Doug Jung

2022 Inductee, Hilco Diligence Services

Doug Jung has over 35 years of experience with diverse diligence, field exam, audit, credit, management, advisory, finance and forensic investigations experience.  During his lending career, Doug has performed or managed hundreds of specialized diligence assignments or ABL field exams annually. He has hired, trained or worked with well over a hundred field exam professionals and staff. He started Hilco Diligence Services in the fall of 2013. He performs ABL field exams and transactions advisory services for its clients, which include all the major banks, non-bank lenders, PE firms or directly with companies.

   Doug began his career in public accounting, is a non-active CPA and entered the asset-based lending industry as the field examination Manager for Fidelcor Business Credit.   He was responsible for managing his team in conducting new business surveys, recurring exams, hiring and training staff, as well as training outside resources.  

   Doug was recruited from Fidelcor to join a JPMorgan predecessor bank to build an ABL team, which ultimately became the ABL product group for the investment bank and the work out group.

   He then joined AlixPartners and also started his own firm Jupiter Advisory Group before joining Hilco.  

What advice would you offer to someone just starting out in the industry? 

The ABL (asset-based lending) industry is a good place.  There are many honest people within the industry, and that’s not true of all related industries. While opportunities adjacent to the ABL industry may seem worth pursuing, our community is a productive place to develop your career and grow. The community and the experience will serve you well!

What are some of the most memorable moments of your career?

Working at Fidelcor Business Credit with Dave Grende and the entire Fidelcor team was a memorable and defining period for me. It was my introduction to ABL – the experience and people I worked with were and are still simply the best.  While I’ve hired, met and worked with many great people since then, that experience gave me the technical foundation that guided me throughout my career in ABL.

What professional achievement are you most proud of?

I enjoy fixing or building things.  

I was hired at Fidelcor to improve the quality of the field exam team and its work product—we needed to perform new business surveys and recurring exams that fit the needs of underwriting and portfolio management.  This was very fulfilling, and I accomplished that in very short order.   At JPM and Hilco I built the businesses from scratch.  But most of all, bringing people into the industry and watching them grow was and is the most rewarding aspect and my proudest achievement. 

What role did SFNet, its events and connections play in your career development?

When I was starting out, SFNet events (or CFA, as the SFNet was called then), were daunting.  I didn’t know a lot of people, but I knew my business. Very quickly, SFNet events were places where I could see and connect with the people in the industry.  Before the internet, the events were also a great forum to get up-to-date with the current ABL markets.  The SFNet has grown over the years, today, outreach is much more helpful to industry participants through educational and special events. 

How did you get your start in the industry?

I began my career in ABL at Fidelcor Business Credit.  I’ll never forget my interview there with Dave Grende and Drew Neidorf.  We were behind closed doors going through the usual interview process.  Outside the office there was someone screaming -- someone was clearly upset at a situation.  Drew said to me, “Don’t worry, that’s just a tape recording, we do that to make candidates nervous.” It didn’t bother me; I came from public accounting where people screamed all the time.  I continued the interview without pause.

Then they asked me -- what does someone from public accounting know about receivables and inventory?  What would you do if a client presented a receivable invoice for $100,000 and said, “Give me an advance on it now”? 

I replied: I’d ask for a customer purchase order, so I knew the customer ordered it; I’d ask for a freight bill of lading so I knew the goods were shipped and where they were shipped from and to; and I’d call the customer to confirm the invoice was valid and due in full.

Drew and Dave said: “Oh…good answer.” The rest is history…