two New York City restaurants, Phebe’s and Dylan Prime. CIBC announced it has added asset-

based lending capabilities to its Cleveland office with the addition of Joe Panico as managing director of business development. “Michigan, Ohio and Pennsylvania are home to many great middle-market businesses that are in need of tailored lending solutions. With Joe’s deep expertise providing asset-based lending solutions to companies, we are excited to have him begin working with new clients throughout the region.” said Bruce Denby, managing director and co-head of US Asset-Based Lending at CIBC. “CIBC’s already strong commercial banking capabilities and client-focused approach in the region will align well with Joe’s market focus.” Panico joins CIBC from WNB Specialty Finance, where he most recently served as senior vice president and Northeast regional manager. There, he was responsible for originations. CIT: Amna Mahmood has been promoted to managing director, national underwriting manager, in CIT’s Commercial Services business. In her new role, Mahmood will be responsible for managing and supervising underwriters across all geographic regions for CIT’s Commercial Services business. She will report to Commercial Services president Marc Heller. “Amna has been a strong and agile performer during her tenure at CIT, playing a key role in bringing numerous new deals to a successful conclusion,” Heller said. “I am confident she will extend that record of performance in her new position to the benefit of both CIT and our clients.” Mahmood joined CIT in 2007 as an associate and has since moved into roles of increasing responsibility, including account executive and underwriting manager for Commercial Services’ Northeast region. In 2017, she was recognized by the Commercial Finance Association with its 40 Under 40 Award for outstanding professional achievement.

Encina Business Credit, LLC (EBC): Jim B. Allin has joined the company as managing director to lead origination efforts in Texas and Louisiana. Allin has more than 35 years of experience in asset-based lending and international commercial banking. He previously served as the head of the assetbased lending and commercial factoring for TBK Bank and has held the position of business development/origination officer for a variety of banks and non-regulated institutions. Allin also has experience in managing credit portfolios and underwriting loans with Bank of America, GE Capital, and CIT. Allin can be reached at jallin@ encinaBC.com. Chris Clifford has joined EBC as its chief operations officer. Clifford, who will work at EBC’s headquarters in Chicago, is a 30-year veteran of the asset-based finance industry, having worked most recently at US Bank, where he was an operations executive. Before US Bank, he worked at RSM McGladrey and LaSalle Business Credit, having held roles of increasing responsibility in auditing, risk management, portfolio management and originations. Clifford can be reached at cclifford@encinaBC.com. Encina Business Credit, LLC (EBC) announced that Dan Williams has joined the company as a managing director. He and Sean Sheehan will co-lead origination efforts throughout the northeast, focusing on New York and Boston, and they will report to Rob McMahon, Encina’s chief commercial officer. Williams has 25 years of experience in asset-based lending and has developed strong relationships across the ABL community at commercial banks, direct lending funds, and private equity sponsors. He has worked as an underwriter, a portfolio manager, and most recently as a managing director at Great American Group, focused on business development. In addition, Williams has held positions at banks and non-regulated institutions including GE Capital, Capital Source, and HSBC. Williams can be reached at dwilliams@encinaBC.com.

Gibraltar: Gregg Marsicano has joined as the newest member of Gibraltar’s experienced and dynamic business development team. Marsicano is senior vice president for the Northwest region with responsibility for originating assetbased credit facilities across Northern California, Washington, Oregon, Wyoming, Idaho, Alaska and Hawaii. Marsicano is uniquely familiar with the challenges of businesses in transition and has worked for decades to help companies in the Northwest get the business financing they need to thrive. As part of several ABL teams, he has specialized in turnarounds, mergers/acquisitions, highgrowth, seasonal swings, and start-ups. His diverse expertise is an excellent fit with Gibraltar’s focus on mid-market companies in transition and high-growth modes. His career with companies that include Mellon Business Credit, Norwest Business Credit, Wells Fargo Capital Finance and PNC Business Credit has encompassed roles in auditing, underwriting, portfolio management, credit, and business development. His varied experience gives him a comprehensive perspective on how to structure viable deals that work for specific situations and clients. Gordon Brothers, the global advisory, restructuring, and investment firm, announced that Leslie Zmugg has joined the firm as its general counsel. In this role, she will lead the firm’s worldwide legal function. Zmugg joins Gordon Brothers following a 20-year career at Caterpillar Inc., the world’s leading heavy equipment and engine manufacturer, where she held senior level roles with increasing responsibility. Most recently, Zmugg was general counsel and secretary for Cat Financial, the financial services arm of Caterpillar. At Caterpillar, Zmugg gained extensive experience in global corporate legal affairs and complex financial transactions across multiple cultures, languages, and geographies.

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Prior to joining Caterpillar in 1999, Zmugg worked at Kasowitz, Benson & Torres and Schulte, Roth and Zabel in New York, focusing on asset-based finance, bankruptcy, and corporate restructuring. Zmugg graduated from Fordham University School of Law and holds a bachelor in philosophy from Binghamton University, both in New York. “Leslie’s global perspective and experience in highly complex environments will strengthen our ability to rapidly execute for our clients to help them transform their businesses,” said Ken Frieze, chief executive officer of Gordon Brothers. “I look forward to her contributions toward evolving the firm as we continue to expand.” “I am incredibly excited to be joining Gordon Brothers and supporting the next era of growth for the firm,” stated Zmugg. “This is an incredibly vibrant business that has grown quickly all over the world. I’m excited to play an active role in the next chapter,” she added. Zmugg will assume the role of general counsel from Michael Chartock, who will be launching a new litigation claims business at the firm. Zmugg will be based out of Gordon Brothers’ Boston headquarters. Monroe Capital LLC: Alex Patil has joined the firm’s originations team as managing director, West Coast Region. Patil joins Steve Hinrichs in the firm’s Los Angeles office. Prior to Monroe, Patil was a managing director at Medley Management, Inc., where he led the originations efforts for the West Coast region. He was responsible for deal sourcing, underwriting, transaction execution and portfolio management. Prior to Medley, he was employed in the Technology Investment Banking division at Bank of America Merrill Lynch. “We are very excited to add Patil to the Monroe Capital originations team,” said Tom Aronson, managing director and head of originations of Monroe Capital. “Alex has an accomplished career of over 10 years

providing financing solutions to middlemarket companies and brings with him many great relationships and a wide range of experience across multiple industries. He will help us continue to grow our robust direct origination platform that we have built throughout the U.S.” PNC Bank, N.A.: J.P. Seminario was appointed as national originations manager for PNC Business Credit’s (PNCBC) Technology Finance group. Based in Los Angeles, Seminario, a five-year PNC veteran, previously served as managing director of western originations for PNCBC’s Technology Finance group. As an original member of PNCBC’s Technology Finance group, Seminario has experience in underwriting, portfolio and originations, including more than $3 billion in financing leveraged buy outs, mergers and acquisitions, recapitalization and restructuring transactions in the technology space. In his new role, he will be responsible for oversight of Technology Finance group originations nationwide. Seminario earned his bachelor of science degree from California State University Northridge and a master degree from the University of Notre Dame. PNC Bank, N.A., also announced the appointment of Christopher P. Duranto as director, western originations for PNCBC Technology Finance. Based in San Francisco, Duranto will assist in covering originations across the western region. He previously served as portfolio team leader, responsible for $800 million in commitments and the build-out of the dedicated PNCBC Technology Finance portfolio team. Duranto holds a bachelor of science degree from Arizona State University. “The success of PNCBC’s Technology Finance group is due, in large part, to our dedicated team of financial professionals,” said David Mengel, group head, PNCBC Technology Finance. “We are pleased to announce the promotions of J.P. and Chris, which will support our growth strategy and further solidify the dedicated team

