A New Set of Eyes – A Young Professional’s Perspective on Factoring

Nick Bird, vice president and risk management officer at FirstLine Funding Group, had a chance to sit down with Commercial Factor for a Q&A to discuss entering into and succeeding within the factoring industry through the lens of a young professional.

FirstLine Funding Group, a South Dakota-based provider of staffing, land development, light manufacturing and industrial, government contractor, small business ventures and transportation solutions to independent commercial industries, is the factoring division of First Bank & Trust. Nick Bird, now vice president and risk management officer for the company, started as a teller and worked his way up. In a Q&A with Commercial Factor, Bird reminisced about his journey so far and what his impressions of the factoring industry are as a young professional, while offering advice to peers and mentors alike for succeeding in this diverse and changing sector.

How did you get introduced to the factoring industry?

Nick Bird: While attending college, I worked part-time as a teller at First Bank & Trust in Madison, SD. While working at the bank, I learned of the factoring division and was fortunate enough to be given an opportunity to work there while finishing my degree. 

As a younger person in the factoring industry, what has been your experience learning and navigating it?

Bird: It’s been a ride! When I first got into factoring, I knew nothing about it and was fortunate enough to have great leaders to help me understand and grow within the industry.

How would you rate the factoring industry’s ability to attract new and younger talent? What is the industry doing right and where could it improve?

Bird: I believe factoring is becoming more mainstream. We are starting to see business programs in universities carve out a bit of their time to discuss accounts receivable finance. That’s a big step in the right direction. I think the factoring industry is seeing the benefit that younger employees can have on their business and are being more receptive of the younger generation. I believe there is still some work to be done within the industry on retaining new and younger staff; for example, maybe through flexibility in their schedule and/or pay.

For those just starting in the industry, what advice would you provide on how to succeed in this business?

Bird: Ask questions! I can’t think of a better way to succeed in this industry than by asking questions. Absorb the feedback you get from your superiors and your colleagues. Put in the hours that you need to succeed because it will not come without hard work.

On the other side, how do you think more experienced members of the industry can help the next generation succeed in and grow this industry?

Bird: The older generation can bring the younger generation to IFA events and help them network with their colleagues in the industry. I have been fortunate enough that my leadership has brought me to many events and introduced me to their friends in the industry. Share your knowledge — the more that’s shared between generations and colleagues, the better the industry will be overall.

How do you expect the factoring industry’s workforce will change in the next five to 10 years?

Bird: I see the workforce getting more tech savvy. The factoring industry is starting to deploy additional tech resources and are relying on those sources to help factoring become more cost efficient. We will need staff that can troubleshoot software issues along with conducting everyday business.

The IFA has a Young Professionals Group. How can someone get involved with that and how does the group help professionals early in their careers?

Bird: The best advice that I could give someone looking to get involved is to reach out to Heather Villa or Terri Baker from the IFA. They are great to work with and will help you connect with someone that you could possibly mentor with. Also, I suggest attending the annual IFA meeting and to come visit the Young Professionals roundtable. This is a great roundtable to ask questions and bounce ideas off other young professionals.

Stepping away from the main topic of the Q&A, what is your outlook for the factoring industry for the rest of 2022 and into 2023?

Bird: I think overall the factoring industry is set to succeed in 2022 and 2023. The demand for help from our clients and prospects will be there, and between supply chain issues and inflation, I think all factors will have plenty of opportunities to help grow their portfolios over the next few years.

For more on being a young professional in the factoring industry, make sure to attend the Roundtable for Young Pros breakout session at the IFA’s Annual Conference in May. Bird will be on the panel for the roundtable along with Essa Thiry, senior vice president of business development at Change Capital, and Jim Cretella, Esq., member at Otterbourg. In addition, the conference will feature a young professionals reception on May 4 from 4:30 to 5:30 p.m. EST.