Steve Dennen recently found himself in a sticky situation many
businesses face when they move. Despite lots of number crunching,
it was hard for his accounting firm to determine the total moving
budget, including office renovation. When Dennen considered his
options for a high-tech phone system, he decided to head down a
path many entrepreneurs are choosing to take these days: leasing
equipment. "We were moving and didn't have a [fixed]
budget," says the 47-year-old co-founder of Kenney, Dennen,
Lague P.C. in Andover, Massachusetts. "Leasing gave us the
flexibility of not having to purchase the system upfront, and it
was easier than getting a loan."
Although Dennen had previously leased equipment for his
6-year-old business, he felt encouraged to do so again when he
listened to his clients share positive stories about how easy it
was to lease. Dennen made the experience a little different this
time by going online to take care of the entire leasing
arrangement. Whether such transactions are done online or offline,
eight out of every 10 businesses currently lease instead of buy
equipment for their offices. And, according to the Equipment
Leasing Association of America, telecommunications and computer
equipment have taken the lead for the fastest-growing sector of
equipment leasing.
Mie-Yun Lee is the founder and editorial director of
BuyerZone.com, thew Internet purchasing hub for small business.
Diane O'Brien contributed to this article. For more information
on equipment leasing, log on to www.buyerzone.com/finance/leasing/index.html
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Originally published in the January 2001 issue of Entrepreneur Magazine
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