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that we have in place.” The Technology Finance group in PNC Business Credit offers capital solutions to support the growth and financial objectives of sponsor-backed technology companies, offering senior debt based on the intrinsic value of established recurring revenue streams. Triumph Bancorp, Inc. (TBK) is pleased to announce that Todd Ritterbusch has been appointed chief lending officer of its subsidiary, TBK Bank, SSB. Ritterbusch will report to Aaron P. Graft, chief executive officer of TBK and TBK Bank, SSB. As a member of the Bank’s executive management team, Ritterbusch’s primary responsibilities will be to oversee the management, direction and development of the Bank’s lending lines of business. “We welcome Todd to our leadership team,” said Graft. “His experience will be a great benefit to us going forward and we believe that Todd is a great cultural fit for TBK Bank.” Ritterbusch has more than 17 years of banking experience, most recently serving as managing director, market executive, commercial bank for JPMorgan Chase. Prior to that, he held a variety of leadership roles at JPMorgan Chase across its commercial banking and business banking lines of business. When asking Ritterbusch about his objectives as the chief lending officer, he explains that, “TBK has established an impressive track record of profitable growth in each of its lines of business. I look forward to working with the rest of the leadership team and all of our team members to further accelerate the company’s growth while reinforcing the company’s credit discipline.” Ritterbusch began his career at IBM Corporation and served as an engagement manager for McKinsey & Company with clients in the United States, Canada, Australia, New Zealand, Taiwan and Singapore. Ritterbusch holds a bachelor of science in

engineering from Purdue University and a master of business administration from the Kellogg School of Management and a master of engineering management from the McCormick School of Engineering at Northwestern University. He currently serves on the boards of Cook Children’s Healthcare Foundation, Cook Children’s Health Plan and Leadership ISD. “Beyond my excitement about Todd joining us,” said Graft, “I am excited to give Dan Karas the opportunity to return his focus to the growth of our commercial finance lines of business, where he has more than 30 years of experience.” Karas, who previously served as the Bank’s chief lending officer, will remain on as executive vice president, lending. Triumph Bancorp, Inc. (TBK) is a financial holding company headquartered in Dallas, Texas, with a diversified line of community

banking and commercial finance activities. Its Bank subsidiary, TBK Bank, SSB, is a Texas-state savings bank offering commercial and consumer banking products focused on meeting client needs in Texas, Colorado, Kansas, New Mexico, Iowa and Illinois. It also serve a national client base through its Triumph Commercial Finance division, which offers factoring, equipment lending, asset based lending, and premium finance solutions for independent insurance agents. It offers discount factoring through Advance Business Capital LLC, d/b/a Triumph Business Capital and insurance through Triumph Insurance Group, Inc. White Oak Commercial Finance (White Oak), an affiliate of White Oak Global Advisors, announced the appointment of Andrew Bae to director of ABL Originations, concentrating on Texas and the Southwest-

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ern U.S. region. Bae brings nearly 20 years of experience in commercial finance, most recently leading the establishment of the Dallas office for ExWorks Capital, a senior secured debt fund. “Andrew has a proven track record of quickly understanding his clients’ business model and financing requirements to provide the flexible capital they need to grow and thrive,” said David Montiel, head of ABL Originations for White Oak Commercial Finance. “We are pleased to invite Andrew on-board to continue to build White Oak’s presence across the Southwest.” Prior to joining ExWorks Capital, Bae served as director for the asset-based lending platform at NBH Capital Finance. He previously held various middle-market lending positions at large financial institutions including Regions Business Capital, PNC Business Credit, Wachovia Bank (now Wells Fargo), and Citi, where he completed the bank’s formal credit training program. “White Oak has emerged as a preeminent non-bank lender because of the breadth of its products and its commitment to working with clients to help them achieve their goals,” Mr. Bae said. “I’m looking forward to showing clients the benefits of this platform across each segment of the business lifecycle.” Bae holds a bachelor degree in economics from Rutgers University and a master degree in international business from Seton Hall University. He is a member of the Association for Corporate Growth, Commercial Finance Association, and Turnaround Management Association. WELCOME NEW MEMBERS OF THE COMMERCIAL FINANCE ASSOCIATION Cogent Bank 400 International Pkwy. Suite 250 Lake Mary, FL 32746 www.cogentbank.net Cogent Bank is a Florida state-chartered bank operating as a full-service bank since its inception as Pinnacle Bank in 2001. In

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May of 2018 a group of seasoned bankers, investors and the current Board of Directors recapitalized the Bank. An experienced management team joined shortly thereafter with the objective of creating a technologically sophisticated community bank headquartered in Florida. The Specialty Lending Group brings an additional level of lending capabilities not often seen in a traditional community bank including asset-based lending and recurring-revenue lending. Michael Skat Michael Skat began his career at SunTrust Bank entering the Management Training Program following his graduation from the Crummer School of Business at Rollins College with an MBA. He also holds a BA in Economics from the University of Wisconsin-Madison. Michael spent six years at SunTrust in the asset-based lending group based out of Orlando, Fl. In 1997 he exited banking and worked for a number of commercial finance companies including, Fidelity Funding Financial Group, Guaranty Business Credit, Fremont Financial, Foothill Capital and Business Alliance Capital Corporation. Prior to joining Cogent Bank as Managing Director of the Specialty Lending Group, Michael spent four years as President of Aegis Business Credit based in Tampa, Florida, a lower-market asset-based lender and factoring company. He has additional professional experience in corporate crisis management and investment banking from his time at Capital Strategies Group, an Orlando-based consulting and investment banking firm where he maintains a role as a Senior Advisor. During his over thirty years in the finance industry, Michael has been directly involved and responsible for over $350MM of transactions, most of them in the lower-middle market. Michael can be reached at 407314-2268 or mskat@cogentbank.net.

AMONG CFA EDUCATION FOUNDATION MEMBERS Conway MacKenzie, Inc., one of the United States’ leading consulting and financial advisory firms, is expanding with the addition of an office in Miami, FL. The Miami office will serve as the center of the firm’s Latin American practice, and support businesses in the Southeastern United States. Donald MacKenzie, founding partner and CEO, said, “Miami and Latin America are strategic growth markets for Conway MacKenzie. Our strategy is to work hand in hand with private equity, law firms, banks, and multinational businesses in Latin America to help mitigate risks and accelerate performance in their investment and credit portfolios. We see increased interest in investment and potential for economic and regulatory adjustments in Brazil, Argentina, Chile and Colombia. We want to help underperforming businesses in more volatile markets like Peru, Ecuador, Mexico, and even Venezuela.” Aurelio Garcia-Miro, shareholder and senior managing director, will lead the Latin American practice to provide financial advisory support for corporate transformation processes in pre and post-acquisition, underperforming or distressed situations. Garcia-Miro is an expert in performance acceleration and financial restructuring, advising companies in the United States, Europe and Latin America for nearly 20 years. Currently Garcia-Miro leads the Conway MacKenzie team advising the government of Puerto Rico on its $120 billion debt restructuring with treasury planning and optimization of financial disclosure. The Miami team has deep knowledge of the Latin American region with particular focus in Argentina, Brazil, Chile, Colombia, Ecuador, Mexico and Peru. The team brings vast expertise in corporate transformation, operational and debt restructuring, pre and post-M&A transaction services, and FCPA compliance. “This specialized service offering, coupled with our firm’s track record of success in oil and gas, power generation, au-

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tomotive, steel and manufacturing, and real estate positions us as a tested and proven trusted advisor for companies, in Latin America,” quoted Garcia-Miro adding, “In addition, we are in advanced interactions with a number of Latin American governments to offer our unparalleled government and municipal advisory services.” Conway MacKenzie, Inc. is a global management consulting and financial advisory firm specializing in financial and operational restructurings, corporate transaction services and litigation support services. Linking business plans to operating performance, financial results, and investor expectations, the firm helps ensure today’s performance correlates to tomorrow’s returns. It has offices in all major United States cities including Atlanta, Chicago, Dallas, Detroit, Houston, Los Angeles, Miami and New York. GlassRatner Advisory & Capital Group, LLC, a specialty financial advisory services firm and wholly-owned subsidiary of B. Riley Financial, Inc. (NASDAQ: RILY), announced the addition of Melissa Scott, Jeannie O’Donnell and Mardelle Klaus to the firm. Scott, O’Donnell, and Klaus bring a wealth of experience and expertise in the healthcare industry and will be responsible for expanding the firm’s core service offerings, bankruptcy & restructuring and forensic accounting & litigation support, in healthcare-related transactions. They are based in the firm’s Dallas, TX office, serving clients across the U.S. “The healthcare industry represents 20 percent of the U.S. GDP and has become one our leading industry segments,” said Ian Ratner, co-founder and CEO of GlassRatner. “I anticipate the addition of Melissa and her team will contribute to our growth and significantly enhance our service offerings, while fitting right in with a deeply collaborative and cooperative culture our firm strives for daily.” GlassRatner and its professionals have participated in multiple healthcare-focused Bankruptcy & Restructuring cases in recent

