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.
Mike Farley of EquipOne warns equipment rental business owners to beware of equity partner firms.
Once you have received input from your "Secret Shopper" program, what do you do with the information? Before you do anything, you need to review your basic phone procedures. The first impression you give your customers can have a tremendous bearing on...
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.
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.
If you are struggling to pay your debt service, no matter the size of your company, then you are a candidate for a debt restructure.
Mike Farley of EquipOne examines the effects a debt restructure can have on your ability to borrow in the future.
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.
Mike Farley of EquipOne provides insight into how to properly compensate equipment rental business employees so they are motivated for success.
One of the most consistent problems with companies that are experiencing financial difficulty is the lack of quality, timely, and accurate information to manage their business. Now is the time to evaluate your rental software needs.
Debt restructure is a complex, time-consuming process. Consider working with a professional so you can focus on what you do best - serving your rental customers.
Debt restructuring can take many forms, but its goal is always to match the client's cash flow with their debt service.