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 The 2006 IFA Convention was great. There were many challenges for Bert Goldberg with having it in Cancun after the devastation from the hurricane and their continual promising everything would be okay. I think he probably has a few more gray hairs but in the typical Bert fashion, he just quietly handled the challenges and produced an awesome event for the factoring industry as he has done so many times in the past. Thank you Bert for your dedication, hard work and ability to perform under pressure.
The breakout sessions were great and I was honored to have been a panel moderator at one called "Top Traits of Business Development Officers in Factoring" If you would like to see what those top traits are, then please email Kaylyn Hill, our Marketing Coordinator at khill@searchcf.com and she will be delighted to send you the results of the study. Caliper was kind enough to conduct the profile for us and the results were very interesting and something you should see. I would also like to thank the members of the panel, Janette Bankston of Vertex Financial in Dallas, Cole Harmonson of State Bank Working Capital Finance Group in Austin and Tyler Grady of LSQ Funding in Orlando. A great group and I was privileged to have been a participant.
The other breakout sessions were good as well. They were as always very informative and thanks to Textron, Bibby Financial and FGI for providing some great parties which reminded me of wild bashes at the CFA provided by Finova and Foothill parties before 9/11. Again, thanks for their strong support of the IFA in particular and the factoring industry in general.
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We were discussing last month the "Stupid Banking Cycle" and it is not just banks. There is a wave of liquidity on the market in both banks and hedge funds that has never been seen in recent history. So, how does this affect sales? Two words; Fierce Competition
 Some salespeople are said to be the luckiest individuals in the world with deals falling in their laps during hard times while others complain there is no business out there. An old mentor of mine from years back told me "The harder you work, the luckier you get". Hence I would suggest that in times such as these where competition is tough, it might require working not just harder but smarter. Planning is the key to working smarter. It might have worked to take a referral source to lunch every 3 months. You still do the lunch but call them every month as well. This is only one example and there are many but the key is planning. Plan a month in advance on a macro level, and then drill down with a weekly and daily plan. Set your goal that you will contact 25 referral sources that week (5 per day) and mix them with 75% by phone and 25% personal contact. The key in the tough times is activity. In good times, your phone rings but when competition is where it is at today, stay in front of your referral sources because believe me, if you are not, someone else will be there.
"Recipe for success: Study while others are sleeping; work while others are loafing; prepare while others are playing; and dream while others are wishing." - William A. Ward
"So what do we do? Anything - something. So long as we just don't sit there. If we screw it up, start over. Try something else. If we wait to act until we've satisfied all the uncertainties, it may be too late." - Lee Iacocca, Former Chairman of Chrysler Corporation
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Risk versus reward. We have heard this so many times that this old adage is almost a cliché. What does this really mean? Simply put, if you are going to take a risk, you should be compensated for this risk by return. In the more difficult times when competition is so fierce, in the head of the  battle, in the pressure of booking the deal, we sometimes forget this basic tenant of factoring and you do so at your own peril. It is not that you cannot price a deal lower that it should be occasionally, but if you do so consistently, eventually you will lose. Let me repeat this; eventually everyone takes "the Hit". When that loss occurs, you better have the equity in place to cover the losses. If you price every deal skinny, then you are playing Russian roulette. So, do you feel lucky? Will you dodge that bullet this time as you have in the past or is this the deal that will hit you? Will you have the profit from the other deals in place to cover that loss or are you so slim that it will take two years to build back to your former position.
The smart factors have listened intently to "The Gambler" by Kenny Rogers and they know when to hold them, know when to fold them and the most important part, know when to walk away and let the deal go to that company who either does not know or does not care about "risk versus reward" tenant of factoring. Booking business is important as sales are the driver of revenue but if the revenue does not cover the risk, then it is okay to say NO.
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Iain Douglas was appointed managing director and business development manager of CIT Group's Business Capital Western Region.
Bibby Financial of Canada appoints Kelly Pischzan as Vice President of Sales in the newly opened Toronto office.
Presidential Financial promoted Brad Hecht to originator and hired Adam Bober as sales administrator.
Frances Miller joined MFC Capital Funding as an operations analyst.
Kelly Barnett was appointed to WebBank's senior vice president and chief financial officer.
Christine Reilly, executive vice president of corporate development at CIT, was promoted to president of Small Business Lending due to the retirement of John Canning.
Drew Jakubek is now the vice president/marketing officer for Marquette Business Credit.
Scott Townsend joined Gulf Coast as vice president.
Bob Kassebaum has joined Marquette Commercial Finance, Inc. as vice president/marketing officer.
Sylvia Gonzales has been hired as the newest account executive for Gulf Coast.
Capital Factors is proud to announce the appointment of Bob Witmer as Assistant Vice President/Account Officer.
Mic Klaith has taken the position of Vice President of Sales at Bibby Financial Services.
Jessica Sherman joined Gulf Coast as Assistant Vice President-business development.
Rudy Tellez is the new Operations Manager for Bibby Financial Services.
Gulf Coast announced the promotion of Wade Hladky to chief operating officer.