years, including acting as Chapter 11 Trustee and Financial Advisor to Hutcheson Medical Center, serving as chief restructuring officer to Campbellton-Graceville Hospital, Receiver of Alternative Healthcare, Receiver of Metropolitan Hospice, financial advisor to Curae Health, chief strategy officer to a major Skilled Nursing Facility REIT, financial advisor to the Official Creditors Committees in Neighbors Health and Pioneer Health Services, and chief restructuring officer of The Treatment Center of the Palm Beaches. In addition, a member of the firm was named Chapter 11 Trustee and financial advisor to Alliance Healthcare, a transaction which was recently recognized in the 13th Annual Turnaround Awards from The M&A Advisor. GlassRatner’s Forensic & Litigation support team has been involved in hundreds of healthcare-related matters, including billing and collection disputes, medical practice valuation disputes, medical practice roll-up investigations, insurance network disputes, healthcare fraud and abuse cases, expert testimony, internal investigations into revenue recognition frauds, and kickback schemes. In addition, the firm has specific experts that lead Independent Review Organization matters. Scott joins as senior managing director and brings more than 21 years of experience in the healthcare industry. Prior to joining GlassRatner, she served as director of a healthcare regulatory consulting group. In addition to her extensive background providing advisory services, she has held operational roles including director of Billing and Payor Management for St. Luke’s Health System, and served as director of Revenue Cycle for a large multi-specialty clinic, as well as revenue cycle manager for the Department of Medicine at Oregon Health and Science University. Scott’s specialties include forensic analytics, litigation support, internal audit and enterprise risk management, compliance programs, and revenue cycle, as well as commercial and government payer claim audits and focus arrangement reviews. She earned a bachelor of sci-

ence in business management from Linfield College and holds a board certification in Healthcare Compliance and certification as a Professional Services Coder. O’Donnell joins as senior manager and brings more than 16 years of healthcare internal audit, management, and investigative experience. Prior to joining GlassRatner, she served as Lead Auditor in multiple Independent Review Organization reviews and specialized in focus arrangements. Previously, O’Donnell served as an information systems auditor in a large healthcare system and was a Fiscal, Compliance and IT auditor for a Regional Support Network, as well as an audit manager for an audit network. Throughout her career, O’Donnell has conducted various compliance and internal control reviews and operational, financial, compliance and information system audits for health plans, hospitals, healthcare management organizations and attorneys. She also specializes in mock Office of Civil Rights (OCR) audits for HIPAA Privacy and Security. She earned a bachelor of science in psychology/sociology from Wilkes University and added a major in accounting from Kings College. O’Donnell is credentialed as a Certified Internal Auditor, Certified Information Systems Auditor, Certified Professional Coder and Certified in Healthcare Compliance. Klaus joins as senior associate and brings 14 years of experience in auditing, regulatory compliance and healthcare operations. Prior to joining GlassRatner, Klaus served as an expert providing litigation support on behalf of a physician practice facing criminal indictment. Previously, Klaus has served as interim manager of Compliance and Coding Audit for one of the nation’s largest multi-institutional Catholic healthcare delivery systems and has conducted retrospective payment audits on behalf of special investigation units for some of the nation’s largest payers. Her areas of expertise include working alongside providers, payers and law firms with proficiency in Medicare, Medicaid and commercial lines

of business. Klaus currently studies health information management at Western Governor’s University and will receive a Bachelor of Science in healthcare management and credentials as a Registered Health Information Administrator. She is a Certified Coding Specialist, Certified Professional Coder, Board Certified in Healthcare Compliance and holds a project management credential. To learn more about GlassRatner, visit www.glassratner.com. McGuireWoods: Deepak Reddy has joined McGuireWoods as a partner in New York, bringing a wealth of experience as one of the nation’s leading aviation finance lawyers. Reddy represents airlines, aircraft leasing companies, financial institutions and investment funds in M&A, financing, restructuring and leasing transactions involving commercial aircraft. He also advises Fortune 500 companies, financiers and high-net-worth individuals in a wide variety of private and corporate jet transactions. Chambers USA has twice recognized Reddy as one of only two up-and-coming aircraft finance lawyers nationwide. Euromoney has selected him for inclusion in the “Euromoney Expert Guide: Aviation in 2019,” and Corporate Jet Investor has recognized him as a leading business aviation lawyer each year since 2014. Reddy joins McGuireWoods from Winston & Strawn LLP. “Deepak is well known as a top deal lawyer in the global aviation industry,” said Raj Natarajan, chair of the firm’s Debt Finance Department. “He enhances our significant strength in aviation finance and broadens the services our practice delivers for clients in the U.S. and abroad.” McGuireWoods represents leasing companies, financial institutions, investment firms and Fortune 500 clients in commercial and corporate aircraft transactions. It is the primary law firm for the global aircraft finance group of the largest U.S. bank-owned equipment financing company. The firm has

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earned nationwide recognition for aviation finance from Chambers USA and The Legal 500 United States. “McGuireWoods has unrivaled aviation finance capabilities and a powerhouse debt finance practice, and I know my clients will benefit from the firm’s innovative and business-focused approach to solving their problems,” Reddy said. Experienced restructuring lawyer Kristin C. Wigness has joined McGuireWoods as senior counsel in New York, bringing significant in-house acumen advising the Israel Discount Bank of New York. As senior vice president and associate general counsel for the New York-chartered subsidiary of one of Israel’s largest commercial banks, Wigness oversaw all lending matters, including regulatory issues and litigation, credit risk and corporate governance. He also created new bank products

and updated bank policies and procedures. Before joining IDBNY, Wigness was a restructuring partner with two major law firms: Katten Munchin Rosenman and Morgan, Lewis & Bockius, where he led business and finance training for its U.S. offices. His experience includes representing U.S. and foreign banks, financial institutions, real estate lenders and creditor groups, focusing on debtor-in-possession financings, debt and corporate restructurings, complex outof-court workouts and insolvency proceedings. “We’re thrilled to have someone with Kris’ varied finance and bankruptcy knowledge join McGuireWoods,” said Scott Vaughn, who chairs the firm’s Restructuring & Insolvency Department. “He will be an enormous asset to our clients.” Wigness is the latest addition to McGuireWoods’ New York office, which has

welcomed five lateral partners this year, said office managing partner Noreen Kelly. “Kris continues our run of excellent lawyers joining the firm in the nation’s financial hub who are making important contributions and adding value to the clients we serve.” Wigness joins a McGuireWoods practice that includes 31 transactional lawyers and litigators with experience in some of the most major restructurings and Chapter 11 cases in recent years. “McGuireWoods’ reputation representing financial institutions makes the firm the perfect fit for my restructuring skill-set. I am delighted to serve our clients as a member of this exceptional team,” Wigness said.

Liquidity and expertise that helps you seize more moments. You have big goals for your business. At Webster, you also have your own go-to team of asset-based lending specialists and direct access to senior decision-makers who can help you make the most of critical moments. It’s this higher level of assistance that’s made us one of the Top 25 Asset-Based Lenders in the United States*…one relationship at a time. locations: Atlanta, Baltimore, Boston, Charlotte, Chicago, Dallas, New Milford, New York, Philadelphia call: Warren Mino at (212) 806.4501 email: wmino@websterbcc.com *Source: National Information Center. All credit facilities are subject to the normal credit approval process. Webster Business Credit Corporation is a wholly owned subsidiary of Webster Bank, N.A. Member FDIC. The Webster symbol is a registered trademark in the U.S. ©2019 All Rights Reserved, Webster Financial Corporation Equal Housing Lender

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CHAPTER NEWS Atlanta The Chapter held its Annual Tennis Outing at the BridgeMill Tennis Club in Canton, GA on May 17. Attendees enjoyed lunch, dinner and more than $8,000 in prizes. On June 18, the Chapter will hold a CFA/TMA Bankruptcy Panel Event at the Grand Hyatt Regency Buckhead. The Judges Panel will include Hon. Wendy Hagenau, Hon. Paul Bonapfel and Hon. Jim Sacca. The Chapter also has the following events scheduled in 2019 (please check the website for updates): CFA/TMA Summer Social - Industry Tavern Buckhead in Atlanta on August 15; Annual Golf Outing in October (date TBD) and the CFA/TMA Joint Holiday Party in December (date TBD). For more information visit community.cfa.com/atlantachapter. California The Chapter held a Spring golf tournament on May 21 at The Links at Terranea in Rancho Palos Verdes, CA. On May 30, the Chapter’s Young Professionals Group, along with the CalCPA Los Angeles Chapter’s Young & Emerging Professionals Committee, partnered to hold a networking event and workshop to perfect the business “Elevator Pitch” at The Culver Hotel in Culver City. The evening included an interactive one-hour training provided by Eloqui Speak Out’s renowned keynote speakers and authors, Deborah Shames and David Booth, followed by networking, drinks and hors d’oeuvres The Chapter will host a summer party at The Standard-Rooftop on July 17; a Women of CFCC event on September 25, (location TBD); a Hot Topic Panel Discussion at the Luxe Summit Hotel in Los Angeles

on October 2; the Annual Fall Golf Classic in October at Coyote Hills Golf Course on November 5 and a holiday party at Mr. C’s in Beverly Hills on December 11. For more information visit community.cfa.com/californiachapter. Charlotte The Chapter’s Young Professionals Group held a Knights Baseball Social with TMA’s NextGen group on May 15 at BB & T Ballpark in Charlotte. For more information visit community.cfa.com/charlottechapter. Europe The Chapter will host an event in Paris on October 3 at Banque Neuflize OBC. The event, Paris: The French ABL Market, will explore the French ABL market in detail from both business and legal perspectives. Speakers will focus on the specifics of the domestic market and the opportunities available to dealmakers, including sector-specific trends and the technical differences in the French market. Lenders and service providers from the ABL community are expected to attend from across Europe, who have a keen interest in understanding France as a source of potential opportunity. Welcome remarks will be conducted by Lauren Garret, chief executive officer, Banque Neuflize OBC and Jeremy Harrison, president of CFA’s Europe Chapter. The Keynote presenter will be Françoise Palle Guillabert, director general at ASF - Chair at EUF (EU factoring association), followed by a business panel, closing remarks and a networking session. Save the date for the Chapter’s Seasonal Celebration in London on November 20 at Aon, The Leadenhall Building, co-partnered with TMA UK. The event will also feature an informal keynote from Trevor Williams, economist, visiting professor, lecturer and writer. Registration will open in September. For more information visit community.cfa.com/europechapter.

