CEDMag.com - September 2011 Articles
Construction Equipment Distribution magazine is published by the Associated Equipment Distributors, a nonprofit trade association founded in 1919, whose membership is primarily comprised of the leading equipment dealerships and rental companies in the U.S. and Canada. AED membership also includes equipment manufacturers and industry-service firms. CED magazine has been published continuously since 1920. Associated Equipment Distributors
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CEDMag.com - September 2011 Articles

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Contact Kim Phelan at (800) 388-0650 ext. 340.


SEPTEMBER 2011
  • Passing the Baby: The Eight Must-Haves of Successful Succession Planning
    By Dana Telford
    The notion of planning for succession in a family business may feel like preparing to pass a valuable, delicate creation to an unprepared relative. Figuring out where to begin might be equally disconcerting.
    Imagine standing at a family party with your newborn daughter, Sarah, in your arms. You and your wife have just lived through a whirlwind of morning sickness, mood swings and strange cravings. But as you peer into the face of your firstborn child, you are convinced that the result was well worth the sacrifice.
    [ read more ]
  • Show Preview - Oct. 4-6, in Louisville
    Come to the 2011 ICUEE 'Demo Expo' - Review products from manufacturers seeking dealer representation.
    The 2011 ICUEE, International Construction and Utility Equipment Exposition will be held Oct. 4-6, 2011 at the Kentucky Exposition Center in Louisville, Kentucky. ICUEE is known as The Demo Expo, where utility and construction professionals can examine and compare the newest equipment and technologies – and test drive them in jobsite conditions – as well as discuss specific needs with industry experts. Attendees also have convenient access to industry-specific education and training, plus co-located events and programs, providing even more value for their show experience.
    [ read more ]
  • Taxing Insights for Your Business
    CED invited experts from WTP Advisors and WTP Exchange to provide commentary on what they deem to be significant issues and areas of potential savings for equipment distributors as we move into the fourth quarter of the year. Following are their contributions.
    Introduction by Ian Boccaccio: Being a businessperson, you already know that you can't ignore the impact of taxes on your company's bottom line. And the one thing that's certain about taxes is that they're always changing. We are pleased to present the following short articles, prepared by our practice leaders, highlighting recent developments in Washington and several tax savings opportunities you may wish to investigate. We trust you will find this information useful and informative.
    [ read more ]
  • Comparing 'Apples' and – 'Beans?' - Lessons from Customer Service Champions
    Customer Service
    By Christine Corelli
    Whether it's easy online shopping or red carpet treatment in the store, valuable practices found among award-winning retailers and hospitality companies are easy to roll out in the equipment business.
    Each year, Bloomberg's Business- Week partners with J.D. Power and Associates to research and rank companies on customer service, and those that receive the J.D. Power Customer Service Champion designation are among the top 5 percent of more than 800 evaluated companies based on their performance in five key areas. These are identified as the "J.D. Power 5 Ps," commonly known as People, Presentation, Price, Product, and Process.
    [ read more ]
  • Look Closely at Your Company, Through Your Customer's Eyes
    From the Chairman
    By Dennis Kruepke
    A review from street to shop and everything in between can help maintain professionalism.
    Now may be a great time to take a look at your business through your customer's eyes. Being creatures of habit, we can easily fall into the same daily routine. This can also be true when dealing with customers. To learn more about what your customers think about your business operation, you need to think like a customer.
    [ read more ]
  • How to Make Your Patriotism an Action Verb
    Editor’s Note
    By Kim Phelan
    Equipment industry professionals, you too can get in the 'swing' of honoring soldiers' sacrifices.
    I was packing lunches for two kids on the morning my dad phoned to ask me if my television was on. Something awful was happening in New York. You, too, remember certain details of your day on Sept. 11, 2001, like a distant bad dream.
    [ read more ]
  • Ignorance of Business Economics is Killing the Golden Goose
    President’s Message
    By Toby Mack
    The only way for America to grow is for our paid staff – aka the federal government – to make the capital investments necessary for an efficient transportation system.
    What's missing from the long, contentious, and thus far utterly unproductive debate in Washington over federal highway program reauthorization is a basic understanding of the principles of finance. What makes this so frustrating is that every equipment dealer or manufacturer owner or senior executive intuitively understands something very important that too few in Washington do: The difference between operating expense and capital investment.
    [ read more ]
  • Review Your Statements Like You Mean Business
    On the Numbers
    By Garry Bartecki
    Engage your department heads, put in the necessary time each day, week and month – and then dare to compare yourself to others.
    Everybody reviews their financial statements as least monthly, or at least I hope they do. And everybody has a technique they use to review the statements and supporting schedules – let me tell you about mine. Because of the tight economic conditions dealers face, strict financial controls are a must. And if the CEO were to attempt to cover what is necessary it would become a fulltime job. Consequently, I advocate information-sharing with appropriate department managers so they can prepare the analysis for their department using their explicit knowledge of their "control" factors – data should then be shared with and reviewed by the CFO and communicated to the COO or CEO in a timely manner. Making department heads responsible for their performance is required to avoid budget mishaps.
