http://www.mediabistro.com/fishbowldc/gqs-style-guy-to-be-feted-in-dc_b43864

If you’ve ever turned to GQ for fashion advice, you know Glenn O’Brien. He’s the suave superhero behind the popular feature “The Style Guy.” But did you know the maestro of men’s fashion is also a Georgetown alum and former editor of The Georgetown Journal? Neither did we.

But O’Brien’s Hoya roots might explain why he’s headed back to Washington to celebrate the release of his new book “How to be a man: A Guide To Style and Behavior For The Modern Gentleman.” Yes, despite our city’s love affair with popped collars and pleated pants, Robert Finfer, CEO of Integrity Capital Partners, and E! News’ Michael Yo will fete O’Brien at a private party in D.C. on July 14th. The event will be held at Georgetown eatery Neyla and promises “signature cocktails by Rémy Martin and one-of-a-kind iced tea refreshments by the Teaologist.” By invite only.

Robert Finfer

Written by Mike Sullivan at www.mo.com/robert-finfer-integrity-capital-partners

Mike: Hey, everyone. It’s Mike Sullivan. Thanks for joining me. This is MO.com, where we feature small business owners and entrepreneurs, and then bring you hints, tips, insights, and perspectives on what it takes to be successful.

Joining us today is Robert Finfer. He’s the CEO of Integrity Capital Partners. Robert, thanks for joining us today. To kick things off here, would you mind telling us a little bit about your background leading up to Integrity Capital?

Robert: I’ve had a number of different careers. I graduated college with a degree in finance, and my first opportunity out of school was working for Price Waterhouse in their Consulting Division. Absolutely hated it. I absolutely hated working in an environment where I had to wear a suit to work every day and do somebody else’s work for them. Just to give you a little background, I transferred to another job that I thought was going to give me all the freedom in the world. It was called Ogilvy & Mather Advertising. It was the same job, but I didn’t wear a suit. The same exact job.

So, the truth is my background began when I was like in fifth grade. I was selling bubblegum to other kids in school. I’ve always had a sideline business. Even in college I had sideline businesses where I did things, and the real world didn’t coincide with what I wanted to achieve. So, I ended up deciding to do something different, and I became part of a team of professionals that acquired a company in Greenville, Maryland that was in a specialty finance niche space. It was called Franklin Acceptance Corporation, and at the time we were a dark horse of non-prime and sub-prime auto finance receivables, purchasing loans for people who couldn’t easily obtain loans on their loans from car dealerships. That sort of got the entrepreneurial bug going.

Mike: You were recognized by Inc. magazine as one of the fastest growing small businesses. Can you tell me a little bit about that rapid growth?

Robert: Well, what happened was there were a number of iterations prior to me starting Integrity Capital Partners. Initially, I had found a paper. I’m not the most brilliant guy in the world, so I tend to gravitate towards reading other people’s ideas and then seeing if I could make them better. I had read a paper that was written by two guys from Wharton about the insurance industry and how a lot of people were letting their insurance policies lapse. Within that, there was an industry where the only deal they ever had was that they could sell their insurance policy back to the company they bought it from. It would almost be like you buying a house and the only person you could sell it to in the future was the guy that you bought it from, at a set price.

So there was a business in there, and I got really excited about the opportunity. I tapped into it at the right time. Luck and timing have a lot more to do with skill and success, I believe. I just happened to be in the right place at the right time and began to ride a wave. My goal, specifically as it related to Franklin Acceptance Corporation, which is also a specialty finance company, was to create a misunderstood product and make it appear and act in a very professional manner. So that’s what I attribute the success of the company to, which was creating a mindset and perception of an industry that was not positively perceived and creating something very nice from it.

So once we began to do that, we started to get recognized, even accolades within our own industry, prior to the Inc. 500 success. That made a lot a hedge funds and a lot of private equity come to us and say, “Hey, we want to be part of this.” That helped to fuel our growth in a very rapid way.