Florida The Chapter hosted Restaurant, Retail and Entrepreneurs - Concepts, Location, Leadership, Technology, Marketing and Scalability on May 14 at the Lauderdale Yacht Club in Ft. Lauderdale, FL. The CFA - TMA Networking Night with the Miami Marlins will be held on July 30 at The Clevelander at Marlins Park in Miami, FL. The Chapter will hold a happy hour at 5:30 prior to the start of the game at 7:10. CFA South Florida will hold a Wine Tasting on August 13 at The Best Cellar in Wilton Manor. For more information visit community.cfa.com/floridachapter. Michigan The Chapter held a Euler Hermes 2019 Economic Update with RMA East Michigan Chapter on May 16. Dan North, chief economist at Euler Hermes North America, was the speaker. North has been with Euler Hermes North America since 1996, using macroeconomic and quantitative analyses to help manage Euler’s risk portfolio of more than $150 billion in annual U.S. trade transactions. As an economist, he has appeared on CNBC, Fox Business News, France 24, The Street, and Bloomberg Radio and Television. He has been quoted by Barron’s, Business Week, Paris Le Monde, Tokyo Nikkei, the BBC, The New York Times and the Wall Street Journal. After having predicted the 2008/2009 recession and its implications accurately, he was ranked 4th on Bloomberg’s list of the 65 top economic forecasters in 2010. On June 3, the Chapter hosted its Annual Golf Outing at Tanglewood Golf Course in South Lyon, MI. The evening ended with an awards dinner and sponsorship recognition. For more information visit community.cfa.com/michiganchapter. Midwest The Chapter’s inaugural CFA Cares Spring

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Gala was held May 10 at Ivy Room in Chicago’s River North neighborhood. The event featured a three-course meal, program, live band, live and silent auction, and much more. Proceeds from the evening benefitted Imerman Angels, a Chicago based non-profit providing free one-on-one cancer support. The Chapter’s Women in Commercial Finance Group held a Wine Tasting Networking Event on June 12 at The Gage in Chicago. The event included three courses of wine tastings, appetizer and dessert pairings, including a total of six wine selections. The Gage’s sommelier was in attendance to discuss the wines, background and pairings. The Chapter’s 25th Annual Cubs Outing will be held June 24. The Chapter, along with CFA-TMA-MBBI is hosting SuperConnect at Summerfest on June 26 at Summerfest Grounds at The Lake Deck Water Street Brewery Building in Milwaukee, WI. The event’s private location is located above Louise’s, The Lake Deck, in the Water Street Brewery Building, where attendees will be able to network without the music being too loud, yet have all the atmosphere SummerFest offers. Fireworks begin at 9:30 p.m. and can be viewed from The Lake Deck. When the reception concludes, the fun continues. Plan to stick around and enjoy the fest on your own; the festival grounds are open until midnight where one can enjoy a variety of live music and entertainment. The Chapter’s 30th Annual Golf Invitational will be held July 18 at Harborside Intentional Golf Center in Chicago, IL. For more information, visit community.cfa.com/midwestchapter. Minnesota The Chapter held a Brew and Learn event at Freehouse Brewery on June 7. The Chapter will host its Annual Golf/ Networking Event with TMA on July 25 at Crystal Lake Golf Course in Lakeville, MN and a Summer Wine Social with ACG

on August 14 at the Minneapolis Club in Minneapolis, MN. For more information, visit community.cfa.com/minnesotachapter. New England The Chapter held its Annual Golf Tournament on June 3 at Blue Hills Country Club in Canton, MA. For more information, visit community.cfa.com/newenglandchapter. New Jersey The Chapter will hold its 9th Annual Party Down the Shore on July 11 at The Proving Ground in Highlands, NJ. Attendees will enjoy waterfront dining overlooking the Shrewsbury River and Raritan Bay. Music will be provided by Jersey Shore Legend, Chris Morrisy. The event will also feature a Tiki Bar cocktail hour from 5:30-6:30 with passed hors d’oeuvres, a surf and turf dinner and after-dinner cocktails. Beach attire/casual dress is encouraged. For more information, visit community.cfa.com/newjerseychapter. New York The Chapter will hold its Annual Golf & Tennis Outing on July 22 at St. Andrews Golf Club in Hastings-On-Hudson, NY. For more information, visit community.cfa.com/newyorkchapter. Ohio The Chapter’s Annual CFA/TMA Joint Shuffleboard Event will be held August 29 at Forest City Shuffleboard in Cleveland, OH. The venue features indoor and outdoor shuffleboard courts, regulation shuffleboard tables and a patio. For more information, visit: community.cfa.com/ohiochapter. Southwest Save the dates for the Chapter’s upcoming events: Joint Summer Networker With WFE on July 11 at Community Beer

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Company in Dallas; Clay Shoot at the Elm Fork Shooting Range Dallas, TX on August 29; the Eighth Annual Energy Summit on September 17 at the Belo Pavilion in Dallas; the Holiday Party with TMA and TFF at Dallas Country Club, Dallas, TX on November 21; and PEGapalooza 2020 Dealmaker Wine and Whiskey Tasting held January 30, 2020 at 3015 at Trinity Groves in Dallas, TX. For more information, visit www.cfasw.org. For more information on CFA Chapters, please visit community.cfa.com/ch/chaptersmain

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CALENDAR

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June 18, 2019 CFA’s Atlanta Chapter with TMA - Judges Panel and Reception: New Procedures for Complex Chapter 11 Cases Grand Hyatt Regency Buckhead Atlanta, GA June 19-20, 2019 CFA’s Advanced Legal Issues Workshop Otterbourg P.C. New York, NY June 19, 2019 CFA Webinar: Healthcare Finance 2:00 p.m. - 3:00 p.m. (ET) June 24, 2019 CFA Midwest Chapter’s 25th Annual Cubs Outing Fannie May Bleacher Sweet Wrigley Field Chicago, IL June 26, 2019 CFA Webinar: The Life Cycle of an Appraisal 2:00 p.m. - 3:00 p.m. (ET) June 26, 2019 CFA-TMA-MBBI SuperConnect at Summerfest Summerfest Grounds The Lake Deck Water Street Brewery Building Milwaukee, WI July 9-25, 2019 CFA’s Summer Underwriting Fundamentals Virtual Classes 2:00-3:30 p.m. ET

July 10, 2019 CFA’s Tech Finance Webinar 2:00 p.m. - 3:00 p.m. (ET) July 11, 2019 CFA’s Southwest Chapter - Joint Summer Networker With WFE Community Beer Co. Dallas, TX July 11, 2019 CFA’s New Jersey Chapter - 9th Annual Party Down the Shore The Proving Ground Highlands, NJ July 15-31, 2019 CFA’s Summer Operations Fundamentals Virtual Classes 2:00-3:30 p.m. ET July 17, 2019 CFA’s California Chapter - Summer Party The Standard – Rooftop Los Angeles, CA July 18, 2019 CFA’s Midwest Chapter 30th Annual Golf Invitational Harborside Intentional Golf Center Chicago, IL July 18, 2019 CFA’s MidSouth Chapter Chattanooga Lookouts Day with the Tennessee ACG Chattanooga Lookouts ATT&T Field Chattanooga, TN July 22, 2019 CFA’s New York Chapter - Annual Golf and Tennis Outing St. Andrew’s Golf Club Hastings-On-Hudson, NY

July 25, 2019 CFA’s Minnesota Chapter with TMA Annual Golf/Networking Event Crystal Lake Golf Course Lakeville, MN July 30, 2019 CFA’s Florida Chapter - CFA - TMA Networking Night with the Miami Marlins The Clevelander at Marlins Park Miami, FL August 13, 2019 CFA’s Florida Chapter South Florida Wine Tasting The Best Cellar Wilton Manors, FL August 26-28, 2019 CFA’s Summer Field Examiner School Winston & Strawn LLP Chicago, IL August 27-28, 2019 CFA’s Advanced Underwriting Workshop Winston & Strawn LLP Chicago, IL August 28-29, 2019 CFA’s YoPro Leadership Summit J.P. Morgan Chase Chicago, IL August 28, 2019 CFA Webinar: Nuts and Bolts of Leveraged ESOP Finance 2:00 p.m. - 3:00 p.m.

