ELFA's new Chair brings broad experience and entrepreneurial know-how to the role
ASSUMING A LEADERSHIP ROLE AT A LARGE ORGANIZATION IS CHALLENGING IN NORMAL TIMES. Those challenges are multiplied when you're taking the helm of an association representing a $1 trillion industry during a time of business and tax policy uncertainty and change.
"Capitol Connections and the visits we make on Capitol Hill to the Senate, the House and committees like the Finance Committee are important. We'll also need to keep the line of communication open with the agencies that we have relationships with, particularly the Consumer Financial Protection Bureau," he says. Building a base of members who are willing to speak out on behalf of the industry is an important goal for him.
He also believes the association needs to foster more diversity within its ranks. Schaefer will continue to emphasize the importance of the Emerging Talent Advisory Council, which was created to develop the next generation of industry leaders, and the Women's Council, which focuses on recruiting and developing women in the industry. This, again, is where the power of individual members becomes important, Schaefer says. As member companies begin to focus on recruiting and developing new talent into leadership roles, including more women, people of color, people with disabilities and other underrepresented groups, the industry as a whole will benefit by bringing new voices, ideas and insight to members.
"Having a diverse workforce and leadership is actually something we have to do because it makes us more competitive. It's been proven that having diversity across a company is actually a very positive way to help your company grow and be successful," he says. Schaefer's wife, Barbie Schaefer, is also part of the industry, as the head of human resources at Orion First Financial.
Through his experience within ELFA and with outside organizations-he has served on the Board of Directors of the United Association of Equipment Lessors, now the National Equipment Finance Association-Schaefer has a good sense of how the business is evolving. New competition is coming from outside traditional financial institutions. New technologies, peer-to-peer lending and even major online sellers are all having an impact on the equipment leasing and financing market. Schaefer believes that ELFA needs to be championing technology development that helps members improve the customer experience and drive down costs to help members facing this new competition.
He believes the time is ripe for equipment finance companies to consider converting to electronic documentation, including the use of electronic chattel paper, and will continue to champion the association's e-leasing initiative, which educates members about the benefits of digitizing lease and finance transactions. "The adoption of electronic documents and electronic chattel paper is an important advancement in transacting business," he says. "It's time for our industry to use these tools to increase efficiency, lessee satisfaction and competitive advantage.
"The relationships you get out of being involved are an amazing payoff. I've been able to work with and learn from so many people that I never would have had the opportunity to meet as an independent up here in the Pacific Northwest, doing my own thing," he says.
Schaefer realizes he has a big job ahead in the coming year. He was brought up in an Air Force family and his father was one of the 52 hostages held in Iran from 1979-1981. The experiences he gained from moving constantly during his childhood, adapting to change and facing adversity have influenced him significantly.
While he doesn't have much time for hobbies, the focus of his attention outside of work include his family and being outdoors, particularly camping, hiking and golf. Schaefer has four adult children and three grandchildren relatively close to his Pacific Northwest home. All of his children are outdoor enthusiasts and one of his sons is a world-class rock climber, who is now a photographer working as an ambassador with the outdoor gear company Patagonia. Schaefer speculates that they may have gotten some of their appetite for risk from being exposed to entrepreneurship when they were growing up.
"I'm a builder. I probably would have been a great general contractor. I like working with people. I like having a project. I like seeing it through to the finish," he says. It sounds like his role as ELFA Chair will suit him perfectly.
ASSUMING A LEADERSHIP ROLE AT A LARGE ORGANIZATION IS CHALLENGING IN NORMAL TIMES. Those challenges are multiplied when you're taking the helm of an association representing a $1 trillion industry during a time of business and tax policy uncertainty and change.
But ELFA's new Chairman, David T. Schaefer, is ready for what's ahead. Schaefer, who is CEO of Mintaka Financial, LLC in Gig Harbor, Washington, brings a combination of broad financial services experience and entrepreneurial know-how to his new post.
A seasoned industry veteran and entrepreneur, Schaefer says he "likes to build things." He founded his first company, Checkmate Certified Collections, a consumer and commercial collection agency, in 1975. Since then, he has founded, co-founded or led at least three other companies in the equipment finance sector, ranging from a major broker funding organization to a lease and loan primary servicing company to an independent, small-ticket finance company. His wide-ranging experience gives him insight into ELFA's various membership sectors and the challenges they face.
