You’ve been in the factoring and ABL
industries for over 45 years. How did
you get your start in the business?
I got my start in commercial banking. I
had worked for a bank during college
and graduate school and started my
career at the largest Louisiana bank,
mainly calling on Fortune 1000 companies. Then I worked for the 20th largest
bank in the U.S., a Texas bank. Later I
was chief credit officer of a community bank and then CEO of a community
bank. It was at that position that I was
introduced to factoring because I gave
lots of referrals to a factor. I ended
up joining that company, which was a
public company located in Ft. Worth.
It was a true factoring company and
I helped install an ABL platform in
1995. Then, in the year 2000, I started a
factoring company in partnership with
a bank, Gulf Coast Business Credit.
In 2010 I founded Republic Business
Credit with Stewart Chesters, who is
now the CEO.
Factoring has experienced a lot of
changes over the course of your
career. What would you say are the
most significant changes?
First, it’s significantly more competitive. You now have more bank-owned
factors and factors that are sponsored
by private equity companies. When I
started in factoring in the Dallas-Ft.
Worth area, for example, you had six
or seven factors, today you have more
Second, you have a great deal of
liquidity in the system today. You also
have the advent of the MCAs, which
take the lower part of the market.
They have a significant share. It used
to be that the MCAs would play in the
$250-500,000 range, but now they’re
going up as high as $2 million.
The last change, and perhaps the
most significant, is technology. Technology advances help in the operations, processing and underwriting
Would you say increased competition
is a good change?
Well, competition is certainly a good
thing for the customers. For existing companies in the business more
competition means that you have to
be innovative, you have to be a leader
and you have to formulate evolving
strategies for your company to excel
in a more competitive environment.
If you could go back and give your
30-year-old self some advice, what
would it be?
First would be stick to your credit
standards and be consistent no matter
what kind of market you’re in. Second,
don’t follow the herd, but be a leader
and an innovator. Embrace technol-
ogy. Trust people and empower them
to make decisions. I would say that’s
the best advice that I could give young
Do you have any favorite moments
during your career or any special
deals that stand out?
I would say my favorite moment was
when I sold my equity interest and
deposited the check in the bank.
Nonetheless, there are many, many
favorite moments. Certainly one that
stands out was a startup we financed
which went on to bring in $100 million
in revenue. It’s a satisfying feeling to
think that you helped create numerous jobs.
Another highlight was honoring
three of our employees in successive years at the 40 Under 40 Awards
that the CFA presented. First was Rob
Meyers, who is our president/chief
operating officer, then Danika Louis,
portfolio manager, and then last year,
Candice Hubert, senior vice president,
business development officer in our
I think it was in 2016 that Republic
was awarded fastest growing company in the New Orleans area by the ACG
and then this year in Houston the ACG
nominated Republic for two awards,
the Deal of the Year and the Restructuring Deal of the Year.
Last, I would say what’s been very
satisfying is the leadership positions
that I’ve been fortunate to have in
the Commercial Finance Association,
the International Factoring Association and the American Factoring
Association. In the CFA, sitting on the
Executive Committee, chairing the
Convention Committee, and chairing
the Entrepreneurial and Factoring
Committee. In the other organizations,
as well; I’m president of the AFA and
on the advisory board of the IFA. All of
these gave me an opportunity to develop strong and lasting relationships
with leaders and colleagues in the industry, not to mention the advantage
it gives you networking. So that’s been