Five Top Salesmen Leave HPSC/GE

“Greg Wood, Penny and Mike Healy walked out of HPSC/GE today. (Wednesday, July 13.) Reportedly three others left, too,

including Tom Baker, who territory was Illinois, Indiana, Wisconsin, Minn, Iowa, Indiana, Michigan and Ohio, his daughter: Anita Baker and Greg Wood, who's territory was OK, TX in whole, NM, LA.

“The Healy's where responsible for at least $25 million in equipment financed last year. Greg Wood generated $30+ million. Healy's territory was the West Coast and Greg Wood was based out of Texas.”

(name and address withheld—a very reliable source)

In our attempt to verify this, we contacted several readers, some responded, such as:

“i know where Greg Wood, Penny and Mike Healy went by i need to find out more info before i tell you....I think it is Unicyn...”

(name with held )

“I heard Unicyn hired Greg, Penny and Mike…”

( name with held )

“Confidentially I heard that they went over to Unicyn and I do not know how they are going to handle that kind of business there…”

(name with held)

“MAIN REASON FOR EXODUS!!!!!!!!!! The infamous letter from GE to all the medical vendors informing them that HPSC/GE currently pays referral fee's to the vendors sales force and if they want it to cease they need to make HPSC aware. MOST of the vendors in the industry DO NOT allow their sale force to receive compensation directly from leasing companies. Therefore HPSC was going to STOP sending out referral fees. Everybody (everybody I guess except GE CORPORATE) knows that business is generated on the street not in the board room. so if the HPSC sales force could not send out referrals then they would be losing tons of business.

“Whoever at GE that came up with that letter just cost the company $75 million in business!!!!! even if only 50%of the business follows the sales force....that is $37.5 MILLION IN ONE DAY!!!!!!!!!! Nice work!!!! I wonder if he/she is updating his/her resume??? “

(name and address withheld)

Leasing News has been receiving reports since GE Capital took over, things have been changing ("Oh, yeah, that is news, Kit?!")

As in the past with US Leasing in San Francisco, Transleasing in Chicago and Colonial Pacific Leasing in Oregon, not only are personnel eventually let go, but others leave as the rules change, and in the HBSC case, commission restructioning was "severe," according to those on the inside. Salesmen used to lower rates and larger commissions were giving different guide lines. It seems that in these mergers and acquisitions, the new bosses don't like the money sales people are making, and they think the large commission personnel can be replaced, with new, lower priced sales personnel taking over the accounts as "company accounts."

This philosophy has been going on for at least two centuries in America, maybe longer. Cutting costs produces higher net profits right away. The past presidents at General Electric are very well known for this philosophy---and their track record shows that it works. The president and the board care about their bonuses as they too are also in sales---selling the public that the company is doing better and therefore they receive a higher commission---it is called stock options and bonuses in their parlance. And after all, isn't that what the game is about? Editor