David T. Schaefer's 2018 Chairman Address Explores the Storied History of the ELFA
President and CEO of Orion First, David Schaefer had the honor of delivering the 2018 Chairman Address as one of his final acts as the Chairman of the Board of Directors of the ELFA. Watch his speech below:
2018 Chairman Dave Schaefer reported on the state of the industry - “Perseverance is Key”
He highlighted the association’s influence on a number of industry milestones. For example, a major advocacy effort by ELFA positively impacted the direction of the new lease accounting standard, and the association’s advocacy on recent tax reform legislation benefited members. “Thanks to ELFA’s advocacy efforts, the tax measure preserves important incentives designed to promote equipment acquisition,” he noted.
In recounting the history and resilience of the industry, Schaefer shared some of his own personal history. He revealed that in the late 1970s his father was taken hostage by Iran and held for 444 days. “This shaped me forever as a person,” he said. “I don’t allow myself to have a bad day because I know that people deal with really bad situations and I appreciate every day of my life. I also learned to appreciate perseverance.”
Schaefer said his appreciation of perseverance reappeared two decades later he launched his company Orion First Financial on Oct. 1, 2001, in the wake of 9/11 terrorist attacks. “It felt like the economy was crumbling down around us, and here I was launching a new business!” he recalled. “This was another lesson in perseverance. When we are faced with a great challenge, our determination and grit can be our most important assets.”
He acknowledged that many in the industry have faced challenges with grit. “I know many of you in the audience have faced adversity in your businesses and persevered to be here today. When we talk about our industry emerging and excelling, it is a testament to our ability to face challenges head on, adapt to change and discover new opportunities and solutions.”
After reviewing the evolution of the industry, Schaefer moved on to the second prong in the Convention theme: What’s emerging in the industry.
He spotlighted the changing customer experience, pointing to customers’ new mindset toward usage rather than ownership of equipment; the “uberization” of assets, or utilizing assets by sharing them; and increased demand for bundled services and enhancements. He observed, “For consumers it’s all about convenience: their desire to have access to what they want, when they want it.”
At the same time, equipment finance organizations are becoming more flexible, with employees working remotely, so they are attracting talent without geographic restrictions. “This digital age—of connecting people to your company—is where change is coming from and where the value is.”
Finally, Schaefer examined the third prong of the convention theme: What it means to excel for your employees, your companies and your customers.
He stressed that continuous improvement should be the top priority. “As individuals we should be constantly learning, looking for other successful people and watching what they’ve done,” he advised. He added that leaders need to learn how to get out of the way, to delegate and to allow others to grow.
Focusing on the customer is key, said Schaefer, emphasizing that companies need to offer quality products, deliver a great customer experience, provide value and anticipate the customers’ needs. “We have to be thinking about new products and solutions in advance of the customer even knowing he or she needs them,” he said.
He concluded by noting that the equipment finance industry touches every aspect of the economy. “We provide the capital that drives supply chains across every industry. We enable companies to acquire equipment and employ individuals, so they can support their families and their communities. The healthy flow of commerce and capitalism is good for our communities—and it’s good for our country. I hope you think about the value we create, and that you’re proud to be a part of that.”
From a Broker to a Lessor
As a successful commercial equipment finance broker you’ve mastered the ins and outs of the industry, fine-tuned your skill set, and built a well-oiled broker business. But beyond reaching scalability and expanding your company, what other avenues offer the potential for new revenue streams? If you’re considering becoming a lessor, you may be on the right track to do more for your customers and earn additional revenue from holding your own portfolio.
There are several benefits to holding your own portfolio. Your lease and loan contracts can provide a more predictable revenue stream and will help secure income during economic downturn when brokering is more difficult. Holding your own portfolio also lets you manage the customer experience, guiding end-user relationships to drive repeat business. But most importantly, portfolio servicing helps you build historical performance data on which your business will be evaluated if you ever want to accept outside funding.
