Ian Koplin,
Editor,
Monitor
Bill Stephenson, CEO of PEAC Solutions, is a very straightforward man. He does what makes sense, and what he does, he does well. Stephenson is a firm believer in industry segmentation and specialization within the key markets served by PEAC Solutions. He developed and refined this concept during his many years of leadership at DLL, where he saw that having in-depth knowledge and understanding of certain industry verticals helped create differentiated solutions that maximized equipment sales for the company’s vendor partners. This pragmatic approach enabled his teams to become experts within their marketplaces versus the generalist model numerous big banks and lenders were using at the time.
Giving an example, Stephenson explains, “We hired account managers who had successful careers selling equipment and educated them on finance so that when they went into a vendor, they had instant credibility because they truly understood the industry business model and what it took to successfully sell the equipment. This would
allow them to frame financial offerings in a language that was not only understood by their customer but designed to overcome their challenges.” Stephenson says this knowledge set his team far ahead of the generalists who were only providing money without knowing how the industry works.
Getting to This Point
Stephenson has been in the equipment finance arena since the 1980s and has had the chance to touch the lives and careers of numerous individuals. No stranger to being the guiding hand for those on their way up within the industry, Stephenson hopes his lasting mark on equipment finance is providing an environment where employees can flourish, develop their careers and ultimately give back to the communities where they not only conduct business but also live with their families. To that point, he has led by example, ensuring that the companies he has led have sponsored activities and events to raise funds for charities and community assistance programs.
Complimenting the resiliency of the equipment finance industry and its ability to weather storms both big and small, Stephenson says his crowning contribution will be the work he did to make equipment finance a household term. By installing the right people with the right vision, combined with the trust, transparency and understanding of the industries they serve, Stephenson helped transform and evolve equipment finance into a mainstay as a financing option as well as a powerful marketing tool for manufacturers, dealers and resellers. He didn’t do it alone, though, and he is the first to share this accomplishment with the people who made it possible.
“Who would I thank the most for my success? Obviously, my wife who’s been very supportive of me traveling consistently over 35 years and been the anchor at home,” Stephenson says. “No. 2, I would say Abe Bernstein [the former CEO of Master Lease Corporation, Tokai Financial Services and a nominee for Monitor’s CEO of the Decade – 1980s Converge Award] who really got me started in this business in the ‘80s. His vision of what leasing could be as more of a sales and marketing tool than a finance tool has really, really stayed with me throughout my career. Then, to be honest with you, the employees that have been with me over 30 to 35 years, who believed in the vision and stayed on the journey. We built one of the world’s largest and most successful vendor finance leasing companies through loyalty, trust, understanding and doing the hard work every single day.”
Evolving Alongside Disruption
The ability to identify emerging trends in a fast-changing world is essential for the survival and success of all companies, but the equipment finance industry regularly finds itself at the center of this storm, demanding that successful companies not only monitor rapid shifts in technology, customer preferences or government policies and regulations, but also adapt quickly, taking calculated risks and bringing new and innovative solutions to the market. Stephenson says the next wave of disruption is already here — in the form of ideology taking over regulations as well as the industries they oversee.
“Right, wrong or indifferent, we see that governments, via their policy and regulation agenda, are now influencing the selection of viable industries for the future. We have certain market sectors and industry-leading companies today who must adapt to a new reality or they won’t be here [in a few years],” Stephenson says, citing how ESG initiatives have, for the greater good, forced governments and municipalities to rethink their relationship to global climate change and driven changes in the business sector. Stephenson knows changes like these have happened before and believes in the resilience and agility of the equipment finance industry to adapt and help its customers navigate through these challenges.
“One of the ways we will create and deliver additional value to our customers is to help them through this transition, but this journey will not be for the weary. These are exciting times, but the road ahead is full of potential hazards,” Stephenson says. “Managing asset and residual value risk is entering a new and complicated chapter, where rapid changes in the ESG landscape could render certain equipment sectors worthless in the next five to 10 years. I think you’re going to see more and more of these challenges in the future, but we’ll get through it. The industry always has. I’ve been through five economic cycles where everybody thought [the industry] was coming to an end, and we’ve always been able to adapt and prevail.”
The Next Chapter
Stephenson frequently speaks at industry events and other forums, including his alma mater, Florida State University, where he has been an advocate for emerging student talent. His work at the Equipment Leasing and Finance Association has also focused on ensuring the industry has a plan to attract young talent and create succession plans that will help deliver future growth and success. When he was chairman of the board of directors for yjr organization in 2016, diversity equity and inclusion were a large portion of his charter. That experience left an indelible mark on Stephenson, who has remained a firm champion of developing the next generation of diverse leaders for the equipment finance industry.
Stephenson says three rules govern his success, and he regularly shares these rules with the young professionals that he works with and mentors:
“Another element that I share is how important it is that when you get up in the morning, you feel a little uncomfortable. Because if you’re a little uncomfortable, that means that you are being challenged … you are being pulled outside of your comfort zone. And when you are stretched like that, it forces you to bring your best and it’s when the real lessons are learned and when the real growth occurs,” Stephenson says. “Almost 40 years in this industry, and I still wake up every day with the feeling, and I hope I never lose that.”
ABOUT THE AUTHOR: Ian Koplin is editor of Monitor.
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