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Top Articles - How To Choose An Equipment Leasing Company
Leasing has become a preferred form of equipment financing, accounting for more than 30% of business equipment acquisitions. Each year, thousands of U.S. companies face the challenge of finding attractive financing to acquire business equipment. Many of these companies approach the lease sourcing process seeking the lowest lease rate. While securing a low rate is a worthwhile goal in choosing a leasing arrangement, it alone is usually not a reliable st
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
andard for obtaining the best lease transaction or leasing experience.
To obtain attractive lease proposals and to avoid lease blunders, make sure you choose the right leasing companies to bid. Ultimately, the wrong lessor choice can result in a slow approval, inability of the lessor to deliver, hidden fees, substandard lease terms, or worse. To secure the best lease arrangement, you must do your homework in pre-qualifying bidding leasing companies. G
To obtain attractive lease proposals and to avoid lease blunders, make sure you choose the right leasing companies to bid. Ultimately, the wrong lessor choice can result in a slow approval, inability of the lessor to deliver, hidden fees, substandard lease terms, or worse. To secure the best lease arrangement, you must do your homework in pre-qualifying bidding leasing companies. G
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
ve this aspect of obtaining an attractive lease arrangement your highest priority.
How Leasing Companies Differ
Leasing companies can vary in a number of ways. Some specialize in specific industries, some in lease types, some in certain equipment types, and still others in transaction sizes. For example, some leasing companies specialize only in a single industry like health care, printing, agriculture, or transportation. Others focus exclusively on
How Leasing Companies Differ
Leasing companies can vary in a number of ways. Some specialize in specific industries, some in lease types, some in certain equipment types, and still others in transaction sizes. For example, some leasing companies specialize only in a single industry like health care, printing, agriculture, or transportation. Others focus exclusively on
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
lease type. They may only offer operating leases for equipment with attractive residual values. Some lessors specialize in full-payout finance leases. Still others focus on small ticket transactions with equipment cost under $ 100,000. It is important to understand the specialization of the lessors bidding on your lease transaction. To get the most attractive deal and to avoid the run-around, stick with lessors who focus on the type of transaction you
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
are seeking.
Leasing companies also differ in resources and capabilities. Many large leasing companies are owned by banks, financial companies, or other large industrial concerns. These firms usually have abundant resources and expertise in a number of leasing segments. Mid-size and smaller leasing companies greatly outnumber large lessors. While these companies cannot match the resources of their larger brethren, they often have highly skilled profes
Leasing companies also differ in resources and capabilities. Many large leasing companies are owned by banks, financial companies, or other large industrial concerns. These firms usually have abundant resources and expertise in a number of leasing segments. Mid-size and smaller leasing companies greatly outnumber large lessors. While these companies cannot match the resources of their larger brethren, they often have highly skilled profes
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
ionals, sufficient resources and more flexibility to meet lessee needs. The goal is to obtain the best leasing arrangement for your firm. By establishing priorities for the leasing arrangement you are seeking, you will be able to determine whether a leasing firm with sizeable resources or one that is nimble and flexible is a better choice.
When And Where To Look
The time to start your search for a leasing company is early in the lease-planning phase,
When And Where To Look
The time to start your search for a leasing company is early in the lease-planning phase,
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
once you have established criteria for a leasing arrangement. Some criteria to consider for a leasing arrangement are: pricing, monthly cash outlay, financial statement impact, the appropriate lease type, lease term, lease flexibility, lease facility size, and whether your equipment will be accepted for lease. Use criteria like these and the qualities you are seeking in a leasing company to start your lessor search.
A great starting point for finding
A great starting point for finding
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
idding leasing companies is through professional and personal referrals. Check with your attorney, your accountant, bank contacts and colleagues in your industry. Also ask friends and acquaintances who use leasing in their businesses. Asked them for contacts at leasing companies that specialize in your industry or that offer the type of lease you are seeking. Call your industry association and ask whether they have names of leasing companies serving ot
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
ers in your industry.
Another approach is to call a couple of the major equipment leasing trade associations. Major association websites include: www.elaonline.com, www.eael.org, www.uael.org, www.naelb.org, www.aglf.org, www.mael.org, and www.nvla.org. Describe the type of equipment and the industry you are in. Ask whether they are in a position to provide you with a list of members to contact regarding your lease. If you receive such a list, you ma
Another approach is to call a couple of the major equipment leasing trade associations. Major association websites include: www.elaonline.com, www.eael.org, www.uael.org, www.naelb.org, www.aglf.org, www.mael.org, and www.nvla.org. Describe the type of equipment and the industry you are in. Ask whether they are in a position to provide you with a list of members to contact regarding your lease. If you receive such a list, you ma
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
need to narrow the candidates based on further homework and the criteria you have established.
Evaluating Leasing Companies
Qualities to look for in any leasing company you consider include: 1) experience and expertise; 2) reputation; 3) ability to perform; and 4) a relationship approach.
Interview prospective bidders carefully. Discuss their expertise and experience in the leasing business. Ask about experience with the type of transaction you are
Evaluating Leasing Companies
Qualities to look for in any leasing company you consider include: 1) experience and expertise; 2) reputation; 3) ability to perform; and 4) a relationship approach.
