Fred’s little Alberta based oil and gas drilling rig moving business is now generating considerable revenue, with decent profitability. It has been an interesting ride with him over the past three years. Starting as a modest water hauling operation, our humble leasing service funded a fleet of trailers, trucks and associated equipment to help Fred’s company grow its operation.
It is the same old story. It took ten years of sweat to become an overnight success, and now that he’s there, Fred has to fight off at least three banks that suddenly “love the business”.
Here’s a list of things that helped Fred succeed:
1) Detailed financial statements that included five years of comparative figures, prepared by a reputable firm of Chartered Accountants.
2) Wiley recruitment of the right people, at the right time, to meet the demand as it grew.
3) Buying good used equipment at a great price in a ‘down’ market (2009).
4) Careful evaluation of the monthly leasing cost against the revenue that could be generated by a particular piece of equipment.
5) A supportive, understanding and practical wife working in the business.
6) Cojones. (Ka-hone-eez). Big ones.
Congrats Fred, you’ve arrived.