“It’s Great to Be Back Together”

Industry Reconnects and Reunites at Milestone ELFA Annual Convention

The 60th ELFA Annual Convention in San Antonio was an event like none other in the association’s history. After 19 months of the COVID pandemic, the ELFA community came together in full force Oct. 24-26, embracing the Convention theme, “Reunite and Reconnect.” 

Over three days, an impressive 1,000 equipment finance leaders—900 in person and 100 online—networked, exchanged best practices and addressed critical issues and trends affecting the industry and their businesses. 

For many who attended in person, the trip to San Antonio was their first industry event—and for some, their first plane travel—in well over a year. As they attended breakout sessions, mingled at receptions, organized business meetings and perused the Exhibit Hall, they marveled at the opportunity to see their colleagues. A common refrain heard throughout the event was, “It’s great to be back together!”

More than 40 exhibitors showcased the latest products and services in a sold-out exhibit hall.

Those who attended the Convention remotely were no less excited to be together. As they watched the event via a state-of-the-art “virtual stage” from their homes and offices, they flooded the chat screen with greetings. “Shout out to team virtual!” posted one enthusiastic attendee. At ELFA’s first-ever “hybrid” event, the virtual stage was accessible to both virtual and in-person participants—and recordings were available immediately following each session—so all attendees had the option to watch the content when and where it was most convenient for them.

During the Monday General Session, Ralph Petta checked in with Sarah Palmer of Key Equipment Finance, one of 100 virtual attendees. “I’m really looking forward to watching all the sessions in my sweatpants,” quipped Sarah.

Sessions Address Hot Topics

At the General Sessions, keynote speakers shared their perspectives on a range of issues relevant to the industry. Leadership expert DeDe Halfhill kicked off the Monday General Session, drawing on her 25-year military career to share a real-world perspective on the power of embracing humanness and vulnerability in leadership. Following Halfhill’s remarks, incoming ELFA Chair Mike DiCecco joined her on-stage for a Q&A session. 

Keynote speaker DeDe Halfhill

Breakout sessions covered a variety of hot topics.

Foundation Executive Director Kelli Nienaber moderated a panel on the industry’s future with David Normandin of Wintrust Specialty Finance, Dr. Rob Wescott of Keybridge Research, Jayma Sandquist of John Deere Financial, and Foundation Chair Scott Thacker, CPA, of Ivory Consulting.

At the Equipment Leasing & Finance Foundation luncheon, economist Dr. Robert Wescott assessed the economic landscape and previewed the Foundation’s new Industry Future Council Report, “Looking Ahead to the Post-Pandemic Economy: A Strategic Assessment of the Equipment Finance Industry.” Following Dr. Wescott’s remarks, a panel of industry leaders discussed the report’s key findings.

Keynote speaker Erik Qualman taught attendees the “superhero power pose.”

At the Tuesday General Session, futurist Erik Qualman presented an entertaining and thought-provoking assessment of the implications of technology and social media in our daily lives and businesses, followed by a Q&A session with Incoming Board Chair Mike DiCecco.

Seventy-four industry professionals spoke at 16 concurrent breakout sessions on a wide range of topics, including funding in the digital age; “servitization”; technology and innovation; diversity, equity & inclusion; legal issues; equipment sectors; LIBOR; and the next generation. Members also participated in a community service project.

Tom Ware received the Michael J. Fleming Distinguished Service Award.

Equality Committee and Emerging Talent Advisory Council Reception 

 

Women’s Council Reception

In keeping with the association’s focus on diversity, equity and inclusion, the inaugural Equality Committee and Emerging Talent Advisory Council (ETAC) Reception was held on Monday following the afternoon breakout sessions. Also new this year, the Equality Committee, ETAC and Women’s Council joined together to launch a new “Colleague Connection” program to welcome first-time attendees. They reached out to more than 100 first-timers and shared tips, answered questions and met on-site to help them make the most of their first Convention experience.

 

2021 Board Chair Kris Snow

Snow Celebrates “The Art of the Possible”

In her Convention address, Outgoing Chair Kris Snow, President of Cisco Systems Capital Corporation, began by recognizing the contributions of the association and the equipment finance industry over the past 60 years. “For six decades, we have come together as an industry to fuel the U.S. economy and provide the financing businesses need to accelerate their growth,” she said. “And we have driven innovation and thought leadership to catapult our customers and our companies forward.” 