Mike: Can you tell me what strategies you implemented to manage that very rapid growth?

Robert: I can only tell you that I’ve made a tremendous amount of mistakes. My experience has been the only thing you can do is make mistakes and learn from them. So, you try to implement software programs that are going to hopefully alleviate workload and do things, and sometimes you make the wrong choices. Sometimes you hire people that you think are going to be wonderful, and they’re not so wonderful. So it’s a lot of trial and error. If you’re lucky, again back to the luck factor, you identify people that are smarter than you are that are specialists within their own area and allow you to do the things you can be successful at.

Mike: You also teach a class in entrepreneurialism. Is that correct?

Robert: Yes, it’s the Kogod School of Business at the American University. I’m a graduate of American University. It’s not far from my home, and the truth of the matter is that my life has been somewhat of an up-and-down scale. I’ve had some failure in businesses. I’ve started a few businesses that have failed. In this last iteration, I’ve been very lucky to have been part of Integrity, and help grow that industry. I wanted to give something back to the university beyond just a financial amount of money. The person who was in charge of development said, “Hey, we would love for you to do something at the school.” It started out as a speaking engagement. And for me personally, I got a tremendous amount out of that speaking engagement. Then the school came back and said, “Hey, would you like to help us teach a class on entrepreneurialism?” So I said, “Sounds great.” In fact, the person who helped me put the class together was one of my first professors, that taught me.

So we put together a class that was structured around assisting students that were specifically interested in creating a business once they left school. What I found was pleasing about that is I didn’t have a class like that when I went to school. When I went to school, you just kind of graduated and were left to your own devices to figure out what you were going to do. Here, the class itself, which was such a great deal of fun for me, seeing the interest of the young people. The whole premise behind the class was to identify a product, create a team, and then build the team financial statements, business plan. Then at the end of the class, they would do a pitch-off to a number of investment capital sources who were friends of mine, entrepreneurs who were friends of mine. Their entire presentation was going to be graded by those specific industry professionals.

So it was great to see seven or eight companies, and sort of bring them along during a semester. Also what was a fun part of the class was that I’m a member of YPO. I’m not sure if you’re familiar with that organization – Young President’s Organization. Everybody in that organization is a founder or CEO of their company. So, in every class, I’d bring in one of my members from my chapter, and each one of them had a Horatio Algeresque story, of rags to riches, sort of how they got started themselves, which gave these kids an understanding that it doesn’t always happen the first time. There’s a lot of work that goes into it, and there are failures and successes and how to learn from it. So it became a very popular class. In fact, I have five or six kids that would show up just for the speech of these successful entrepreneurs. At the end, it was a great deal of fun. For me, I really enjoyed it.

It’s interesting, when I was a kid, I couldn’t wait to get out of class, go hang out, party, watch TV, or whatever it might be. I had kids show up in class that were saying, “Hey, it’s better than TV.” So there was a tremendous amount of warm, fuzzy feelings, and I still maintain relationships with a handful of students, not through Facebook, but through LinkedIn, a professional site, where they’re coming back to me and asking questions. I met with a few of them, and two of them actually started businesses out of the class.

Mike: What has been your own greatest lesson as an entrepreneur?

Robert: I’d have to say that the greatest lesson that you could learn is failure. There is no other magical lesson that I’ve learned, which is when I fail at something, I know it doesn’t work, and to be able to recognize the failure and then from that point forward to be able to take it to the next level and say, “Okay. This didn’t work. Let’s try something else.” Also to be able to walk away from a dream. As an entrepreneur, I’ve started a handful of different companies, and every one of them you’re married to. You love the idea, but at some point in time, if it’s not working, you’ve got to be able to say, “It’s not working.”

Mike: When you’re facing a tough business decision, do you have anyone to turn to for advice or just to bounce ideas off of?

