Bob Fisher Resigns from Fisher-Anderson Leasing/Forms New Company
Thank you for your e-mail concerning my situation. By way of background, MarCap Holdings Corporation headquartered in Chicago currently owns Fisher-Anderson, L.C. 100%. This past year, December of 2001, I sold my final interest in Fisher-Anderson.
Effective February 28th 2002 I have resigned to pursue another opportunity. My leaving FA was made on amicable terms with MarCap. As you are aware I have been active in our industry for 20 plus years and felt the time was right to refresh and pursue a new venture. Fisher-Anderson, L.C. remains active in the small ticket arena.
This opportunity will be in the leasing industry. It is currently in the development stage and as such there are no "major announcements" at this time. The new company will be called Firerock Capital, Inc. and will be incorporated in Iowa. I will keep both you and your readers advised as things develop.
Bob Fisher, CLP
( What a surprise! I have known Bob Fisher since his days at CIT, when as
American Leasing we submitted leases to discount. He was perhaps the
most fair credit manager we encountered. He had a sixth sense. Then
he want to Datronics, which became New Era, where the president started
buying real estate he was not authorized to buy and there was a big scandal,
so Bob left to start Fisher-Anderson with his brother-in-law, Scott. Along
the way he got more involved with the United Association of Equipment
Leasing, where today he serves as president. Here is a credit manager
who became an entrepreneur, but in Iowa???? You would have to know
Bob, because you would laugh at what he has been through. editor )
Leasing News---The List
--------Fisher-Anderson (8/2001) Many sales people let go the last few months, company cuts back, Don Shadel, former Commercial Vehicle Division Manager of Fisher Anderson L C, and several CVD staff members, have started a new company named Mark III Credit Corp. The focus will continue to be new and used work oriented vehicles in the small ticket range from $15,000 to $150,000. Our prior company, Atlas Funding Group, Inc. was acquired by Fisher Anderson L C in September of 1998 to market a national titled vehicle program for brokers and lessors. Our affiliation with Fisher Anderson L C the last three years has been a pleasant experience, however recent changes in the transportation industry dictated that we both move in different directions." firstname.lastname@example.org- ( Betty Ferraro, formerly with Phoenix
Leasing and IFG Leasing, was let go July 11th and wrote us this e-mail:)
I'm sorry to say I was one of three people let got last Tuesday from a sales staff of five. This decision was completely unexpected as I had been a consistent producer. I was told the decision was made in order to "improve the bottom line" which is a major concern these days. Very disconcerting to say the least as Fisher-Anderson is a fine company.
But, what's done is done and I'm now looking for a new position. Your newsletter will become even more important as I search this difficult job market.
Thank you for the notification I've been restored as a subscriber. Being without your newsletter for several days created a definite void.
Please let my friends and clients know I haven't disappeared. I can be reached at Baferrero@aol.com and would love to hear from them Betty Ferrero Baferrero@aol.com
from the Fisher-Anderson.com website:
Fisher-Anderson, L.C. is a small ticket ($5,000 - $150,000) funding partner/lessor headquartered in Des Moines, Iowa with offices located throughout the United States.
Fisher-Anderson is directing its focus for 2001 and beyond in developing strategic partnerships with a select number of qualified independent finance companies and vendors able to provide a regular flow of business. Based upon the recent developments within the equipment leasing industry, Fisher-Anderson believes that the way to minimize much of the risk associated with doing business is to develop meaningful partnerships, knowing the individual we are doing business with and ultimately becoming a team whereby much success can be enjoyed.
There are two main markets that we are actively offering financing:
1. The Indirect Market, where we offer these products. The entry level product which has been developed for those accounts that produce a minimum annual volume of $750,000. The Master Lessor product is a discounting program designed for the lessor who has the ability to commit a minimum of $2,500,000 on an annual basis. The structured program is a tailored financing product designed to address the unique needs of the originating source. The goal is to be able to capture as much qualified business as possible via an overall structure which provides protection against credit losses while delivering a pricing structure that makes economic sense. The structured program is a valued product for those originators with vendor flow programs. The minimum commitment under this product line is $4,000,000 on an annual basis.
2. The Direct Market, where we offer select vendors the ability to finance their products, with a focus on long term, repeat business. Here again the goal of our Direct Market team is to structure programs to capture qualified business.
Because Fisher-Anderson is privately owned and operated and is committed to the future, we have always and will continue to view credit as the primary ingredient for success and as such, never jeopardized our credit criteria to chase volume as others elected to do in the recent past. Through this consistent approach and the development of additional products, Fisher-Anderson, is in the middle of its most productive year yet.
Fisher-Anderson expects to grow by approximately 10% - 20% this year. The growth is centered around structured programs which incorporate risk adjusted pricing, reserve programs and the like. We have maintained a logical and disciplined approach to credit and because of this, we have and expect to experience losses below industry averages.
Executive directors included Robert J. Fisher, Scott Anderson, Kevin Kemp, and
Sandy Thraser.. December 27,2001, there was a press release from Bob noting
the appointment of Robert T.Saddler as western regional sales manager in Baldwin,
Mo, joining Tito Hernandez, Eastern regional manager in Miami, Florida and Scott
L. Woodring, Western regional manager in Lincoln, Nebraska.
Fisher-Anderson was a client of Capital Stream and had much business from high
volume discounters who were at First Sierra, Textron, Tilden, to name just a few.
There is more to the story about support from the MarCap Holding, which has allegedly, has some problem credits, but then, doesnt every leasing company. It does appear the entire Fisher-Anderson management has walked.
Here is the most recent press release from the Marmon Group:
John Nichols Succeeds Robert Pritzker at The Marmon Group, Inc.
(January 14, 2002) -- The Marmon Group, Inc. today announced that John D. Nichols has been named chief executive officer. Mr. Nichols is the former chairman and CEO of Illinois Tool Works Inc.
This follows the announcement that Robert A. Pritzker, who has been CEO of The Marmon Group since 1953 and active in many community and charitable organizations, has stepped down as CEO. He will remain CEO of The Marmon Group's caster companies (including Colson Caster Corporation), its aircraft seat belt companies (the Am-Safe/Bridport companies) and three of its medical products companies (Acumed, Inc., MicroAire Surgical Instruments, Inc. and OsteoMed Corporation).
Mr. Pritzker co-founded The Marmon Group in 1953, starting with Colson Casters. Since that time, The Marmon Group has grown from $3.5 million in revenues to $6.5 billion in 2001.
Mr. Nichols said, "I am honored to carry on the great traditions Bob has established."
The Marmon Group is an international association of autonomous manufacturing and service companies with operations in the U.S., Canada, Mexico, South America, Europe and Asia. Perhaps Leasing ----------------