Posts Tagged ‘business.’

The Advantage of Renting a Backhoe

It is a fact that the human force is limited. Men are indeed stronger than women in terms of physical aspects. However, even though men are stronger than women their strengths are still limited. They are equipped to move heavy objects but in a certain weight. It is already impossible for them to carry something which is twice heavier than their natural weight. It is indeed amazing how it is possible for us humans to create gigantic infrastructures and even buildings despite of our limited strengths. It is certainly impossible for us humans to instantly create or build such infrastructures using barely our own strength; however it became possible when us humans started to create machines that will help us in doing things that are beyond our capability as humans. The best way to deal with heavy materials is to use construction equipments that have the exact ability to lift heavy objects, since bare man power is indeed difficult for a construction business. There are also some important instances that require the performance of a construction material. The safety of the construction workers are indeed at risk because of the dangerous side of the construction site. If you are planning to create or make your own construction team you need to consider several things because it is a complex type of business. You need to be very objective in terms of your goals for your business. A construction company is certainly a great business nowadays because constructions of multiple establishments are now highly increasing. It is purely the result of industrialization. The very first thing that you must consider in engaging in any form of business or investment is your budget. The total outcome of result of your planned business will greatly depend on your budget. You need to be very wise for your future company. You must only choose the best equipments in town if you really want to save your money. Although branded construction equipments such as backhoes are indeed expensive, you are rest assured that these products will surely last. A Backhoe Rental is one of the most common types of construction equipments. It is mainly used in digging land and lifting heavy objects. A backhoe is very important equipment in your company because it makes your work faster and easier. You can always make use of your backhoe anytime you want. Another advantage of having a backhoe is that you can make use of it according to your needs. A backhoe without a doubt is very expensive. It would cost you really big and it will take much of your budget for your business. If you have a limited budget and you really need a backhoe you can try backhoe rentals. Nowadays there are already several stores where you can rent a backhoe. It is also better to rent a Backhoe Rental if you are not yet ready to purchase such equipment. It will lessen your expenses for your construction company. Another advantage of backhoe rentals is that you can still go on or continue with your construction projects without spending too much. Starting a new business construction company is indeed hard especially if you lack the knowledge about the advantage of backhoe rentals. Learn more on how you can make use of these items online! You can earn extra discounts once you

schey gen smith is a simple woman that loves to explore and share things through writing. She loves to share her knowledge to the users who care to understand everything about Backhoe Rental .Go and visit Backhoe Rental free website to get plenty of more information. Come and visit us at:http://backhoerental.org/

Start your business with backhoe loader

Owning a piece of land sometimes becomes troublesome simply because you lack the idea on what to do with it usefully. Such piece of land could actually become a backhoe loader someday so thinking of ways to develop it would be a good start. Businessmen spend much money on buying lands in order to gain money from it in the future. Some use it for agricultural purposes wherein they develop the land into a farmland that can be a good source of income. Others turn it into a commercial area or a residential area by constructing houses and commercial establishment. Either way, one can indeed earn money from it. Starting with the actual help of experts will do good to your business or plan. In whatever purpose, one of the most important things that is used to develop one’s land is the backhoe loader. Most construction companies and even ordinary people recognize the usefulness of this backhoe loader because without it, the heavy work can’t be made possible in a limited period of time only. When thinking of a business, time is also a factor and unnecessary delays will just cost the company losses and liabilities. Construction of houses, buildings and other institutions rely on machineries in the work site. The transfer of heavy materials, digging of holes on the ground for the foundation of buildings, excavation and flattening of the ground and other heavy work won’t be possible to be accomplished efficiently and quickly by simply relying on the manpower of the company. Different types of backhoe loader play a very important role in the construction site. Deciding on the right backhoe loader for your job site should be your top priority. Other additional machineries will just be supplied later but backhoes usually do the first tasks in every construction site. The good thing about this too is that this machine can provide and meet different purposes of the project. backhoe loader and accessories can be used with backhoes in order to speed up the work. In short, multitasking is one of the incredible characteristics of this machine. This machine is also easy to be mobilized, thus, no matter how far the site is, this machine need not be transferred by any form of land transportation because the driver can just drive this machine itself going to the site. This is the reason why most companies just opt for backhoes that are capable of working with other accessories. When starting a business, buying machineries that can keep up with the budget of the project is necessary. As a businessman, you wouldn’t want to risk your finances by buying different sets of machines which are actually not very useful in the project or machines that can just be substituted by backhoe loader. What matters most in the project at first are the speed, the quality and the right kind of materials for the project and not the kind of equipment that is used during the construction.

