By James Waite Rental Management Magazine PROTECTING YOURSELF FROM CUSTOMER BANKRUPTCIES QUESTION: I JUST HAD TWO LARGE CUSTOMERS FILE BANKRUPTCY. ONE OF THEM WAS MAKING PAYMENTS ON A RENTAL THAT INCLUDED AN INFORMAL PURCHASE OPTION — JUST SOME NOTES WRITTEN ON THE FACE OF A RENTAL CONTRACT; THE OTHER OWES...
By James Waite Rental Management Magazine KEEPING GOOD CUSTOMERS FROM GOING BAD WITH GUARANTEES QUESTION: SINCE THIS CORONAVIRUS (COVID-19) PANDEMIC AROSE, I’VE BEEN HAVING A TERRIBLE TIME GETTING PAID BY SOME OF MY CUSTOMERS. COLLECTIONS HAVE SLOWED AND MAINTENANCE ISN’T BEING PERFORMED AS IT SHOULD BE. I EVEN HAD A...
By James Waite Rental Management Magazine SAFELY USING ELECTRONIC SIGNATURES; ADDRESSING CONCERNS ABOUT THE ACCELERATING GROWTH OF E-COMMERCE QUESTION: MY EQUIPMENT RENTAL OPERATION IS ADOPTING AN E-COMMERCE PLATFORM, AND WE’RE WONDERING HOW SAFE AND LEGALLY ENFORCEABLE ELECTRONIC SIGNATURES ARE. WE ALSO ARE WONDERING HOW NECESSARY ALL OF THIS IS. ANY...
By James Waite Rental Management Magazine FINANCING BUSINESS SALES; HOW TO KEEP A SMALL CHANGE FROM BECOMING AN ENORMOUS HEADACHE QUESTION: I’M CONSIDERING SELLING MY BUSINESS. I HAD AGREED ON TERMS WITH A POTENTIAL BUYER, BUT AT THE LAST MINUTE, HE CHANGED THE DEAL AND NOW WANTS ME TO FINANCE...
By James Waite Rental Management Magazine UNDERSTANDING RIGHT-TO-REPAIR REQUIREMENTS QUESTION: I RECENTLY HEARD ABOUT A PROPOSED NEW FEDERAL RIGHT-TO-REPAIR REQUIREMENT, AND I’D LIKE TO KNOW IF YOU CAN PROVIDE ANY INFORMATION REGARDING ITS COVERAGE AND STATUS. Answer: On July 6, 2021, the White House Press Secretary announced a sweeping executive order that...
By James Waite Rental Management Magazine WHAT CHANGES IN TAX LAWS CAN MEAN Editor’s note: The tax change proposals mentioned in Legally Speaking this month currently are under discussion by members of Congress in Washington, D.C. According to John McClelland, Ph.D., American Rental Association (ARA) vice president for government affairs...