If former professional baseball player Darrin Beer made a highlight reel of his business career, he’d be sure to include his rookie days as a loan administrator. When faced with the decision to move on from baseball, Beer turned to his business degree and took a position at Heller Financial (later acquired by CIT).
The pitcher-turned-commercial lender saw plenty of highs and lows as he worked with fast-growth fashion manufacturers. Rather than hits and strikeouts, it was quarterly earnings and retail trends that filled his stat sheet. “I wanted commercial lending to be a big part of my career,” Beer says. That decision launched a career in the financial services industry that has spanned more than a quarter century.
Beer was recently appointed as Western Regional Manager for CIT Commercial Services. As part of his new role, he’s responsible for Commercial Services activities in the Western United States region, with particular focus on client retention and growth.
“The fashion industry is competitive. Much like evolving as a pitcher, manufacturers need to reinvent themselves each season,” Beer says. He recalls a particular client whose sales surged from $5 million to $100 million in just a few years. “That’s pretty exciting to see, especially if you’ve helped finance that growth.”
Over the years, Beer has continued to see similar challenges faced by that fast-growth client. A hot product or a trendy item suddenly creates big opportunities for a growing brand. A young company struggles to get its supply chain working properly to keep product flowing to stores, or to develop the right financial and organizational structure. For these reasons, Beer says it’s critical to have an experienced lender such as CIT to navigate a dynamic and evolving retail environment.
Beer believes that while these challenges are becoming more complex in the digital age, they also present an opportunity for CIT’s clients. “There’s no doubt there’s a shift from the traditional brick and mortar to online sales,” he says. “As retail continues to evolve, developing Omni channel or e-commerce solutions along with digital and social media strategies creates an opportunity for clients to sharpen their focus. They look at it as a way to support retail distribution by developing a greater brand image.” Beer adds that it’s the hope of many clients that shifting sales opportunities through digital channels can potentially replace sales lost from traditional retail locations.
Another growth opportunity Beer sees is through exports. Much like learning a new language, Beer believes one of the toughest challenges for U.S. fashion brands is developing the expertise necessary to understand the international retail environment.
“In some cases, our clients may decide to ship directly to international retailers. In others, they will work with a local distributor.” CIT can support this international strategy by offering credit coverage on foreign retailers. This provides U.S. clients the potential to increase their revenue by selling products overseas.
Beer also sees opportunity as foreign investors look to acquire U.S.-based companies. Aligning the overseas factory directly with U.S. distribution can streamline the supply chain and stimulate growth.
One such example is C-Mrk, Inc., a multi-national company and a CIT client for more than 20 years, which recently secured an investment from Famma Group, Inc., a Los Angeles-based apparel-sourcing firm. Joe Kamari, who founded C-Mrk, a skate and surf apparel manufacturer which sells under the Ocean Current label, considered an alignment with Famma as a strategic move to position his company for long-term growth.
Kamari discussed those intentions with Beer. “Having worked with Darrin for 20 plus years, and valuing that relationship, I wanted his perspective. Darrin has always looked at the big picture and takes a long term approach,” Kamari says. The investment has paid off, as Ocean Current has become a fast-growing, nationally recognized lifestyle brand.
Marketing to the socially responsible consumer is yet another area in which fashion companies can make their mark and adapt to a changing environment. “While consumers certainly are interested in good design, high quality and the purchasing convenience of online shopping, they also want to know the story behind the product,” he says. “Shoppers want to know that their purchases align with their values. As a result, a product’s success is inspired by brand messaging and advertising. Brands need an inspired message to get shoppers excited.”
Beer sees his vision for his new role in a few ways. He points to CIT’s historical legacy, industry expertise and reputation for understanding client and customer credit. To maintain leadership in the industry, he says his team has to continue to focus on client service and investing in new systems and product offerings. For instance, CIT’s Digital Small Business Solutions offers customers of CIT’s clients an online portal from any device, anytime, to access CIT accounts and directly communicate with a CIT Service Team member.
He also believes strongly that the best relationships ultimately are built outside the office. “I like to adopt a team approach to client or prospect visits to provide a personal touch, as this develops mutual trust and understanding,” Beer says. If there is a constant Beer has seen throughout his own career, and one that he impresses upon his teams, it’s maintaining clear communication with clients. “Visiting accounts as much as possible is important, yes, but what’s more critical is developing those relationships with clients and better understanding their business,” he says.
The transition to a bank model is part of CIT’s strategic growth plan. “We have greater capabilities including traditional bank products such as treasury management and foreign exchange protection to service our existing and prospective accounts. In addition, we offer consumer banking through California-based banking franchises OneWest Bank and CIT Bank,” he says.
Community involvement is very important to Beer. As a supporter of various charities including City of Hope and National Jewish Health, Beer is an active participant in philanthropic causes. In addition, Beer is a pitching coach for his son’s high school baseball team, allowing him to stay involved in the game he loves. “There are no easy hits, in baseball or in business,” Beer says. “So whether it’s helping high school athletes develop their skills or helping our clients reach their growth objectives, I’m excited to be a part of the journey.”
For more information about Darrin Beer and his team
Contact:
Darrin Beer
Western Regional Manager
CIT Commercial Services
www.cit.com/products-and-services/trade-finance/index.htm
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