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November 6, 2001 Headlines--- Sterling Financial to Purchase Equipment Finance Eastern Association of Equipment Leasing
Annual Conference Two Bulletin Postings---Resume Verification Comdex, Largest Trade Show, to restrict portable computers Comdisco Financials' Release Announced Classified Ad Count Monday---Odds and Ends #denotes press release #### ################################# ################### Sterling Financial to Purchase Equipment Finance Sterling
Financial announced that it has reached an agreement to acquire Equipment
Finance (EFI), headquartered in Lancaster, PA. The consideration is
$30 million of which approximately 70% will be paid in stock and 30%
in cash. The transaction is expected to be completed in the 1st quarter
2002, pending regulatory approval. #############
######################### ############## Eastern Association of
Equipment Leasing Annual Conference ( Don’t be left out!!!
) Sunday
evening, 11/18 and Monday, all day, 11/19 Chairman,
Bruce Smith, Diversified Capital Credit EAEL For more information,
you may also contact: Alison Pryor <Amfnyc@aol.com> Two Bulletin Postings---Resume Verification This posting doesn't surprise me in the least!! Misrepresentation on a resume happens a lot more than you might think. Most smaller companies don't have the time to check out more than a couple of references and MAYBE the educational background on an individual. BUT you should always check the background BEFORE the hire. I am often amazed to find out that a company has hired some individual that I would never have submitted for a particular job, only to hear that the person is gone soon after. Most of my clients see fewer resumes from our office, than from many other sources, but the candidates we do submit have been properly checked out. I would like to suggest several methods of researching a candidate:
1) Do call ALL of the references they provide, but don't expect to get anything but glowing comments. This is usually a list of good relationships. 2) If you know of anyone else who worked at the companies that are on the resume during the same period (NOT the current company of course...) touch base with them. (That is easier when you have a database like mine...)
3) ALWAYS check the educational background. All that you need is the SS# and written permission of the individual. 4) When you get the written permission from the candidate to check their educational background, also get the authority to check previous employment. Many people do not know that HR is allowed to verify W-2's and 1099's , as well as employment dates and status of their relationship with the company... (i.e. would you re-hire?) (be careful here, because I have had previous employers contact a candidate, when they found out they were available, and offer them a job again!! That is why you are better off doing this on a HR level, when possible.) There is more that can be done, but this is a good start. Hiring quality people is much more complicated than posting an ad, reviewing the resumes and interviewing. Above all go by your instincts. If something doesn't feel right, don't do it. Outsourcing does have it's advantages: Of course I would highly recommend establishing a relationship with a good recruiter. The fees that seem so high, can really be cost-effective, in the long run, by saving hours of tedious work trying to discern who is the best person to hire, and in the equipment leasing industry these days one bad hire can cost someone a lot more than a lap top and some time. Sounds like Saddleback was really fortunate that this individual didn't write any business!! One other thing. It helps, during the interview process, to ask to see some deals. (either form the past or current deals) This is a good way to establish expectations early about types of credit, and other aspects of the candidates existing relationships. I must say that there are quality people out there right now that are having difficulty writing business, however I am hearing great success stories from some It does all come down to "What the mind can conceive, the body can achieve." (Jack La Lane) This is a time of enduring, hard work and careful discernment of what we invest our resources in. regards, Fred St Laurent Senior National Recruiter ELA, UAEL and NAELB Member Management Recruiters of Melbourne, Inc 321-951-7644 ext 3123 ~~~ In 2000 I opened another regional office in Phoenix and in the process of staffing up had a personal visit from (let's call him) John Doe. He presented well, had the same Saddleback story and the proposed pipeline of deals. He lived in the ***** area but was only interested in a home office setup. That was the first and only hint of an abnormality. Twenty years ago I would likely have put him on based on the initial meeting but ******* had a firm policy regarding background checks. John was even kind enough to stop back in later to sign the forms allowing us to do the background work since I had neglected to have him sign them on his first visit. This time the policy paid off as we learned that John had been a very bad boy. The two most crucial checks were the crime records and the credit report. John had warrants related to your story and a credit report only a mother could love. We passed on hiring Mr. Doe and as ****** never heard from him again. He applied here a few months ago with the same story. Unluckily for him, this "new" leasing company had been down his path before. Lesson: Spend the time and money to know people that you don't before you get into bed with them. FYI, most people use ADP for payroll. ADP offers background searches. It's a pretty simple process. Name With Held _________________________________________________________________ Monday---Odds
and Ends The
Fed--- I noticed on several occasions you have said that the Fed is cutting the "Prime Rate". The Prime Rate is a benchmark used by commercial banks for their best customers, and is not controlled by the Fed. I believe you mean the Discount Rate, which is the rate the Fed charges member banks. They also "set" the target rate for "Fed Funds", which is the rate that banks lend to each other overnight.
