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They have developed customized leasing programs specific to the needs of our industry. Clune has taken away many of the inherent dangers associated with presenting a lease that eventually end up holding our customers hostage. The beauty of Clune is that they have taken away the pain of the past and packaged a solution that will offer overall long-term value for our customers and us. We are also better protected against losing a customer's future business.

James O'Keefe, R.S. Knapp Co Inc

Finding Opportunity in Adversity

By Kevin F. Clune, CLP

"It proved to be the greatest opportunity of my Life," said Colonel Tom Schaefer, one of the U.S. hostages held in captivity by Iranian insurgents for 444 days in 1979-1981. Col. Schaefer was the senior military attaché at the American embassy at that time. He served as the keynote speaker at a recent National Equipment Finance Association Conference (http://www.nefassociation.org/).

At the risk of trivializing the ordeal which Colonel Schaefer endured, I want to attempt to apply the lessons he conveyed to the current business climate.

I felt that Col. Schaefer's message couldn't have been more timely for myself and other business owners who are attempting to adapt to a new marketplace and business environment. The conclusions I found applicable to my business and my reactions to the current state of the economy can be summarized as:

1. Control your attitude.
2. Stay focused on your goals.
3. Learn to be more creative.

Colonel Schaefer spent many months in solitary confinement, cold confinement and in cramped quarters. He stated that the one, and probably only thing, you can control in this kind of situation is your mindset. Thoughts of once again being reunited with his family and hearing the sounds of a baby crying were things that gave him the resolve to endure the pain and discomfort.

If adversity is met with despair, your business will suffer. Once you are determined to adopt a positive and an entrepreneurial mindset rather than one of negativity and restraint, decisions on how to make the necessary adjustments to stay competitive and productive should follow.

• How might you take advantage of the fact that there are now fewer competitors in almost every industry?
• Would upgraded technology and/or a change to your process reduce your overhead costs?
• Can an equipment lease be the answer to the reduction or loss of your bank lines of credit?
• Will you be poised for increased demand when the economy rebounds?

The ability to make a profit by offering a needed product or service at a competitive price is the basic goal of any business. If demand for your product or service has declined, one may wonder if there still opportunity for growth. Colonel Schaefer's goal was to survive the adversity of his situation, regardless of the challenge. He exercised as much as possible to maintain his strength and health. Can you identify the obstacles to your success and ultimate survival?

• Are you staying healthy, nimble, and competitive?
• Has your product or service been weakened in the downturn?

"Necessity is the Mother of Invention" is an often quoted cliché, but it is a good response to the current situation. Colonel Schaefer had charmed his captors into providing him with reading materials. When they brought him some magazines written in German, a language in which he had become fluent while in captivity by reading German language books, he was able to stay informed on the current state of affairs. He learned that an attempt had been made to rescue him and the other hostages, none of whom were confined with him. This gave him the hope he needed to endure the imprisonment.

• Are you tuned into the marketplace?
• Can you identify the needs of your customers?
• Are you willing to create a new product or service to meet demand?

This could prove to be the greatest opportunity of your life.

Kevin F. Clune, CLP