Here's what I'm looking at:
I'm an employee and I just spent a fair amount of cash on a rough terrain Genie Lift.
Sick of ladders and employer isn't in a position to buy one right now. I could start a business and charge them daily when I use it, but is it worth the paperwork, insurance, taxe BS, etc. to get an extra $100 a day once or twice a week (sometimes more, sometimes less). The employer has no problem paying me this, but for now with this being my tool they insure it etc. There is also the issue of some one else using it and having an accident, company owner is looking into that.
The money won't make or break me, I bought it as an investment in my own health and safety, but an extra 100 here and there is nice too.

So, worth the trouble?

Thanks,
John

I've done this with a Marklift. It's a paperwork hassle. They need to own it so that anyone using it is covered under their insurance. The only way it works is for you to sell it to your employer for $1. At the same time you get an option to buy it back for $1 at some point in the future or if certain conditions aren't met, like he's not using it frequently enough or not maintaining it well for example. The deal also includes a contract where he agrees to pay you some amount based on how much he uses it. The whole thing sort of mimics a land contract. Unless you and your employer have a mutual friend or relative who is a lawyer that you both trust and is willing to work for free I would say forget it, too complicated to be worth the hassle.

Alan

LOL!!!

Thanks for the quick reply, actually I do trust his lawyer and I'm sure he'd pickup the tab but my gut instinct is it would be too much trouble for the return.

My gut agrees....

Yeah RJ, even if I rented it full time which might be possible it just seems like too much hassle. Business skills aren't my strongpoint so there would likely need to be an accountant's charges too. Just wanting opinions on the slight chance it would be worth it.

Any business is worth going into if you are going to make a profit or at least be able to sustain your current lifestyle. but their is more to owning your business than doing the nuts and bolts work. EVERYTHING is different. You will have to pay tax on that item you are renting out, somewhere to store it if the deal goes south, insurance, more taxes, repair costs (i love renting stuff) and im sure i have left out about 50 other things.

Liability insurance cost on something like that will probably change your mind.

rental is good business. I have done something similar in the past and wish I had kept it up. Probably one item can't justify the set up costs but I don't think it would take to many lifts to make this worth while. I knew someone back in school who inherited a construction compressor, without knowing what else to do with it he rented it to someone and then he went from there, buying used stuff and renting it out, I would imagine he has done very well. Note, the trick is to rent new stuff and sell if off after x number of hours to avoid the maintainance issues. Anyways, I have been on projects where everything is rented, kept long enough to pay for them and then returned. happens all the time. I once rented a machine to a company for a year, because they did not have the purchase money in their budget, then they bought it at the end of the year, for full price. nice

We looked into something like this for the manlift we have. All I can say is that the liability insurance will make your jaw hit the floor. Unless you can rent it out on a somewhat regular basis and make the ins payment plus some extra it just won't pan out.

A few months ago I drove through the yard of a local place that rents lifts.
LOTS of lifts in the yard. I don't know how many were on jobs, of course, but I recall telling my wife that I wouldn't want to be making payments on the ones sitting in the yard.
Why don't you go spy on the nearest lift rental place and see how they are doing before you jump in.

SM

So you bought the lift to use at work, OK

Explain how you are using it without insurance?

"but for now with this being my tool they insure it"

Do you have that in writing?
I can't see the bosses insurance company covering your lift.

Of course your boss could/might care less cause he knows if anything happens you will be the one getting sued.

Good points. what I meant was if I am injured on the job I think I'm covered regardless, like if I drilled through my hand etc with my own drill I'm covered.

The lift itself I imagine is at least covered for theft like all my other tools, I don't know about damage, I'll have to look into that but I'm very careful, it's my own ass up there 32'.
For now at least no one else is allowed on it per boss, it would be good to get that issue worked out.

John

Are you sure? I worked at a shop in 1995 where the boss said my tools were covered for theft/damage under the shop policy, but when the shop burned to the ground, guess what? They weren't! The boss did end up covering them out of his pocket, but it took awhile and was a mess.

I looked into it at one time, and decided it was not worth it. I still have all the literature for a franchise; I believe it was "Grand Rental Station" or some such name. You wind up paying much more for the stuff you rent, because it has to be "Rental Quality". In reality, it may not be any better than what you could buy anywhere else, however, it will have a "special" paint job and a different part number. Bottom line is the franchise company will clip you coming and going. You have to use their products to maintain your franchise agreement.

I also looked into the "Grease Monkey" oil change franchise as well. Needless to say, I passed on that one too.

I wonder if the owner of the business would balk on paying workman's comp on someone who fell off of "your" lift at work. Could you be liable? Lawyers like to use the shotgun approach, sometimes.

Some friends of mine went into the Rental business, maybe 10 years ago, bought out an operating, independent business; didn't do the 'due diligence", and all the high dollar replacement machines, lifts, skytracks, ect were 'wore slap out'. Always breaking down. And the big outfits get all the long term stuff (eg, Taylor Rental, ect) and all they got were the leavings. Couldn't afford to pay an experienced Heavy equipment mechanic, all they got were kids & drunks. Lasted about 18 months before the business, and their marriage failed.

He doesn't want anyone else on it for my protection until it gets sorted out, the co. has so much equipment, cranes to 150 ton, forklifts and toppicks to 45 ton, tugboats etc they must have substantial insurance. I may have had my head in the sand liability-wise but after using it a couple weeks I can't believe I didn't buy one years ago, I love that thing.

I would keep it as your own tool. No one else has access to it. Being as the boss understands the value of it to the shop, and it saves him some of your time, he is compensating you over and above wages when you use it, you both win.

I have a bucket truck, the only one in the neighborhood I use it for tree trimming and painting, it's worth it's weight in gold to me for outside painting. No more 32 ft ladder climbing. I own a couple of buildings. Don't use it much but it's great.

Anyway, when I first got it i rented it to a tree guy, a few times, it paid for the truck. he since bought his own. Then I thought about libility. holy cow, I don't rent it out anymore. I also rented to an electrician that did parking lot lights, when he used it, I went with it to work it. he just rode the bucket. Don't do that anymore either.

If your company wants other guys to use your lift, just sell it them. then it's their responsibility.

Frank

Right Gas pumper, I think its just one of those things where you just spend the money to make your own life better. There are other opportunities to rent though like pumps and diesel air compressors which I can afford but not being a businessman I can see all the income disappearing, if you had 20+ pieces rented out I could see it being the easy life.