Robert: I think if you’re lucky enough you have a father like I have. My father was an entrepreneur, so I’ve always bounced ideas off of him. But I think being a member of an association like E.O., which Entrepreneurs Organization, or being a member of YPO, which is Young Presidents Organization, with each one of those organizations, specifically YPO, you have what they call a forum. A forum is made up of seven to nine individuals who have no conflict in business with you. They can be in completely different businesses. So you can share intimate details of your business with the knowledge that they’re not interested in competing with you. You get some tremendous feedback that you would never expect. Then even when they’re having their business issues, you could learn from their specific issues that they’re going through. That feedback is a tremendous take away, for me, in helping me better understand my business and mistakes that other people have made and/or successes that other people have had. So they’re not official board members. Even the individual who manages my money, I find him to be a tremendous resource. I don’t feel any judgment. I feel like they’re just giving me what they think is in the company’s best interest and my best interest.

Mike: As a CEO of a company you’re involved in many organizations. You’re on several boards. You’re a teacher. How do you manage your time?

Robert: It’s very difficult. I have two children. I think for anybody who wants to be an executive, an A-type personality, or run a company, or build something, the life balance issue is going to be a big issue, for anybody who wants to do that. I see many guys who are 35, 40 years old and they have never been married and have no kids. They haven’t had the time. It’s very difficult to do all those things and be great at any one of them. So, it’s a constant balance of when do I have to stop and smell the roses? And it’s difficult. I won’t lie to you. It’s very difficult to say, you know what? I deserve a day off. I’m turning off the BlackBerry today, which is like for many people, any time you’re going to turn off the BlackBerry and not accept an email or a text, especially when it’s a client calling, it’s almost like pulling your hair out of your head, when you want to be responsive. But there are just some times when you just have to say, “You know what? Today’s a day I’m not going to do that.”

Mike: Robert, I appreciate the interview. Take care.

Robert: Well, I appreciate your time. Thanks a lot.

Robert Finfer, nationally recognized entrepreneur and President & CEO of Integrity Capital Partners (ICP), is an active advisory board member and class instructor at Washington, DC’s renowned Kogod School of Business where he offers advice to the next generation of our nation’s entrepreneurs.

As Universities across the nation close yet another school year, we look to usher in a fresh group of workers to the nation’s labor force. Finfer offers advice to young entrepreneurs looking to spearhead their own brainchild organizations and make their mark in America.

1. Find an underserved market and serve it.

Instead of seeking a market for your product or service it’s important to review and research those individuals and groups who are underserved and develop something they need.

2. Rely on superior business to client and business to consumer relations.

Not ever to be overlooked, the power of strong customer relations and client service is paramount in retaining business and encouraging referrals.

3. Pursue what you love and what you are good at doing.

We tend to shine when exercising our true talents. Identify those abilities that set you apart and capitalize on them to establish the cornerstone of your business.

4. Know when to learn from a failure and move on.

We learn more from our failures than our success. You will most likely make mistakes but it is the rise back to the top that can help you develop the backbone you will need to survive even when your next great idea does not.

5. Never turn down an opportunity.

We never know where an opportunity may lead us so be open to suggestions, criticisms and new connections.

6. Learn by doing.

The best way to perfect a business from the ground up and manage a successful team is to have personal hands-on experience in all facets of the company. Don’t be afraid to learn something new or ask for instruction where you lack experience.

7. Master the art of the elevator pitch.

You only have one first impression. You also only have one opener to captivate your audience. Practice on your friends. Your first sentence should grab their attention; your second should offer an easy explanation.

8. Follow your gut instinct.

There’s something to be said for your initial reaction to an individual or situation. Follow what your gut says is right; it most likely will lead you away from future catastrophic situations.

9. Stay the course.

Maintain a strong focus on your end goal. It’s easy to start to deviate from your original vision and, if you must, be sure your new vision is based on research and not an on-the-fly decision.

