ations, based on my retail training. I found the least
concrete legal subjects boring and thus, more challenging.
By the time I received my law degree, I knew
that I needed to practice in an area that was business
related, so I went to one of the large Philadelphia law
firms working in the Creditors’ Right department,
primarily representing creditors in bankruptcy cases.
After six years of practicing law, I was approached by
a mortgage lender and offered an in house attorney
position as an Assistant Vice President managing the
bankruptcies of the lender’s
borrowers.
I worked with this company for six years, ultimately
becoming a Senior Vice President, managing all bankruptcies,
foreclosures and the real estate
owned department. Then, in
spectacular fashion, the company imploded as one of the
early victims of the down turn
of the U.S. economy and collapse of the real estate
and mortgage markets. The company filed for bankruptcy protection and sold it assets. I was part of the
team that worked on the wind down of the property,
and the career that would be mine for the next few
years was born.
I developed the unfortunate specialty of winding
down mortgage lenders from 2004 – 2008. I went
from one lender to another, assisting in the orderly
wind down of the business. I never spent a day unemployed, but I always knew that if I was good at my job,
that the job was temporary. While this is not a great
way to live for someone who craves stability, it was a
necessity, as there were not many strong mortgage
lenders hiring new attorneys, most were laying them
off.
In October 2008, I started with what would be my
last company to wind down (I hope). In the process of
winding down the business, I developed a wonderful
working relationship with one of the owners of the
company. We worked together for two years on the
wind down, and, toward the end, he suggested that
we start Rehab Financial Group, LP together. I wasn’t
thrilled with the idea, but did not want to lay off any
more people or close down any other companies, so I
went along for the ride.
It took some pushing and prodding on my partner’s side, but eventually, I caught the entrepreneurial
spirit, and, after a year or so, mentally transitioned
from being an employee to being an owner.
Instead of someone telling me what to do to grow
and manage the company, I had to have the ideas. My
partner found us investors to fund the business, I was
responsible for everything else. Since 2010, when the
business was formed, we have grown substantially
every year and given a financial
return in the mid-teens to our
investors. As much as I resisted
it, I am now a business owner
and successful entrepreneur
and love it.
The added wrinkle to my
story is that I am a female en-
trepreneur in a male world. I go
to many meetings and confer-
ences of private lenders and
am one of very few female business owners. While
most of my peers accept me for who I am, regard-
less of my gender, there are always a few that believe
they are still living in the 1960’s and treat me inappro-
priately. My response -- I ignore them. What is most
interesting, however, is that my male peers generally
voice support for me and those who are offensive to
me are no longer invited to the table.
So what is the point of this article? My goal is to
show women in particular that if they are willing to
take a leap when either pushed or presented with an
opportunity, they may find themselves in a position
they never anticipated, which is not necessarily a bad
thing. There are things in everyone’s background that
give them a unique skill set, and one should never be
afraid to use those from your past to advance your career. By stepping outside of my comfort zone, I found
a new comfort zone. It took me a while to get there,
but the job satisfaction and financial rewards are well
worth the effort!
Susan Naftulin, President of Rehab Financial Group, LP
and Author of “Flipping Houses 101” can be reached at
susan@rehabfinancial.com
If women are willing to take
a leap when either pushed or
presented with an opportunity, they
may find themselves in a position
they never anticipated, which is not
necessarily a bad thing.
