Factoring companies serving the furniture industry had pretty migeof decent reviews for business in this year’s second half. While all said they met expectations, in some cases those expectations were fairly low. Others said they did very well considering home furnishings sometimes lackluster performance at retail during the period.
“Interestingly enough, the second half lived up to expectations,” said Michael Hudgens, managing director and Southeast regional manager for CIT Commercial Services. “We came into 2016 with high expectations, but the first quarter was disappointing, just marginal growth, and we had the same in the second quarter. Our expectations for the second half of the year were not that great, China office desk manufacturer minor growth of a few percentage points versus the double digits we’d seen in 2014 and 2015.
“It’s hard to put a finger on the reasons—the economy, the election? I really don’t know. I do know that High Point Market was very positive, so, maybe the fourth quarter will surprise us all.”
Eagle Capital had a good second half of 2016. “We are proud to say that we have exceeded last year’s totals and are on track to show at least a 15% to 20% average growth margin throughout our client base,” said Kirk Donnell, sales manager at Eagle. “The new companies we have brought on this year are producing solid consistent numbers, and all have a very positive outlook for their growth potential in 2017.” He attributed Eagle’s strong growth this year to several factors.
“For one, although we are large enough to handle the China office partition manufacturer large volume accounts in the furniture industry, we are still small enough to maintain the personal touch of true financial partners that is so often lost in the banking and finance world,” Donnell said. “That partnership allows us to be flexible and not only celebrate the victories of our clients, but also to share the pains.
“We keep our eye on the industry the global market, the trends and the headlines so we are prepared for not only the industry trends but the unexpected opportunities. As simple and cliche as it sounds, we communicate with our clients often, and that level of communication prepares us to assist with just about anything our clients are faced with.” He credited clients with early recognition of problems at bankrupt carrier Hanjin shipping and their making appropriate changes in logistics, as well as communicating concerns with Eagle.
Lyon Credit Services saw its factoring business grow in 2016, but It was slow growth based upon Lyon continuing to add new clients.