GreenSky Credit Is Big – Here’s Why

GreenSky LLC is a mid-sized lender based in Atlanta, Georgia founded in 2006 by chief executive officer David Zalik. The company is the third-largest financial technology company in the United States – the field is also known as fintech, a mashup of the words financial and technology – despite being created just longer than a decade ago.

The company recently held an initial public offering, filing confidentially with the United States Securities and Exchange Commission back in early April 2018. In that IPO, GreenSky raised just short of $1 billion – $874 million, to be exact – in funding. Altogether, David Zalik’s GreenSky traded a whopping 38 million public shares in exchange for investments in the budding company.

While GreenSky is doing pretty well for itself, David Zalik is doing even better – just after the aforementioned IPO, David Zalik was officially worth roughly $2.5 billion. His net worth is based mostly on the price of shares of GreenSky, of which he owns a majority stake.

How did GreenSky become so big?

GreenSky does nothing but lends money to approved applicants – so far, the company has given out some $12 billion to over one million happy debtors – through GreenSky Credit, a program that’s a part of David Zalik’s GreenSky.

GreenSky Credit provides approved applicants with up to $65,000. Most of such money goes to mid-sized corporate construction companies, though plenty gets shoveled to smaller construction causes. GreenSky Credit lends out so much money to builders because they’re often not paid until their agreed-upon work is complete; at best, they’re paid in installments, potentially leaving them for weeks without their customers’ capital.

David Zalik realized that GreenSky could grow to such a lofty level of success after he gained experience in the construction industry directly following the turn of the millennium. No more than a few years after the experience, GreenSky and its well-known program GreenSky Credit picked up financing from TPG, ICONIQ Capital, and PIMCO, three of the largest institutional investors across the United States. Last December, GreenSky was worth $4.5 billion.

https://www.cnbc.com/2017/05/15/greensky-2017-disruptor-50.html

Shervin Pishevar Paints a Gloomy Prediction of the US Economy in His 21-hr Tweet Storm

Shervin Pishevar has been quiet for the last six months after announcing that he would resign from Investment company. He is a pretty vocal business personality on the social media, but for some reasons, he has remained silent. Shervin Pishevar has invested in some renowned names like Slack, Warby Parker, Dollar Shave Club, and Uber.

Recently, Tweeter account roared to life with a gloomy tweet storm about the U.S. stock market. The market had a shake-up in Mid-February. Shervin believes this shake-up will continue towards the end of the year and cause the market to lose an aggregate 6000 points by the end of the year. Here are some of his main reasons.

The February Dip Will Continue For the Next Few Months

Shervin Pishevar thinks that the dip witnessed in the stock markets in February will continue and get more in-depth. He believes that the fall is caused by increasing credit account deficits, rising interest rates and an increase in tax giveaways.

Bonds Lost Their Power

The government issues bonds partly as a tool to reset the market and correct the deficiencies that put pressure on some sectors. However, he believes that the bonds have been used too much to remain effective. Therefore, the market may take longer or not normalize even after the central banks buy bonds.

He believes that Inflation is exported

Shervin does not buy into the thinking that the American economy is going up in contrast with the global economy. Therefore, he says that that the inflation cannot be contained within the borders and has been exported over the years. Shervin also feels that the shaky global trade deals created by the current administration will not help the situation.

Silicon Valley Lost Its Modern Rome Allure

Shervin Pishevar believes that the Silicon Valley lost its exclusivity. While it is not bad, it will negatively affect short-term economic growth. Talents and ideas are no longer strong enough to hold the Silicon Valley at the top. Shervin also feels that the American entrepreneurial spirit spread worldwide and became a global thing eroding any comparative advantages that the USA enjoyed.

https://collisionconf.com/roundtables

Contributions of Canadian Businessman: Louis Chenevert

Every business organization that Louis Chenevert has worked with has fully benefited from his contributions. Nowadays he is sub-retired, he dedicates his time serving in Goldman Sachs as a private counselor, following his desires and his family. The Louis’s journey of success began where he joined the General Motors after completing his degree in Production Management that he studied at the HEC Montreal. Since Chenevert was committed to his job his promotion was rapid, within a short time, he became the production manager, and later he ended up getting the position of the Production General Manager.

