What Would You Do?

[B-Edwards]

Guys I think I know the answer but would like other opinions. Some of you know that I had a heart attack awhile back and decided then that I would leave the tree biz. I was getting ready to sell all of my equipment and did sell some. Then I had an older fellow who has been in tree work most of his life stop by and offer for me to get the work and he would go do it. Well it has worked ok for us both but now I have work coming in and he has jobs of his own and of course his priority is on his and I'm ok with that but my customers aren't. I mentioned to him today that I was really just burnt out with tree work and would probably just sell everything. He then ask if I would put a daily rate on my equipment for him to use and maintain. Well I first thought that sounds like a good idea and then ask myself , would I purchase equipment just for rental? The answer was NO , not this kind of equipment anyway.
I trust this fellow and feel he would take care of my stuff but not like I would ( I am a fanatic on greasing and maintenance) I think I may be a little OCD. My thoughts are I want to sell this stuff as it is all in great shape , some is older but it all works well. Things happen and things get damaged and I dont think it will pay enough for me to take that risk. My Bucket truck is a 1998 ford f series gas with a ALC 55wh boom ,no dump so no cdl. I had it inspected a few years ago by ALC and new cylinder rods installed at the time at a price of 5k. So I really don't think I can charge this fellow enough to risk the rental. With the little info I gave , what do you guys think?

 

[restoman]

First off get a few more quotes for the cylinder rebuilds. Most of the jobs are hack so you should get a better deal. I don't see why you wouldn't just hire some more people and just run a crew. That's the joy of owning a business, if you can manage people you can do it for a long time. Sorry about you heart attack, but if managing people gives you more time to take care and exercise I would definitely try it.

 

[B-Edwards]

First off get a few more quotes for the cylinder rebuilds. Most of the jobs are hack so you should get a better deal. I don't see why you wouldn't just hire some more people and just run a crew. That's the joy of owning a business, if you can manage people you can do it for a long time. Sorry about you heart attack, but if managing people gives you more time to take care and exercise I would definitely try it.

Thanks for reply, I think TRYING to manage people is what gave me a heart attack!

 

[B-Edwards]

I guess I should also mention that the price wasnt only for the rods, it covered the inspection and some other things done. Sorry.

 

[1harlowr]

As a small business (not trees) owner myself I understand the problems with managing people. Your business means more to you than anyone you could ever try to hire. Then again, if the price is right to rent the equipment, should at least consider.

 

[TimberJack_7]

TVM or Time Value of Money says to sell your equipment and let the proceeds work for you in other ways (some other investment). I think by keeping the equipment and renting it out, you are prolonging the good-bye and making yourself susceptible to more stress, aggravation, and possibly a law suit if for some reason he gets hurt or killed "renting" your equipment with no contract in place. Unfortunately, an agreement and a handshake won't stand up in a court of law. Furthermore, if you know he will not maintain equipment like you will, that is just going to end up being like sand in your shorts, not bad at first but after a little while highly irritating.

I think you already know what you want to do, so just go with your gut and get as much money as you can while everything is in sound operating condition.

 

[mckeetree]

TVM or Time Value of Money says to sell your equipment and let the proceeds work for you in other ways (some other investment). I think by keeping the equipment and renting it out, you are prolonging the good-bye and making yourself susceptible to more stress, aggravation, and possibly a law suit if for some reason he gets hurt or killed "renting" your equipment with no contract in place. Unfortunately, an agreement and a handshake won't stand up in a court of law. Furthermore, if you know he will not maintain equipment like you will, that is just going to end up being like sand in your shorts, not bad at first but after a little while highly irritating.

I think you already know what you want to do, so just go with your gut and get as much money as you can while everything is in sound operating condition.

Good advice.

 

[treesquirrel]

No, do not rent your equipment.

I rented my chipper and bobcat to a friend of 15 years, at the end of it all he stiffed me for 1200 bucks for that last month he rented from me. I have damage to repair to both the chipper and bobcat and he is mad because I expect him to pay.

