Commercial Factor Q&A: REV Capital’s Loren Shifrin Discusses IFA’s Next Gen Committee

Loren Shifrin, CEO of REV Capital, spoke with Commercial Factor about the newly formed Next Gen Committee of the International Factoring Association, outlining the committee’s goals, how others can get involved and more.

Over the summer, the International Factoring Association expanded its advisory board and unveiled a new committee structure to support the board, including a new Next Gen Committee. Loren Shifrin, CEO of REV Capital, is the chair of this new committee as well as one of the IFA’s new advisory board members. Shifrin spoke with Commercial Factor about the new committee, how it was formed, what resources it will provide to members, its goals and more.

What was the process of creating the next generation committee with the IFA like?

Loren Shifrin: The process is still very much an ongoing one. We are starting from scratch and building from the ground up. I have been very lucky with the level of support that Tania Daniels has shown us – she is trusting us to build the strategy for the committee as we go.

Last week, we established the committee’s mission statements, foundational goals, committee structure, and two-year roadmap. Now we just have to finish building out our team and hit the ground running.

Why do you think it’s important for the factoring community to provide resources like this for younger folks in the industry?

Shifrin: The younger folks will always represent the future of the industry. It’s an objective and infallible reality. It’s important for the IFA, as the largest and most prominent factoring association in the country, to cater their program offerings to ensure that this important demographic is not underserviced. By ensuring that the next generation is being engaged, the IFA NEXGEN Committee will be playing a role in shaping the future of the industry. By focusing efforts on attracting, engaging, developing, and retaining younger talent, we will be contributing to the overall health and sustainability of the industry.

What advice would give to someone just starting in this industry?

Shifrin: Learn as much as you can. Study the business you are in and the clients that you service. Working in the factoring industry provides people with more practical knowledge and experience than most any university education can. The clients in this industry span countless of industries, business models, and geographic locations. The cultural backgrounds of the client principals are diverse and multicultural. There are new lessons to be learned every day like understanding business fundamentals, or developing people skills, or performing financial analyses. The more you learn, the wider your breadth of experience, the further your career will take you.

Conversely, what advice would you give a veteran of this industry when it comes to being a good leader and mentor for the next generation?

Shifrin: Invest your time and it will pay back in multiples. The future leaders of our industry are likely already amongst us. By investing time in training, developing, and shaping them, we are safeguarding both our companies and our industry.

Give young people the opportunity to succeed and the freedom to fail. Failure is the cornerstone of experience. Most people learn more from losing then they do from winning. I’m living proof!

What does it mean to you to be the chair of this committee?

Shifrin: It’s a huge honour and a serious commitment. I was surprised and humbled when Tania called me to ask if I would be interested in building the committee from the ground up and laying the foundation for the way the IFA engages with the future of the industry. It’s important to me that whatever we end up building will last the test of time and will positively impact the IFA’s ability to attract, engage, and retain new talent to our industry.

What will the focus of the committee be?

Shifrin: The committee will primarily be responsible for finding ways of engaging meaningfully with new members of the industry, reaching younger audiences, providing opportunities for mentorship and leadership development, and helping to facilitate the growth and evolution of the factoring industry as a whole. Together with the board of the IFA, we will focus on creating relevant programing and planning exciting events that will help to attract, engage, develop, and retain new talent.

What are your goals for the committee in its first year and how will you help achieve those results?

Shifrin: The first and most important goal is to round off our committee. Although we have filled a few of the positions, we are still actively looking for two or three more people who are ready, willing, and able to help us figure out exactly what it is that we are doing.

That said, we have laid out the plan for what we want to achieve in our first year. The next IFA conference will have us execute our inaugural NEXGEN event… the first of many to come. We are also working on launching a podcast in Q3 that will hopefully be equal parts interesting, amusing, and relevant. Finally, at the end of the year, we are hoping to be able to host an award ceremony that will recognize the up-and-coming talent of the NEXGEN community.

The only way we are pulling off any of these things is if we can round off our team with a few more hard working and eager colleagues for our committee.

Who else will be on the committee and how can people get involved?

Shifrin: The committee currently includes Trishaala Ninan (REV Capital), Alex Pilipenka (REV Capital), Carson Harmonson (Dare Capital), and Johnny Bond (Factor Cloud).

If anyone wants to lend a helping hand, or knows someone who would want to be involved, they can email me directly at LS@revinc.com