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INTERNATIONAL FACTORING ASSOCIATION - www.factoring.org
Thursday & Friday, May 25 & 26th, 2006 - Sales & Marketing Training Class
Monte Carlo Resort and Casino - Las Vegas, NV
• The Basics of Marketing
• Developing a Marketing Plan
• Establishing your 'Piece' of the Market
• Protecting Your Turf
• Selling Tactics
• Territory Management
• Time Management
• Selling Tools
Thursday & Friday, June 8 & 9th, 2006 - Account Executive / Loan Officer Training Class
Monte Carlo Resort and Casino - Las Vegas, NV
• Invoice Verification Procedures
• Checking the Paper Trail
• Reviewing and Approving Debtor Credit Limits
• Dealing with Credit Memos
• Reserve Management
• Collection Calls
• Management of the Accounts Receivable Aging
• Monitoring Tax Payments
• Collection Procedures
• Specific Industry Concerns and Pitfalls
• Client Service Techniques
• Early Warning Signs
• Working with Government Contracts
• Management Policies and Strategies
• Documentation and Compliance Procedures
• Assignment Procedures and Issues
Monday & Tuesday, June 12 & 13th, 2006 - Successful Transportation Factoring
Monte Carlo Resort and Casino - Las Vegas, NV
A seminar dedicated solely to transportation factoring professionals. If you are purchasing transportation paper or considering doing so, don't miss two days of discussion about such important issues as:
• Revenue Enhancing Measures
• Additional Products You Can Offer
• Effective Pricing Structures
• Customizing the Transportation Factoring Contract
• Transportation Fraud Schemes and Protective Measures
• Effective and Targeted Marketing
• Credit Information - Where to Get It and What To Do With It
• Comprehensive Auditing and Processing Transportation Paper
• Effective Collections That Won't Diminish Profits
• Factoring Transportation Brokers and Other Intermediaries
• What FMCSA and DOT Compliance Means To You
• Problem Loads and How to Mitigate Those Problems
• The Four Worlds of Transportation Factoring
Wednesday - Friday, June 14th - 16th, 2006 - Niche Industry Factoring Training Class
Monte Carlo Resort and Casino - Las Vegas, NV
• Medical Receivables
• Construction Receivables
• Agriculture and PACA
• Real Estate Commissions
• Temporary Agencies
• Legal Judgment Receivables
• Software Company Receivables
• Credit Card Advances
• Apparel Industry
• Government Receivables
• Entertainment Industry
• Print Shops
• Furniture Industry
Thursday & Friday, August 10th & 11th, 2006 - Presidents / Senior Executives Meeting
Hilton Los Cabos Beach and Golf Resort - Los Cabos, Mexico
Presidents and Senior Executives of factoring organizations have unique needs. One of the best ways to help with your strategic planning is to spend time discussing those issues with other Presidents and Senior Executives in the factoring industry. This meeting is designed to facilitate that discussion.
We will be discussing specific topics that are of concern to Senior Executives. Some of the topics that we will concentrate on are:
• Marketing
• Credit and Underwriting
• Account Liquidation
• Fraud Presentation
• Technology
• Debtor Risk
• Looking for Hidden Red Flags
• Threats to Your Security Interests
• Making Yourself Unique
The second component of our meeting will concentrate on networking. We will begin on Wednesday evening with a Welcome Reception. Breakfast and lunches will be held together to give you a chance to network with the other attendees. Dinner on Thursday evening will also be included.
Access Registration For These Events Here
NATIONAL FUNDING ASSOCIATION - www.nationalfunding.org
The National Funding Association was formed in 1991 for the express purpose of assisting financial professionals to better network among and with other financial professionals. With Chapters in Atlanta, Charlotte and Chicago, the NFA is active in networking programs to improve and enhance deal flow.
NFA is actively seeking to start new Chapters all across the country. We are pleased to assist interested professionals start a Chapter in their city and we will help them build it. Most Chapters utilize a monthly luncheon format, with a speaker on a topic of interest to the membership. Our members consist of factors, asset based lenders, attorneys, CPA's, investment bankers, consultants, venture funds, mezzanine lenders and others with an interest in networking more efficiently to improve their businesses.
To start a Chapter you only need two or three motivated professionals who want to raise their personal and company profile with the aim of obtaining more business. Most Chapters utilize an advisory Board of three to six people. The key is having a core group to share the work in setting up the Chapter, arranging the meetings, and managing the member lists. Cities as small as 200,000 can support an NFA Chapter because the membership is so inclusive, open to all types of financial professionals.
If you are interested in starting a Chapter, contact Barry Yelton of Business Alliance Capital Company at byelton@baccorp.com. Please visit our web site at www.nationalfunding.org.
For a complete list of all events for the NFA click on this link.
Atlanta Chapter:
• Third Annual Southeast Financial Expo and Reception at The Georgian Club on May 17, 2006 from 5:30 pm - 8:30 pm.
Chicago Chapter:
• Networking Luncheon at The Standard Club on May 17th, 2006 at 12:00 noon. Our speaker is Ronald A. Kahn and his topic is "Current Trends in the Mezzanine Financing Market."
THE FINANCE FORUM - www.thefinanceforum.com
• Luncheon Meeting at Prestonwood Country Club is Wednesday, May 17th, 2006 from 11:30 am to 1:30 pm.
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