The commercial equipment finance and leasing industry lost an icon last week. Larry LaChance was a professional friend for more than 30 years. A conversation with Larry at industry events always generated a smile. A conversation with Larry was always a learning experience. Larry loved the industry, he loved the people, and most of all he loved his family. (Larry was a proud dad and grandfather.)

Below are a few of the lessons learned from my many conversations with Larry.

• Always Smile - keep a positive attitude.
• "Risk/Reward" means that you get paid for the risk that you assume. Successful industry participants know how to assess the risk of any deal.
• Be willing to ask tough questions in order to understand a transaction.
• If you don't understand a transaction, then walk away.
• Structure mitigates risk.
• Educate everyone - you need to be willing to educate your vendors, end-users, funders, brokers, banks and competitors. Share your knowledge with anyone willing to listen.
• Know where you fit in the industry and flaunt your market position unapologetically.
• Protect your funding sources and banks - they are your lifeline.
• Be honest - don't sugarcoat the terms or conditions. Your agreement provides all of the necessary tools. If a client doesn't pay their obligation - you will use those tools and you will win.
• When there is a problem - face it - take responsibility - and resolve it to the best of your ability.
• Learn from your experiences.
• Have fun - enjoy the process - be proud of your personal accomplishments.
• Always Smile and laugh with your friends.

Larry will be greatly missed!!!!

Click here for Larry's obituary.

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