Not a big deal, but might be confusing some people. Take care, Russ Rickards ( Will do, and when the expected increase is made today, we will let everyone know with a special bulletin. editor ) ~~ ~~~ cc: from Steve Geller, Leasing Board Advisor, to a reader: The "anonymous/name withheld" issue is a pretty tricky one. In order for Kit to get info on certain companies he has to agree not to print the name of the sender. He also gets corroborating information so that he does not print any irresponsible comments by disgruntled employees. If he can not corroborate the remark he will not print the letter or wait until he compiles backup info. I think he does a pretty good job, and personally would like to see less “anonymous” and “name with held”, but often there is a place for it. Steven B. Geller, CLP Leasing Solutions LLC www.leasingsolutionsllc.com 20 Dike Drive, Wesley Hills, NY 10952 sgeller@leasingsolutionsllc.com phone:(845)362-6106 fax: (845) 354-2803 cell phone: (914) 552-0842 ( such as this next one. editor ) ~~~~~ Roger Gebhardt, formerly of AMEX Business Finance, and the guy who worked for First Union is now working for Redstone Bank with Fred Van Etten. Word has it Redstone is going to make a go for the small ticket business again with the right people in charge this time. Depping won't be there this time to screw it up. Watch for them to become major players. Name With Held ~~~~ While an NDA precludes my being specific, I did want to thank you for publishing our press release back in June. It was picked up by a large corporation that is now our client. Your newsletter is definitely an important read in the leasing world, and we appreciate the fact that you were able to help this large company discover Yozons so that they can now improve their lease processing by incorporating our integrated secure document delivery and e-signature service. Best regards, David A. E. Wall Chairman & CEO Yozons, Inc. 724 17th Avenue Kirkland, WA 98033 USA Tel 425.822.4465 dwall@yozons.com Fax 425.827.9415 www.yozons.com _______________________________________________________________- Classified Ads Ten Jobs Wanted http://65.209.205.32/LeasingNews/JobPostings.htm Fifteen Help Wanted http://65.209.205.32/LeasingNews/JobPostingsWanted.htm Four Outsourcing http://65.209.205.32/LeasingNews/JobPostingsOutsourcing.htm
Comdisco Financials' Release Announced Comdisco, Inc. announced today that its fourth quarter and year-end financial results will be released on December 13, 2001. Comdisco said that its earnings release is being rescheduled from an earlier November, 2001 date because of activities in its Chapter 11 reorganization cases, including the sale of its Availability Solutions (Technology Services) business and the ongoing sale evaluation process for segments of its Leasing businesses. ____________________________________________________________ Comdex,Largest Trade Show, to restrict portable
computers by
May Wong, Associated Press SAN JOSE, Calif. (AP)
High-tech gadgets may be the focal point at Comdex, the nation's largest
technology trade show, but trusty laptops will not be welcome this
year amid tightened security. On the Comdex Web site,
organizers have asked attendees of next week's event in Las Vegas
to ''please leave bags, briefcases, backpacks, laptops, etc. at home
or in your hotel room.'' ''Yes, it's going to
be a zoo. It will be inconvenient, and it will cause some lines. But
we've been advised that that's what we should do for this event,''
said Kim Myhre, president of Comdex Worldwide. Organizers expect up
to 150,000 attendees 50,000 fewer than last year. Citing the Sept. 11 attacks,
organizers say security will be tighter than ever with the addition
of metal detectors and bomb-sniffing dogs. Participants also will
have to carry photo identification at all times. Attendees will be banned
from bringing bags including laptop cases and briefcases on to the
trade show floor as well as at all keynote speeches. If attendees
must bring their laptops, the equipment will be allowed but not with
bags, organizers say. Purses and fanny packs will be allowed, but
will be subject to security checks. Organizers say they will
set up a secure area for attendees to check their bags outside the
Las Vegas Convention Center. Bags distributed on the
exhibit floor to help attendees collect the plethora of booth giveaways
and handouts will be allowed on the premises, but once they are taken
outside the convention center, they cannot be brought back in, organizers
say. Exceptions for the no-bag
rule will be made for exhibitors and members of the media. On the Net: http://www.comdex.com
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