IFA Annual Conference Panel Preview: NEXGEN Committee Panel Will Focus on Factoring’s Future

Loren Shifrin of REV Capital provides a preview of the NEXGEN panel at the upcoming IFA Annual Conference, outlining how the forum will present novel concepts, promote new ways of thinking and more, both for those just starting their factoring careers and veterans with an eye on the future.

Looking toward the future is a necessity in every industry, including factoring. During its upcoming Annual Conference in New Orleans, the International Factoring Association will host a panel that focuses on what’s next for factoring, both in terms of market dynamics as well as the people who lead the sector forward. This NEXGEN panel will feature insights from Bud Crawford, co-founder and partner at Coeur Capital; Trishaala Ninan, marketing director at REV Capital; Mike Rich, Esq., an associate at Otterbourg P.C.; and David Traxler, a senior partner at Rule 1 Ventures. To provide a preview of the panel, Loren Shifrin, CEO of REV Capital , board member of the IFA and chair of the IFA’s NEXGEN committee provided a preview of the panel.

How will this panel be structured? What are some of the specific topics you’ll be digging into?

Loren Shifrin: We are very excited to be hosting a panel on the “Future of Factoring.” We figured the future would be an appropriate topic for our first NEXGEN event.

We will be discussing the impact of technology, crypto, artificial intelligence, alternative payments and blockchain. We are also going to touch on external and internal factors that may have significant impacts on the immediate future of our industry, like banking failures, inflation, interest rates, succession and mentorship.

Our panelists are young, talented and diverse in their experience and backgrounds. I’m also hoping that we will have a surprise guest pay us a visit and impart some of their wisdom and thoughts on the future of the industry and the association.

What are you hoping attendees will get out of the event?

Shifrin: My biggest hope is that attendees are introduced to ideas or concepts that they may not have necessarily considered and that they can use to inform their decisions or strategies moving forward. I also hope that attendees are given new ideas that may help them analyze their businesses or business units through a new lens.

Our industry, like most traditional financial sectors, is ripe for innovation, technological advancement and (maybe) even disruption. Who knows? Maybe someone in the crowd will have an epiphany and come up with a concept that completely changes the way we do factoring?

How will this panel promote networking opportunities?

Shifrin: The panel will promote engagement and outside of the box thinking. It’s up to the attendees to promote the networking opportunities; however, to anyone who’s coming to the IFA Annual Conference for the first time, to every member of our community who is under a certain age or new to the industry in general, to anyone who recognizes someone just starting their career in factoring, to everyone who will attend the NEXGEN panel, all you have to do is say hello to the personal sitting next to you and ask them what they think of the discussion. It doesn’t matter if you agree or disagree with the opinions presented. What matters is that you engage with the discussion and continue to engage with your fellow peers, neighbors, team members and, yes, even your competitors.

What other opportunities will the IFA conference provide for NEXGEN attendees?

Shifrin: I’m so glad you asked! The IFA’s NEXGEN Committee is hosting a welcome reception from 4:00 to 5:30 p.m. CDT on May 10 in the Blue Room. We are going to have an open bar, a tarot card reader, music curated by DJ Johnny B, and an ice breaker game that will reward 100 people with a limited-edition art print that will commemorate this year’s IFA conference and hopefully start a tradition for NEXGEN participants. I can guarantee attendees three things: a great time, a great crowd and Mardi Gras beads. 

Who do you think will get the most of this panel? Why?

Shifrin: Anyone with an open mind. The panel will discuss topics that affect everyone in our industry, including inflation, interest, technological advancements, etc. But what about AI, or crypto, or blockchain? These are concepts that are foreign to most of us, are costly to implement and are very difficult to truly understand let alone incorporate in our day-to-day.

I have always taken the position that people can do better. People can be better. People can learn, adapt, evolve and improve. The only way to accomplish change is to promote critical analysis and to be open to learning new things. Anyone who is willing to learn is cordially invited. This panel is for you.

What is your outlook for the overall factoring industry in 2023?

Shifrin: I think 2023 will bring different things to different companies. I think companies that have exposure to non-transportation markets are in for a fantastic year. Traditionally bankable clients will be forced to look for alternative financing and we will be there for them. The fact that most of these clients have Prime-based rates is an added bonus.

Transportation factors that don’t compete on price will have a decent year, and those that have multiple revenue streams will do even better. However, non-bank transportation factoring companies that priced their facilities when the interest rates were half of what they are today are in for a rough year.

The only thing I know for sure is that the NEXGEN committee is working on a lot of projects and initiatives that will help make 2023 a fantastic year for anyone who is new to our industry.