Jud Snyder
President, BMO Harris Equipment Finance Co.
770 N. Water St., Milwaukee
www.bmoharris.com
Industry: Equipment finance/banking
Employees: 66 – Equipment Finance/3,300 – BMO Harris in southeastern Wisconsin
Family: Wife (Jessica), five kids (Caroline, 15; Jackson, 13; Samuel, 12; Emma, 10; Will, 6)
What was the smartest thing your company did in the past year?
“BMO Harris Bank made a major acquisition in 2015, acquiring a market leading transportation finance company from GE Capital. This was a big acquisition for us, which positioned BMO as an immediate market leader in the truck and trailer finance business in North America. The business we acquired has great people with long careers in the industry who believe their dedication and commitment to their clients is paramount.”
What’s new at your company?
“Our business has hired over 30 people during the last few years, grown significantly and added a few new vertical finance specialties to augment our general equipment finance practice. We started a corporate aircraft finance unit in 2011, which has performed very well for us and we increased our investment in rail assets during 2014 and 2015. In Milwaukee, we’ve seen a marked expansion in food manufacturing equipment over the last couple of years. Looking forward, we hope to see a resurgence in core manufacturing and believe that segment will provide us with new growth in 2016 and beyond.”
What’s the hottest trend in your industry?
“Our industry finances capital equipment for commercial clients across many different industries and geographies. For decades, the definition of ‘capital equipment’ has been relatively static. Technological advances have changed the capabilities of equipment, but equipment has typically remained a tangible asset that companies would acquire, use and eventually replace. With the digital revolution, more and more companies are exploring shared services, bundled solutions and web or virtual services. We see it when we finance software along with robots on a manufacturing line, or electronic health records systems for health care organizations. Equipment finance companies look at this as both a disrupter and an opportunity. The hottest trend in our industry today is trying to figure out how to provide our clients with financing that meets this new style of use.”
What will be your company’s main challenges in the next year?
“When we think about our customers, we are concerned about the combination of rising interest rates, a domestic economy that has held strong but faces challenges, and the continued strong U.S. dollar. All of these factors impact our manufacturing clients a great deal, especially those that export their goods. We will watch the next few months’ economic indicators very closely for movement in these key areas.”
Do you plan to hire any additional staff or make any significant capital investments in your company in the next year?
“We will continue to add staff strategically in key areas of growth and expansion geographies. Our company has grown significantly over the last four years and we constantly hire to keep up with our clients’ needs. We also will employ interns this summer and BMO Harris Bank will hire over 20 college graduates into our Credit Analyst Development Program this fall. BMO has maintained a multi-year commitment to running an entry level training program in credit analysis and has found that this gives us a great internal pool to develop our next generation of leaders.”
Do you have a business mantra?
“Be present in your conversations, take a long-term view, and do the right thing for your clients and employees. My remaining day-to-day pressures diminish when I remember those three things.”
From a business standpoint, who do you look up to?
“I’ve been fortunate in my career to have many mentors from both within the bank and the outside community. I serve on a number of nonprofit boards and have learned so much from both the organizations’ talented staff, as well as from the committed board members. I really feel lucky to learn from so many talented Milwaukee-area executives and work alongside them.”
What was the best advice you ever received?
“In business and in life, you will have really good days and really bad days. The trick is to try not to let anyone see too much of either.”
What do you like to do in your free time?
“With five kids and two dogs, free time can be hard to come by, but I really enjoy spending time together as a family. I also enjoy reading, running and playing golf.”
What is your favorite thing about working in Milwaukee?
“I am one of Milwaukee’s biggest cheerleaders. We have incredible museums, parks and public spaces here. I am so excited about the renaissance happening in downtown Milwaukee, between the lakefront redevelopment, the Third and Fifth wards and the new Bucks arena district, downtown Milwaukee will be redefining itself to become more vibrant and attractive for residential, corporate and entertainment growth. I am also energized by the number of corporate and civic leaders working hard to make our community a better place to live and work.”