THE SECURED LENDER JUNE 2019 69

August 29, 2019 CFA’s Ohio Chapter - Annual CFA/TMA Joint Shuffleboard Event Forest City Shuffleboard Cleveland, OH

October 3, 2019 CFA Europe Chapter Event - Paris: The French ABL Market Banque Neuflize Paris, France

August 29, 2019 CFA’s Southwest Chapter – Clay Shoot Elm Fork Shooting Range Dallas, TX

November 5, 2019 CFA’s California Chapter - Annual Fall Golf Classic Coyote Hills Golf Course Fullerton, CA

September 17-19, 2019 CFA’s Fall Operations Bootcamp Location TBD Atlanta, GA September 17, 2019 CFA’s Southwest Chapter’s Eighth Annual Energy Summit Belo Pavilion Dallas, TX

November 20, 2019 CFA’s Europe Chapter - Seasonal Celebration Aonm The Leadenhall Building London, England November 21, 2019 CFA’s Southwest Chapter Holiday Party - CFA, TMA & TFF Dallas Country Club Dallas, TX December 5, 2019 CFA’s Ohio Chapter - Holiday Party Location TBD

November 13-15, 2019 CFA’s 75th Annual Convention New York Marriott Marquis New York, NY November 13, 2019 CFA’s California Chapter - OC Networking Event Center Club – Orange County Costa Mesa, CA

December 11, 2019 CFA’s California Chapter Holiday Party Mr. C’s Beverly Hills, CA

September 18, 2019 CFA Webinar - Getting in Touch with Intangibles: IP Collateral 2:00 p.m. - 3:00 p.m. (ET) September 19, 2019 CFA’s Cross Border Lending Summit Winston & Strawn LLP MetLife Building New York, NY September 24-26, 2019 CFA’s Foundations of Account Management Virtual Class September 25, 2019 CFA’s California Chapter Women of CFCC Event Location TBD October 2, 2019 CFA’s California Chapter - Hot Topic Panel Discussion Luxe Summit Hotel Bel Air, CA

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PAST CHAIRMAN OF BOARD

Stephen L. Bakke

Joseph F. Nemia

Michael Coiley

Richard P. Palmieri

Richard J. Dorgan

Andrea L. Petro

John Fox

Robert S. Sandler

Michael D. Haddad

Peter E. Schwab

Mark A. Hafner

Michael D. Sharkey

Co-General Counsel Jonathan N. Helfat

Jack R. Hoekstra

Ronald C. Smith

Charles G. Johnson

Richard L. Solar

Co-General Counsel Richard M. Kohn

David J. Kantes

Bruce A. Sprenger

Keith Karako

Irwin Teich

CEO & Secretary Richard Gumbrecht

Richard W. Madresh

Patrick B. Trammell

Michael Maiorino

Robert I. Weisberg

Executive Committee Bryan Ballowe Gail K. Bernstein Barry Bobrow Gary C. Epstein Steven C. Gold Michael D. Haddad Stewart W. Hayes Marc J. Heller Janet Z. Jarrett Lawrence E. Klaff David B. Kurzweil Robert Meyers D. Michael Monk David W. Morse Jennifer Palmer Peter York

D. Michael Monk

Vice President John M. DePledge Vice President -Finance Jeffrey K. Goldrich

Deborah J. Monosson

CFA CHAPTERS

CFA MANAGEMENT COMMITTEE

President David Grende

Atlanta Blake Kennedy Action Capital (678) 644-7773

Orlando Chapter Nimit Kapoor Fifth Third Bank (407) 999-3036

California Chapter Jason Anish Austin Financial Services, Inc. (310) 444-7939 (ext. 601)

Houston Chapter Adam Cox Pendleton Capital Group (713) 808-9746

Canada Chapter Robert Kizell RBC Capital Markets (416) 974-4061 Charlotte Chapter Sylvia Stock Womble Bond Dickinson (704) 816-0080 Europe Chapter Jeremy C. Harrison +44 (0) 20 7996 4546

Michigan Chapter Robert W. Bowles Bluewater (586) 255-8700 MidSouth Chapter Tania A. Daniel ENGS Commercial Capital (205) 690-2204 MidWest Chapter Nick Payne Siena Lending Group (312) 874-7088

THE SECURED LENDER JUNE 2019 71

the cfa brief

Minnesota Chapter Michael J. Wolf MB Business Capital 651) 238-2463 New England Chapter Mark Haley Marcum LLP (781) 820-3798

CFA EDUCATION FOUNDATION

New Jersey Chapter Heidi Ames North Mill Capital LLC (609) 917-6207

New York Chapter Andrew Loughlin People’s United Business Capital (646) 895-1942 Northern California Chapter Chuck Doyle Business Capital (415) 989-0970

2019 Fundraising Campaign Chair Wade M. Kennedy McGuireWoods LLP 2019 Fundraising Campaign Vice Chair Bethani R. Oppenheimer Greenberg Traurig, LLP 2019 Foundation Board of Directors William D. Brewer Winston & Strawn LLP David Grende Siena Lending Group Richard Gumbrecht Commercial Finance Association Charles G. Johnson Commercial Finance Association David B. Kurzweil Greenberg Traurig, LLP D. Michael Monk Amerisource Business Capital

Ohio Chapter Tracy Dowe Wells Fargo Bank (216)344-6947 Philadelphia Chapter Bradley Weaver People’s United Business Capital (203) 338-3448

Andrea L. Petro Waterfall Asset Management LLC Foundation Officers John M. DePledge Citibank, N.A. Jeffrey K. Goldrich North Mill Capital LLC

Raleigh-Durham Chapter Justin Wood Troutman Sanders LLP (919) 835-4138 South Florida Chapter Robert Harbers Crestmark (561) 289-2889

SouthWest Chapter Ellen Smith Riveron Consulting (214) 891-5542

Anthony R. Callobre Buchalter PC

Theodore L. Koenig Monroe Capital LLC

James C. Chadwick Holland & Knight LLP

Robert C. Lau, III Carl Marks Advisors

Arnold Cohen Norton Rose Fulbright

Joseph Lehrer Citibank, N.A.

Burt M. Feinberg CIT

Kevin J. Morley Osler, Hoskin & Harcourt LLP

Greg Slowik Commercial Finance Association

Lawrence F. Flick, II Blank Rome LLP

Wade M. Kennedy McGuireWoods LLP

Stewart W. Hayes Wells Fargo Capital Finance

2019 Foundation Governing Board Bobbi Acord Noland Parker, Hudson, Rainer & Dobbs LLP Daniel D. Batterman Hahn & Hessen LLP Gail K. Bernstein PNC Business Credit

Seth E. Jacobson Skadden, Arps, Slate, Meagher & Flom LLP Barry L. Kasoff Realization Services, Inc. Wade M. Kennedy McGuireWoods LLP

JOIN US ON SEPT. 22 IN NYC TO CELEBRATE THE WINNERS OF THE CFA 40 UNDER 40 AWARDS! WWW.CFA.COM/40UNDER40

Tampa Chapter Lori Rodriguez Frazier & Deeter (813) 874-1280 (229)

Jeffrey Rogers McMillan LLP Thomas E. Schnur Vedder Price, P.C. Michael W. Scolaro BMO Harris Bank James A. Snyder Sidley Austin LLP John F. Ventola Choate Hall & Stewart LLP Michael L. Widland Shipman & Goodwin LLP

Peter York J.P. Morgan Securities LLC

Gregory A. Charleston Conway MacKenzie

John T. Young, Jr. Conway MacKenzie

Jonathan M. Cooper Goldberg Kohn Ltd.

