Is your website doing its job, pulling its weight as a member of your sales team? Is it meeting your goals? Before you answer that, consider first of all: Do you have identifiable, measurable objectives for your website? Does it have a job description – do you know what you want it to do for your equipment business? Whether you answer yes or no, you’re going to pull valuable advice and ideas from this month’s guest, Jessica Galfas, founder of Galfas Media LLC. We asked her to review 10 IEDA memb...
Jan 18, 2023•48 min•Season 1Ep. 28
Section 179 of the IRS tax code has been around for decades, and it can be an effective strategy for lowering your tax liability year to year. In this program, find out what the deduction limit is for the 2022 tax year, and learn the nuances of Bonus Depreciation and how it differs from Section 179. Using these tools comes with rules, and it can get confusing – that’s why we’re talking to tax expert, Steve Pierson, shareholder/partner at Selden Fox accounting firm in Oak Brook, Illinois. He’s be...
Dec 07, 2022•43 min•Season 1Ep. 27
The Fed has far from finished adjusting interest rates to slow the economy and stave off recession, but a downturn has already begun, says attorney James Waite, our guest on this thought-provoking episode. He may specialize in law, but he’s about to give your business a lesson in self-defense. Waite’s practice in the Denver, Colorado, area is the premier resource for contractual law in the construction equipment industry, and during our interview he raises several strategic considerations that c...
Nov 23, 2022•47 min•Season 1Ep. 26
State sales tax laws are numerous and complex, and when January 2023 rolls in, every state in the country will officially have its own economic nexus laws on the books when Missouri’s statutes come into effect. What’s even more concerning is the gusto with which states are aggressively enforcing nexus tax legislation, which means if you don’t know if you’re in compliance and you’re hoping they don’t find out, you could be in for some unpleasant surprises. Enter the state sales tax pro who can sh...
Oct 26, 2022•42 min•Season 1Ep. 25
Stolen cars, on average, are recovered at a rate of over 85%. Conversely, only about 20% of stolen construction equipment is recovered. Additionally, equipment theft is on the rise. Typically a crime of opportunity, stealing equipment became a new pastime for idle hands during the pandemic, and now that economic downturn is upon us, more machines are disappearing. Now’s the time to get vigilant about protecting your own fleet. In this month’s interview, Melissa Somers, executive director of the ...
Sep 21, 2022•51 min•Season 1Ep. 24
Construction equipment industry financial guru Garry Bartecki is the Category-of-One expert you want to pay attention to in times like these – soaring inflation, rising interest rates, crazy fuel prices, a labor market in crisis, and a recessionary economic environment, not to mention Washington’s alarming focus on adding a small army of armed IRS agents. Even if you’re not feeling pain yet, warnings from 2008 echo from the grave: Everything is fine, until it isn’t. Here’s the conversation that ...
Aug 24, 2022•41 min•Season 1Ep. 23
Got company vehicles on the road? Then don't miss this month's conversation about a serious but preventable problem that could cost you a bundle- or even put you out of business. Insurance broker Mike Bell, CEO of Robert Bell Insurance, cautions IEDA members on the potential fallout of a blemished DOT record, which starts with voracious injury lawyers who are prepared to pounce if one of your delivery vehicles is involved in an accident, but it doesn't stop there. Since prospective customers can...
Jul 20, 2022•36 min•Season 1Ep. 22
Along with the rest of the world, the equipment business is becoming a strange twilight zone in which independents are experiencing price euphoria on the one hand and evaporating inventory to sell and rent on the other, not to mention the scarcity of parts and labor. Jarrett Harris, director of Cyclicals Research at OTR (Off the Record), returns to the program to put some perspective on what’s happening in terms of pace of sales, zany pricing, global events, contractor behavior, and more. Throug...
Jun 22, 2022•46 min•Season 1Ep. 21
What does IEDA need more of? IDEA SHARING. So says IEDA founding board member Marlin Smith, owner of TKO Equipment. Listen in as he discusses some of the big challenges independent dealers are wrestling with today, from customer rental expectations to machine and part shortages––as well as perhaps the most formidable obstacle: being handcuffed by OEMs and authorized dealers when it comes to independents’ ability to repair their own rental units. With limited political and financial clout compare...
May 18, 2022•47 min•Season 1Ep. 20
Look over the shoulder of fellow IEDA member Bret Creech to see some simple tools and ideas he uses to widen his prospect net and make it easier for equipment buyers to find and communicate with him. He’s got a funky business name – Mr. Machinaria– and his business card reflects a daredevil level of creative branding. Early in his career, Creech worked for two different Cat dealers’ used equipment departments. He also spent about six years in South America, which has played nicely into defining...
Apr 20, 2022•41 min•Season 1Ep. 19
Winning deals, rental contracts, parts and service sales, and customer loyalty does not happen accidentally. Rental entrepreneur and dealer consultant Larry Kaye says if you want to win consistently, you need to follow the example of pro coaches who remarkably and consistently win – no matter how many times they move from team to team. They do so because they committed to being a student of the game. All things being equal, the equipment dealer who becomes the go-to source in his market is the d...
