We all hear about the graying of America, with many of us actively participating in the process. It’s a fact of life that the nation, on average, is getting older. What has been apparent to some of us in the leasing industry, however, is the concomitant graying or our industry and the associated ramifications. Although these discussion have been going on for the past several years, they really hit home when industry participants pass away, or suffer from age-related problems, such as Bob Baker’s recent hospitalization.
The first thing that comes to mind is concern and sympathy for Bob and his family (our thoughts and prayers are with you). Then comes the reflection, both personal and professional, on what aging brings. When is something similar going to happen to me or one of my colleagues? Will I be ready? Are there things I should be doing to prepare for such an eventuality? How will my family and business fare? Sobering thoughts, and probably ones we don’t particularly care to dwell on, but not wanting something to happen doesn’t make it not happen. The same deliberative process also can be applied to the leasing industry, if you think about it. The pioneers and leaders of the industry have gotten older, with many retiring and some having shuffled off this mortal coil. This is the natural way of things and, although to be mourned, it is not meant to be necessarily feared. The challenge, of course, from our standpoint is to make certain we have strong and skilled individuals to take their places – the future leaders.Just as replacing senior leaders presupposes a pipeline, if you will, of future leaders that have been trained and developed, we also have to bring new financial talent into the industry at the front-end – the future, future leaders. This is a real issue that needs to be faced if the leasing industry is to survive. In my role, I am able to interact both with senior management (consulting) and young professionals fairly new to the industry (education), which provides great perspective. And I am getting questions, for the first time, from some of these younger people asking whether or not any opportunities remain in the leasing industry or if it is going to fade into the background. A fellow blogger, Brian Whelan, also has addressed this issue on several occasions, questioning whether or not the industry can attract and retain new talent.
One way to do this is to provide these folks with a visible pathway to success and the necessary tools to get there, such as training, development, and mentoring. This is where we come in. Getting older doesn’t mean that one has to give up on life. We all have skills, knowledge, and experience that we still use and can pass on to those who are at the beginning of their careers. Let’s also accept new ideas and learn from each other. This is how our industry will remain strong and vibrant. That’s right – keep contributing and embrace change. As for me, “I hope I die before I get old!”
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Posted by: Randy Brooks,Senior Attorney, Federal Trade Commission | May 18, 2007 6:10 PM | Permalink to Comment