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delia grace green is a simple woman that loves to explore and share things through writing. She loves to share her knowledge to the users who care to understand everything backhoe loader . backhoe loader and free website to get plenty of more information. Come and visit us at: http://backhoe-loader.net/

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Equipment Leasing and Financing, All Industries

For the equipment leasing and financing industry in 2008, economic times were no different than most U.S Industries. The transaction and sale volume as a whole was rapidly declining as we draw to the close of this year. Many lenders, lessor/brokers were either in an illiquid position or possibly out of the business due to the declining economic times.

As gas prices and the rate the federal reserve charges it best customers have gone down, the interest/rate factors charged by lessors have not. The combination of the down payment, the additional lending requirements and the high cost of borrowing money has depressed the leasing industry..

In addition, the lenders/lessors in 2008 have seen record repossessions and they have assumed a tremendous amounts of additional repossessed inventories. These problems combined with the difficult economic times has changed the leasing industry as we have recognized it in the past…. Many lenders have had to focus on their repossessed inventories instead of normal business due to cash flow demands, out of balance credit lines with their own lenders, and competing with other lenders for the small supply of buyers in the market place.

In the prior better times, there were many application only programs up to $250,000 and $150,000. This meant there was no financial statements, tax returns or bank statements required. Today, there are less application only lending programs available, or the available programs require more information and their rate factors are higher than before. Due to problems in the industry, many lenders have gone back to more conventional lending requirements. .

These lending changes have a tremendous impact on normal business for marginal credit buyers, startup businesses. and more mature businesses. One interesting area that has arisen out of this economic downturn is dealer/special financing. With all the repossessions in the market place today, buyers still have an unique business opportunity to acquire a repossession. Repossessions can be obtained with very little or no money down, sixty months to repay, regardless of age, and more favorable financing terms than conventional financing.

Since new business capital is difficult to obtain, it is suggested that the startup and seasoned business examine the repo markets. This could be a rewarding in the combination of both price and financing.

The following types of industries are examples of what we are describing here for equipment leasing and financing construction trucks and equipment, work and commercial vehicles, over the road trucking including semis and big rigs, commercial trailers including flatbed, bottom and end dump, dry van etc and all types of construction equipment, backhoes, excavators, bulldozers, dump trucks, farm equipment, forestry equipment, heavy equipment, garbage trucks, etc

If conventional isn’t available to you for whatever reason, please check out the repossession market and see what deals you may be eligible for.

Rick has over thiry years in the financial field, including leasing, working capital and hard asset money loans, and commercial lending.

U.S Corporate Capital Leasing Group assists the startup and seasoned business for financing in all different industries.


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New Business Depreciation for 2008

As we come to the close of 2008, this economy has caused a volatile year for many. Many Americans have had to scramble to make a living and adjust to changing times. With higher gas prices and costs of living escalating to new levels, many businesses are on the brink of extinction. For the lucky few, that have had a profitable year, it is time to maximize the situation and plan to minimize the tax burden. The government has made some substantial changes in 2008 for investing in the U.S and we are going to look at the depreciation area for qualified acquisitions.

The following is one of the incentives that is available for 2008:

2008 Changes for Eligible Depreciation ( Look at the example below)

Increased Section 179 limits. The maximum section 179 deduction you can elect for qualified section 179 property you placed in service in tax years that begin in 2008, has increased to $250,000 ($285,000 for qualified enterprise zone property and qualified renewal community property). This limit is reduced by the amount by which the cost of section 179 property placed in service in the tax year exceeds $800,000. For qualified section 179 Gulf Opportunity (GO) Zone property placed in service in certain counties and parishes of the GO Zone, the maximum deduction is higher than the deduction for most section 179 property.

Special depreciation allowance for certain property. You may be able to take an additional first year special depreciation allowance for certain qualified property (defined below). The allowance is an additional deduction of 50% of the property’s depreciable basis (after any section 179 deduction and before figuring your regular depreciation deduction).

Property that qualifies for this special depreciation allowance include the following.

Tangible property depreciated under the modified accelerated cost recovery system (MACRS) with a recovery period of 20 years or less

Water utitiliy property

Off-the-shelf computer software

Qualified leasehold improvement property

Examples of Qualified property are the following and must also meet all of the following tests.

