Billy Bagnell,
Business Development Officer,
LEAF Commercial Capital

Mark Grayeck,
Country Sales Manager,
DLL

Sloane Hudok,
Demand Generation Manager,
Solifi

John Pfister,
CEO,
MAZO Capital Solutions

Nicole White,
Director, Business Analysis,
First Citizens Bank

Within the soon-to-be priorities for a sample of Monitor’s NextGen honorees are data management, transparency (especially given increased regulatory scrutiny) and environmental, social and government concerns. Mark Grayeck, country sales manager of DLL, specifically predicts a push toward ownership versus leasing as the secondary market and digital marketplace continue to evolve together, and as the Internet continues to remove the “mystery” of fair market value at the end of term.

But these aren’t the only concerns of the NextGen — and, in fact, aren’t even the primary ones. Three key themes emerge for these honorees when considering their future roles at the executive level of the industry: an emphasis on continuous learning and development, the importance of recruiting new talent and the fundamental technologies of the future.

LEARNING TO LEAD
As leaders commonly say, no one is ever done developing. There is no perfect style of or guide to leadership. To this effect, Monitor’s NextGen honorees make a conscious effort to continue developing their leadership skill sets
in various ways.

Billy Bagnell, business development officer of LEAF Commercial Capital, for example, is currently a member of STRIPES Leadership Program’s fifth cohort, and he says he’s gained a lot from the program already. With an emphasis on critical leadership skills and practices dedicated to elevating self-awareness, the program is helping Bagnell strengthen his day-to-day interactions with colleagues and clients alike.

Similarly, Nicole White, director, business analysis at First Citizens Bank, is a graduate of STRIPES Leadership Program, having been a member of the second cohort in 2022. Recently, with offerings from the bank, she has taken courses on change management and dealing with conflict in the workplace.

For John Pfister, who was recently appointed CEO of MAZO Capital, his development efforts come from leadership-focused content, such as articles, podcasts and more. Grayeck develops his skills through team feedback, and Sloane Hudok, demand generation manager at Solifi, expands her knowledge by attending as many industry conferences as possible.

NEVER STOP LEARNING
The development doesn’t stop at current leaders. Giving advice to new talent the NextGen honorees hope to see enter the industry, they say: learn, learn and keep learning. Bagnell suggests young equipment financiers “read the Monitor!” and make efforts to stay informed about the industry, current events and business trends.

White wholeheartedly agrees, also pointing to different markets, functional groups, internal systems and additional technology as key areas of education. “Having a well-rounded knowledge base is invaluable and will open many doors for you in your career,” White says.

“Be a sponge when it comes to knowledge,” Hudok says. She suggests using people as an avenue for knowledge — joining meetings, going to events and networking with peers and senior leaders alike. Grayeck points to mentorship and coaching. “Remind yourself that you are not on an island,” he says. “It is okay to question why we are doing certain tasks, and to challenge those teaching you.”

Pfister advocates for growth through action. “Say yes!” he says, whether that means taking the lead on a project, jumping into an inter-departmental meeting or attending industry conferences. He personally has found tremendous success through his career by saying yes to new opportunities.

TALENT ACQUISITION POISED FOR INNOVATION
The newest generation entering the workforce is perhaps the most attune to new technologies. Many of these new graduates will have spent formative years with tools like ChatGPT and are extremely familiar and comfortable with the use of artificial intelligence.

To find this pivotal talent, Pfister strongly advocates for the industry getting involved with local colleges and educational institutions in order to reach young professionals at the beginning of their job search. “The equipment finance industry is robust, and it has always surprised me how much of a secret it is to young professionals,” Pfister says.

Drawing this talent in, White says, is easily accomplished when companies emphasize transparency and continued opportunities for growth. In White’s personal experience, some of the most talented, hard-working people in the business have been NextGen leaders. Fostering this talent, she says, requires companies to not only allow these young professionals to grow, but to be transparent with available resources and opportunities.

Hudok believes flexibility is another factor that will attract a diverse range of young professionals and allow companies to tap into a wider talent pool. As the coming generations enter the workforce, having spent a few years in the COVID-19 quarantine orders, Hudok acknowledges that many young professionals are eager for in-person interaction, as well. “It is important to get the team together a few times a year to create those in-person connections,” Hudok says. “It is worth the cost to ensure good relationships within the business.”

Grayeck calls on senior leaders to ensure they are passing their knowledge, expertise and skill sets onto junior team members by taking the time to educate, train and empower the younger generations. “The younger generation
has shown a desire to learn, adapt and challenge the norm where it makes sense, but we cannot skip the educational process,” Grayeck says. After all, the shiny, new digital tools of the innovative future mean nothing if the baseline
of the business doesn’t know about interest rates, total cost of ownership principles and so forth. “If you show interest in the younger talent, they will embrace it and stay to grow their careers,” Grayeck says.

Bagnell worries that, without focusing on innovation, the equipment finance sector will not be able to retain young talent. “Many folks in our space say this is an industry you never leave, but I don’t think that is the case anymore,”
Bagnell says. He’s observed waves of talented individuals onboard in internship and junior-level positions, but end up leaving for more attractive and innovative sectors within financial services. “To prevent this, equipment financing professionals need to do more to bring a renewed sense of energy, talent and resources to our industry,” Bagnell says.

THE TECHNOLOGY LANDSCAPE
Right now, organizations are focused on navigating the complexities of ever-expanding rules and regulations. Adding digitization efforts, emerging technologies and the pressure to innovate means the market is that much more complicated.

The first step to adopting new technology, artificial intelligence, machine learning and so forth is addressing the upfront implementation costs. In a relatively “sleepy” industry, Bagnell says, rolling out new technology requires investment in new resources (for example, training, hardware and software) and overhauling long-used internal processes.

There are myriad uses for technology in business. “I think most people only see the tip of the iceberg as it relates to automation and AI,” White says. “Organizations that can dig deeper to really understand the ‘art of the possible’ will have a huge advantage over their peers in the industry.”

To this, Hudok acknowledges that many lenders are nervous to be early adopters of new technology. She believes, however, that the adoption of these technologies will allow businesses to focus on things that AI cannot do — strategic thinking on business growth. This, in turn, will allow company leaders to spend ample time making sure the long-term success of businesses is assured.

Technological solutions, Pfister says, are the biggest opportunity for the industry. Thus, he leads the MAZO team through developing proprietary technology that streamlines commercial finance processes. Through this initiative,
Pfister emphasizes the need to maintain the human element of equipment finance in conjunction with these advancements. Where technology is now, it’s not possible to build trust and relationships via AI-powered products and
systems. As great as self-service is, for example, customers still want to be able to pick up the phone and connect with a person, especially if they need an answer to something.

Grayeck agrees. “Customer service is still the main reason you keep or lose customers,” Grayeck says. Though, from his sales perspective, Grayeck is still excited to see companies exploring the use of automation and artificial intelligence. With the secrecy around financials in the private sector getting tighter, Grayeck believes AI can drive the discovery of “like” companies so organizations can easily repeat success stories. “How you get in front of the customer does not matter to me — email, social media, cold call — but we need to make sure we are spending time contacting the right customer profile,” Grayeck says.

Monitor’s list of soon-to-be industry executives are hyper-focused on initiatives that, if properly implemented, are poised to lead to lasting success for individual companies across the sector, as well as the industry as a whole. •

Brianna Wilson is managing editor of Monitor.