Location: Needham, MA
Industry: Commercial equipment financing
David S. Cohen
President and CEO
MAKING BUSINESS DREAMS COME TRUE
Firestone Financial, LLC provides small businesses throughout the U.S. with financing for equipment. “We focus and specialize in markets where historically, traditional lenders (i.e. commercial banks) would not be interested in providing equipment financing,” says David S. Cohen, president and CEO of Firestone Financial. The company’s goal is to help business owners grow their companies and provide income for their families and employees, especially as it becomes more difficult to obtain affordable business credit.
Quick Tip “The biggest lesson for me is to allow your people to do their jobs. One must provide employees with the ability to be responsible and accountable for their roles and responsibilities.”
Firestone’s growth has been fueled by its employees, who work to develop subject-matter expertise and relationships in each equipment market. “Across the entire company, we have built a stable employee base with an average tenure of nine years,” says Cohen. Nevertheless, recruitment has sometimes been difficult for Firestone. “The biggest challenge was to recruit and hire employees who wanted to work for a company whose product — financing — is considered boring,” says Cohen. To overcome this hurdle, Firestone hired a human resource director and implemented a hiring tool called the Predictive Index that evaluates candidates around four key factors. Both steps have improved the company’s hiring process significantly, says Cohen. Going forward, his vision for Firestone is to increase penetration within the company’s existing equipment markets and to seek out new ones.