Meet the 2024 NEXGEN Award Recipients

The IFA, in conjunction with the NEXGEN Committee, proudly unveils the winners of the inaugural NEXGEN Awards. These accolades celebrate remarkable individuals whose contributions have left a lasting impact on both their companies and the factoring industry at large. The award categories encompass NEXGEN Rookie, Innovator, Leader, Rainmaker, and Ally, recognizing excellence across diverse realms of achievement.

We are excited to honor these outstanding award recipients at the upcoming 2024 Annual Factoring Conference.

Sam Elitzer, Founder, FactorGenie: NEXGEN Ally

Olivia Hudson, Portfolio Manager, Sallyport Commercial Finance: NEXGEN Rookie

Marie-Pascale Lague, Director, Business Development Operations, Accord Financial: NEXGEN Innovator

John Center, Partner, Quasar Capital: NEXGEN Rainmaker

Nolan Reichert, VP Head of Origination, Haversine Funding: NEXGEN Leader

What initially drew you into factoring? What excited you about it? 

Sam Elitzer: Two facts:

1) The trucking industry likes to say, “if you bought it, a truck brought it.” But without factoring, freight wouldn’t move.

2) The universe of freight factors is just a few hundred companies

It’s deeply compelling to know that when we upgrade a freight factor’s client technology, we’re making thousands of drivers’ lives easier and helping the American economy run more efficiently.

Olivia Hudson: I grew up in a “factoring family” and for my first 22 years vowed that I did not want to work in an office-based environment and had no interest in what my parents did for a living. While at college, my parents launched Sallyport Commercial Finance, and they asked me to set up their social media platforms (for free I might add!) one summer. I spent a couple of years running all their social media and marketing, (yes that was me in those early years) in my spare time. That was my first real introduction to what we do and I was excited to learn about the industry. Being ambitious I wanted to learn more and be even more involved in the business critical aspects, and felt that being at the coal face would give me that experience and create a career path where I could control my own destiny. I moved to operations and have never looked back. I love to help clients grow and to learn about their businesses, and have utter respect for the entrepreneurs that risk everything to keep the wheels of commerce turning.

Marie-Pascale Lague: Factoring might not have been the career I was thinking about when I was younger however like most of my industry colleagues, I feel fortunate to have found this career path!  

There are 2 major things that get me excited about factoring: first is being part of projects that create change and help companies transition into the next phase of their business evolution.  The second is being part of a great team at Accord that believes in me, my ideas, and supports my career growth.

John Center: I have been around factoring my entire life, it’s a true family business. The exciting part for me is the impact we can have for our clients. Knowing that we are doing everything we can to help them thrive is rewarding.

Nolan Reichert: As an intern, I stumbled upon factoring and was immediately captivated by its impact on small businesses. Witnessing these positive changes ignited my passion for the industry. Plus, being part of the tight-knit factoring community, especially through the IFA, made me feel like I found my calling for life.

How has factoring impacted your life both professionally and personally?

Olivia Hudson: Factoring has given me a career path that I never really considered previously. The finance world in general was not something I would have imagined myself in but through factoring, I have been able to gain an understanding of business and finance and a great appreciation of entrepreneurs and the sacrifice and dedication that it takes to become a successful entrepreneur. I have earned the CAEF accreditation, and I have worked my way up from a Digital Marketing Associate to Portfolio Manager in the last 8 years. Personally, I began my relationship with my significant other through the industry, I have made incredible friends and “teammates” and was even promoted to “Auntie Olivia”. It’s been a wonderful journey both professionally and personally and it’s exciting to know that I am just getting started! 

Marie-Pascale Lague: Great question, professionally factoring has given me the opportunity to learn a whole new set of skills and further my career development.  It’s funny to think back to when I first started in the industry and how little I knew!

Personally, the biggest impact has been the network of colleagues and friends I’ve gained over the last few years.  This industry, like most others, is relationship driven and I feel fortunate to be connected with such an inspiring and capable group of people.

Nolan Reichert: Factoring has been a game-changer for me. It's not just about work; it's a journey filled with new challenges and constant learning. Personally, it's fulfilling to know I'm making a difference in businesses' success while growing myself.

What advice would you give to someone looking to get into the industry?

Sam Elitzer: IFA training seminars are inexpensive and densely packed with lessons developed by industry experts. IFA conferences are filled with friendly people who have been doing this for decades and are happy to share their experiences. There’s no industry more welcoming and equipped to accelerate your career than factoring, you just need to show up and learn.

Also, book your exhibitor booth and hotel room block as soon as it becomes available, they run out quick.

Olivia Hudson: Be ready to get sucked in and never leave! But really, my advice would be to attend as many in person and online trainings that you can. Speak to your management team and ask questions. There are lots of extremely experienced and knowledgeable people in this industry, and they all love to share stories (good and bad) so that you can learn from their experience. Attend the IFA conference, meet new people and don’t be afraid to ask others how they run things at their business. There are always opportunities to learn new things within this industry and we all should take advantage of that. 

Marie-Pascale Lague: For those looking to enter the factoring industry, it's crucial to thoroughly understand its nuances and complexities. This means learning all that you can about the process, benefits, and potential challenges. 

Be prepared to approach situations with creativity, flexibility, and a willingness to take calculated risks, as these qualities are often essential for success in this field. 

