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Don Seeley

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    Beacon Funding

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  1. The Section 179 Tax Deduction allows a business to deduct all or part of the purchase price of certain qualifying equipment that is leased or financed. How It Works: When you acquire equipment for your business, you can deduct up to $1,000,000. The deduction phases out when a business purchases more than $2,500,000 in one year. Once you hit the Section 179 deduction limit, you may also qualify for Bonus Depreciation. For 2019, Bonus Depreciation is 100 percent. The Section 179 Deduction and Bonus Depreciation apply for both new and used equipment. Calculate now! https://www.beaconfunding.com/section-179-calculator Savings Example: Equipment Cost $55,000 Section 179 Deduction $55,000 Bonus Depreciation $0 1st Year Depreciation $0 Total 1st Year Deduction $55,000 Tax Savings (35% Tax Bracket) $19,250
  2. Check out this 2016 Ford F450 4x4 w/ Vulcan 810 Self Loader that our partner company Equip-Used is offering. 6.7L Diesel Automatic Transmission w/ 4WD 209,187 miles Hydraulic Brakes / Spring Suspension 19.5" Aluminum Wheels Inside Controls on Corded Remote This truck is sold AS IS No Warranty, unless otherwise agreed upon by seller and buyer. Please contact me with any questions and inquiries, I can help you get this financed. For more details visit : https://www.equip-used.com/equip/equip/Trucks/Ford/F4504WDwVulcan812/32/4398 Don Seeley Equipment Financing Consultant 847.897.1761 | dseeley@beaconfunding.com
  3. Check out this2008 Ford F550 w/ Altec TA37M Bucket Truck that our partner company Equip-Used is offering. 6.4L Diesel w/ Automatic Transmission and Push-Button PTO 129,497 Miles 21.6 Length x 8 Width x 10.9 Riding Height Tires and Brakes in good condition 120v Block Heater 19,500 GVWR - Hydraulic Brakes - Under CDL Altec TA37M w/ C- category boom Platform Height 37.3, Working Height- 42.3, Side Reach 27.3 Front High Mount Pedestal w/ Articulating / Telescopic Boom and Continuous Rotation Insulated Bucket w/ 350lbs capacity and Pistol Grip controls 1,000lb Material Handler w/ Hydraulic Extension & Tilt 800# lifting eye Upper and Lower Controls Two Rear Hydraulic A-Frame Outriggers Work lights, Compartment Lights, Full Utility Body Strobe Package In-Bed Roadside Ladder Rack Rear Receiver Hitch and Rear Electronic Brake Controller Freshly Serviced This truck is sold AS IS No Warranty, unless otherwise agreed upon by seller and buyer. Please contact me with any questions and inquiries, I can help you get this financed. For more details visit : https://www.equip-used.com/equip/equip/Trucks/Ford/F550wAltecTA37MBoomBucket/32/4317 Don Seeley Equipment Financing Consultant 847.897.1761 | dseeley@beaconfunding.com
  4. The majority of you are familiar with equipment financing but there are so many things to keep in mind. Attain the equipment your business needs to achieve your goals by considering these five things: Take Advantage of Savings Benefits Do Your Research Maintain a Good Credit History Attract More Customers Get Your Finances in Order https://blog.beaconfunding.com/equipment-financing/5-things-to-consider-when-looking-for-equipment-financing/
  5. Hello everyone, I want to ask ask you are aware Beacon has an Equipment Financing & Leasing Blog that is chalk full of all kinds of information. There are different categories such as Commercial Vehicles, Finance Tips, Business, and a bunch more. If you are ever looking for more information that is easy to digest, you should check it out. Thanks for your time, if you have any questions please ask. http://blog.beaconfunding.com
  6. I know most of you are familiar with equipment financing but it's still a big decision and there are several traps you can easily fall into. That's why we decided to share these 7 common financing mistakes. This way you can be more aware the next time you decide to finance equipment. http://blog.beaconfunding.com/finance-t ... -to-avoid/ Don Seeley Equipment Financing Consultant Beacon Funding Corporation 847.897.1761 dseeley@beaconfunding.com Dodgetowguy134 said; Good read Tally Towing said: You are right on... We may be in that stuck section. It's hard after you pay every thing off to go into that much debt again! About time to go bigger or stay home!! Hold up now is waiting on our local CDA to get the kinks out!
