Should I rent a shop from a friend?

You’re looking to start a brand-new machine shop of your own, and a friend of yours offers you a very good deal on some industrial space to get it going. Is this a deal you should snap up as quickly as you can, or something you should perhaps reconsider?

In this episode of Practical Machinist’s MACHINE SHOP TALK, Ian Sandusky from Lakewood Machine is back to cover a thread on the Shop Management & Ownership subforum where a poster came on with exactly this predicament on their hands. One of the biggest benefits of having a broad network are opportunities like these arising, but there are some very serious practical considerations you should take in mind before diving into a deal with a friend. As well, while renting may often be the easiest way to get a new machine shop off the ground, is the chance to get working as a renter better than saving up longer to buy a unit? We’ll be covering all of this and more – make sure you check this one out!