    [ read more ]
  • The Tough Call Between Rookies and Veterans
    Recruitment & Retention
    By Jerry Randecker & Chris Sitter
    Don't flip a coin on this one, because the truth is, there's room for both on the equipment company's roster.
    For months, our nation collectively held its breath and watched with anguish, uncertainty, despair and hope as the debates and negotiations were held. Somewhat alarming was the manner in which each side publicly aired their case and asked for the support and understanding of their respective loyal followers.
    [ read more ]
  • Maintaining Capital Equipment – It Is Past Time to Do It Right
    Aftermarket
    By Ron Slee
    This isn't just dropping fluids and changing filters, but nor does this mean wasting journeyman skills and cost for the job of pure maintenance.
    When we are young, we think we are bulletproof. Nothing will hurt us, we believe, and as a result we (at least the males of the species) are not too responsible when it comes to having an annual physical. In fact, many young men don't even have a relationship with a doctor. When things start breaking down, however, well then we go to a doctor. If we had gone earlier and regularly we could have avoided many of our so-called breakdowns. It is identical with a machine.
    [ read more ]
  • Rebuild America and Create Jobs With Infrastructure Investment
    View from the Hill
    By Congressman Reid Ribble (R-WI)
    Tolling versus gas tax? Whatever the answer, a long-term plan must replace stopgaps and quick fixes.
    Washington's immense spending over the past few years has put enormous amounts of federal money into some areas of the U.S. economy, but infrastructure spending has continued to lag behind the nation's needs. As a member of the House Budget Committee, as well as the Transportation and Infrastructure Committee, I believe that we must focus resources on industries and programs that will help revive the economy in both the short and long term. While spending cuts and reforms are necessary to get our government's fiscal house in order, I believe that some areas, such as national infrastructure, require responsible support from government.
    [ read more ]
  • Develop Needed Skills for Next-Gen Executives
    Inside AED
    AED's Leadership Academy presents Melissa Caldwell, teaching the vital skill set necessary to becoming more than a manager – but rather, a true leader.
    "There's a big difference between supervising, managing and leading," said Melissa Caldwell, the leadership development consultant who will work with dealers attending the 2011 AED Leadership Academy. But according to Caldwell, most managers spend more time supervising, than they do managing and leading. They haven't been taught the skill sets to be good leaders, or even good managers.
    [ read more ]
  • Accelerate Your Staff's Planning, Operations, and Financial Skills with Test Drive!
    Groundwork
    This November, immerse your team in an exciting, accelerated learning experience like no other.
    The knowledge that employees gain over the years can be divided into two categories: Explicit and tacit. While explicit knowledge is easily extracted, documented, and replicated, creating and transferring tacit knowledge is much more complex. Examples of tacit knowledge include: How to look at market opportunities and threats and develop a business plan, how to anticipate competitors' actions, how to maintain focus in the midst of distracting events, how to develop mission and longer-term focus for an organization, and how to lead.
    [ read more ]
  • Screen Machine Industries, Inc. Hosts Presidential Candidate Mitt Romney
    Industry Beat
    The Mass. Governor unveils foreign trade policy at Ohio manufacturing plant.
    Presidential Candidate Governor Mitt Romney selected a Screen Machine Industries plant located in Ohio, as a backdrop for a speech that called for fair and competitive international trade policies and promoted Romney's major economic job creation "job-start" program.
    [ read more ]
  • When Your Customer Won't Pay You
    A Closer Look
    By Joanne Costin
    Coface wants to be an extension of your credit and collections team, offering solutions that start before you ever make a sale.
    It's a lot of hard work getting business, so when customers don't pay, frustration sets in. Where do you turn? What are your options? Coface Collections North America, a commercial collections agency, wants you to turn to them.
    [ read more ]
  • Arctic Snow & Ice Control Products Launches New Compact-Duty Sectional Sno-Plow
    New & Improved
    Individual, spring-loaded sections move independently, create more efficient plowing.
    Arctic Snow and Ice Control Products' new Compact-Duty Plow is compatible with small skid-steers, compact tractors and small wheel loader. Perfect for clearing small parking lots, sidewalks and larger driveways, the CD plows are ideal for facility managers, snow and ice removal professionals, construction and landscape contractors.
    [ read more ]
  • Equipment Sales Rebounding, But Expect A Long Recovery
    Trends
    By Andy Wilhelm
    Watch regional sales activity closely; SIC data can help identify new prospects.
    There is positive news overall regarding construction equipment unit sales volumes through the first two quarters of 2011; however, expect a long recovery before we return to peak levels seen in 2006-2007. Small gains over the next few years will equalize new equipment financing levels, according to an analysis of state-by-state UCC data. Exactly how many years is hard to realistically forecast at this point, but don't expect it to happen quickly as a cautious marketplace begins to regain its footing.
    [ read more ]