Invest time in expanding your professional network and cultivating relationships with potential clients and partners. You will quickly be able to find reliable and trustworthy partners with whom you can collaborate effectively throughout your career. 

Nolan Reichert: My advice to those considering entering the industry is to embrace the journey wholeheartedly. Ask questions, seek guidance, and leverage the wealth of knowledge available through industry associations like the IFA. The willingness to learn and the courage to seek assistance are essential for success in this field.

Who in your life (ex. mentor, coach) has made the biggest impact on your career? How have they pushed you to excel in factoring?

Sam Elitzer: There are many, many people who are valued mentors to me in factoring, I can’t choose just one. But I’ve met all my mentors through the IFA, so truly it’s Tania Daniels, Heather Villa and Terri Baker who make it possible to excel in this industry.

Olivia Hudson: This will be the most cliché of answers, but I’ll write it anyway – my mom. She is an Owner / Executive in the industry and has worked in factoring and ABL for over 35 years. Her career started at an entry level in operations and has culminated in setting up and running a factoring company for the last decade. She has always had high standards and high integrity. When you embody integrity, then “nepotism” is not in your vocabulary. So, the bar is set higher for me to achieve, I have to do more, be better and work harder, there are no free passes for family, and this pushes me to excel and motivates me to continue to learn and progress both personally and professionally. 

Marie-Pascale Lague: It might be cliche, but I have to say my parents, who are entrepreneurs. If you can relate, I’m sure you sympathize with the fact that business was always discussed over family dinner. I am not exaggerating when I say it was always the primary topic of conversation. 

This made an indelible impact as I understand the passion and hard work each entrepreneur invests into their businesses. 

At Accord, when working with a customer seeking factoring or any other type of financing, I know the stakes and how much this means to them.  This inspires me to champion their interests and help them succeed.

John Center: First my father, he has been in this industry for decades and watching his success has pushed me to be my best. Along with him, I have had the honor to work with so many amazing mentors, Sam Tork, Vince Mancuso, Cole Harmonson, Jason Lippman, Matt Smulski, Don Strikland, Gen Parikh and Cheryl Mayo just to name a few! These folks are true leaders in our industry. 

Nolan Reichert: Gen Merritt-Parikh, our President, has played a pivotal role in shaping my career trajectory. She didn't just guide me; she let me explore every corner of the business. Her investment in me when I started out as an intern shaped who I am today, and now working with her again at Haversine Funding feels like coming full circle.

What does it mean to you to be a NEXGEN award recipient? 

Sam Elitzer: It’s an honor to be selected in this accomplished group. I joined the factoring industry because I knew I could make a difference for freight factors and their trucking clients, and this award demonstrates to my team that their hard work is being noticed.

John Center: In the scheme of things, I am still young in my career, so to be recognized is unexpected and such a privilege. The IFA is the gold standard of our industry and truly makes this achievement an honor!

Nolan Reichert: Being recognized as a NEXGEN award recipient is a significant milestone in my career. It symbolizes not only personal achievement but also validation of my dedication to becoming a leader in the industry. The recognition of my efforts is truly humbling and serves as motivation to continue making meaningful contributions.

As a NEXGEN leader, how do you see the factoring industry growing in the couple of years especially with new developments in technology?

Sam Elitzer: Three predictions:

1) Many small and mid-size factors are going to be indistinguishable in appearance from the biggest factors, driven by the democratization of technology that lets them give their clients the same modern digital experiences at 1/100th the cost of building it themselves.

2) Those small and mid-size factors are going to grow much bigger, very quickly, by adopting the technologies that let them onboard more clients and handle more invoices without having to grow their headcount.

3) The factoring industry as a whole is going to grow exponentially as factors adopt Neobank-lite services, winning fund flows from clients that are currently serviced by SMB checking accounts at traditional banks.

Marie-Pascale Lague: As a NEXGEN leader, I foresee significant growth in the factoring industry, driven by advancements in technology. By leveraging AI, digital integrations, and other technological innovations, we can simplify the factoring process, enhance efficiency, and expand access to capital. These developments will foster greater transparency, improve risk management, and ultimately drive positive transformation within the industry, positioning us for continued success in the years ahead.

Nolan Reichert: I see the industry booming, especially with more education efforts like those led by IFA. Factoring is stepping out of the shadows and becoming a go-to solution for businesses.

How do you want to leave your mark on the industry?

Sam Elitzer: I want there to be a couple hundred factoring executives who, as their plane taxis towards the runway, occasionally pause in a moment of quiet contemplation and think, ‘I never would have been able to fly private if those FactorGenie people hadn’t made me so much money.’

Marie-Pascale Lague: I want to continue helping Canadian businesses and their stakeholders while they need us the most. It is my goal to raise awareness about the availability of alternative financing solutions to support companies during challenging periods or facilitate their expansion. I make sure to surround myself with people in the financial industry that have the same goals and through collaborative efforts, we endeavor to preserve jobs, sustain enterprises, foster growth, and contribute to the overall economic well-being of our community. 

John Center: I have had the opportunity to soak up information from so many outstanding mentors in my short time in this industry. Being able to share the knowledge I have gained and watch others on my team prosper would be the ideal way for me to leave my mark. 
Nolan Reichert: My aspiration is to be regarded as a respected and trusted resource within the industry. I aim to cultivate a reputation for authenticity and leadership and to leave a legacy of integrity, professionalism, and genuine commitment to the success of others.