Per Diem Podcast
Jump in the front seat as the host Keaton Turner takes you on a daily ride through his life as if you were sitting right there in the action with him. The Per Diem Podcast is a daily dialogue of the good, the bad, and the ugly of building a business.
Heavy Equipment Strategy: Renting vs. Buying and Lessons from Missteps
Keaton Turner kicks off with reflections on failure, success, and Death Valley, leading into a road trip discussion with Instagram insights and shout outs. He tackles online criticism and misconceptions about equipment management, exploring the financial risks of renting versus buying. Keaton discusses strategies for equipment purchases in short-term contracts, balancing renting for growth and buying used equipment for stability. He shares a story of a dredge purchase gone wrong, highlighting the risks of speculative buying. The episode also examines renting versus buying, benefits for small businesses, and the impact of bonus depreciation, while advising against chasing work and emphasizing expert advice.
Key Points
- Believing that owning equipment makes you more legitimate or successful is a misconception that can lead to poor business decisions and financial strain.
- Speculating on future work and buying equipment without guaranteed contracts can quickly lead to cash flow problems and potentially ruin a business.
- Renting equipment, especially with flexible terms like rental purchase options (RPOs), can be a smarter, less risky approach for many businesses, allowing them to avoid large debts and adapt to changing workloads.
Chapters
| 0:00 | |
| 2:31 | |
| 4:13 | |
| 5:39 | |
| 11:02 | |
| 30:13 | |
| 32:31 | |
| 36:58 | |
| 38:02 | |
| 40:07 | |
| 45:27 | |
| 47:29 | |
| 48:33 |
Transcript
Loading transcript...
- / -