FoundationAdvisory Board Denise Albanese Cost Reduction Solutions

Hazen H. Dempster Troutman Sanders LLP

Raffi Azadian Change Capital Daniel W. Baker Chapman and Cutler LLP Andrea Pipitone Beirne KPMG LLP Katherine E. Bell Paul Hastings LLP Jason E. Bennett Winston & Strawn LLP

Bruce Denby CIBC US David L. Dranoff Goldberg Kohn Ltd. Gary C. Epstein Hilco Global Joseph P. Gaffigan TCF Capital Funding Joel I. Getzler Getzler Henrich & Associates LLC

Gayle A. Berne Jones Day

Ronald Glass GlassRatner Advisory & Capital Group LLC

Nelson R. Block Winstead PC

Thomas A. Greco Hilco Global

Michael A. Boeheim, CFE, CIA Freed Maxick ABL Services

R. Marshall Grodner McGlinchey Stafford PLLC

Howard Brod Brownstein The Brownstein Corporation Massimo Capretta Mayer Brown LLP Greg Carasik Marquette Business Credit Andrew R. Cardonick Sidley Austin LLP

Guy F. Guinn Squire Patton Boggs Steven G. Hastings Chapman and Cutler LLP Richard Hawkins AtlanticRMS LLC Joseph A. Heim, CFE, CPA Dopkins ABL Consulting Services

Bayard B. Hollingsworth Phoenix Management Services James J. Holman Duane Morris LLP

Warren K. Mino Webster Business Credit Kenneth R. Pogrob Mazars USA LLP

Foundation-Founders Leadership Council Mark A. Alimena CohnReznick LLP

J. Craig Howe Howe, Keller & Hunter, PC

J. Tim Pruban Focus Management Group

Michael E. Jacoby Phoenix Management Services

Steven M. Rosenberg Rosenberg & Fecci Consulting LLC

Dan Karas TBK Bank, SSB

Donald E. Rothman Riemer & Braunstein LLP

Robert D. Katz, CTP, MBA, CPA EisnerAmper LLP

Paul Schultz CSC

Randall L. Klein Goldberg Kohn Ltd. Christopher C. Kupec Holland & Knight LLP Sidney Lambersky Sid’s Inventory Disposition Services

Gary M. Zimmerman UCCPlus Risk Management

Thomas J. Allison Monroe Capital LLC Mitchell B. Arden Phoenix Management Services H. Bruce Bernstein Sidley Austin LLP Jack Butler Birch Lake Holdings, LP

Brian P. Schwinn Capital One

Kris Coghlan FTI Consulting

Amar Shah The Keystone Group

David Crumbaugh Latham & Watkins, LLP

Susan E. Siebert Jones Day

Graham H. Stieglitz Burr & Forman LLP

Shirley E. Curfman Retired C. Edward Dobbs Parker, Hudson, Rainer & Dobbs LLP

Michelle White Suárez Holland & Knight LLP

Arnie Dratt Hilco Global

J. Steven Lutz Bennett Jones LLP

Patrick B. Trammell Southeastern Commercial Finance, LLC

Michael C. Eisenband FTI Consulting

Andy McGhee AloStar Capital Finance

Jeffrey H. Verbin Greenberg Traurig, LLP

Robert Meyers Republic Business Credit, LLC

Jeffrey A. Wurst, Esq. Ruskin Moscou Faltischek, P.C.

Leigh Lones Equiniti RiskFactor Timothy M. Lupinacci Baker, Donelson, Bearman, Caldwell & Berkowitz, PC

William A. Stapel MB Business Capital

Harvey I. Forman Blank Rome LLP Jonathan N. Helfat Otterbourg P.C.

THE SECURED LENDER JUNE 2016 73

Joseph Hodkin Daley-Hodkin LLC Mario J. Ippolito Paul Hastings LLP Ronald H. Jacobson Winston & Strawn LLP Martin I. Katz Retired Richard M. Kohn Goldberg Kohn Ltd. Daniel J. Krauss, Esq. Hahn & Hessen LLP David B. Kurzweil Greenberg Traurig, LLP Kenneth A. Latimer Duane Morris LLP Charles E. Levin McDermott Will & Emery, LLP Michael W. Lissner Lissner Associates, Ltd. Nathan M. Lubow Retired Charles G. Ludmer J.H. Cohn, LLC David W. Morse Otterbourg P.C.

Howard A. Rein, CPA, CFE Freed Maxick ABL Services Ronald B. Risdon Schulte Roth & Zabel LLP Jeffrey M. Rosenthal Mandelbaum Salsburg William H. Schorling Buchanan Ingersoll & Rooney PC Steven J. Seif, Esq. Hahn & Hessen LLP Baker A. Smith BDO Advisory Marshall C. Stoddard, Jr. Morgan Lewis Daniel D. Tiemann KPMG LLP Michael Trager Retired

CFA DIRECTORS

the cfa brief

JoBeth Abecassis Director of Strategic Accounts Assembled Brands Randy T. Abrahams CEO & President RedRidge Diligence Services

Scott W. Applegate President CapitalPlus Construction Services, LLC Stuart Armstrong CEO & CIO Great Rock Capital Jay B. Atkins President Seacoast Business Funding Raffi Azadian CEO Change Capital Bryan Ballowe Managing Partner TradeCap Partners

Katherine Bell Partner Paul Hastings LLP Gail K. Bernstein Executive Vice President PNC Business Credit Andrew Bertolina CEO Finvoice Arif Bhalwani Managing Director Third Eye Capital Corp. Patrick Bickers Managing Director - Head of Business Capital Citizens Bank

Denise Albanese Business Development Officer Cost Reduction Solutions

Robyn Barrett Managing Member FSW Funding

Roger Allen Chief Operating Officer LSQ Funding

Martin Battaglia CEO Encina Business Credit

Sami Altaher Executive Director FGI

Angela L. Batterson Partner Jones Day

Jason Anish President & CEO Austin Financial Services, Inc.

Bob Beard Chief Executive Officer Aegis Business Credit, LLC

Jonathan Bloom Director of Originations Summit Investment Management, LLC

Kevin Beeson EVP-Business Credit First Tennessee Bank

Kenneth Blumenthal Sr. Vice President Vcheck Global

Matthew R. Begley CEO MBMJ Capital LLC dba Continental Business Credit

Michael P. Bonner Partner Stradley Ronon Stevens & Young, LLP

Arthur B. Muir Retired

Jon Anselma Managing Partner Paragon Financial Group

Jay G. Ochroch Fox Rothschild Oâ&#x20AC;&#x2122;Brien & Frankel LLP

Howard M. Applebaum EVP/Chief Lending Officier BHI

Leonard L. Podair Hahn & Hessen LLP

Eric Belk Vice President Match Factors, Inc.

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Mark Bienstock Managing Director Express Trade Capital Michael Black Partner Norton Rose Fulbright

Robert W. Bowles Greg Carasik Wayne Coker Bruce Denby Juan Estrada Founder & Executive Director EVP, Managing Director President & CEO Managing Director/ President & CEO Bluewater Marquette Business Credit Advantage Business Capital Group Head Quickpay Funding, LLC CIBC Ben Brachot Eugene S. Carpenter Daniel J. Cragg Jennifer B. Ezring Co-Founder & Managing President Partner Todd DiBenedetto Partner Director Alterna Capital Eckland & Blando LLP President Cahill Gordon & Reindel LLP Dwight Funding Solutions LLC Big Shoulders Capital Becky J. Cronister Mark Fagnani Jennifer Bransfield Ryan Cascade President Kenneth Dotson First Senior Vice President COO And General Counsel Partner Action Capital Corp. Managing Partner Leumi Business Credit, Chicago Neighborhood Ares Management LP Alantes Corporate Finance a division of Bank Leumi USA Initiatives, Inc. Robert Curtis Justin Chae President David Drogos Carl Fairbank Mitch Braselton President & CEO Gateway Acceptance Co. Managing Director, CS Busi- Founder & CEO Partner Prime Business Credit, Inc. ness Finance Breakout Capital Finance, LLC BAMfi, LLC Brian J. Cuttic CapitalSource Ronald Chang Senior Director Barry S. Fein Steven J. Breeman President Synovus Bank Susan Duckett Senior Vice President-Asset Vice President / ABL UPS Capital Executive Vice President Based Lending Lakeland Bank Tania A. Daniel Franklin Capital Network Capital One, N.A. Leon Chernyavsky Managing Director William D. Brewer Managing Partner ENGS Commercial Capital Gregory Eck Burt M. Feinberg Partner, Co-Head of Alleon Healthcare Capital Managing Director Managing Director & Group Corporate Lending Daniel R. Davis ABL Group Head Head Winston & Strawn LLP Martin Chin President & CEO Fifth Third Bank CIT SVP, Head of Capital Axiom Bank, N.A. Patrick R. Brocker Finance Tracy D. Eden Rich Flamang Senior Managing Director City National Bank Mike Davison National Marketing Director SVP / National Sales Manager Peapack-Gladstone Bank Partner Commercial Finance Group Summit Financial Resources Carl C. Chrappa Addleshaw Goddard LLP Jeremy Brown President Jay Edwards Steven J. Fleming Chairman Independent Equipment Kevin Day SVP Business Development Principal-Restructuring Rapid Finance Co. Chief Executive Officer White Clarke Group Leader HPD Software, LLC PwC Christopher J. Calabrese Donald Clarke Todd Eggertsen Partner President Arjan de Liefde SVP ABL Credit and ColLawrence F. Flick, II LBC Credit Partners, Inc. Asset Based Lending Con- Managing Director lateral Partner sultants, Inc. International Clients Zions Bancorporation Blank Rome LLP James Campbell ABN AMRO Asset Based Managing Director Bruce L. Cohen Finance Tim Eichenlaub Jeffrey Fliegel Great Lakes Business Credit LLC Managing Partner Division President Executive Vice President Leland Capital Advisors LLC Hazen H. Dempster, Esq. Regions Business Capital BankUnited Steve Capper Partner Managing Member, CEO Miriam Cohen Troutman Sanders LLP Gary C. Epstein Aaron Foglesong Flexible Funding Attorney at law EVP, Chief Marketing Officer Managing Director Loeb & Loeb LLP Hilco Global Indigo Commercial Finance, LLC

