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Capital Club Radio

Month: January 2016

Stacey Schacter: Mentors Make a Difference

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S Schacter

Stacey J. Schacter is President and CEO of Vion Investments which focuses on receivable buying, servicing and collections in the financial services industry. He also serves as President and Chief Executive Officer of Briannaco Investments.

Stacey has also served as President of OSI Portfolio Services; President, Chief Executive Officer and Chief Legal Officer of EMCC, Inc.; and attorney and advisor to several debt and receivable purchasing firms. He was a practicing attorney from 1988 to 1999 and is a member of the Ohio and Massachusetts Bar and is authorized to practice before the U.S. Supreme Court.

Here is a glimpse of what Stacey shared in the interview.

 My family did not make a lot of money.  My father came up through the great depression, and held down many jobs so that I could go to college.  I learned the value of hard work and other principles from him.  Yes, I would have to say he was my first mentor and from him, I learned that everyone has an obligation to mentor. 

 Mentors come along all through your life.  You have to be open and accepting to what they have to offer.  For example, Arthur Levine had a reputation for “chewing through people”.  He was still a great mentor when it came to negotiation, or how to get the deal done.  You have to understand what the seller is trying to accomplish and structure the deal around their need.  It is not just thinking about the cash.  Most mistakes have been made in the analysis of the person and not the numbers.

 We need an economy that fluctuates.  This fluctuation or adversity is what causes opportunities.  We started out purchasing performing assets, but the market provided us a great opportunity in charged off debt.  The market has now shifted and we are back focusing on other opportunities that have been caused by disruption or distress.  You have to take risks and believe that the next great deal is around the corner.

 If you are open, mentors can be all types of people.  They can be your employees or people who have made mistakes.  You can learn from an experience, like when I sold men’s shoes.  My success came when I learned to talk to people and see what they wanted.

Matt Maloney – Creating a Legend vs Creating a Legacy

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M Maloney w MRF

Matt Maloney is Co-founder, Chief Investment Officer & President of several companies under the FFAM360 Group (First Financial Asset Management) and is responsible for the strategic growth and development of the company.  He is active with ACA, DBA and Experian user groups, holding multiple positions on boards and panels.  He has co-authored one of the industry’s official Due Diligence Guidelines Manuals for Debt Buyers published by ACA International.Matt was born into the industry.  His family owned a collection agency.  But as the family’s business transformed and grew, Matt thought his career would be something other than working in the industry.  If he were to work in the industry, he wanted his children to know the difference between creating a legend vs. creating a legacy.  Creating a legend was about what he could accomplish.  Creating a legacy was about building a business that was a service to both the industry and the community.  Creating the lasting impact of a legacy would become Matt’s focus.

So in 2001 Matt along with his father started a company to buy and finance accounts receivables.

Here is just a glimpse what Matt Maloney shared in the Interview.

There usually is a significant learning curve when moving into new markets or asset classes.  To gain this knowledge, we purchase companies with solid platforms that are less than 50% the size of our company to “tuck in”.

Purchasing a company is more than just understanding the numbers.  It is about how things really work.  Who has the relationships with whom and are they part of the acquisition?

We bring a holistic approach to healthcare. We purchase multiple types of asset classes within the supply chain.  Moving forward the cash flow is a differentiator.  The focus is on providing a capital solution.

Using the family history to build a solid a company and legacy requires staying focused and empowering others to help grow the business.  For the entrepreneur, this is not easy at times.  It is hard to empower when your house is at risk.  Most people do not appreciate the life of an entrepreneur.

About Capital Club Radio

Hosted by Michael Flock, Chairman & CEO of FLOCK Specialty Finance, Capital Club Radio provides a forum for middle market business leaders who have been underserved by traditional banking.

Capital Club Radio provides listeners an opportunity to gain valuable business insights and perspectives to deal with market uncertainty. Topics will include: key success factors, both personal and professional, dealing with adversity, outlook for the industry and your business.

The show airs live periodically on Business RadioX and is sponsored by FLOCK Specialty Finance.