Hiring out machinery

[dangb93]

With giving it further thought, I’m not going to be able to do a lot due to my immobility with checking kit over as it comes back in for damage, cleaning it etc. 

 

I think I will continue as I am - which is sitting on everything - it’s all in storage.

 

Thankfully we are not in a desperate position of having to hire the stuff out to bring money in - and I think if we were, we would rather sell it as @Stephen Blair has mentioned. 
 

I think the small financial attraction in having some hire money coming in (and keeping HMRC VAT happy) is rather outweighed by the larger risks of hiring it out. 

[josharb87]

Good decision! If you like your kit and want to use it again once you’ve recovered DONT hire it out! 
 

No matter who you hire too they won’t treat it with the same respect you would, resentment builds and friendships fail 

[oldwoodcutter]

Josh has nailed it there.

Mrs oldwoodcutter from my previous life, was a soft touch for neighbours and so called friends who , it seemed to me, would wait for us to leave the yard of a morning,then come calling to borrow and take everything from ladders,hedgers, tripods, old saws laying under benches, to sets of drain rods.

Many  had more money than me living in houses 3 times the value of mine.

I used to have nightmares of them following her across the yard to open the sheds, and do them a good turn by offering anything they may spot.

Despite my best efforts to deter her from those acts of charity, she believed she was doing the christian thing.

I would only find out something had gone when I couldn’t find it, and then had to locate the borrower and go and retrieve it, often,same as you might say, shagged out.

The new mrs oldwoodcutter simply opens the door and says you’ll have to come back later and speak to Tim about that,and of course the scroungers and freeloaders are never seen again.

 

Edited September 13, 2023 by oldwoodcutter
Arthritic fingers

[NJA]

Although you might cover the cost of the kit which is maybe your plan, doubt you'd get enough money in to really make a difference... these big hire companies make their money buying and selling the machines, not really from the hires.

Can see what you're thinking tho, with the kit just sitting there...

[Slicer Dicer]

I'd never ever hire my kit out unless it was something I could easily live without. Occasionally I'll let a customer use my dumper whilst I'm on site at the same time. Without fail they nearly all drive merrily away with the handbrake still on! 

[GA Groundcare]

If you want to hear from people you've not spoken to for a few years. Buy yourself a car transporter trailer and let it be known on Facebook.

[Justme]

As well as every thing already mentioned I would also think about:-

 

1, being a ltd company

2, having service contract / records of all maintenance

3, water tight contracts

4, ensure they have hired in insurance cover

 

[Muddy42]

If you sell and rebuy, you'll get shafted twice! Its different with new kit or with finance attached, but for the ancient machinery I own, already heavily depreciated, values are stable or going up if anything.  If its kept dry, secure and well oiled it'll be fine (I've heard of people spraying on a mix of sump oil and diesel to keep away the rust).

[john87]

On 14/09/2023 at 12:14, Muddy42 said:

If you sell and rebuy, you'll get shafted twice! Its different with new kit or with finance attached, but for the ancient machinery I own, already heavily depreciated, values are stable or going up if anything.  If its kept dry, secure and well oiled it'll be fine (I've heard of people spraying on a mix of sump oil and diesel to keep away the rust).

If you want to rust proof things, Waxoyl is the stuff. It will look like shit, but when you steam it off, the thing will be like brand new..

 

john..

[PeteB]

If done right with the right attitude, it can be very lucrative. But, you do have to be aware that there are those out there who will not pay their account,  wreck machinery, take or swap parts for their own kit etc. I've a raft of horror stories from the hire trade but the hirers, have, on balance, done well out of things. I would be wary of the "cross hires" to the big nationals as they take too long to pay from what I hear.