After many years at the General Motors, the chance for Louis Chenevert to shift to another field came, and he joined Pratty & Whitney firm which was an aerospace producer. At that time the economy was not favorable for the company. The efforts of Chenevert boosted the productivity, and within few years there was a substantial increase of the firm in the field of aerospace. This won Chenevert, the promotion of the president of the firm. The Pratty & Whitney firm worked together with the United Technologies Corporation (UTC). The excellent work of Louis Chenevert pleased the head staff at the UTC, and eventually, they hired him to work in their firm. In 2006 Chenevert served as a chairman of the United Technology Corporation, afterwards, he was promoted and became the Chief Executive Officer.

When the market economy started declining Louis Chenevert worked hard to save the company from the losses that several firms were facing. The tactic that Louis embarked on was paying no attention to the predictable intelligence surrounding outsourcing. Most of the firms were being transferred to the countries that would work for low prices so that the cost would reduce. For the UTC, the workers and the engineers were put together in a common location in the state of Connecticut. The reason for doing this was that when people work together getting a solution would be faster and easy. This looked like a useless idea, but it was the best because UTC was able to thrive during the difficult moments.

http://www.utc.com/News/News-Center/Pages/UTC-Chairman-Chief-Executive-Officer-Louis-Chenevertrecognized-with-the-Publi.aspx

Tony Petrello Shocks His Friend

Tony Petrello truly is a self-made man. According to Lloyd Grove in his article in “The Daily Beast”, he knew Tony when they went to college together at the age of 18. During that time Tony was a math genius and your typical geek. He was the tall skinny kid with the loud mouth and dry sense of humor, and he stuck out in 1972 like a sore thumb.

Tony Petrello was the protege of Professor Serge Lang, the world-renowned mathematician. Even at such a young age, Tony Petrello could be seen as a prodigy in the field of mathematics. He was already challenging the theories of his day, creating his own, and pushing the field of mathematics beyond where it currently was. It was a shocker to everybody when he opted out of mathematics and decided to pursue corporate law.

From that time on, Lloyd Grove did not see Tony Petrello over the next few years. Needless to say, he was surprised when he looked at the Associated Press’s release of the top paid CEOs of 2013 and saw that his old buddy Tony was on it. How exactly did Tony get to that position? How did he rise up from the field of mathematics to go and become a multi-billionaire?

Tony Petrello was a graduate of Harvard Law School with his bachelor’s degree in law. He then pursued a master’s degree in mathematics from Yale University.

In the year 1979, Tony Petrello would begin working at the law firm Baker & McKenzie. He held a position there until 1991. Here he was the managing partner of the New York office, a position which he held for five years. From there, he would become a director of Stewart and Stevenson. He would leave that post in 2011.

Anthony Petrello made most of his money working for Nabors Industries. He became the chief executive officer in 1991. He would then become the president of the company in 1992. He would also become the chairman of the board in 1993 and hold all positions for nearly a decade. In 2015, his total compensation package was well over 15 million dollars. Tony was able to command this large package because under his leadership Nabors Industries stock went up 180%. While in 2014 there was a small bump in the road, in 2015 all the executives received the compensation package they deserved.

Leonardo DiCaprio, Livio Bisterzo, And HIPPEAS

A brand new form of snack food has been taking the USA by storm as of late, a certain snack food called HIPPEAS. HIPPEAS are a healthy snack food that are essentially flavored chickpea puffs that are notably much more healthy than most other snack foods being advertised and sold. The creator of HIPPEAS is Green Park Holdings and the decision came from the Founder himself, Livio Bisterzo who was behind the product’s creation as it fits in with the mission statement of his company. Though Bisterzo isn’t the only one endorsing HIPPEAS.

For famous actor Leonardo DiCaprio is also endorsing the healthy mass marketable snack foods. DiCaprio’s endorsement of HIPPEAS comes from a combination of his own interests, one of them being the environment. DiCaprio’s love for the environment can be traced back to 1998 when he founded his own Foundation named after himself based around funding projects revolving around habitat conservation and biodiversity. In fact, DiCaprio also serves on the boards for the following organizations: World Wildlife Fund, the National Resources Defense Council, National Geographic’s Pristine Seas, Oceans 5 and the International Fund for Animal Welfare. But what does DiCaprio’s pro-environmental stance have to do with HIPPEAS? Simple, HIPPEAS is tied to a non-profit organization called Farm Africa dedicated to improving the agriculture in Africa by supporting farmers in every step of the process of growing and selling crops.