Dump trucks, garbage trucks, water trucks, boom trucks, vacuum trucks, semi trucks, excavators, backhoes, forestry equipment, farm equipment, office equipment, machinery and equipment, production equipment, computers etc

You must have acquired qualified property by purchase after December 31, 2007, and before January 1, 2009. If a binding contract to acquire the property existed before January 1, 2008, the property does not qualify. Additionally, the

Qualified property must be placed in service after December 31, 2007, and before January 1, 2009 (before January 1, 2010, for certain transportation property and certain property with a long production period).

The original use of the property must begin with you after December 31, 2007.

In a nutshell here is an example to illustrate the information above. Lets assume the following facts. You are a corporation, sole proprietorship etc and your net profit is $600,000 from January 1, thru October 31, 2008, November and December will be a breakeven therefore, we are at the $600,000 profit for the year based upon our estimate. We have some new signed contracts for the end of 2008 or beginning of 2009 and we need to buy some major equipment in the last month of the year and take delivery before the end of the year. We can get this equipment financed and the monies required down are minimal, maybe $10,000, and the total purchase price is $400,000…..If we execute this contract before the end of the year and take delivery, we are entitled to a $325,000 deprecation expense deduction for 2008. The way I came up with is deduction is by studying the information above. The first $250,000 of qualified acquisitions are dollar for dollar and the balance is $75,000 ($150,000 x 50% = $75,000) . The $150,000 is the remaining basis after deducting the special $250,000 from the original acquisition cost of $400,000. It is important to understand that the cash outlay of $10,000 has nothing to do with the depreciation deduction for 2008.

Obvious from this example, this could be a big bonanza to reduce taxes in 2008 without the major outlay of upfront money. It is important to obtain current interim 2008 financial statements from your CPA, bookkeeper, or in house books now to study your tax situation for 2008. This example above can be scaled back or up to a smaller or larger version and can have a tremendous impact on your company’s 2008 tax situation. These depreciation rules only apply to a profitable company and shouldn’t be considered for additional operating losses. Additionally, it is recommended that you consult with a qualified tax person because this tax law change is new and is higher upgraded from the allowable deductions for 2007.. For companies looking to acquire qualified assets for 2008 with substantial profit, there are limitations and phase out rules for acquistions over $800,000. Tax planning is important at this time of year whether you are Profitable or not and consulting with a qualified tax person is as equally as important . The dollars invested in this area, if done properly, will reward your company handsomely.

Rick has over thiry years in the financial field, including leasing, working capital and hard asset money loans, and commercial lending


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www.cclgequipmentleasing.com/lease_construction.htm

Finding The Best Equipment Rental Business

Most times, a job is better performed with the right equipment. In some cases, such tools may be too expensive to procure. An equipment rental business, which specializes in a wide range of machinery, allows construction companies and homeowners to lease equipment for a reasonable price. This can be beneficial to private users, who may only need to use the tool once. Large-scale constructions can also appreciate the service because it lowers expenses for operations.

A good equipment rental business can provide a wide variety of well-maintained tools. There are establishments that can provide heavy lifting equipment, as well as machines for landscaping and gardening. High-reaching equipment such as forklifts and scissor lifts may also be available. Rental services may also offer equipment for small- or large-scale digging. These ground engaging units include backhoes, trenchers, and skidsteers. Other types of equipment such as generators and compressors are also in the catalogue.

An equipment rental business is successful if it consistently maintains its equipment. The best establishments have an excellent in-house crew, trained precisely in conditioning each of the units. Assistance in the form of repairs and customer help are also a few factors you can consider when thinking to avail of equipment rental. Services may also expand to include sale of units and parts. Coupled with repair services, this can be advantageous to frequent clients in the long run.

It may also be helpful to consider a rental business with several branches across the country. Commercial contractors will find this useful because it allows them to save on costs for transporting large pieces of machinery over long distances. This will also be handy when going for repairs or tune-up services. Specialists will always be nearby to assist in maintaining your equipment. Private owners will also appreciate a branch in their neighborhood because it gives them the convenience of obtaining original parts without the hassle.

There are equipment rental services that have been in operation for a number of years, some even for decades. It is likely that these companies have fostered long-standing, trusting relationships with their clients. You may gauge the performance of a business through the testimonials of their loyal customers. For more information visit to our site at http://www.ahern.com

Lucille Sanchez was born on December 20, 1980 in Texas. At an early age Lucille was already an avid reader of books related to machinery, heavy equipments and more. But it would be some years before his talents as a writer were realised. Today, she’s now a profesional writer and author to some of the best articles that readers have loved to read.

