In the end, it wasn’t about the money or fast-tracking a path to retirement. In fact, Jeff Elkin—the president of Baltimore-based Advance Business Systems—has no immediate plans to go south to a warmer climate and hit the links. But he wanted to ensure that customers and employees alike would continue to enjoy the same experience with Advance for years to come.
Thus, it comes as little surprise that Elkin opted to join the Flex Technology Group (FTG) family of companies. The deal, announced two weeks ago, enables him to maintain operational autonomy while enjoying the economies of scale and enhanced business opportunities within the FTG network. Best of all, the deal is opaque to both employees and customers; what they valued most about Advance yesterday will only be amplified tomorrow.
In this edition of Two-Minute Drill, Elkin provides his motivations behind the deal and the reasons why he opted to move forward under the FTG umbrella.
When did you begin to entertain thoughts regarding a possible sale of the company, and what was the motivation behind it?
Elkin: Approximately two and a half years ago, I came to the realization that none of my three sons were going to join the business. Once this became clear to me, I knew that I needed to have a perpetuation plan for Advance beyond my family. Knowing that I wasn’t anywhere near retirement, I had the luxury of seeking a partner that would respect and honor Advance’s culture, team and position in the market, while providing us with the scale to compete effectively against any other players in the industry. I was very fortunate to find this match in FTG.
Obviously, joining FTG is not the end of the road for your leadership but rather represents a new start. What made FTG stand out among other buyers as the optimal fit for Advance?
Elkin: My primary objective was to find the right match that would align with Advance’s care for our employees and our customers while providing growth opportunities for many years to come. During my first conversations with Frank Gaspari and Dan Ruhl from Flex, it was clear to me that we shared a similar set of values. FTG was the optimal fit for Advance because its business model honors and respects Advance’s brand, team and relationships in our market while providing us with a new community for sharing best practices and the scale and resources to help us grow more rapidly and successfully than we could do on our own.
How do you think FTG will enable your dealership to better serve its clients?
Elkin: By joining FTG, we believe that we got the best of both worlds. Our clients will continue to be supported by the same Advance team with the same Advance service experience. However, in addition, we will be able to offer additional products and services, seamlessly service clients who have a national footprint and deliver all of it at a price point that can compete favorably with any other competitive source in the industry.
What are your goals for the balance of 2023?
Elkin: My definition of a successful 2023 would be a year when Advance’s employees and customers have a better experience than any other year in our history while growing our top and bottom lines faster than we would have done prior to joining Flex.