THE SECURED LENDER JUNE 2016 75

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Thomas A. Getty, Jr. Jeffry Foil SVP, Head of Asset President SevenOaks Capital Assoc., LLC Based Lending HSBC Business Credit Inc. Thomas Forbes Steven C. Gold Head of Capital Markets President & CEO Wintrust Commercial Allied Financial Finance (WTFC) Corporation Mark Foster Frank S. Goldberg EVP - ABL Chairman & CEO Berkshire Bank Briar Capital John Fox Jeffrey K. Goldrich Chief Credit Officer Capital Foundry Funding, LLC President & CEO North Mill Capital LLC Allen E. Frederic, Jr. Kevin R. Gowen, Sr. Vice Chairman President and CEO Republic Business Credit AmeriFactors Financial Group, LLC Joseph P. Gaffigan President David Grende TCF Capital Funding President & CEO Siena Lending Group William J. Gallagher Managing Partner Neville Grusd CapFlow Funding Group President Merchant Financial Kevin Garvey Corporation SVP - Finance and Administration Guy F. Guinn Capital Partners Partner Services Corp. Squire Patton Boggs Thomas X. Geisel President, Corporate Banking Mark A. Hafner President & CEO Sterling National Bank Celtic Capital Corporation Walter Geist Vice President John Hagist American AgCredit Controller, VP Appraisal Services Keith Gerding LOEB Managing Director Siemens Financial Services Marc L. Hamroff Moritt Hock & Hamroff LLP

Cole Harmonson CEO Far West Capital

Layla Hollender President TradeRiver USA

Nick Hart President Sallyport Commercial Finance, LLC

Lisa Hultz Vice President, Sales & Marketing Mazon Associates, Inc.

Lee Haskin CEO Crossroads Financial

Joseph F. Ingrassia Managing Director Capstone Capital Group, LLC

Steven G. Hastings Partner Chapman and Cutler LLP Richard Hawkins CEO AtlanticRMS LLC Stewart W. Hayes Managing Director Wells Fargo Capital Finance Alfred Hedaya President Hedaya Capital Randi M. Hershgordon, CPA Managing Director Context Business Lending, LLC

Clive Isenberg Managing Director Octet Finance

Bradley S. Kastner Director-Business Development MidCap Financial Services, LLC Gary Katz Managing Partner Downtown Capital Partners, LLC Wood Kaufman CEO TBS Factoring Service, LLC Terry M. Keating President & CEO Accord Financial Inc.

Janet Z. Jarrett Managing Director, Head of Asset Based Lending SunTrust Robinson Humphrey

Theresa Kelly EVP, Business Banking Director Flushing Bank

Ryan Jaskiewicz CEO 12five Capital, LLC

Kee H. Kim Pres. & CEO Finance One, Inc.

Jeff Johnson SVP ABL Division Tech Capital, LLC

Sunnie S. Kim President & CEO Hana Financial, Inc.

Stephen P. Johnson President J D Factors LLC

Edward P. King Founder & Managing Partner King Trade Capital

Randolph S. Hicks Executive Vice President, Originations Nations Equipment Finance

Harvey L. Kaminski President & CEO Prestige Capital Corporation

Wade Hladky CEO & President Gulf Coast Business Credit

Kiran R. Kapur CEO & Co-Founder 36th Street Capital

Brian Keith Holden Chairman and CEO A/R Funding, Inc.

Dan Karas EVP & Chief Lending Officer Triumph Commercial Finance

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Lawrence E. Klaff Sr. Managing Director Gordon Brothers Finance Company Tim Knight Vice President ThinkingAhead Executive Search

Michael P. Knuckles Executive Vice President Renasant Business Credit

Craig Larson Vice President Park National Bank

Fred Koch Vice President Greenline Ventures LLC

J. Brad Leach President and CEO Lighthouse Financial Corp.

Sandra Lovett-Tillman Managing Director/CoOwner aVeriFact, LLC

Ted Koenig President Monroe Capital LLC

Jerry Lee President JJ Atlantic Investment Group

Peter Lowney President First Business Capital Corp.

Jennifer G. Legge Stikeman Elliott LLP

Michael A. Maidy Co-Managing Member Sherwood Partners, Inc.

Richard M. Kohn Principal Goldberg Kohn Ltd. Jeanine A. Krattiger Director of Marketing Services Carl Marks Advisors

Susan B. Leopold CFO Single Point Capital

Darien G. Leung Darryl Kuriger Partner Head of ABL Capital Markets Torys LLP Bank of America Business Capital David K. Levy President David B. Kurzweil Utica Leaseco, LLC Shareholder Greenberg Traurig, LLP Edward P. Lewan President Kevin Laborde mBank Business Credit President Cash Flow Resources, LLC Donald B. Lewis SVP, Head of ABL Greg Lacker Eastern Bank Managing Director Coastline Financial Stephen B. Lewis Services Group Managing Director Capstone Headwaters Larry F. LaCroix Executive Vice President Leigh Lones Avidbank Director Equiniti Riskfactor Dean I. Landis President Robert Love Entrepreneur Growth SVP and Group Director Capital, LLC Signature Bank

Juan Antonio Lovera InCapital Financiera, S.A.

Michael McKnight Owner Tacoma Capital, Inc.

Nancy Morgan SVP/Manager SLG BBVA Compass

Thomas Meister Chief Operating Officer Neptune Financial Inc.

David W. Morse Partner Otterbourg P.C.

Guelay Mese Head of ABL BNP Paribas

Ramsey Naber Senior Managing Director Opus Bank

Beth M. Mikes Managing Director & Head of Corporate Syndications KeyBank Business Capital

Joseph F. Nemia Executive Vice President Head of Asset Based Lending TD Bank

Michael Maiorino President Peopleâ&#x20AC;&#x2122;s United Business Capital

Gregory Miller-Jones Managing Director MUFG Union Bank, N.A.

George Neuman Executive Director Sumitomo Mitsui Banking Corporation

John McCauley President & CEO Virginia Commercial Finance, Inc.

Tom Milowski COO Compass Financial Holding Group LLC

Bobbi Acord Noland Partner Parker, Hudson, Rainer & Dobbs LLP

Douglas L. McDonald Managing Director Access Business Finance, LLC

Warren K. Mino President & Chief Operating Officer Webster Business Credit Corp.

Thomas Novembrino Principal Gateway Trade Funding

Steve McDonald President Trade Finance Solutions (TFS) Andy McGhee CEO/President AloStar Capital Finance Mark McGovern Senior Vice President Commercial Finance DLL Financial Solutions Partner

Martin Oliver Operations Officer Asset Based Lending Bank of the West

Rowena S. Mitchell General Manager International Trade Finance, LLC. D. Michael Monk Managing Partner Amerisource Business Capital Deborah J. Monosson President & CEO Boston Financial & Equity Corp.

Thomas K. Otte Head of White Oak ABL White Oak Commercial Finance, LLC Darren Palestine Managing Partner Commercial Finance Partners Jennifer Palmer President Gerber Finance, Inc.

THE SECURED LENDER JUNE 2016 77

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Charlie Perer Head of Originations SG Credit Partners

Steven W. Roth President North American Capital Corp.