Where to Rent your Heavy Equipment Needs

One of the most expensive kinds of equipment is heavy equipment. Due to the fact that it uses heavy machines, and is fit for a lot of kinds of construction and maintenance projects, it takes a lot of those bucks to buy them. Of course, industries, utilities, commercial and residential construction projects all utilize heavy equipment, because it makes work easier and more efficient. What if consumers do not have the capital to purchase heavy equipment? Here then comes the value of hiring the services of equipment rental business.

 

Whenever different construction, maintenance, utility, and industrial projects optimize the use of heavy equipment, then, it is expected that the work can be done faster. In this case, it follows that such heavy equipment would only be used in a shorter period of time than usual. In this case, unless individuals may be involved in large scale contracting firms, it is best to rent equipment from equipment rental business, rather than spend resources on purchasing them. This scheme is far cheaper and more convenient.

 

In this case, it is also essential to ensure that the equipment rentals business where consumers are going to rent equipment offers quality heavy equipments that are able to do the required job. This is the advantage of hiring equipment from Ahern Rentals, the largest and most credible equipment rental business located primarily in South Western United States.

 

Ahern Rentals, founded in 1958, now has over 68 locations spread in the states of Nevada, California, Utah, Arizona, Texas, Oregon, Georgia, Colorado, Kansas, Oklahoma, North Carolina, New Jersey, and New Mexico. Ahern is one of the few equipment rental businesses that are committed in building lasting relationships with costumers.

 

The primary services of Ahern rentals concerns a wide variety of high reach equipments, but also offers different kinds of equipments to individual homeowners and the largest contractors alike. Included in its fleet of equipment is the following:

 

20,000 units of different kinds of high reach equipment, which includes scissors lifts, fork lifts, and even boom lifts
14,000 units of different kinds of general equipment rentals, which includes backhoes, skidsteers, trenchers and skeeploaders; and even compressors, different models of generators, light towers, welders, and other general equipments
For more information visit to our site at http://www.ahern.com

 

 

Lucille Sanchez was born on December 20, 1980 in Texas. At an early age Lucille was already an avid reader of books related to machinery, heavy equipments and more. But it would be some years before his talents as a writer were realised. Today, she’s now a profesional writer and author to some of the best articles that readers have loved to read.

What To Know Before Buying Used Construction Equipment

If you are just starting out with your construction business, buying used construction equipment seems the best way to start the venture without shelling out much of your capital. Purchasing used construction equipment is inexpensive and cost-effective. It is the easiest way to build-up your fleet of needed construction equipments. But, if you’re short financially, and you can’t afford buying even the used equipments, the next best option would be to go to heavy equipment rental business around. Renting is cheaper and frees you from occasional breakdowns and repair since the rental company will shoulder the maintenance and repair expenses.

Buying used construction equipment entails some leg work. You must inspect and scrutinize the equipments carefully. It is best to try the equipment yourself before purchasing it. Hollow out, haul up, rub, or push – subject the equipment to what it is intended to do, to see its real condition. Don’t just look, listen to the engine and hydraulics for possible troubles. Are there any smells of burning oil or electrical wires? Have you checked underneath for possible leaks? Really, you must buy with all your senses.

Used construction equipments are good enough equipments that can last a considerable amount of time with proper usage and regular maintenance. Used construction equipment markets have the often needed big equipments such as backhoe, skid steer loader and forklifts for sale. Buy only from a reputable and established used construction equipment dealer to get the best deal. For more information visit to our site at http://www.ahern.com

Lucille Sanchez was born on December 20, 1980 in Texas. At an early age Lucille was already an avid reader of books related to machinery, heavy equipments and more.

Heavy Equipment Financing Brings Big Benefits to Businesses

While some businesses might be able to get away with only a basic office set up, some require very specialized equipment that can be difficult for start up companies to afford. When a need for heavy equipment is present, there are a number of options, including occasional rentals, long-term leases and outright purchases. It’s the outright purchases that can be tricky, but financing can help.

Whether it’s a backhoe, earthmover, steam roller or beyond that’s needed to make a business get its jobs done, or a combination of it all, financing can be key in ensuring the equipment in inventory is the best and safest possible. With a smart business loan, a company can ensure they have the right equipment to perform the necessary tasks without having to settle for a machine that might not perform up to par.