Follow Livio Bisterzo on Instagram

As for Livio Bisterzo, he’s an Italian entrepreneur currently living in Los Angeles and he’s married with three children. Originally, Bisterzo was born in Italy and in 1999 moved to the UK to further his education and cultivate his gift with marketing. His first venture into the business world happened in 2003 and he would focus on life style businesses, such as a company that specialized in selling products for men. He left that side of the industry in 2010 and moved into a different field in 2011 where he acquired a Danish start-up business that specialized in selling organic blended juice and tea. From there, Bisterzo moved on to create Green Park Holdings which focused solely upon creating healthy and delicious food that could be easily marketed and accessible for everyone. With HIPPEAS being the success it currently is, Green Park Holdings has in turned reached the potential that Bisterzo hoped it would.

For more information about Livio Bisterzo, just click here.

Marc Sparks on Entrepreneurship

Nowadays, there is no shortage of bloggers and self-proclaimed gurus who purport to be experts at starting businesses. In this new economy, being a self-starter is one of the most prized skills and everyone seems to be talking about it. However, some people, such as venture capitalist and entrepreneur Marc Sparks, have an established track record and the deep knowledge of the ins and outs of setting up a startup operation. Learn more: http://thebrotalk.com/bro-recommendations/dallas-entrepreneur-marc-sparks-spills-must-visit-list-wineries-dfw/

 

Originally from Austin, Texas, Mark Sparks got started with entrepreneurship right after graduating from high school. Sparks believes that one of the most important qualities necessary for success in business is humility. He has been involved in dozens of startups, but not all have been successful. It is that humility that allows him to recognize that the biggest lessons that make success possible in the long run come through failure. Learn more: https://classroomvoices.org/marc-sparks-risk-taker-in-and-out-of-business/

 

The tough times he endured to get to the top were the inspiration for his book, which is entitled “They Can’t Eat You.” There are lots of business books that try to make things seem easy, but Sparks wanted to write a book that validates the trials and tribulations faced by entrepreneurs. He wanted his own struggles to serve as an example for people facing the same problems.

 

According to Sparks, one of the questions he is most often asked is whether he is afraid of losing his wealth. He answers that he isn’t. He remembers the days before he found success, when he was the poorest he had ever been. However, in his view, although making money is the objective of any business, money should not be your purpose in life. For Sparks, success is running his businesses, working with a great group of people and providing quality service to his customers, as well as having a loving family. Learn more: http://timbercreekcapital.com/

The Foresight of Billy McFarland

Society marvels at individuals who have great success, but they fail to realize that these individuals are action-takers, a quality that is rare. Billy McFarland is such an action oriented person. He began his first business at the young age of 13 when he formed a business that found customers for a local business.

When he was a freshman computer engineering student at Bucknell University, he founded a company called Spling, which takes URLs of businesses and transforms them into a graphic. This helps to enhance the content for the business’s online presence and helps to brand the company and its product. According to CNBC, Billy McFarland still serves as the CEO of this ongoing business which sports clients such as Universal and Discovery.

At the age of 23, in 2013, McFarland started a New York City-based operation called Magnises. The idea was to form a basis for millennials to get together at their favorite hangouts, restaurants, bars, clubs, concerts, meeting places and special events at a substantial discount.

The annual dues are $250 which entitles each member to “The Black Card.” This card copies the member’s data from his or her debit or credit card and is used to pay the bill at member businesses while simultaneously applying the discount.

The concept has worked so well that at the end of 2015 there were over 10,000 members and still growing. Millennials love to group together and talk about themselves, their accomplishments, and get business contacts. Why not get the discounts and enjoy the ride?

It is not unusual to find a complementary bottle of wine at a restaurant, or preferred seating at an event or concert.

Magnises has been a very popular addition to Manhatten millennial activities, and other metro areas who have heard of the concept are anxious to have the same attraction. Billy McFarland is actively considering expansion and cities in his headlights include Atlanta, Boston, Chicago, Los Angeles and London.

A recent addition of cash to the tune of $3 million hasn’t hurt the cause either. The business model is working exceptionally well, and McFarland feels that the time is right to exploit the concept. Opportunities come and go, and McFarland doesn’t want this one to slip away.