Mar 23, 2022•50 min•Season 1Ep. 18
How can you slow the continuous churn-and-burn loss of customers this year? Simple, says digital marketing expert Steve Clegg: Start using a third-party service to conduct telephone Customer Satisfaction Surveys. Dealers who embrace this system can cut customer defection by over 30% while actually doubling customer transactions! In this episode, Steve tells you not only why surveys work, he explains the top reasons customers leave you, the most important questions to ask, what to do if you recei...
Jan 26, 2022•42 min•Season 1Ep. 17
The No. 1 ranking issue keeping business owners across all industries awake at night is still the problem of finding enough skilled people to fill available positions. In this edition, renowned industry educator Ron Slee provides practical, actionable takeaways for solving the labor shortage under your own roof. Ron is one of the foremost global authorities on dealer product support and operations, so listening to him is like drinking from a fire hose – but he’s thoughtful and methodical enough ...
Dec 15, 2021•36 min•Season 1Ep. 16
While equipment shortages continue, what are the biggest pain points from a rental perspective? Is anyone letting go of low-hour machines from their rental fleets these days? And what will happen at Orlando auctions this coming winter? Jarrett Harris, director of Cyclicals Research, OTR, rejoins host Kim Phelan for a Part 2 discussion about the present markets and their supply chains––and what it all means for IEDA equipment dealers. There might not be answers yet, but Jarrett’s insights will he...
Nov 17, 2021•36 min•Season 1Ep. 15
We get it: It’s a bizarre market of exploding demand and imploding supply. But dealers – and everyone in the heavy equipment industry, for that matter – are sick of hearing the word “unprecedented” inserted in front of whatever the latest phenomenon is in this year’s comedy of errors. So says OTR’s director of Cyclicals Research, Jarrett Harris, who personally and regularly engages with North American industry players, including IEDA members, and oversees a global team to report on key market tr...
Oct 20, 2021•37 min•Season 1Ep. 14
Clay Padilla is a second-generation heavy construction contractor based near Albuquerque, N.M., and a rental customer of an IEDA member dealer. He started his Native American-owned firm at the age of 23 and has built it into a stable, growing company serving heavy civil and utility sectors, predominantly working under federal contracts on tribal land. He graciously accepted our invitation for an interview, and while the conversation went a little longer than usual, his first-hand customer perspe...
Sep 22, 2021•44 min•Season 1Ep. 13
Heather heralds from EquipmentWatch, a service of Informa, where she is the analytics lead of asset intelligence, producing a monthly market report for used construction, lift and ag equipment, as well as a quarterly rental report. In the August Q&A, she highlights noteworthy findings from the recent editions of both reports and discusses trends in valuation, availability, unit age, utilization and more – while lending observations and explanations about present shortages and market activity...
Aug 25, 2021•34 min•Season 1Ep. 12
In this episode, we're joined by Gay Gordon-Byrne, Executive Director of the Repair Association. We unpack the fundamental OEM arguments against Right to Repair and explain why independent equipment dealers should have the same, 100% access for servicing a machine that an OEM-authorized dealer has. Listen in as Gay brings us up to date on recent federal developments, too!
Jul 28, 2021•30 min
Rick Newman started Newman Tractor 45 years ago. Today, rental is about half of his business. He has also made changes in his business model to adjust to changes in the used equipment market –– his company now represents five lines of OEM machinery in designated territories. Rick is also a big believer in adding value wherever he can. Connect with Rick on LinkedIn Newman Tractor Official Website...
Jun 24, 2021•36 min•Season 1Ep. 10
The dynamics of a family business can be tricky to navigate; but, if approached from the right angle, can lead to great success. The Geurinks of HES Equipment share their insights into the challenges and successes of running a family business.
Apr 14, 2021•26 min•Season 1Ep. 9
Tune in to hear from Al Niece, IEDA Board Member and Owner of Niece Equipment, LP in Austin TX. Al discusses how his military experience shaped him into the business owner he is today as well as some trends within the industry's workforce.
Dec 30, 2020•29 min•Season 1Ep. 8
Host, Kim Hedges, catches up with Steve Udelson - Managing Partner of Easton Sales & Rentals and current IEDA Board Member. Steve shares his insight on the effect of the pandemic on the industry as a whole as well as his own business. Tune in today!
Oct 28, 2020•27 min•Season 1Ep. 7
Get to know IEDA Board Member and VP of Calvin Group Inc, Mike Pentz. Kim and Mike discuss the uniqueness of his business and how the IEDA supports members like Mike, both professionally and personally.
Sep 30, 2020•50 min•Season 1Ep. 6
Tune in to hear from Matt DeWitt, Co-owner of DeWitt Equipment Remarketing and current IEDA Board Member, and learn what the concept of "remarketing" is all about it.
Aug 26, 2020•39 min
This month's guest is Dallas Robertson, Owner and Founder of Robertson Equipment International and IEDA Board Member.
Jul 29, 2020•31 min•Season 1Ep. 4
Host, Kim Hedges, sits down with Donnie Fetters of Performance Equipment out of Erie, CO.
May 27, 2020•25 min•Season 1Ep. 2
In the first-ever IEDA Podcast, we interview Jeff Miller - President of Trophy Tractor out of Grand Prairie, TX and current IEDA Board Member.
Apr 09, 2020•28 min•Season 1Ep. 1
