The Success Story of Advantage+: From Job Loss to Equipment Finance Leadership

From Job Loss to a Bold New Beginning

In 1992, Larry K. Elton, Dick Hackl, and Marianne Flemming found themselves unexpectedly out of work. The banking company they worked for, F&M Financial Services, had been sold to a larger bank, leading to operational consolidation and job cuts. At 54 years old, Larry Elton was fired, as were many others, leaving the trio with uncertain futures.

Instead of waiting for opportunity to come knocking, the three decided to take control. They combined their decades of experience in banking, lending, and equipment leasing and started planning a new company—Advantage+. The goal was pragmatic: build a viable equipment finance business from scratch with investor support, targeting small to mid-size businesses that were frequently overlooked by traditional banks.

“What started as a way to make a living became a way of living... Our founders’ dream was to fill the capital gap that hindered small businesses. And God willing, we’d like to keep it going.”

Larry Elton

Early Planning and Launch

With little more than industry know-how and strong determination, the founders secured backing from outside investors and supportive banks. Their early business plan emphasized:

• Direct Lending: Acting as a direct lender to maintain control over underwriting, customer service, and portfolio risk.
• Common-Sense Underwriting: Prioritizing practical risk assessment rather than rigid credit scores, allowing more small businesses access to financing.
• Niche Focus: Targeting underserved small and mid-size businesses in industries like trucking, construction, agriculture, and franchises.
• Retaining Loans: Unlike many competitors who sold loans, Advantage+ kept loans on its books, enabling better portfolio management and long-term relationships.

They started Advantage+ in Brookfield, Wisconsin, likely in a modest office, and tackled every task themselves from loan processing to customer outreach—a true startup experience.

Growth Through Strategy and Resilience

Throughout the 1990s and beyond, Advantage+ steadily grew. Their business strategy had clear pillars that made for sustained success:

• Flexibility and Accessibility: Loans ranging from $5,000 to $200,000, with working capital options, addressed real client needs.
• Personalized Customer Service: Dedicated account managers nurtured trust and repeat business.
• Relationship Focus: Building strong ties with equipment vendors and borrowers created mutual growth opportunities.
• Conservative Risk Management: Maintaining conservative underwriting and retaining loans fostered financial stability.

This strategic clarity helped them weather challenges like competition from big banks, economic downturns, and evolving market demands.

Lessons and Strategic Impact

Not every aspect of their strategy was flawless from day one. Convincing investors to support an unproven startup was tough. Building credibility took time. Yet, their persistence and honest, common-sense approach differentiated them.

Their decision to retain rather than sell loans was particularly impactful. It meant slower liquidity but allowed for better control, enabling Advantage+ to fine-tune underwriting and service—ultimately building a stable, trustworthy reputation.

Advice to Startup Equipment Finance Brokers

Advantage+’s journey offers valuable lessons:

• Find Underserved Niches: Like Advantage+ found small businesses overlooked by banks, identify gaps for growth.
• Be Relationship-Centric: Success comes from trust, personalized service, and transparency with clients and partners.
• Use Common-Sense Underwriting: Practical risk assessment can open doors for more clients without sacrificing portfolio health.
• Retain Control of Loans: If capital permits, retaining loans fosters better client service and portfolio management.
• Leverage Your Expertise: Industry knowledge is invaluable—use it to build tailored, flexible solutions.
• Stay Adaptable and Persistent: Challenges are inevitable; commitment and willingness to adjust matter most.

Larry Elton’s story of turning adversity into opportunity shows that strong values, clear strategy, and customer focus can build a lasting and successful business in equipment finance.