The Bridge - November/December 2014 - (Page 19)

Watch the FinePrint; Be Bold in Negotiation By Mary A. Redmond Leasing allows law firms to add new equipment and conserve cash. However, leasing contracts can contain expensive surprises. proposal. They understand law firm budget constraints, cash flow considerations, year-end incentives and that partner distributions require cash in the bank, not funds tied up in equipment that rapidly becomes obsolete. Most firms, large or small, lease some of their equipment. And they're not alone. A U.S. Department of Commerce report indicated Ten years ago, staythat 80% of all U.S. busiing on the cutting edge of nesses lease equipment. technology did not require equipment upgrades every Leasing is just one 12 to 18 months for laptops of the financial tools a law and every four years for copfirm selects to support fiiers. Today, as technological nancial growth. It helps innovations speed up, netconserve cash, often allow- worked digital copiers reing organizations the ability place inkjet and desktop to finance 100% of the pur- printers that have expensive chase price of the equipreplacement cartridges. ment. An additional benefit Cloud computing decreases is that the lease length usu- the need for fully loaded ally is structured to parallel desktop computers. the organization's useful life for the assets. Headaches on the Horizon Lease paperwork Leases contain is often quick and easy, 5,000 to 7,000 finely crafted while bank loan processes words that are written by can be cumbersome and leasing companies and their time consuming. In addilegal advisors. Headaches tion, banks may want to and surprises hide in the depend upon firm partners' fine print. personal guarantees to approve the lease. Leases seem simple and straightforward in To facilitate the the honeymoon phase, and sale, equipment dealers leasing professionals make and manufacturers estabequipment financing simple lish relationships with leas- by rolling everything into ing companies. Some one easy payment. For exequipment dealers can ample, one digital print marhave credit approvals in ket leader's payment inplace before the ink is dry cludes the monthly lease on the equipment sales payment itself, property tax, contract. sales/use tax, insurance, maintenance, standard deKeeping Pace livery and rigging fees, setEquipment salesup fees, documentation and people understand the imUniform Commercial Code portance of leasing as a (UCC) filing fees. Coffee sales tool. Almost every and doughnuts are extra. manufacturer, equipment dealer and distributor preSo how do you sents lease options to cliknow if you are getting the ents with each equipment (Continued on page 20) 19 Golden Gate Chapter November/December 2014 http://www.innovativecomp.com

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The Bridge - November/December 2014

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