Capital Club Radio - Back to the Future: Past Debt Buyer Association (DBA) Presidents discuss history and future of DBA
0:00:00.6 S1: On behalf of the Pro Business Channel, we're excited to welcome Michael Flock, the host of Capital Club Radio. Broadcasting on Pro Business Channel networks out of Atlanta and on nine syndicated platforms, including iTunes, Google Play, and iHeartRadio, and recently interviewed on NPR. And now live from the 20th annual DBA conference, please welcome Chairman and CEO of FLOCK Specialty Finance, Michael Flock.
0:00:27.1 S2: Good morning, good morning. We at FLOCK Specialty Finance believe in the power of community. And that's why, a little over a year ago, we started a radio show, called the Capital Club Radio Show to build a community of thought leaders, of creative people in this industry who have made a difference for the Debt Buyers Association and others in the accounts receivable management sector. We talk about lessons learned, the successes and failures of the different companies and leaders in this space, and we convert these broadcasts to podcast, which we distribute to the few thousand followers we have, and then we also distribute the podcast to our guests, and they can use the podcast as they see fit.
0:01:08.8 S2: Anyway, but this morning, I am absolutely honored to be here today, hosting the Capital Club Radio Show, as we help celebrate 20 years of the Debt Buyers Association, or DBA. We're celebrating 20 years of connections, 20 years of trust, 20 years of building a new industry. And, if you're a Falcons fan like me, maybe you're celebrating 20 years of drinking.
0:01:36.5 S2: But anyway, to be more serious, this has been an incredible roller coaster of 20 years for all of us. There have been good times and bad times, we've seen periods of great supply, we've seen periods of very tight supply. Periods of low prices and high prices. Periods of loose regulation, and periods of very onerous regulation. So we've thrived and survived in large part, thanks to the leaders of the Debt Buyers Association, some of whom are sitting right here, and also the members and staff of the total Debt Buyers Association. DBA I think has been essential to this industry. It's been essential in defining it, supporting it, and helping grow, and helping legitimize it.
0:02:25.3 S2: In our company, FLOCK Specialty Finance, we talk a lot about the power and importance of passion and perseverance, which drive performance. And I can't think of five better leaders today who represent passion, perseverance, and performance than Walt Collins, Bob Morris, Mike Bendixen, Cade Whitehurst, and Todd Lansky. And we also wanna recognize, Dennis, sitting right here, who helped start this association. He had the idea for the Debt Buyers Association along with these folks, so it was his idea that brings us here today. So Dennis, thank you very much for that idea and 20 years later we're celebrating it, it's now a reality. But without the passion and perseverance, there's no way this industry would ever have come so far from the gun-slinger culture of the past, to the more professional, more consumer friendly culture, than the debt buying and collection industry that we are today. So, I think in general the evolution of the past 20 years has been steady, but obviously not without its challenges, which we're gonna discuss here in a few minutes. And Jan Stieger shared with me some very interesting and positive statistics. According to Jan and our Executive Director who you just heard from, there were only 60 members back in 1997, and today, there are 546. In our first annual conference, there were only 125 attendees, and today, we're going to be close to 900.
0:04:08.8 S2: So in spite of the recent consolidation in our industry, due to a drop of supply of consumer charged off debt, and due to, obviously the radical regulation that we've lived through, DBA is still alive and well, and our industry is actually changing for the better in spite of this adversity, and actually maybe because of this adversity. And as I prepare for this panel discussion, and in searching for some common themes between these five leaders sitting here, and their five administrations, there was something really impressive as I began to connect the dots. Because in recent years, you know Mike, Cade, and Todd, when they were leading the organization, the focus is more on certification, compliance, standard setting. But that was actually quite similar to what Walt Collins and Bob Morris were talking about at the very inception of DBA back in 1999 and 2002. Then, you know they founded DBA to change the culture from again, the cowboy culture, to the consumer oriented culture. They took the word debtor out of the vocabulary, we now call them consumers.
0:05:23.6 S2: So today, DBS has stayed true to its initial constitution. It's focused, not just on certification and compliance, but now, how to codify the best practices, how to institutionalize things like change of title and resales, and how to bring moral liquidity to the market, how to promote standardizations, and how to recruit and create a new generation of leaders in the debt buying industry. In addition, I think that the Debt Buyers Association has become the leader in advocacy for the total accounts receivable management industry overall. In fact, Todd and Kay are probably gonna talk about what they've heard that some of the senators are actually designing legislation to legitimize and institutionalize this industry.
0:54:14.7 S2: We, we began the forum today talking about the power of community. And I think the evidence is right here at this table with these five spectacular leaders there is a great community at DBA. We're celebrating 20 years of connections. Connections are all about community. That's how were gonna make it in the future. Let's have a round of applause for our five panelists today. Thank you very much and thank you for coming.
0:54:36.9 S3: And this concludes a special broadcast episode of the Capital Club Radio Show live from the 2017 DBA international conference in Las Vegas made possible in part by Flock Specialty Finance. More than a transaction. For more info visit FlockFinance.com and the Pro Business Channel, converting conversations into content. For more information visit probusinesschannel.com. We want to thank on behalf of, again of Michael Flock the show host our panel of the five presidents of the DBA, our audience here in Las Vegas, and our listeners. Tune in to a re-broadcast of this episode and more at capitalclubradio.com.
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