Strength Through Members
For the coming year, Schaefer has a few key areas of focus. He sees the strength of ELFA in its far-reaching and influential membership and will work to use the power of members' grassroots advocacy efforts in tandem with the organization's advocacy both in Washington, D.C., and in their home states. As the nation grapples with sweeping changes to tax law that could affect both members and their customers, he says the organization needs every voice it can muster to ensure that legislators understand the impact of each change."Capitol Connections and the visits we make on Capitol Hill to the Senate, the House and committees like the Finance Committee are important. We'll also need to keep the line of communication open with the agencies that we have relationships with, particularly the Consumer Financial Protection Bureau," he says. Building a base of members who are willing to speak out on behalf of the industry is an important goal for him.
New Voices, New Insight
Another key theme of his tenure will be diversity. Schaefer says the diversity within the organization's membership is a strength to be leveraged. "I want to make sure that we are, as an association, representing all of the segments of our industry: the small independents, the banks, the captives, the service providers. My job is to be sure that all of those voices are heard," he says.He also believes the association needs to foster more diversity within its ranks. Schaefer will continue to emphasize the importance of the Emerging Talent Advisory Council, which was created to develop the next generation of industry leaders, and the Women's Council, which focuses on recruiting and developing women in the industry. This, again, is where the power of individual members becomes important, Schaefer says. As member companies begin to focus on recruiting and developing new talent into leadership roles, including more women, people of color, people with disabilities and other underrepresented groups, the industry as a whole will benefit by bringing new voices, ideas and insight to members.
"Having a diverse workforce and leadership is actually something we have to do because it makes us more competitive. It's been proven that having diversity across a company is actually a very positive way to help your company grow and be successful," he says. Schaefer's wife, Barbie Schaefer, is also part of the industry, as the head of human resources at Orion First Financial.
A Long History
Schaefer has been an active participant in ELFA since his days running his first company. He served on the ELFA Board of Directors for the past decade as a Director and Vice Chairman as well as Chair of the Board's Working Group on Electronic Documents. He also chaired the LeasePAC Committee in 2014, representing the industry's federal political action committee. He was a Board liaison to the Small Ticket Business Council Steering Committee from 2008 to 2012 and Chair of the committee from 1999 to 2000. He also served on the Membership Committee and has been active with the Equipment Leasing & Finance Foundation, participating in the Foundation's Industry Future Council, an annual meeting of industry executives exploring trends, challenges and opportunities in the equipment finance sector.Through his experience within ELFA and with outside organizations-he has served on the Board of Directors of the United Association of Equipment Lessors, now the National Equipment Finance Association-Schaefer has a good sense of how the business is evolving. New competition is coming from outside traditional financial institutions. New technologies, peer-to-peer lending and even major online sellers are all having an impact on the equipment leasing and financing market. Schaefer believes that ELFA needs to be championing technology development that helps members improve the customer experience and drive down costs to help members facing this new competition.
He believes the time is ripe for equipment finance companies to consider converting to electronic documentation, including the use of electronic chattel paper, and will continue to champion the association's e-leasing initiative, which educates members about the benefits of digitizing lease and finance transactions. "The adoption of electronic documents and electronic chattel paper is an important advancement in transacting business," he says. "It's time for our industry to use these tools to increase efficiency, lessee satisfaction and competitive advantage.
Building a Bright Future for ELFA
While the industry is in a period of possible change, it's also in a period of enormous opportunities, Schaefer says. He encourages members to turn to ELFA's staff, resources and membership to maximize those opportunities. One of the most powerful things members can do to help both the organization and themselves is to get involved, he says."The relationships you get out of being involved are an amazing payoff. I've been able to work with and learn from so many people that I never would have had the opportunity to meet as an independent up here in the Pacific Northwest, doing my own thing," he says.
Schaefer realizes he has a big job ahead in the coming year. He was brought up in an Air Force family and his father was one of the 52 hostages held in Iran from 1979-1981. The experiences he gained from moving constantly during his childhood, adapting to change and facing adversity have influenced him significantly.
While he doesn't have much time for hobbies, the focus of his attention outside of work include his family and being outdoors, particularly camping, hiking and golf. Schaefer has four adult children and three grandchildren relatively close to his Pacific Northwest home. All of his children are outdoor enthusiasts and one of his sons is a world-class rock climber, who is now a photographer working as an ambassador with the outdoor gear company Patagonia. Schaefer speculates that they may have gotten some of their appetite for risk from being exposed to entrepreneurship when they were growing up."I'm a builder. I probably would have been a great general contractor. I like working with people. I like having a project. I like seeing it through to the finish," he says. It sounds like his role as ELFA Chair will suit him perfectly.
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2018