John (JW) Perry Partner Steve Sala Davis Polk & Wardwell LLP Senior Vice President & GM Timothy Peters Commercial Funding Inc. Principal and Co-Founder CNH Finance, LP Andre Salvi Managing Director Andrea L. Petro and Head Asset Based Managing Director Lending Waterfall Asset BMO Bank of Management LLC Montreal-ABL Samuel S. Philbrick President US Bank Asset Based Finance

Steven Samson President MidCap Business Credit, LLC

Kysha Pierre-Louis Stacey J. Schacter Chief Operating Officer Chief Executive Officer White Oak Business Capital Vion Investments Neil Prendergast SVP, Group Head, Asset Based Lending First Midwest Bank Jane Prokop CEO Principis Capital LLC William Quinn CODIX Kannan Ramasamy Chairman Vayana Network, Inc. Joel B. Rosenthal Co-Executive Manager Charter Capital

Dennis Schlesner President Presidential Financial Corp. Thomas Schneider President & CEO Gemino Healthcare Finance Ian Schnider Managing Director Fortress Investment Group Bret Schuch Executive Vice President, Co-Division Manager Goodman Factors Michael W. Scolaro ABL Group Head BMO Harris Bank

Gregory L. Segall Chairman and CEO Versa Capital Management

Michael Skat SVP/Managing DirectorSpecialty Lending Cogent Bank

Mark Seigel President Veritas Financial Partners

Derek Skea President Financial Carrier Services

Michael A. Semanco President and COO Hitachi Business Finance Eric Serenkin Sr. Vice President IDB Bank George Shapiro Chairman, CEO The Interface Financial Group David L. Shelnutt Manager of Structured Finance United Community Bank Charles Sheppard President Accutrac Capital Solutions Inc. Lee A. Shodiss EVP Capital Finance Bridge Bank Glen E. Shu President Bay View Funding Jeff W. Sirchio Business Development Officer Aurous Financial Services

Kenneth J. Smith CEO BDC Capital Corporation Marc D. Smith President Magnolia Financial, Inc. Shapleigh Smith Managing Director Citibank, N.A. James A. Snyder Partner Sidley Austin LLP Helena Sopwith Managing Partner Camel Financial, Inc.

Brent Stolzenthaler President & CEO AIM Business Capital, LLC Miles M. Stuchin President Access Capital, Inc. Tim Stute Managing Director & Head of Specialty Finance Hovde Group, LLC Joe Suarez, CPA Chief Financial Officer ExpoCredit LLC Douglas Taber Partner Hogan Lovells US LLP Ruth Thieneman Director of Marketing Thermo Credit, LLC Max M. Toledo EVP/National Sales Director Bridgeport Capital

J. Michael Stanley Managing Director Rosenthal & Rosenthal, Inc.

Steve Tomasello President Crestmark, a division of MetaBank

Einat Steklov Managing Partner, In-House Counsel Coral Capital Solutions

Charles V. Towle Managing Partner US Capital Global Advisors LLC

Paul Stemler President Global Technology Finance, LLC

Patrick B. Trammell President Southeastern Commercial Finance, LLC

John Stillwaggon CEO, USA Tradewind International Inc.

JOIN US ON SEPT. 22 IN NYC TO CELEBRATE THE WINNERS OF THE CFA 40 UNDER 40 AWARDS! WWW.CFA.COM/40UNDER40

David Traverso Director, Business Development Cortland Capital Market Services Mac Trivedi Head of Financial Partnership The Credit Junction Stephen K. Troy Director and CEO AeroFund Financial, Inc. Bob Tucker COO and Executive Vice President of Programs Chicago Community Loan Fund Brian J. Van Nevel Co-CEO SPECTRUM Commercial Services

Ted West President Atlantic National Trust, LLC Douglas K. Winget President Huntington Business Credit Scott Winicour Co-President Gibraltar Business Capital, LLC Kelly K. Wu EVP & Head of Corporate Banking Division Cathay Business Capital Peter York Managing Director JPMorgan Chase Bank

Gaurang Vyas Founder and Managing Principal Rise Line Business Credit Victor Weishaw Wang Senior Vice President Commercial Bank of California Ian Watson CEO, North America Bibby Financial Services Bill Welnhofer Managing Director and Partner Birch Lake Holdings, LP Kenneth L. Wengrod President/Co-Founder FTC Commercial Corp.

THE SECURED LENDER JUNE 2016 79

revolver

TSL OPINION COLUMN

ole Harmonson of Far West Capital offers tips for retaining your best employees Are you keeping your best employees? It’s a question many of our clients and friends are facing these days. According to the Department of Labor, at the end of March this year, the U.S. economy had 7.5 million unfilled jobs, but only 5.8 million people who are looking for work. That makes the 13th straight month the number of job openings was higher than the number of people looking for jobs. So, we’re all paying more to hire and attract the best workers. But just paying higher wages doesn’t cut it anymore. There’s a classic management essay “One More Time: How Do You Motivate Employees?” written in 1968 by Frederick Hertzberg, an essay which has been quoted and referenced countless times in the 51 years since it has been published. Hertzberg narrows in on a key reason raising salaries alone doesn’t work: Job satisfaction is not the opposite of job dissatisfaction. Or, put another way you parents will recognize: there’s a difference between needs and wants. Your employees need a competitive, market-rate salary and good benefits. But it’s when you empower them, enabling them to find job satisfaction, that they not only stay, but work even harder. Empowered employees are opinionated! They have a lot of responsibility and a lot of trust. They can be a pain to manage, or a joy, depending on your mindset. And they’re absolutely critical to your success. I’ll tell you why. Back years ago, when Far West Capital was growing fast, still figuring out our identity, we had a bad client failure. We were reacting instead of anticipating, and the account manager – who should have been able to handle it – wasn’t empowered to make the decisions that needed to be made. That

account manager left – understandably – and we had to confront why. That’s when we reevaluated, and made a brand promise we still live by — (“Deliver success. Earn Trust. No Surprises.”),— which boils down to just “be proactive.” And then we empowered all of our employees to be proactive, to have the power to anticipate problems and deal with them before they became crises. Today, we measure employees by their own goals. We want them to own their own experience – if you don’t like it, change it. They set measurable goals in an ongoing conversation; nothing is set in stone. Finding Your Kaizen There’s a word for this in Japanese – kaizen – about the process of improving your business through many small changes driven by employees. Kaizen is critical to keeping happy employees, and critical to the success of your business. After all, would you rather hear “Here’s some smart people in charge, and they’ll tell you what to do” or “Can you help me find the solution?” But it depends on trust, and the elimination of time-sucks, speed bumps, and bad feedback systems. A few questions to ask yourself: 1. Do my policies and procedures add extra work and time without providing a benefit? Again, this boils down to trust. Do you need those meetings? Can your account manager make a critical decision when needed? Can your employees take vacation time without too much fuss, and disconnect when needed? 2. Are there too many layers of management and not enough leadership? Management is a process of communicating about outcomes. When outcomes shift constantly, or aren’t clear, you need more managers to communicate to the employees who aren’t in on the goal. If you can change that, and enable everyone to know what they’re working toward and why, you won’t need those layers of management. (Also, too many managers creates more problems in #1, above.) 3. Are you being transparent enough? Is there a way to provide honest feedback,

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especially to the boss? I’ve talked before about Workify, feedback software that we absolutely rely on. But it goes beyond anonymous feedback on surveys. A while back, I made a decision one of our VPs – who’d been with us since the beginning – didn’t like. He got all hot and bothered about it, but that’s when we were growing fast; I didn’t have a chance to listen, and I wasn’t making time to do it. Now we have regular one-on-ones scheduled for each manager, with the goal of listening. How do you know when someone trusts you? Bad news: You don’t. But you have to try anyway. If the outcomes are happening, if your employees are clearly motivated, that’s your best indicator. Lorena Bolivar, who manages our El Paso office, has only not hit her goal once, in 10 years. I know she’ll tell me when she has a problem – she has before, many times. And since great employees beget more great employees, she has the lowest turnover on her team; four of her team members have worked with her all 10 years. Once, I had an assistant. She was a great assistant, but she always found more ways to use her skills, and her job description expanded regularly. Today, she’s vice president of operations, and I depend on her just as much as I did when she was my assistant – just with a much different portfolio. Those are the indicators I like seeing, the ones that mean we’re doing it right. Yes, it’s nice to be nominated to Austin’s Best Places to Work. It’s nice to see great feedback on Workify. But, ultimately, I hope that those salaries and those accolades aren’t the only reason employees stay here. I want them satisfied, empowered, growing. I want them each to be able to deliver success and earn trust with our clients. How are you keeping and growing great employees? I’d love this to be a discussion. This is an ongoing process for us, and a struggle for many as the labor market gets ever tighter. Feel free to contact me at cole@farwestcapital.com. Cole Harmonson is the CEO and co-founder of Far West Capital.

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