continued on page 44
and what it may actually be, and working
through various options.
The key to him was integrity. He always
used the example of a customer who
had come in with their aging mother
to a meeting and said, “I need more
money, and my mother is willing to
pledge her house to support the loan
advance.” That’s the kind of thing you
just don’t do. You say no. Even though it
might help out the bank, you just don’t
go there. You have to have integrity as
part of a job. That has always stayed
with me throughout my career.
The other person is my uncle, who is
almost 94 years old. He was injured
over 60 years ago and has been in a
wheelchair as a paraplegic. He had
been a pilot in the Navy and had been
married and subsequently had divorced
as a result of his condition. He’s been
an inspiration because as difficult
as his situation has been, he always
sees the positive things in life. He
manages through some unbelievable
challenges without any sort of negative
view or feeling sorry for himself.
Q What advice would you have for someone who was new to the
industry or was thinking about getting
into the industry?
Someone who’s getting
into this industry needs to understand
that it’s very demanding as far as the
commitment that is necessary to be
successful, both from a time and effort
standpoint. Always look for
opportunities to learn more. You’re
never at a point where you can’t get a
better understanding of all aspects of a
workout, be it business operations,
financial reporting, legal ramifications,
etc. Also to be effective at it, you really
need to start near the bottom or close to
it to be able to understand what it takes
to ultimately become a qualified
professional in the business.
And time is of the essence. Time is
always the most critical aspect of a
workout scenario in terms of getting
ahead of events and scenarios that
are not going to be favorable to either
the lender or other constituents, and
having to work at coming up with
plans and negotiating through deals.
It could be days or weeks on end at
times to manage, work things through,
restructure, and all that entails.
The counter to that is it’s very
rewarding. It provides the opportunity
to be creative and collaborative too.
There are a lot of different folks that
you’re going to be working with—
the company management, board,
ownership, turnaround consultants,
and other professionals. It’s a lot,
but it can be very rewarding.
Q What role has TMA played in your career?
I think TMA has helped
me expand my awareness of other folks
in a variety of different industry practices.
If I need resources to bring into a
particular situation, I know I can place a
couple of calls and find somebody who
is the best fit for that situation. The
turnaround and restructuring industry
is an amalgamation of various
disciplines, including attorneys and
consultants and lenders, but to be a
turnaround professional is really a
Being a member of TMA, being active
with TMA, plays well when I’m working
with clients and other professionals.
800-560-loeb (5632) 773-548-4131
loebequipment.com loebwinternitz.com loebappraisal.com loebtermsolutions.com
the loeb t. K. o.
equipment term loans
certified market appraisals
offlease equipment solutions
Your trusted resource for equipment
solutions for 135 Years