When it comes to heavy equipment purchases, businesses that need them have a few obligations not only to their customers and their bottom line, but also to their employees, to address in any purchase. Machines, whether new or used, should be solid, offer safety features and must be in good repair. What’s jeopardized otherwise is reliability and more importantly employee safety.

Before shopping for business loans, to ensure the best equipment purchases are made, a company should do some shopping for equipment first. Whether the business actually goes out and finds the piece they want to buy or not isn’t necessary here, but research of prices, features and safety records of different types and styles of equipment is. The more you know about the machines and what tangible benefits they offer your business, the better.

Pick out a few different styles and makes and research them before heading to the bank. Have a few top choices in mind with a favorite, of course. Make sure the machines you’re looking at have a good track record for performance, reliability and safety.

Now it’s time to shop for loans. A good business loan will enable even a start up company to have the necessary equipment to get the job done. Shop different loan opportunities and look for those that offer good interest rates and also a decent payoff set up. Simple interest loans are the best because they can be paid off earlier, at a lower overall payment amount, without penalty. This can be very important for a small business. Getting rid of interest loans earlier can make a big difference in the bottom line.

Remember, when you approach banks, you’ll want to not only know what types of machinery you need to buy, but also show how they will help you make money and increase your business’ profits. Your business plan, financial records, information about the equipment and more might be needed to close the loan.

Getting a business loan can be a scary undertaking, especially for a first-time borrower, but they can make all the difference in the world for a start up. If the needed equipment isn’t available for a new company, the chances for success in business are minimal. While rentals will help get the business off the ground, they’re generally not good long-term solutions. Plus, outright purchases through loans come with other benefits for a business, too.

More Resources:

Heavy equipment financing.

http://www.financeheavyequipment.com

Excavator maintenance.

http://www.excavatortech.com

Banking/lending Changes, Commercial Work Trucks and Construction Equipment

As the economy has weakened and defaults have occurred at all levels, lenders Have put themselves into a very difficult position how to do business. On one hand, the lender has taken back tremendous amounts of repossessions due to default of payments or non-compliance of terms with the lease. The lessee can’t afford to make payments when the revenue base isn’t there and the costs of doing business has sky rocketed. The lessee has either walked away from his obligation to pay the lender or the lender has taken back the acquisition. Either way, everybody is a loser and the future looks no brighter.

The lender must recondition these repossessed items and either re-lease them or auction them off at a discount. This isn’t a good scenario because the lender is losing time and dollars on every repossession. As this problem has leveraged itself, it has put some lenders into financial crisis. At the present time, some lenders have had to reevaluate their financial models and make dramatic changes. Their normal lending requirements have become more stringent and fewer prospects will now qualify for commercial trucks and construction equipment than one year ago. Many lenders will not lend on new acquisitions unless your personal credit score is above 650, 680 or higher. This has caused a problem on buyer acquisitions but also limited the lenders’ growth which might be his survival. Additionally, financially strapped lenders require time in business of at least two, possible three years. This additional requirement has eliminated a big pool of potential buyers of heavy equipment and trucks.

As the lenders normal credit models have changed, this has caused potential buyers to be cautious and/or nervous of lender’s intentions. Every week, information is in the news pertaining to a bank/lender and for the most part this information is damaging to the lending industry. In some instances, some lenders have transformed itself overnight into a different type of lender.

For the startup business, this has caused them to be almost locked out the trucking and construction industry entirely unless they have a personal credit score of 700 or higher. Additionally, the risk/reward factor that is presented at this level has required the lender to require a 15-20% down payment to consider a startup transaction.

One of the solutions that is available to the start up or the seasoned business without stellar credit is repos offered by these strapped lenders. These trucks and heavy equipment can be attractive to potential buyers because the front money may be minimal and the lender may be more flexible in its financing and credit requirements. This expanding market should be examined by all potential buyers because unique opportunities can exist for all different levels of the customer wants and needs. Seasoned businesses with stellar credit and time in business could be rewarded handsomely in the price, financing or both. .