10. Tighten your purse strings.

When starting a new business always keep your eye on the bottom line. There’s no need for over zealous spending on basic office space and supplies.

About the Author:

Integrity Capital Partners is a leading Life Insurance and Life Settlement Brokerage company located in Bethesda, MD. ICP is licensed and operates in over 34 states across the US, and has transacted in excess of $4 Billion since its inception in 2002. ICP has been recognized annually as one of the largest insurance related companies in the Washington Metropolitan area by the “Washington Business Journal”. In 2008, ICP was listed as the 2nd fastest growing Insurance Company in the United States by Inc. 500 in and the 156th fastest growing company in the United States.

“Financing continues to be challenging for our industry. While we saw a huge pullback during the last quarter of 2008 and in the first quarter of 2009, we are beginning to see cash come back into the market. The financing that is currently being offered and the terms at which we are being provided funds still need to come a long way to get back to the levels we saw in late 2007.”

— Robert Finfer, CEO, Integrity Capital Partners LLC and Integrity Settlement Group Inc.

“We haven’t needed growth capital recently, but certainly our banking relationship is ‘financing’ based. This relationship has remained positive, but that’s likely due to the fact we’ve had great success in managing our business around potential pitfalls by tightening our control of cash flow and boosting performance at all levels. Also, Spadac’s increased visibility as a leader in spatial analytics services and technologies has helped support this growth. We closed 2008 strong, our profits have continued to rise over the past three quarters, and we have strong expectations for 2009 and beyond.”

—Mark Dumas, CEO, Spadac Inc.

“We have not experienced any challenges getting financing, and I would say that there are two key reasons for this. First is past performance. We grew our top line significantly during the boom years (2006 and 2007), but unlike many companies that experience growth in sales, we did not sacrifice our bottom line. Similarly, we avoided both wasteful overhead spending and getting overleveraged during these same boom years. Instead, we hoarded cash. Second is a strong balance sheet. Our growth, coupled with conservative practices, has translated into a very strong balance sheet for our bankers to lend against.”

— Barry Lake, president, Rollins-PCI Construction Inc.

“Lately, financing has been tough. We thought we had a bulletproof business plan to get investors, but when we started talking to people it seemed as if everybody was burying their money in their backyard. We have had to scrape money out of wherever we could find it to keep our business afloat. We have not pursued bank financing as of yet.”

— Gregory Korthase, president, Etreev

“In executing an ‘alternative investment strategy,’ we’ve seen wonderful opportunities. With the cost of capital at all-time lows, we would love to finance as many opportunities as possible. The lending community is in disarray. Their margins have been all but eliminated, and it is coming to light that their financial reserves have been drastically understated. Yet the financial community says they want to issue good loans to good customers. We are learning how important it is that bankers understand our business, but it is equally important for us to illustrate how we as a client will be profitable for their business in the long term.”

— Craig Kendall, president, Financial Investments Inc.

 Rule #1: Work With a Specialized Broker
Unlike direct providers, specialized brokers are interested in getting your clients the best purchase price for their policies and are positioned to complete the transaction expeditiously. They have actionable knowledge of all of the processes required to submit a case, and they will complete the fiduciary responsibility to achieve the highest price and be able to provide that information to the policy owner.

 Rule #2: Research Your Broker
When choosing a broker, make sure that he or she is a member of a reputable association, such as LISA, which vets its members to ensure they have the necessary compliance and professionalism. Request references and do some background checking to confirm that your broker has not experienced any prior litigation or license infractions. Finally, make sure that he or she is licensed to transact life settlement business in the policy owner’s state.

 During the selection process, remember that presenting your case to several brokers is unlikely to result in a better offer, and can actually result in a lower bid or no bid. Dealing with a single broker will help you avoid impinging upon existing relationships, creating questions about the “Broker of Record,” and generating an overall negative impression of the case.