Interview prospective bidders carefully. Discuss their expertise and experience in the leasing business. Ask about experience with the type of transaction you are
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
seeking, involvement with similar firms in your industry, and the types of lease products they offer firms like yours. Discuss your equipment needs. Find out whether they will be able to lease most of the equipment you need. Ask whether they will finance your lease using internal funding or whether they will broker the lease to another funding source.
Get enough information from and about bidding lessors to decide whether to include them in the bid pr
Get enough information from and about bidding lessors to decide whether to include them in the bid pr
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
ocess. If possible, ask for financial information from potential bidders to evaluate their financial condition. Also, if you can, obtain a Dunn and Bradstreet report (“D&B”) for each bidder. In the D&B report, look for lawsuits filed against the lessor, judgments, severe payment delinquencies, poor financial performance and similar issues that might impact performance on a new lease transaction.
Ask for and check customer, vendor, bank and trade refer
Ask for and check customer, vendor, bank and trade refer
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
nces for each lessor. Contact each reference and verify key information given to you by the lessor. Ask how the lessor handles its account and whether there have ever been any problems or issues. Ask customer references about the lessor’s ability to perform and about attentiveness to customer problems and concerns.
Investigate bidders online. Check Google (www.google.com) to see whether prospective bidders appear in any newsworthy articles. Hit the me
Investigate bidders online. Check Google (www.google.com) to see whether prospective bidders appear in any newsworthy articles. Hit the me
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
sage boards and newsgroups. Look for unresolved problems, fraud, financial problems, success stories, and awards. Visit bidders’ websites to get as much information as possible before extending an invitation to bid. You may be able to screen out undesirables.
Lastly, make sure prospective bidders belong to one or more industry trade association. While membership alone does not speak for the integrity or expertise of members, most of the associations s
Lastly, make sure prospective bidders belong to one or more industry trade association. While membership alone does not speak for the integrity or expertise of members, most of the associations s
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
t standards of conduct for their members.
A Word About Lease Brokers
Lease brokers serve roles similar to insurance brokers. They profit by placing lease transactions with the ultimate financing sources for those transactions. You should decide whether a lease broker would serve you better than seeking direct bids from lessors. Lease brokers can be useful in finding sources for difficult transactions, due to weak credit or unattractive equipment. The
A Word About Lease Brokers
Lease brokers serve roles similar to insurance brokers. They profit by placing lease transactions with the ultimate financing sources for those transactions. You should decide whether a lease broker would serve you better than seeking direct bids from lessors. Lease brokers can be useful in finding sources for difficult transactions, due to weak credit or unattractive equipment. The
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
also can be useful in placing transactions that are highly specialized. Only work with lease brokers who have high integrity, who have a good understanding of leasing, and who understand the market you are in.
The entry bar for becoming a lease broker is relatively low and not all brokers are well trained or reputable. Check the broker’s references and capabilities thoroughly. Check to see whether the broker belongs to the national trade association
The entry bar for becoming a lease broker is relatively low and not all brokers are well trained or reputable. Check the broker’s references and capabilities thoroughly. Check to see whether the broker belongs to the national trade association
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
or lease brokers, NAELB (www.naelb.org) or to one of the other major equipment leasing associations. Use the same guidelines for evaluating brokers as outlined above for leasing companies.
Parting Words Of Caution
Avoid high-pressure lease sellers. Whether they are brokers or leasing company representatives, the odds of you being misled or disappointed with the outcome are very high. Only work with lease representatives or brokers who have a good und
Parting Words Of Caution
Avoid high-pressure lease sellers. Whether they are brokers or leasing company representatives, the odds of you being misled or disappointed with the outcome are very high. Only work with lease representatives or brokers who have a good und
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
rstanding of leasing and who are sensitive to your needs. To do otherwise might result in delays or disappointment.
Avoid giving lease deposits or advance rentals to brokers. Brokers do not provide the financing directly and, in possession of your money, represent a potential credit risk.
If the lease broker or leasing representative says anything that constitutes a significant misrepresentation, walk away. Chances are the first such misrepresentatio
Avoid giving lease deposits or advance rentals to brokers. Brokers do not provide the financing directly and, in possession of your money, represent a potential credit risk.
If the lease broker or leasing representative says anything that constitutes a significant misrepresentation, walk away. Chances are the first such misrepresentatio
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
won’t be the last. There are too many knowledgeable leasing professionals with high integrity. Avoid spending time with those who are unprofessional.
Lastly, make sure you get at least three or four lease bids from qualified lessors, if you can. At the end of the day, lease pricing is market driven. Getting several bids will help ensure that you get competitive pricing and terms.
Choosing the right leasing company is worth the effort. By taking a fe
Lastly, make sure you get at least three or four lease bids from qualified lessors, if you can. At the end of the day, lease pricing is market driven. Getting several bids will help ensure that you get competitive pricing and terms.
Choosing the right leasing company is worth the effort. By taking a fe
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
easy steps during the planning and bidding phases of the lease procurement process, you can eliminate or greatly reduce time wasted with unqualified lessors. You can also avoid getting the run-around. Allow enough time to carefully check out all bidders. Be partial to lessors with high integrity, great reputations for performance, good expertise and who communicate well with you. You will invest a little time upfront, but you will thank yourself later
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
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