In keeping with the hybrid Annual Convention model, Snow joined the Convention via the power of technology. Addressing the membership via three 15-foot-tall video screens, she highlighted the many ways the association has supported members throughout the pandemic, from delivering virtual conferences to sharing relevant industry data. She focused on three areas in particular: 

Business Recovery: While ELFA helped member companies navigate the pandemic, equipment finance companies helped their customers’ business recovery. “We restructured transactions, worked out payment deferral plans, and provided relief on interest rates,” said Snow. “All of these actions helped keep thousands of American companies in business, and we should all feel exceptionally proud of our role. We literally helped our economy survive!”

Technology: ELFA has played a key role in helping members understand “the art of the possible” when it comes to technology, said Snow. The association hosted a variety of initiatives in 2021 designed to help member companies excel in the new digital world. When the pandemic accelerated technology advancement, member companies harnessed the power of innovation and technology to address their own and their customers’ needs.

Diversity, Equity and Inclusion: ELFA’s Equality Committee has been working overtime to lead the way on promoting diversity and inclusion across the association and the industry, reported Snow. Together with the Emerging Talent Advisory Committee and the Women’s Council, the association continues to make strides on DE&I. “Let’s acknowledge that our work on diversity, equity and inclusion is far from finished,” she said. “However, as we have done for the past 60 years, ELFA will continue to guide the way and help our industry evolve.”

Snow concluded her remarks by expressing appreciation to the membership. “Together, we have accomplished so much—and from the bottom of my heart, I thank you for letting me be a part of it.”

ELFA President and CEO Ralph Petta thanked Snow for her leadership. “The work of Chair requires significant involvement from a personal and professional perspective, and over the past year we have been fortunate to have Kris Snow serving in this role,” said Petta. “During these extraordinary times, Kris’s leadership skills, industry experience and commitment to ELFA have helped our association move forward and continue to grow and flourish.”

The conference kicked off with a rousing musical performance by ELFA’s own Financial Statement Band. A diverse group of members wowed the audience with their rendition of “Somebody to Lease” performed remotely from across the United States. Watch the performance!

Petta Recounts the “Remaking of ELFA”

Petta began his “State of the Association” address with a heartfelt greeting. “I can’t tell you how good it is to see you all! Being with you in-person, as well as virtually, really is something to celebrate.”

Petta explained that the Convention was the association’s first in-person gathering in 19 months. “Little did we know, when we conducted the Executive Roundtable in March 2020, that it would be the last in-person event we’d hold before COVID-19 changed the world—yours and ours.”

He recalled the key challenge ELFA encountered in the face of the pandemic. “How to support you, our members, when we were confined and restricted in the same ways you were? Well, we basically had to remake ELFA. We had to change what we delivered and how we delivered it to you, and we needed to do it as quickly as possible.”

He outlined some of the ways the ELFA staff and volunteer members came together to adapt to changing circumstances and serve the membership. For example: Maintaining a strong federal and state advocacy program, including hosting the largest Capitol Connections ever, where 150 members met virtually with their congressional representatives; replacing canceled live events with virtual conferences, webinars and podcasts; communicating the latest developments regarding the pandemic, the impact of the pandemic on members’ businesses, and strategies to mitigate the impact; sharing critical data and benchmarking surveys valuable to members’ business operations; and emphasizing the value and benefits of diversity, equity and inclusion.

Petta thanked volunteer members for going above and beyond to stay engaged. He also recognized the perseverance of the ELFA staff, some of whom encountered serious challenges in their family lives during the pandemic. “I know that many of you can recite similar instances where folks in your organizations went the extra mile—juggling their personal and professional obligations, empathizing with struggling customers, and keeping your business afloat.”

He closed by thanking the association leadership. “I’d be remiss if I didn’t give a special shout out to our terrific Board of Directors and especially our Chair, Kris Snow.  I am personally grateful to Kris for her unwavering support, leadership and friendship during this past year.”