David T. Schaefer, CEO Orion First, to Speak at 2018 European Leasing & Consumer Credit Convention
Venice, Italy—Founder and CEO of Orion First and Mintaka Financial, and Chairman of the Board of Directors of the Equipment Leasing & Finance Association (ELFA), David Schaefer will be a panelist at the 2018 European Leasing and Consumer Credit Industry Annual Convention in Venice, Italy.
Following the first session’s presentation, titled “Leasing in Europe and Beyond - State of Play and Outlook,” David Schaefer will sit on an interactive panel of industry leaders sharing their views on the state of the European leasing and automotive rental markets. As the current Chairman of the Board of Directors of the Equipment Leasing and Finance Association (ELFA), David brings an American perspective to the conversation; providing insight into the current opportunities and challenges being tackled across the pond in the US finance and equipment leasing markets.
“Similar to the US finance industry, overseas capital markets have seen exciting innovation from disrupters like FinTech, blockchain technologies and much more-making an international meeting of the minds such as this a very valuable opportunity at this time,” said David Schaefer. “I am honored to be on the panel at this year’s annual convention to share my experience and help unite the US and international capital markets while preparing them for upcoming change.”
Taking place October 4-5, the Annual Convention will host over 400 executive and board level participants from leasing, automotive rental and consumer credit communities across Europe and beyond. Held at the Hilton Molino Stucky, the Annual Convention provides the opportunity for leaders across these financial markets to network, and uncover new methods of improving and guiding their industries.
Additional topics covered at the convention include analyzing industry trends, optimizing leasing operations, dealing with non performing loans (NPLs), increasing access to affordable capital, efficiently managing the cost of risk, and facing the current challenges to prepare for tomorrow.
For more information on the convention visit: https://www.annual-convention.eu/
Orion First Surpasses $1 Billion Under Management
Gig Harbor, WA: Orion First announced today that it has surpassed $1 billion in assets under management. The assets under management consist of small business commercial loans and leases for which Orion provides all the back-office portfolio management and servicing duties on behalf of its clients. This is a significant long-term goal achieved by Orion First, who has been in the commercial loan, lease and contract management space since 2001.
“We are proud to celebrate this milestone because Orion has worked hard for our position in the industry and we are honored by the level of trust our clients place in us,” said David T. Schaefer, Co-Founder and Chief Executive Officer of Orion First. “Passing $1 billion under management is a true testament to the strength of our team and demonstrates the value we strive to deliver. Be it by providing transparency through our client portal, by improving risk assessment through our proprietary scoring tool, SAIPH™, or by offering unmatched portfolio management services, Orion will continue to lead the small business lending industry in risk management.”
ABOUT ORION FIRST:
Orion First is the leading full-service commercial loan and lease portfolio servicer which provides a suite of services and products to manage the complete life cycle of a borrower. Orion has built a servicing platform that includes systems to support lease and loan accounting, credit application processing, scoring and decisioning products, and collection management.
Orion First is committed to serving those who fund small business by protecting their investments and portfolios from initial engagement to payoff. Orion is, to its core, a manager of risk in the small business lending marketplace. Our goal is to empower clients by taking care of the details so that they can focus their entrepreneurial energy on their largest value– funding small business.
Join Orion First at the ELFA Annual Convention
Join Orion First and ELFA Chairman Dave Schaefer at the ELFA 57th Annual Convention, October 14-16! Coming to beautiful Phoenix, AZ the ELFA Annual Convention is an unmatched opportunity to Evolve, Emerge and Excel your equipment leasing and finance business!
Click here for more info: apps.elfaonline.org/events/2018/AC/
Third Party Nation
David Schaefer, Chairman of ELFA and CEO of Mintaka Financial and Orion First, discusses the shift in equipment finance towards leveraging the core strengths of third party service providers to boost business.
As a leader in both an equipment finance company, Mintaka Financial, and a third party lease and loan portfolio servicing company, Orion First, David witnesses the shift first hand and urges finance company leaders to consider its benefits for their business.
