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| This year has been like no other that I can recall since I began recruiting in our industry two decades ago. As I sit down to write my 20th annual newsletter from my home in Maine, I look out the window at the raging sea and listen to the howling wind of a storm, which is so representative of the stormy year that we are all weathering in the world economy. Just as the lonely lobstermen navigate their tiny craft through the maelstrom, communicating with each other on their radios for help and support, so do we all seek a collective wisdom from each other in our Industry. The talent search business exposes me to a very broad range of perspectives from many different people doing lots different things in Equipment Leasing. There have been great years when business just seemed to explode, and years where the opposite was true. In 2009, we seemed to have lost the very foundation upon which we have based our businesses. It has been a year where people seemed to be at a loss... almost dazed at times. I remember years ago during the S&L crisis, I commented in my Newsletter that lenders were abandoning the basic premise of sound lending. People and companies were having credit extended to them who in other times would not have been able to finance an office copier, let alone assets of any significance. Suddenly, everyone was lending to anyone that asked for money, until that joyride ended in the collapse we remember too well. Did we learn anything? I guess some of us did, but not enough and not for long enough. This time sub-prime mortgages started the avalanche, and on its heels, the next big wave about to crest will most likely involve the credit card debacle. Our world is more complex with each passing year, and these complexities within global finance mean that each time we fall, the landing is further down and harder to survive. I talked to CEO's, credit analysts, M&A people, syndicators, strategists, and mid-level managers all year. Most of them did not have a clue what to do, where to turn, or what the outcome was going to look like. Everyone was scratching his or her head. However, one thing was universal. People had lots of time on their hands. My business was no different. What did vary from person to person and company to company was how this extra time was utilized. As in all crises, there are people who find or actually create an unseen benefit. This is the first suggestion I would like to offer, which I derived from this year's trial. During most of 2009, business was at a crawl. Money was scarce. All kinds of policies were being examined and implemented to try to revive the economy. Some of us decided to expand our product offerings or services in order to augment our business. I did, and this take away has turned out to be a wonderful beginning of a completely new venture for my firm. I am now working with companies to help them find appropriate lenders whose criteria and capabilities match their specific needs. It seemed like a logical thing to do. Why not help marry opportunities and solutions rather than limit my efforts solely to placing people? I am talking about, for example, specific and often unusual vendor programs looking for the right funding source...asset categories not typically in the mainstream, or program requirements that are not cookie cutter. I began to explore different networking avenues, and discovered that I, like so many of us, have been guilty of becoming complacent. This was a powerful eye-opener. I figured that my history in our business coupled with my involvement in the ELFA and more recently with the NAELB was sufficient to keep me abreast. What I discovered was that there are a multitude of companies and people that I don't know, haven't heard of, and quite possibly would never have gotten to know if I hadn't expanded my networking efforts. LinkedIn, both through the ELFA discussion and many other groups, has resulted in my learning of so much I was not aware of. Every single one of the connections and groups I have been cultivating represents a potential opportunity. I can focus on those firms that are specializing in green projects, for example. I have been keenly interested in this area for various reasons, but I lacked the knowledge of how to achieve my goal. Because of networking more aggressively and in new ways, I learned that not everyone has been paralyzed by the upheaval of this past year. There are those who have sought, and in many cases, found ways to create new opportunities, establish new business partners, and explore new ideas. This "partnering" is a very interesting response to leaner pickings and is the third take away I have gained. We have all participated in friendly cooperation with our competitors through information sharing via ELFA Lease Talk, the conferences in which we share our experiences and policies, and casual interaction with colleagues. Yet, within this friendly competition, the degrees to which we really worked together were limited. Desperate times, however, encourage creative actions. Within the smaller entrepreneurial companies, many are working in tandem to identify, acquire, and conclude business opportunities, for which did not they individually have the necessary resources or even an awareness of the opportunity. It requires a different kind of due diligence, willingness to take a chance, and a discriminating assessment of each potential partner. As a result, at the least, some business shared is better than 100% of nothing. In best-case scenarios, lasting partnerships, new ventures, and entirely new approaches have evolved. It is not easy to find a way to relax our often fierce isolationist behavior when it comes to proprietary information and clients. However, by collaborating with companies whose business compliments ours or resides on our fringes rather than competes directly with ours, there is a significant reduction in the potential downside. The fourth take away worthy of note is one I have discussed in the past. Some people tap into their creativity to uncover ways to separate themselves from their competitors. They uncover possibilities, maximize opportunities, and either invent or reinvent ways of generating additional exposure, capability, and success. A small and relatively young company contacted me recently. They did everything we have all done. They created a mission statement, determined a market strategy, designed an interactive web page, and hung out their shingle. However, they did not stop there. I do not want to divulge their strategy in detail, but they went so much further by utilizing the web in ways that went well beyond the financing of assets to include information useful to companies viewing the site. This approach demonstrated expertise specific to various asset types and the businesses that utilize those assets, and expanded the number of clicks they received every day. It made them different in a positive way. They also decided to take advantage of the half empty glass created by their competitors' difficulties and began seeking some of the best available talent they could identify to on-board. Yet, although the pickings are ripe, they did not neglect in-depth due diligence while staying vigilant about keeping this process a priority. They sought advice, and listened. They studied how to interview more effectively, and invested critical time to thoroughly delineate the full scope of functional responsibilities their new hires would assume. Still, they did not stop there. They paid just as much attention to defining the subjective aspects of hiring that would play arguably the most significant role in the success or failure of new hires. This company really impressed me, and I eagerly look forward to working with them as we begin a new decade. They are excited and optimistic about what the future holds, and respect the opportunities ahead by taking whatever actions they can to make the most of each step of their journey of growth. I believe 2010 will provide new avenues to travel if we look for them. I am confident that the half full glass will continue to remain more full than empty, and I invite you all to drink from the cup of promise we all hold. On behalf of Jon Gerson , Helene Kugit, and myself, we extend the warmest wishes for a healthy and personally fulfilling year for each of you and your families. Sincerely, Teri Gerson , President 
Executive Solutions for Leasing & Finance, Inc. 181 New Providence Road Mountainside, NJ 07092-2516 908.654.1550 (f) 908.847.0377 PS---Now more than ever, keeping track of everyone is so difficult, I implore you help us keep track of everyone. Please take a moment and upload or update your contact and experiential information through our confidential website. Whether you want to hear about opportunities or simply keep abreast of industry trends, staying current is essential in these volatile times. Please go to www.exsolutions.com and click on Career Opportunties. Then, select either Register New Talent or Update Resume/Registration. Thanks in advance! Visit us on LinkedIN, as well. |