Since I knew this man for 15 years and trusted him we had a verbal agreement so it is next to impossible to recover the rent in court.

 

[mckeetree]

No, do not rent your equipment.

Back in the early nineties I rented a 555 JD track loader to this old fool that some people in the community thought was the salt of the earth. It was a 1980 model machine but it was low hours and just looked like new. I was really proud of that little machine and really didn't want to rent it but some of the old fool's compadres talked me in to it. He demolished it mechanically and cosmetically. When I asked the sorry old S.O.B. to at least pay some towards fixing it (he left it in a stock tank) he starts in with he hurt his back using it and was going to sue me. And guess what, he did. I settled out of court for $17,000.00 I didn't have and had to borrow from the bank. Do I rent stuff to people? NO.

 

[treemandan]

Thanks for reply, I think TRYING to manage people is what gave me a heart attack!

I hear ya.

 

[treemandan]

Back in the early nineties I rented a 555 JD track loader to this old fool that some people in the community thought was the salt of the earth. It was a 1980 model machine but it was low hours and just looked like new. I was really proud of that little machine and really didn't want to rent it but some of the old fool's compadres talked me in to it. He demolished it mechanically and cosmetically. When I asked the sorry old S.O.B. to at least pay some towards fixing it (he left it in a stock tank) he starts in with he hurt his back using it and was going to sue me. And guess what, he did. I settled out of court for $17,000.00 I didn't have and had to borrow from the bank. Do I rent stuff to people? NO.

My God!

 

[treemandan]

I have lent my splitter to a few people I did work for but am very careful about who it was.
Mr. Edwards,
I heard it said that a smart man knows when to call it quits. I am not a smart man, maybe you are. Good luck to you.

 

[TimberJack_7]

Back in the early nineties I rented a 555 JD track loader to this old fool that some people in the community thought was the salt of the earth. It was a 1980 model machine but it was low hours and just looked like new. I was really proud of that little machine and really didn't want to rent it but some of the old fool's compadres talked me in to it. He demolished it mechanically and cosmetically. When I asked the sorry old S.O.B. to at least pay some towards fixing it (he left it in a stock tank) he starts in with he hurt his back using it and was going to sue me. And guess what, he did. I settled out of court for $17,000.00 I didn't have and had to borrow from the bank. Do I rent stuff to people? NO.

Wow, no good deed goes unpunished.

 

[B-Edwards]

Thanks fellows for all the replies. That track loader deal sounds way close to home. I know it's not a big issue but when I see someone's styrofoam coffie cups all in the floor board and sitting everywhere in my shop and also see the residue of the spilled coffie it helps to make my decision . If any of you were to loan or rent me anything I promise I would take BETTER care of it than my own, I am just wired that way. But most arent. It's tough trying to do the right thing and it bites your head off. I am selling my equipment!!!

 

[B-Edwards]

I have lent my splitter to a few people I did work for but am very careful about who it was.
Mr. Edwards,
I heard it said that a smart man knows when to call it quits. I am not a smart man, maybe you are. Good luck to you.

Dan if I still felt good I would have to keep at it. I love tree work but it's been hard on me. I cant stand the dust anymore, sinuses are ruined and even a small amount ruins me for 2-3 days. I love being able to do what most people cant, taking down trees that others wont attempt. I'm not the best but I tried to be. I wanted a Professional business where customers could count on it. I just never hired the right guys and I cant blame anyone but me for that, well I could blame some of the clowns I tried to work but it's pointless. I don't loan my equipment as a rule. Years ago cutting R/W for power company we were sent out to help some timber cutters cut some trees next to the line. These were guys I knew and they were supposed to be some of the best around, after a half day working with them I couldn't believe that they were still in business or hadn't been killed. These guys didn't know crap about felling trees. They didn't understand the hinges or direction of fall or cutting to get the most of their logs. My point is as Mckeetree says some people are able to pull the wool over others eyes and people are like a box of chocolates, you never know what your going to get. Good luck Dan I hope you do well.