The colloquial definition of insanity: Doing the same thing over and over again and expecting different results. Yeah, but what do they know about commercial equipment sales? Well, nothing. But considering the author of the quote was Albert Einstein and he basically was the smartest dude ever—I wouldn’t count him out when applying this to the behavior of commercial equipment sales teams. Here’s what we...
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There used to be a time when your bank loan officer could actually make a decision for you. They could evaluate a loan request by the numbers—sure–but also factor in the depth of their relationship with you. They could really listen and even take a chance on you. Those days are gone. Banks are under unprecedented pressure from regulators and the “ivory tower”, all about...
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Experience is great. Expertise is better. Across the landscape of equipment lenders, there are companies full of experience in a wide variety of industries. Decades of funding assets in all kinds of credit situations and economic circumstance behind their chase for the next dealer or small business owner. Our complements. But that’s not enough. Where experience is a valuable asset, expertise is a growth engine....
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Let me tell you a true story (with names changed to protect the innocent). Bob is in the market for about $125,000 in new commercial equipment. Part replacement for older equipment and part addition for some new business on the way, this package of equipment is pretty important to the company. Bob loves the industry leading brand. He takes of pride in being an equipment...
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“He who has the money, has the power.” In business, these words resonate loudly. Yet commercial equipment sales teams often spend most of their time talking about everything but…money. Interesting. More and more customers are haggling with price, shopping relentlessly, being indecisive, and delaying decisions. Equipment sales teams often feel a bit out of the driver’s seat in the process. So let’s get you back...
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There is a “person” in your phone that answers your questions. Amazon seems to read your mind when you land on their website. Some cars even parallel park for you. Often people think of companies like Google and Apple when they think of technology innovation, but in business, technology advances extend far beyond the mobile devices and websites. Commercial equipment in all categories offer gains...
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As a business owner of an equipment intensive company, Jim is always on the lookout for new equipment. He has relationships with every dealer in the area and when the time comes to purchase, he’s paid for the equipment in several ways. His father, who started the business, only paid cash. While Jim tried to keep that up for several years, it became hard to...
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Many small business owners spend significant time going back and forth with equipment specs and spend virtually no time preparing the financing. Unfortunately, knowing how and where to get the money should be a first step and not an afterthought. The lack of up-front preparation for the finance process can lead to frustration on both ends of a transaction and a difficult experience. There is...
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Most business owners find mystery in the process of acquiring financing for your business. One year everything goes smooth as silk. The next year the process feels cumbersome and difficult even though your good credit is still good. While the reasons for these wild swings in the experience of borrowing money are many, there is one that surprises most business owners when it’s too late:...
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