The 3rd Annual Bert Goldberg Award Recipient: Honoring Debra Zukonik, a Factoring Industry Trailblazer
The Bert Goldberg Memorial Award serves as a testament to the enduring legacy of Bert Goldberg, the founder of the International Factoring Association. The prestigious accolade is presented to individuals whose exceptional contributions have propelled the factoring industry forward. Recognizing their outstanding achievements, visionary leadership, and unwavering dedication, the award honors those who have made significant strides in advancing the factoring industry.
The IFA would like to congratulate Debra Zukonik with the 2024 Bert Goldberg Memorial Award!
Debra, congratulations on winning the prestigious Bert Goldberg Memorial Award. What does this recognition mean to you, and how does it inspire you to continue making a difference in the factoring community?
I am greatly honored. Bert was able to bring a great number of very strong personalities together and convince them to share information and work together, all to the betterment of each of us and the industry at large. I was fortunate to be one of the first people involved in the IFA, and Bert was my friend, so I was willing to help him anytime he asked, which in turn benefited both me and the IFA. I have and will continue to help both the industry and the people in it, not because of this award, but because this is as it should be - Factors helping each other and especially helping those that are new to the industry. It is not just the right thing to do, it also reduces the chances that new factors will fail, which damages the reputation of the entire industry and invites additional government monitoring and regulations.
The International Factoring Association has played a pivotal role in educating the market and promoting the value of factoring. In your 30+ years in the industry, how have you seen the understanding and adoption of factoring evolve over time?
When I began my career, I spent much of my time explaining what factoring is, how it works and its benefits. Due to the IFA and AFA’s effort and the internet, most prospective clients and their customers understand what factoring is and how useful it can be in starting or growing a business. Now, it is important that we continue to educate everyone we know, but especially those in state and federal government, as to the benefits of factoring and the differences between us and Merchant Cash Advance companies. One of the best ways to do this is to become active in the IFA’s lobbying arm, the American Factoring Association. We must come together to protect the industry, if we want our children and younger colleagues to enjoy this industry as we have.
The Bert Goldberg Memorial Award recognizes extraordinary contributions to the factoring industry. Can you share some of the ways you have dedicated yourself to advancing factoring and supporting the IFA's mission? Why should others get involved and do the same?
I believe in mentoring and in sharing the knowledge that I have gained through both my own experience and through others in the industry that mentored me. In the last 30 years, I have co-instructed numerous classes on underwriting and account management, and have participated in numerous panels on fraud, credit and funding in specific industries. After encouragement from Bert Goldberg, I wrote an ops manual that factoring companies can tailor to their own needs and I was one of several individuals who worked to develop the IFA’s Certified Account Executive in Factoring (CAEF) test and later to update the test materials. Most recently, I worked with Matt Smulski and Cole Harmonson to build a software for the industry that provides instant invaluable insights into a factor’s portfolios with the touch of a button.
In short, I believe that members of the IFA owe it to themselves and their fellow members to become involved and share their knowledge. When we share, we all win.
You have an impressive background as a Certified Account Executive in Factoring Subject Matter Expert and have co-instructed numerous IFA events. What are some of the key lessons or pieces of advice you try to impart to those new to the industry?
Commercial finance (mostly factoring), is all I have ever done, but very early on, I realized how limited my knowledge was when considering all we must know and do to keep us safe from fraud or the results of our client’s mis-management of their businesses. So, I attended and listened closely to every speaker or panel offered by the IFA at the annual conventions. If there were conflicts, I listened to the CDs of the classes I had to miss. I also attended IFA classes outside of the annual convention, and I devoured the IFA magazine. But I believe that the one most important opportunities that the IFA offered was the forum to build relationships with other Factors. I worked to identify and develop relationships with people whose knowledge and experience I respected. I had my five strong mentors, that I called “my right hand”. I respected their expertise, but also their time. As it turned out, we were able to help each other – It is rarely a one-way street. So, I would tell them to get deeply involved in both the IFA and AFA and to build a strong “right hand”, which will likely change over the years. And when someone eventually comes to them, be one of their 5 and give back!
As a long-time member of the IFA and the AFA, you've witnessed firsthand the growth and evolution of the factoring community. What do you see as the biggest opportunities and challenges facing the industry today?
Technology has provided us with the opportunity to do more with less, to provide a level of insight for ourselves as well as our clients, that we could not have before. Our biggest challenge by far is the state regulations that are spreading throughout the nation. At this point, I believe it is imperative that we push for national legislation as 50 different statutes is not only costly but simply unmanageable for most shops. This is why I strongly encourage all IFA members to become active in the AFA and to get to know their local state and federal representatives.
In addition to your professional accomplishments, you also have a family legacy in factoring. How has that influenced your passion for this industry, and what advice would you give to the next generation looking to carry on that tradition?
Yes, my brother David was a Headhunter in the packaging industry. I begged him to help me find a good Business Development person. After he did so, I encouraged him to consider our industry as his specialty. His move changed his life and mine. Together, we founded FactorHelp and FactorSolutions, that provide resources to the industry and helps new factors enter the market with the tools and assistance they need to succeed. David’s son, Christopher Rains, carries on his legacy at Commercial Finance Consultants, matching candidates to the right opportunities to ensure success for both. My son, Brian, came to work for me at Vertex in 2010. He is a very strong account manager, and we plan to start training him in underwriting later this year. My daughter has been with Dare for almost two years as an underwriting assistant and we are very proud of her natural instincts in this area. Carson Harmonson, my partner’s son, is a very effective BDO for Dare. It is very exciting and gratifying to work alongside them as they follow in our footsteps, while making a few of their own. And sometimes, we learn from them as well.
The views expressed in the Commercial Factor website are those of the authors and do not necessarily represent the views of, and should not be attributed to, the International Factoring Association.