“There’s a bit of a renaissance going on. Equipment finance companies are focusing more narrowly on what they do best and reassessing how they do everything else.”
2017 Martini and Cigar Recap
Orion First was honored to host its annual Meet and Greet event, The Martini and Cigar Bar at the Equipment Leasing and Financing Association's (ELFA) 56th Annual Convention.
Held in the JW Marriot Hotel’s Primo Garden, this gathering of leasing and finance profesionals offered an intimate setting for guests to mingle, sip martinis and enjoy a selection of fine cigars.
It was great to see everyone and we look forward to seeing you again next year!
David Schaefer New Chairman of ELFA Board
David T. Schaefer Elected
New Chairman of the Board of the ELFA
Gig Harbor, WA - Orion First announced today that Founder and Chief Executive Officer David T. Schaefer has been sworn in as the 2018 Chairman of the Board of the Equipment Leasing and Finance Association (ELFA). The Chairman and the new Board members were recommended by ELFA’s Nominating Committee and approved by a vote of the general membership.
“As a long-time participant and contributor to the ELFA, I am honored and excited to take my turn as the Chairman of the Board and pilot the Association for 2018,” commented Schaefer. “I await the responsibility of guiding the Association and helping to prepare our sector of the financial industry for upcoming shifts like, securing the next generation of leasing/finance professionals, managing the increasingly volatile challenge of online data security, and continuing to promote informed financial regulatory legislation by educating lawmakers.”
With over 35 years of experience in commercial equipment finance industry, David has held numerous senior management roles for treasury, operation, information technology, accounting and portfolio management. David’s leadership position with Orion includes his direct participation in providing advisory services to banks, commercial equipment finance companies and equipment manufacturers regarding portfolio acquisitions, debt placement, loan/lease administration and portfolio management. Prior to establishing Orion he was president, CEO and a member of the Board of Directors of Financial Pacific Leasing Company. Dadve also founded Checkmate Certified Collections In 1975, a consumer and commercial collection agency.
David previously served on the ELFA Board of Directors and Executive Committee, and has also been the chairman of LeasePAC, the industry’s only federal political action committee. David served on the Board of Directors of the United Association of Equipment Lessors, now the Nation
al Equipment Finance Association. He chaired the Small Ticket Business Council of the ELFA in 1999 and 2000. He obtained his CLFP certification in 1996 making him one of the industry’s earliest Certified Leasing & Finance Professionals. David currently serves on the Gig Harbor YMCA Advisory Board and the Tacoma Pierce County Habitat for Humanity Finance Committee.
About ELFA
The Equipment Leasing and Finance Association (ELFA) is the trade association that represents companies in the $1 trillion equipment finance sector, which includes financial services companies and manufacturers engaged in financing capital goods. ELFA members are the driving force behind the growth in the commercial equipment finance market and contribute to capital formation in the U.S. and abroad. Its 580 members include independent and captive leasing and finance companies, banks, financial services corporations, broker/packagers and investment banks, as well as manufacturers and service providers. For more information, please visit www.elfaonline.org.
2017 SBLF Recap: Enhancing Leadership Skills Through Self-Awareness in the Mile-High City
A quick recap of the SBLF 2017
Orion thanks everyone who was able to attend the 2017 Small Business Lending Forum in Denver, CO.
This summer's event was a great success and the change in venue was a breath of fresh mountain air for many conference goers. Given the proximity of all conference events to the beautiful Hilton Denver Inverness, the 2017 forum provided an enhanced level of intimacy permitting a greater ease of networking throughout the event.
Find Out More About The Small Business Lending Forum
NEFA Newsline July/August Issue Article from Orion First
Operations Platforms: Creating Competitive Advantages
Orion’s Joe Collins is a featured guest author in the current July/August issue of the NEFA Newsline magazine, on the importance of building an efficient lending operations platform.
In this article Joe Collins, SVP Business Development covers three vital pieces of a full-cycle lending operation, and demonstrates how they, when paired with lean internal process and experienced staff, bring additional value to any operations platform.
