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Monroe Capital’s Koenig & Moser Talk Retail ABL

Date: Nov 12, 2015 @ 07:00 AM
Filed Under: Company Profile

Moser: The broader retail sector indeed faces many challenges ahead … however, one must really examine these issues on a very in-depth sub-sector basis. Over the shorter term outlook, I concur with all that you point out and would only expect moderate growth at best, with the exception of rate of sales increases across Internet channels, which will continue to grow and capture share ahead of bricks and mortar. With a presidential election on the horizon, many consumers will remain cautious as the 2016 Election Day nears closer and into 2017 with a new administration. That said, while spending habits, tastes and other drivers are increasingly affecting change and indeed challenging the broader sector, in many ways, what it takes to succeed and what often separates the “winners from the losers” has not changed.

I’ve been at this for almost 25 years and flat out execution will continue to carry the day for most, while keeping up with and ahead of the pace of change remains a critical success factor for all. It’s often like watching the same movie over and over in what I’ve observed over the years; there are those who continue to “manage” poor performance and there are those who move on from it. Today, systems and immediate access to quality and critical information are vital; the pace of change requires almost a real time reaction to these data points and KPI’s. Business operators and leadership must balance multiple priorities in a real time fashion across many facets of their business. These facets often include, but are in no way limited to, real estate, systems, logistics, customers, media and marketing, vendors, product design and innovation, along with sourcing and access to capital just to mention a few. A critical understanding of where a business makes and loses money is vital. Further, a skill set that can understand what it costs to attract and keep customers and the ability to define optimum performance, manage to profitability and to properly capitalize a business in a way that can sustain challenges whether controllable and not, are all necessary to achieve success and to navigate the years to come. The best operators stay ahead of these challenges, anticipate and identify these critical success factors and others, and surround themselves with best in class talent, advisors and investors.

ABL Advisor:  Ted, it seems that you are building the next powerhouse middle-market finance business at Monroe. What is next for you?

Koenig:  We have observed many changes over the last 15 years in the finance industry by watching the regulated and the non-regulated players as well as our competitor colleagues, many of whom are no longer around for various reasons. What we have tried to do is to continue to be relevant by reinventing ways that we can add value, both to our middle-market borrowers in providing them one-stop, solutions oriented capital, as well as to our investors and limited partners in providing them with differentiated yield and returns. Our firm has been growing at a 25% CAGR since the financial crisis of 2008. My plan is to continue to provide creative and innovative financing solutions to the middle-market borrower and to provide consistent and safe returns to our limited partners and public stockholders. We have a number of new initiatives in the oven right now; I imagine you will start to see some of them as 2016 unfolds.

Senior Editor | ABL Advisor
Stuart Papavassiliou is senior editor of ABL Advisor and Equipment Finance Advisor. He has worked in publishing for more than fifteen years.

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