Welcome
Are you ready to pull the pin?
By Clair Urbain
Interviewing Jenny and Tom Indykiewicz, former owners of Indy Lift in the Minneapolis area and this issue’s cover story, was an interesting experience. It was an exercise in learning life’s lessons and its one of those lessons where you learn as you go, but when you’re finished with it, it’s knowledge gained that you likely won’t need again.
I am glad that the Indykiewiczes consented to the interview to share their retirement journey. After some in-depth meetings with their financial advisor, they officially closed their doors mid-2022. From their due diligence, they decided to auction off their inventory of aerial and lift equipment as opposed to selling their location and inventory to a competitor or investment group. With the supply chain crippling equipment deliveries, they found an eager audience of bidders interested in obtaining their well-maintained fleet of equipment.
They recommend that others who are thinking about retiring from the equipment rental business to tap into counselors who are familiar with the ins and outs of the world of rental. Those familiar with how deals come down with various investors can provide some great insight into selecting an exit strategy that aligns best with your goals.
It’s also not something that should be executed from start to finish in a few months. The amount of soul searching, strategizing and planning to execute the process takes some time. Experts recommend starting on your exit plan long before you begin to execute it to achieve the smoothest transition for all parties involved – including employees – who may stay with the new owner or need to consider other avenues for employment.
Once the Indykiewiczes liquidate the remaining parts inventory, they can settle into Tom’s new man cave – the former shop – to pursue their lifelong dream of collecting hot rods and finish dressing out his 36-year old Nova car project.
Tom and Jenny, we hope you enjoy your retirement and we thank you for sharing your insights about your journey!
PRO CONTRACTOR RENTALS MAGAZINE
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