This following types of work trucks and construction equipment is described in this article:

Dump trucks, bucket trucks, day cabs, concrete and cement trucks, boom trucks, water and vacuum trucks, articulated trucks, garbage trucks, tow trucks, excavators, bulldozers, forklifts, concrete equipment, concrete pumps, forestry equipment, backhoes, etc

In conclusion, when shopping for financing on commercial trucks and construction equipment, it is important that you acquire as much information pertaining to your lender. Times have changed and your contract that you signed must be carefully read and understood. These lenders that exist today may be completely change its lending model in a year or so and/or possibility Be out of business. Boy, times have changed..

Happy hunting for your acquisition and related financing…

J.M Luna has over thirty years experience in the financial field. This includes accounting and taxes, leasing, hard asset money and commercial loans. U.S Corporate Capital Leasing assists the startup and seasoned business in all different types of industries. http://www.cclgequipmentleasing.com/lease_construction.htm

A reply to “Joe the Plumber” an echo of my own life, what do you think ?

This is the real reason why you don’t want to vote for Obama. He just doesn’t understand.

Given the furor about “Joe the plumber” I’ve written an open letter to Mr.
Obama myself. I think it is worth the read. Maybe if Americans could take a closer look at what a small businessman is, they wouldn’t want politicians penalizing their success. Feel free to forward it if you want…
Cory

Mr. Obama,
Given the uproar about the simple question asked you by Joe the plumber, and the persecution that has been heaped on him because he dared to question you, I find myself motivated to say a few things to you myself.
While Joe aspires to start a business someday, I already have started not one, but 4 businesses. But first, let me introduce myself. You can call me “Cory the well driller”. I am a 54 year old high school graduate. I didn’t go to college like you, I was too ready to go “conquer the world” when I finished high school. 25 years ago at age 29, I started my own water well drilling business at a time when the economy here in East Texas was in a tailspin from the crash of the early 80′s oil boom. I didn’t get any help from the government, nor did I look for any. I borrowed what I could from my sister, my uncle, and even the pawn shop and managed to scrape together a homemade drill rig and a few tools to do my first job.
My businesses did not start as a result of privilege. They are the result
of my personal drive, personal ambition, self discipline, self reliance,
and a determination to treat my customers fairly. From the very start my business provided one other (than myself) East Texan a full time job. I couldn’t afford a backhoe the first few years (something every well drilling business had), so I and my helper had to dig the mud pits that are necessary for each and every job with hand shovels. I had to use my 10 year old, 1/2 ton pickup truck for my water tank truck (normally a job for at least a 2 ton truck).
A year and a half after I started the business, I scraped together a
20% down payment to get a modest bank loan and bought a (28 year) old, worn out, slightly bigger drilling rig to allow me to drill the deeper water wells in my area. I spent the next few years drilling wells with the rig while simultaneously rebuilding it between jobs. Through these years I never knew from one month to the next if I would have any work or be able to pay the bills. I got behind on my income taxes one year, and spent the next two years paying that back (with penalty and interest) while keeping up with ongoing taxes. I got behind on my water well supply bill 2 different years (way behind the second time… $80,000.00), and spent over a year paying it back (each time) while continuing to pay for ongoing supplies C.O.D.. Of course, the personal stress endured through these experiences and years is hard to measure. I do have a stent in my heart now to memorialize it all.
I spent the next 10 years developing the reputation for being the most
competent and most honest water well driller in East Texas . 2 years along
the way, I hired another full time employee for the drilling business so
that we could provide full time water well pump service as well as the well drilling. Also, 3 years along the path, I bought a water well screen service machine from a friend, starting business # 2. 5 years later I made a business loan for $100,000.00 to build a new, higher production, computer controlled screen service machine. I had designed the machine myself, and it didn’t work out for 3 years so I had to make the loan payments without the benefit of any added income from the new machine. No government program was there to help me with the payments, or to help me sleep at night as I lay awake wondering how I would solve my machine problems or pay
my bills. Finally, after 3 years, I got the screen machine working
properly, and that provided another full time job for an East Texan in the
screen service business.
2 years after that, I made another business loan, this time for
$250,000.00, to buy anot her used drilling rig and all the support equipment needed to run another, larger, drill rig. This provided another 2 full time jobs for East Texans. Again, I spent a couple of years not knowing if I had made a smart move, or a move that would bankrupt me. For the third time in 13 years, I had placed everything I owned on the line, risking everything, in order to build a business.
A couple of years into this, I came up with a bright idea for a new
kind of mud pump, a fundamentally necessary pump used on water well drill rigs. I spent my entire life savings to date (just $30,000.00), building a prototype of the pump and took it to the national water well convention to show it off. Customers immedi