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Allegro Acceptance ... In tune with the music industry; are all credit companies alike? Not according to Allegro Acceptance, the financial services division of Sherman Clay.

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In business, a degree of trust is earned through longevity. And by all accounts, piano retailing is still very much a "people" business. In the world of financial services, these two indisputable facts clearly favor Allegro Acceptance Corporation, the financial services division of Sherman Clay & Co.

First opened in 1870, the original San Francisco Sherman Clay store became an authorized Steinway dealer in 1892, and founder Leander Sherman, was a lifelong friend of famed composer and concert artist Ignacy Paderewski. Surviving earthquakes, The Depression, two world wars, rock 'n' roll, and rap, the upscale piano retailer has faithfully and continuously served the musical instrument needs of its customers for more than 130 years. This long, rich history also imbues the talent, knowledge, and character of Allegro Acceptance.

Around 1960 Sherman Clay was purchased by the family of current CEO Eric Schwartz. As early as the 1940s Sherman Clay operated a brisk credit business, originally named Music Acceptance Corporation, to serve its own piano customers. In the '90s it began offering credit services to third-party retailers, and in 1995, when the program was expanded nationally, it was renamed Allegro Acceptance. The firm currently services about 1,000 dealers in all 50 states.

The Music Trades recently discussed Allegro Acceptance's financial services with three of the company's principals: Eric Schwartz, chairman and CEO of the company's retail and finance divisions; Victor Richmond, Sherman Clay chief financial officer and Allegro Acceptance president; and Michele Roberts, Allegro Acceptance national credit manager. The interview focused on how the company's history and specialization translate into excellent service and increased sales opportunities for its retailer customers.

Are your backgrounds in music retailing or finance?

Schwartz: Both. After college I worked for Kimball in its factories and in the field for one year before joining Sherman Clay's retail operation in 1975. My subsequent MBA from Stanford gave me a foundation in finance.

Richmond: My background is in finance and accounting, but I've been associated with retail business and retail finance for most of my life. After being the CFO for William Sonoma I joined Sherman Clay as CFO in 1984.

Roberts: I started out in 1989 with Baldwin Finance, which was later called Keyboard Acceptance, and moved up through the company's financial services operation including collections, customer service, and credit. Starting in 2002 the business was sold to Deutsche Financial, then E-Trade Bank, and then CIT Bank. I joined Allegro Acceptance in 2005.

What about the staff working directly with retailers?

Richmond: One of Allegro's strengths is that the people who work in our finance business are music professionals first, and finance professionals second. Our five field reps are people who came from the music industry to whom we taught finance, not the other way around. For years our rep in the Northeast, Cheryl Bonci, operated a retail store with her husband, and later she became a piano manufacturer's rep before she joined us in 1999. Chuck Clynes, our rep in the Southeast, has a long history in the music business. Among other things, he was a field rep for Kawai and is the past president of the Piano Travelers Association. In the Northwest we have Gene Gray, who spent most...

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