Last July, Wells Fargo Equipment Finance (WFEF) announced its group head, John McQueen, would be retiring at year end. McQueen, who has nearly 30 years of industry experience under his belt, assumed the leadership position at WFEF in the early days of 2006 as successor to another highly regarded industry veteran, James Renner. Under McQueen’s leadership, Wells Fargo Equipment Finance has ascended in the industry rankings from the fifth largest among the bank-affiliated equipment finance companies to the second largest company in the sector.
Recently, Equipment Finance Advisor spent time with McQueen, who reflected on his career and his most memorable professional accomplishments. In addition, McQueen shared his thoughts on broader and equally important work/life balance issues.
A native of the state that boasts 10,000 lakes, McQueen earned his bachelor’s degree in finance from the University of Minnesota and began his professional career at IBM. McQueen’s career at IBM spanned 17 years, ten of which were spent at what was then called IBM Credit Corp. “I had a couple of interesting opportunities at IBM,” McQueen recalls. “I was regional sales manager from 1985 until 1990 and then was operations manager for the eastern half of the country. That was a very different kind of opportunity for me, yet it was a typical IBM career development pathway.”
A planner and builder by nature, McQueen eventually became the national sales manager for IBM’s middle-market client base. It was then he created and launched the newly conceived middle-market business for IBM Credit. He says, “That was a very enjoyable time for me. We worked with a consultants and customers in building that business model and determining the best way to approach the market.” That opportunity and the experience McQueen gained during that period proved to be significant in the years that followed.
In 1994, McQueen left IBM to join Norwest Equipment Finance. He reflects, “Norwest Equipment Finance was mostly a startup and when I joined, I launched the vendor business and was also assigned the wholesale and syndications businesses. What I had done at IBM really prepared me in building the vendor business. I was able to transfer many of the concepts we had built at IBM and they worked successfully.” And for McQueen, professional success followed as well. By 1997, McQueen’s responsibilities had expanded to include part of the bank channels and in 1999, McQueen was named the national sales manager for what was by then, the combined Norwest and Wells Fargo equipment finance portfolios. Four years later he was named the Chief Operating Officer and was assigned not only to sales, but operations as well. In 2006, McQueen became the business head.
Other than the planning and implementation experience McQueen acquired along the way, he notes other influencing factors, not the least of which is the equipment finance industry itself. “As an industry, equipment finance is very unique in many ways. It is independent and very entrepreneurial. That was refreshing after having worked at the ‘big’ IBM for a number of years.
“Coming over to Norwest and in the early years of Wells Fargo, we were still very small … it was a lot of fun and you got to do a lot of different things. We managed each business as a P&L business and I enyoyed that experience. Initially I liked the fact that equipment finance was really financial selling. I liked the contract negotiations and that the business was transaction focused. It fit well with my personal style.”
While the years have passed and equipment finance has changed in many ways, McQueen notes his deep appreciation for the industry has yet to fade. “It’s a great industry that has obviously seen a great deal of change over the last 20 or 30 years. While things like tax advantages and regulations have changed, the industry always finds a way to adapt.”
McQueen acknowledges his predecessor for both the preparation and the opportunity to move into the top position. “Jim is the one person who has had more to do with my professional development than anyone else. He showed me how to transition from being a sales manager into a business manager and shared his perspective in running the business as a P&L. He’s a great guy and we still remain close friends to this day.”
We asked McQueen to reflect on the most gratifying accomplishments achieved during his long career in equipment finance. Without hesitation he explains, “It was when I came to Norwest to build the vendor business. That was a very big challenge and I may have thought twice if I had realized how big a challenge it really was at the time. I remember having more than a few sleepless nights but in the end, it turned out great. In four years, we were able to grow volume from $50 million to $550 million. We hired some great sales people, we were opportunistic and we created a great business model. It was really a great accomplishment.”
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As he enters the final months of his career, McQueen also steps back and looks at the many accomplishments achieved by the whole of Wells Fargo Equipment Finance. He notes, “Since the time I joined the organization, we’ve grown the business at a double-digit compounded rate every year … somewhere in the 12% to 13% range. When I came in 1994, the portfolio was about $850 million and today, it’s $20 billion.
“When I think about the people who have been here for 15 to 20 years, they have played a very big part in that success. We have very low turnover and a very high morale. It’s a great environment and people enjoy working here. It’s gratifying to have been a part of that.”
In terms of advice to those who are either in the beginning or middle stages of their careers in equipment finance, McQueen offers, “The first thing I’d say is enjoy the business. I’ll say it again … it’s a great business, it’s fun and the people in it are great. It can be stressful and there’s a lot of change. Still, take the time to enjoy it.”
As for the change, McQueen advises, “Try to take full advantage of the changes rather than bemoaning the changes as they come along. The changes are certain to come and it’s important to remember, everyone else is experiencing them at the same time you are.”
In McQueen’s estimation, he saves the toughest advice for last. “Have a balanced lifestyle. It’s easy to get tied up in the business. We compete hard in this business and it can take up a lot of your time. I tell everyone, there are really three parts to your life: your job, your family and your life with your spouse or your personal life outside of your job and family. This is the hardest one of all because you spend as much time as you can with your family and probably more time at your job. This third one is the tough one to focus on, but it’s important to remember to do that as you go through life.”
And McQueen knows from whence he speaks. McQueen has been married to his wife Nell for 37 years and together, the couple has raised two daughters. “Both of our daughters are in their 30s, they are both married, have college degrees and have great jobs. They both live in the Twin Cities … so that makes it really nice.”
As for what’s next, the man who has always thrived around planning and implementation says, “Right now, I really don’t have a plan. After these many years in the industry, I suspect I’ll find a way to stay engaged, but for now it’s about finishing out the year. I’ll take a little time off and think about what’s next.”
Figuring out what comes next, McQueen notes, could be challenging in and of itself.