 Rule #3: Understand the Timeframe
Even the most seamless life settlement case can take four or five months to complete. Allow up to 12 weeks to procure medical records and life expectancies and up to three weeks for providers to make final offers. The policy owner will need time to make a decision after an offer is made, and the carrier has 30 days to make changes after the package has been sent to escrow. Once they have received the change forms, escrow agents have three days to pay the client. Contracts are typically written with a 15 business-day rescission period, and agents should not expect to be paid until at least three weeks after the client is paid.

 Properly managing expectations is essential to completing a successful settlement transaction. In addition to a realistic timetable, make certain that your broker is not only willing to disclose the amount being paid by the provider, but that he or she will provide proof of multiple bids at the end of the process in order to confirm that the policy was properly shopped. Familiarize yourself with the process and communicate frequently with your client and broker.

 Robert Finfer is President and CEO of Integrity Capital Partners, a secondary life insurance leader and one of the largest insurance companies in the Washington Metropolitan area. Robert is a “Top of The Table” Producer and member of LISA, NAIFA and MDRT, and can be contacted at rob@integrityp.com.

“I am extremely excited to have been recognized and nominated for this very special award,” Finfer said.

Mr. Finfer is a member of the Life Insurance Settlement Association (LISA), a member of MDRT, a “Top of The Table” Producer, as well as a Member of NAIFA. Mr. Finfer is a member of YPO (Young Presidents Organization) Baltimore/Washington Chapter. Mr. Finfer currently sits on the board of JSSA, a leading non profit organization providing Hospice and Mental healthcare in the Greater Washington DC area, and is an active member of the advisory counsel of The American University “Kogod College of Business Administration”.

Prior to founding ICP, Mr. Finfer, spent nearly a decade as an executive in the Non Prime Automobile finance business. Mr. Finfer earned his degree in finance from the American University. Mr. Finfer is a contributor to industry articles in periodicals such as “The National Underwriter,” “California Broker Magazine,” and “Insurance News Weekly,” as well as other periodicals. He is a frequently requested speaker at industry events.

The Ernst & Young Entrepreneur of the Year awards program celebrates its 23rd anniversary this year. The program has expanded to recognize business leaders in over 135 cities in 50 countries throughout the world.

Award winners in several national categories, as well as the overall national Ernst & Young Entrepreneur Of The Year award winner, will be announced at the annual awards gala in Palm Springs, California on November 14, 2009. The awards are the culminating event of the Ernst & Young Strategic Growth Forum, the nation’s most prestigious gathering of high-growth, market-leading companies.

Founded and produced by Ernst & Young LLP, the Entrepreneur Of The Year awards are pleased to have the Ewing Marion Kauffman Foundation and SAP America as national sponsors. In Maryland, sponsors include DLA Piper US LLP, Clifton Gunderson LLP, The Mergis Group and Baltimore SmartCEO.

Integrity Capital is a leading Life Settlement Broker and Insurance Company located in Bethesda, MD and has been recognized annually as one of the largest insurance related companies in the Washington Metropolitan area by the “Washington Business Journal”. Integrity was listed as the 2nd fastest growing insurance related company in the United States by Inc. 500 in 2008. Mr. Finfer is a contributor to industry articles in periodicals such as “The National Underwriter,” “California Broker Magazine,” “Insurance News Weekly,” as well as other periodicals.

About Ernst & Young’s Entrepreneur Of The Year(R) Awards Program

Ernst & Young’s Entrepreneur Of The Year(R) Award is the world’s most prestigious business award for entrepreneurs. The award makes a difference through the way it encourages entrepreneurial activity among those with potential and recognizes the contribution of people who inspire others with their vision, leadership and achievement. As the first and only truly global award of its kind, the Ernst & Young Entrepreneur Of The Year(R) award celebrates those who are building and leading successful, growing and dynamic businesses, recognizing them through regional, national and global awards programs in more than 135 cities in 50 countries.