Chief Executive Officer

A third-generation entrepreneur, Joel founded AdCap Management in 2018 with the goal of helping fellow visionaries and business owners achieve their idea of success. In addition to structuring creative lending solutions, he delivers the strategic support, network connections and resources sought by portfolio businesses.

Before AdCap, Joel was Founder and Chief Executive Officer of Advance Partners, an organization dedicated to funding small businesses in the staffing market. In two decades, the company lent over $15 billion in capital, and was acquired by Paychex in 2015. The key to his continued success is an “entrepreneurs serving other entrepreneurs” mentality and believing in his team.

Joel has received many accolades throughout his career, most notably Ernst & Young’s Entrepreneur of the Year award in 2013. He treasures the opportunity to give back, serving on multiple boards for University Hospitals, Ohio Buckeyes MS Society and The Park Synagogue Executive Board, to name a few. He possesses a degree in Business Administration from Northwood University.

"Take away my people but leave my factories and soon grass will grow on the factory floors. Take away my factories but leave my people and soon we will have a new and better factory."
- Andrew Carnegie

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Partner

Shelly serves as a partner and strategic advisor to the firm. A prominent entrepreneurial leader and business figure, he brings decades of valuable experience to the AdCap team.

Shelly has spearheaded many successful organizations in Northeast Ohio. From 1999 to 2015, he was a major shareholder and served on the board of Advance Partners. He was also the Vice Chairman, Chief Executive Officer, and Director of the Quaker State Corporation, which merged with Pennzoil. (Both companies later merged into The Royal Dutch Shell Oil Company.) Prior to this, Shelly was the Chairman, Chief Executive Officer, and principal shareholder of Blue Coral, Inc., a Cleveland-based manufacturer, marketer, and distributor of a full range of automotive products. While leading Blue Coral, Mr. Adelman received the prestigious Ernst & Young Entrepreneur of the Year award. As they say, “…like father, like son.”

Outside of his work, Shelly is an active member of the University Hospitals Board of Trustees and is the former Co-Chairman of UH Ahuja Medical Center. He gives back to multiple civic organizations, including The Playhouse Square Foundation, The Jewish Federation, The Boca Raton Museum and more. He’s a proud alum of The Ohio State University.

“A sign of a good leader is not how many followers you have, but how many leaders you create.”
- Mahatma Gandhi

Chief Financial Officer

Michael works to achieve the primary financial objectives of the firm and Adelman family, overseeing everything from investment management and education to family finance and philanthropic efforts. Having worked with the Adelman family for more than 40 years, he is a trusted source of knowledge, experience and insight for the entire team.

Prior to AdCap, Michael was Co-Founder and CFO of Advance Partners before its sale to Paychex in 2015. He also served as CFO for Blue Coral, Inc. where he facilitated the company’s ultimate sale to Quaker State Corporation. During this time, he worked closely with AdCap partner Shelly Adelman.

Michael is a retired CPA and a former member of the Ohio Society of Certified Public Accountants. He graduated from Cleveland State University with a Bachelor’s in Business Administration with a major in accounting.

“No legacy is so rich as honesty.”
- William Shakespeare

General Counsel

Known for his due diligence and trusted advice, Matt oversees the firm’s legal matters and reviews all investment documentation. In conjunction with this role, he serves as Vice President of Encore Funding, an alternative lending platform launched with Joel Adelman in 2020.

Prior to AdCap and Encore, Matt served as General Counsel at Roundstone Insurance, an organization dedicated to helping businesses lower health care costs. He also worked closely with Joel at Advance Partners, serving as the company’s Corporate Counsel for nearly seven years. Beyond his corporate law expertise, Matt brings a variety of essential skills to the table including business development, risk assessment, deal making and more.

Matt earned a B.A. in Political Science from Miami University and a J.D. from the University of Dayton School of Law.

“You need a little bit of insanity to do great things.”
- Henry Rollins

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General Manager

Chad oversees the firm’s day-to-day growth and builds long-lasting connections with our clients. He works hard to identify creative and supportive solutions that meet our clients’ needs.

Prior to Encore, Chad spent seven years with PwC in their Risk Assurance group, auditing and advising clients regarding business process, IT controls and risk mitigation. As a Manager with PwC, Chad primarily focused on serving clients in the financial services industries including banking and capital markets, insurance, alternative investments, fintech and mortgage lending.

Chad is a Certified Information System Auditor (CISA) and holds a B.S. in accounting from Miami University’s Farmer School of Business.

“I find that the harder I work,
the more luck I seem to have.”
- Thomas Jefferson

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Director of Operations & Technology

Known as the firm’s “jack of all trades,” Danny oversees technology, operations and facility planning for AdCap. He also supports key activities related to client relationships and deal review.

From 1998-2020, Danny worked at Advance Partners. As one of the company’s founding members, he held several leadership roles throughout his 20-year tenure. He oversaw the sales and IT departments, and later built the credit and funding divisions. As Advance grew, he managed more than $2.5 billion in funding and proudly maintained a track record of dilution below 0.35 basis points. Prior to Advance, he worked alongside of Joel and the Adelman family at Blue Coral. Another fun fact: Joel and Danny have worked together since their high school years.

Danny graduated from The Ohio State University with a B.S.B.A in Finance and Marketing. He’s also a proud graduate of Beachwood High School.

“Success is not the key to happiness. Happiness is the key to success. If you love what you’re doing, you’ll be successful.”
- Unknown

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Executive Coordinator

Ruth manages and coordinates the firm’s daily operations while providing executive support to the family office. She oversees a variety of projects, client meetings and events from concept to completion.

Prior to AdCap, Ruth worked alongside Joel Adelman and the executive team at Advance Partners. Her more than 20 years of experience spans across diverse sectors, including finance, real estate and higher education. She served as an Executive Assistant to the VP of Escrow at First American Title in Newport, CA as well as Assistant to the Registrar at University of Arkansas.

In addition to her professional work, Ruth enjoys volunteering and spending time with her pets, family and friends.

“I do my best because I’m counting on
you counting on me.”
- Maya Angelou

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