Mike Farley is managing partner of EquipOne, a company that specializes in debt restructuring for the rental industry. With a degree in financial banking, Farley has a long history with the rental industry, including companies such as U.S. Rentals, United Rentals, NationsRent and Brambles Equipment. He was the first president and CEO of the Volvo Construction Equipment Rents franchise organization before forming EquipOne in 2004.
In this week's Financial Forum, Mike Farley of EquipOne explains that while most lenders charge fees for debt restructure, they are not set in stone.
Your chances of a successful restructure are greatly reduced if your lenders have gotten to the point of sending out the repo man.
Many rental companies have reduced the size of their fleets and revenues are down considerably, making it the perfect time to take a very close look at reducing the consistently high cost of insurance.
Mike Farley of EquipOne explains how marketing techniques used by major retailers can work for equipment rental businesses as well.
Whenever you make a purchase, you should be evaluating all of your fleet and what effect each purchase has on your overall offering and subsequent profitability.
One of the biggest problems our banks are encountering during these tough economic times is rental business owners selling equipment out of trust (SOT).
Mike Farley of EquipOne knows building a revenue base is far more complicated than it might initially appear. In this week's Financial Forum, he lists some of the considerations you should make when tackling this important task.
Clients who've attempted to do their own debt restructuring often lose credibility with their lenders and find themselves in need of professional help.
If you're dealing with your local bank, then stay with your personal banking officer, but make sure he can point you in the direction of a workout officer.
It's imperative to keep your fleet in top working order, or your fleet will be dead long before the recession is over.
Mike Farley of EquipOne outlines how to evaluate your fleet to determine if each asset if earning you money.
Hiring the right employees is vital to the success of your business. Here are some tips for finding the right people to take your company to the next level.
Mike Farley of EquipOne provides insight into how to properly compensate equipment rental business employees so they are motivated for success.
Mike Farley of EquipOne provides tips on how to get your rental revenue higher by setting competitive rates that makes sense for the market you serve.
The rental industry is far from the norm with respect to rate and revenue consistency. Here are questions designed to make business owners take another look at some of their procedures and re-examine the things that could add to the bottom line.
Mike Farley of EquipOne explains how forecasting, planning and business strategy are the keys to success for your eqeuipment rental business.
When you retain a professional to assist you in the restructuring of your debt, it can take between six weeks and eight months to complete the process, depending on a number of variables.