CEO of Mintaka Financial, 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.”
Gig Harbor, WA, July 19, 2018 – Announced today, Quentin Cote has been promoted to President of Mintaka Financial and Bill Fogarty to SVP and Chief Operating Officer.
Quentin succeeds co-founder and CEO of Mintaka Financial, David T. Schaefer as President, who is currently serving as Chairman of the Board of Directors of the Equipment Leasing and Finance Association (ELFA) and President and CEO of Orion First Financial. Quentin has represented Mintaka in the equipment leasing/finance industry as a member of the Small Ticket Business Council Steering Committee of the ELFA and served as the council’s LeasePac liaison. Quentin has served as EVP of Mintaka for two years. He began his career in specialty finance banking and transitioned to private equity, eventually ending up in a leadership role at an equipment finance originator.
Bill Fogarty joined the company in March of 2017, transitioning from the banking industry. Bill held senior positions in credit, operations and business development as well as the president of a de novo bank. His responsibilities include the day to day oversight of Mintaka Credit and Funding departments, coordinating affiliate relationships, training, compliance and operations.
He represents Mintaka in the National Equipment Finance Association (NEFA) and serves on the membership committee.
“Mintaka Financial continues to benefit from Quentin’s leadership, and with him at the helm as President our future looks bright,” said David T. Schaefer, CEO of Mintaka Financial. “Quentin has been instrumental in driving technology improvements and expanding funding capabilities. The team of Bill Fogarty, COO, Zack Marsh, CFO, and Paul Marcoe, CTO is the strongest team I have had the opportunity to lead and I’m confident that the company will be even more successful.”
“I am delighted with the promotion of Quentin Cote as President and the appointment of Bill Fogarty as Chief Operating Officer of Mintaka. These changes add depth to our management team and strengthen Mintaka’s position in the marketplace,” said Don Myerson, co-manager and co-founder of Mintaka Financial.
About Mintaka Financial
Mintaka Financial LLC, located in Gig Harbor WA, was established in 2004, as a commercial finance company specializing in serving the needs of small businesses across the United States. Mintaka provides equipment leases and loans, originated through a limited group of independent small business finance companies that share ownership in Mintaka. These companies are specialists in small business credit service, selected to participate in the Mintaka program based on their experience and reputation in the industry, and their dedication to building long term relationships with their small business clients. To learn more about Mintaka, please call (888) 705-8778, ext. 1097 or visit www.mintakafinancial.com.
Curtis Costner, VP Marketing
(888) 705-8778 x1015
SOURCE Mintaka Financial
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.”
Zack Marsh, CFO of Mintaka Financial was quoted in the ELFA Magazine’s May/June issue cover story. Alongside the select handful of industry professionals chosen to start the ELFA Emerging Talent Advisory Council (ETAC), Zack advises the the next-generation workforce with his tips for guiding a new career towards success.
Through the experience from his own career journey, Zack identifies the unique value that an Executive Coach can provide and shares these insights in this article.
As Chair Emeritus of the ETAC, Zack will talk about executive coaching this summer at Emergence2018; a two-day event to develop the industry’s emerging leaders by helping them consider the steps they can take to grow their careers and provide greater value to the industry.
“Focusing on goal-setting and where you envision yourself can help you set your sights on what it will take to get there.”
“ELFA’s new Chair brings broad experience and entrepreneurial know-how to the role”
Dave Schaefer CEO of Mintaka Financial was featured in a welcome article in the January/February 2018 issue of the ELFA Equipment Leasing and Finance magazine! Appropriately covering the State of the Industry for 2018, Dave begins his term as the Chairman of the Board of Directors amidst an uncertain regulatory climate, yet is ready for what’s ahead in his new leadership role.
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.