I recently met with a group of young aggressive originators in the commercial equipment finance and leasing industry. I asked what changes or developments they believed would impact their careers over the coming years and what they were doing to confront these industry-wide opportunities and challenges. Below are a sample of topics that the entire group agreed will impact their careers over the next five to seven years.
Technology: The group agreed that advances in technology will impact every stage of the financing and leasing process. They all agreed that technology is a net positive for originating new relationships and transactions. Most of the group also admitted that they had little, if any, involvement in their company's current technology plans or implementation of new technology. One of the originators explained how he offered to be on a technology committee and how the experience helped him better understand the company's objectives. The committee participation provided him more visibility with the management team.
Managerial Transitions: The group agreed that most of their managerial teams were older, and many would be retiring in the next decade. They agreed that this development will create opportunities for the next generation of leaders. However, they each needed to obtain more knowledge about the details of running an equipment finance and leasing operation beyond just originations. One originator commented that it is never too early to learn more about how top companies outperform their competition and grow their bottom-line profitability (well said).
Small Community: The group was aware of the close-knit community that makes up the commercial equipment finance and leasing industry. They expect additional mergers and acquisitions over the coming years and perhaps activity within their own companies. The comment was made that leaders are well connected throughout the industry and are well respected by their peers and competitors. The group agreed that industry involvement and association participation was key to long-term career enhancement.
The group of young aggressive originators agreed the commercial equipment finance and leasing industry provides unlimited career opportunities for young aggressive professionals who are willing to fully engage within the industry.
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This "Sales Tip" is provided by Wheeler Business Consulting.
