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The Market View
Speed, smart speed, still wins in competition. Unfortunately, I find too many company executives are not heeding this reality when it comes to the changes in financial accounting for leases. Their outside accounting firms tell them something to the effect that this new proposed standard is going to take a while to finalize and make effective. This is the technical view, the compliance side. Finance and leasing company executives should pay attention to the market view.
Lessees are already receiving information about the proposed standard from the business media and their accounting firms. Again, this input will be on the technical side ' you must do this, and you cannot do that, and this is what you will look like, and so on. This kind of input causes alarm and may lead to push-back against leases and lease-like products. Some observers are already stating the self-fulfilling prophecy that there will be a reduction in leasing. That reduction may happen, and it certainly will happen unless finance and leasing company executives become proactive in the marketplace and do it now.
Let's accept three realities.
- There will be a new standard, and lessors and lessees will have to comply.
- The amount of actual Fair Market Value (“FMV”) leasing, operating leasing, however it is labeled, has been in decline for years as the industry has commoditized and matured. Most business is already a secured loan product. FMV and similar solution-oriented products will continue to be available and have benefits for lessees and lessors.
- Change creates opportunity! A reality that accompanies this is that not all can or will seize opportunity; that is the opportunity, and opportunity does not wait.
Change is creating an opportunity for you and your company. This must be the first thought on each executive's mind. Why? Because change puts in place a proactive state of mind that leads to review, innovative thinking and eventually to action. For equipment leasing and finance company executives, this state of mind should lead quickly to address these big three questions:
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