Rita E. Garwood,
Editor-in-Chief,
Monitor
In 1974, Richard Nixon resigned from office in the wake of the Watergate scandal, David Bowie released Diamond Dogs and Mike Molloy decided to launch a tabloid newspaper to support the classified ads of his recruiting business. Half a century has passed since that first edition of Monitor was printed, yet the publication endures. In fact, Monitor has transformed into a multimedia company with the goal of keeping the equipment finance industry on a track of exponential evolution.
This special 50th Anniversary Issue of Monitor honors the past, celebrates the present and envisions the future of equipment finance. I had the pleasure of interviewing so many industry leaders over the last nine months for our 50th anniversary. Senior Editor Phil Neuffer combed through those interviews to create a feature that tells the story of the industry — which has people at the heart of its success — as well as a ‘50 Years, 50 Moments’ section, which captures stories and advice from industry leaders.
The senior members of Monitor also sat down for interviews reflecting on our experiences working for the publication over the years. We reminisce about our individual journeys creating Monitor as it has evolved.
In 1974, leasing was the primary product of our industry, but as Paul Bent points out, equipment finance is now a subset of secured lending. Bent explores the industry’s cycles and says leasing may be having a renaissance.
Deborah Reuben explores the future of equipment finance’s workforce. She sits down with the leaders of the CLFP Foundation and Create Mpls to discuss how to attract the next generation.
Our team created eight Profiles of Equipment Finance Excellence by sitting down with nine noteworthy equipment finance leaders: Dave Fate from Stonebriar Commercial Finance, John Deane and Bruce Kropschot from The Alta Group, Sudhir Amembal from Amembal and Halladay, Crit DeMent and Miles Herman from LEAF Commercial Capital, Bill Stephenson from PEAC Solutions, Amrita Patel from Wells Fargo
Equipment Finance and Mike Jones from First Citizens Bank.
We also requested essays from several of the brightest executives in the industry. Bill Verhelle from Innovation Finance reflects on 30 years of business strategy. Nancy Robles from Eastern Funding reflects on honoring human experience within a company culture. Scott Thacker urges equipment finance leaders to harness their passions into volunteerism. Bill Phelan and Barry Ripes discuss the need to expand access to capital for small businesses, and Tony Golobic reflects on the growth of GreatAmerica Financial Services as he hands the reins to the next generation.
This special issue also looks back at notable headlines from the last 50 years, pays tribute to equipment finance legends we have lost and provides an infographic that outlines what life was like in 1974.
Thank you to every person in our industry who has celebrated Monitor’s golden anniversary with us. Whether you attended Converge, participated in an interview or simply engaged with our special content, we appreciate you and look forward to serving the equipment finance industry for the next 50 years.
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2 Replies to “Monitor 50th Anniversary: A Letter From the Editor”
Congratulations on this milestone for the industry’s icon. Candidly, however, this reminiscence is lacking. The bridge between Mike’s four-page parchment periodical and todays multimedia powerhouse was Gerry Parrotto. His industry experience and his commitment to his constituents drove him to expand The Monitor into a magazine, opened the monitor daily.com, and expanded with ABF Journal. Lisa, Rita and the staff have launched into events while maintaining excellent in ever phase of the businesses. The vision is responsive to the constantly evolving marketplace in which The Monitor and its businesses are the icon of our industry. Let us not forget that importance and pervasive leadership that Gerry delivered.
When I entered the industry, over 40 years ago, it was considered uncouth to be caught reading The Monitor, because it meant that you were looking for a new job. Little did I know that I would spend 14 years writing for the evolved publication decades later. It was a dozen years later when I met Gerry Parrotto during a breakfast gathering at the ELFA convention in Palm Springs. He was quite intrigued over a conversation about the internet I was having with Anil Vora, from Oracle Credit Corp. Two weeks later Gerry called me and asked me to review and critique his new website, which would eventually become monitordaily. Since Lisa Rafter purchased monitor and became publisher, she has accelerated digital enhancement of the publication and its ancillary services. ‘Lisa and Rita are true professionals who strive for perfection – to be the best of the best. Look for more positive changes in the future as Monitor evolves with the advancement of technologies. I look forward the future, and whatever it holds.