Leading Union Credit is not Dave Buerger's first rodeo.
He previously ran the consumer lending software company CuneXus for 12 years before the company was bought by CUNA Mutual Group.
Now he is getting the band back together, so to speak, and has hired nine former colleagues from his CuneXus days to help run Union Credit, which hosts a marketplace that allows credit unions to offer loans at the point of sale. These hires have included Union Credit Co-Founder Barry Kirby, who was previously senior vice president of sales and business development at CuneXus. Union Credit's head of finance and operations, two product vice presidents, general council and head of client relations all previously worked with Buerger.
"We had built a strong culture at [CuneXus]," said Buerger, who noted that only one employee out of more than two dozen have left the company since it was founded in 2022. The returning employees "are ambassadors for the new folks coming. We only hire people who are excited by our mission."
Having this familiarity with one's colleagues can be a significant advantage, said Sam Kilmer, managing director who leads the fintech advisory practice at the consulting firm Cornerstone Advisors. This not only helps bring in potential clients, but it also means that staff members know how to work together during difficult times.
"I've found that if you have worked with someone before, you have been around moments of truth and you have been able to stress test," Kilmer added.
But what has drawn these staff members back to Buerger and his new venture? Kilmer attributed this, in part, to Union Credit's goal of helping credit unions make loans as something that's "easy to get your brain and your heart around."
Buerger attributed the welcoming environment at Union Credit to a number of factors that helped propel the company to the top of American Banker's 2024 list of
For one, Buerger emphasizes not micromanaging his employees.
"I always felt as a leader, it's not my job to loom over everyone and tell them what to do," he added. "What makes a strong team and a successful company is a leader with the ability to source talent that they know are better in certain areas than them."
To successfully achieve this, Buerger will ask himself what hats he is currently wearing and which ones he is uncomfortable with and willing to hand off to a more qualified person.
"I then seek out an expert," he added. "I don't tell them what to do. … I find someone who is willing to own that aspect of the company and then I give them the resources."
Another key aspect of Union Credit's culture includes unlimited time off. However, studies have found that employees often take fewer days off when this perk is offered. Union Credit tries to counter this inclination by talking "constantly," Buerger said, about the importance of unplugging from work. He will also "scold," though not in a punitive way, anyone who works when they are supposed to be off.
"We force the idea of a work-life balance," he added, noting that with a remote workforce it can be hard for employees to truly stop themselves from answering an email here and there. "It's really hard to find that true disconnect between your home life and work life. They fuse together."
Finally, Buerger touted Union Credit's dedication to ensuring that employees develop their personal skills. Currently, the fintech is too small to have a formalized development program yet. But the company encourages staff members to take time off to be part of local groups and business communities and internally mentor colleagues. It frequently offers lunch-and-learns where a small group gets together to learn about a specific topic of interest from someone who is an expert in that field. Union Credit also has several employees who are mentoring other startups.
"We have been through the wringer and we have lessons we can help others with," Buerger said.
In terms of advice for other CEOs, Buerger emphasized the importance of being open to feedback.
"Don't allow rose-colored glasses reports to come in where everyone feels compelled to tell you what is going right," he said. "You need to make sure people feel comfortable communicating those challenges to you and make sure they understand they won't get into trouble for that.
"This is cliche but failure is acceptable," he added. "Failing to acknowledge the failure is unacceptable."