  7. As winter is upon us, you know as a tower you need be prepared. We came up with some advice on how to deal with your busy season. Feel free to read our article about it if you like. Article Link: http://snip.ly/5o9ub Thanks, -Don Don Seeley Equipment Financing Consultant Beacon Funding Corporation 847.897.1761 dseeley@beaconfunding.com
  8. Are there any new tow markets you've tapped into to make an extra buck? Or any you're considering? Let us know! In the meantime, feel free to check out our article about this topic if you wish: http://snip.ly/io1yt Thanks for reading! Don Seeley Equipment Financing Consultant Beacon Funding Corporation 847.897.1761 dseeley@beaconfunding.com
  9. This is an article which was published about how to find your best equipment financing plan. See more here: Four Steps for Finding the Best Equipment Financing Plan http://snip.ly/llq7h#http://homebusines ... -business/ Thanks, -Don Don Seeley Equipment Financing Consultant Beacon Funding Corporation 847.897.1761 dseeley@beaconfunding.com
  10. Not all financing apps get approved, and we know that sucks. We approve 3 out of 4 of our credit approvals because we finance start-ups and businesses with challenged credit all the time. We have 4 steps you can take when you do get denied for financing. Check it out here: http://blog.beaconfunding.com/finance-t ... financing/
  11. Topic originally created on Tow411 in 2014: Beacon's Break Even Calculator compares an estimated monthly payment to your production volume to calculate whether you'll make enough profit to cover your monthly payment on a new truck. When you understand the return your new truck will produce versus your monthly payment, you can make an informed decision on whether a purchase or upgrade makes sense. Calculate now! https://www.beaconfunding.com/equipment-financing-calculator-estimate-your-monthly-payment Break Even Example Tow Truck $65,000.00 Profit Per Tow $30.00 Estimated Monthly Payment $1,207.00 Tows To Break Even 2/Day In Memory of National Autow who said: I'm sorry but that is a bit oversimplified isn't it? If your major concern is the note on the truck then you probably need to rethink how you think about the business finances. The TOTAL cost of operation obviously must be considered. The amount of money put into debt service (truck notes) is only a part of that equation. IMO krnydsl said: Truck payment is only maybe a fourth of the cost. Fuel and wages are the two biggest expenses. Then insurance, rent, advertising, phone,maintenance and a little for the boss to buy some rolaids. And you still haven't saved any for a new truck. Recalculating, recalculating... EKYTow55 said: That formula wouldn't work for me, 60 bucks a day profit on towing = $1800.00 for 30 days won't even pay the payment and insurance let alone make any money for the business to run! Wade200 said: Too bad everything else we have to pay out makes the truck cost seem insignificant. The variables involved with truly knowing your cost is so complex that it's nearly impossible. Randomness is a huge factor in towing. Tomorrow I may have a $10k recovery, I may run 1,000 miles towing or I may sit in the office. The problem is all the bills have to be paid either way. Dodgetowguy134 said: #1 rule in business is to KNOW/Understand YOUR costs (operating expenses) to be able to figure it all out rdonchann said: The example says PROFIT, I took that to mean after the other fuel,insurance,labor etc expenses. donseeley said: The formula is here to show people a simple way to figure out thier price range when purchasing or upgrading a truck. The example of $1,800 monthly income is based off of 2 tows a day at $30/tow X 30 days. A payment on a $65,000 would be around $1,200..$600 would be the profit. It doesn't take into account the fuel, insurance etc cost. Don Seeley Equipment Financing Consultant Beacon Funding Corporation 847.897.1761 dseeley@beaconfunding.com generaltow said: In figuring out your price range, how do you run the truck to make a profit without adding in fuel, ins, driver pay, oil changes, normal service, tires, etc. In all my years in business, these things all cost me money. I have never found a truck that don't have to have these things. That is not even getting into office expense, phone, etc. I can not make myself understand the simple formula. Steve In Memory of National Autow who said: Back in the day (man, I am getting old) it was common place for a lender to seriously question you about your ability to generate enough revenue to not only make the payment of the loan but also to see if you have enough revenue to pay your operating costs. It seems today that lenders are primarily getting you rolling, one way or another. A good example of the change would be the mortgage crisis of the last several years. Mortgage brokers were writing non-conforming mortgages and investors were buying them up. When the market crashed, the Federal government actually stepped in to some institutions and loaned them money to keep them solvent. In the mean time, mortgages were renegotiated but more importantly, it got a lot harder to get a mortgage. You had to be more credit worthy and that is something we had not seen in a long time. This remake of the mortgage industry put some people out of work. A friend of mine was a mortgage broker thst lost his job. He only lost it because the scum bank he worked for stopped writing mortgages for prople that should never had gotten a mortgage in the first place. This same kind of thing happens with business and equipment financing. Often times, there are middlemen that first sell you on the loan and then sell the investor on the idea to fund the loan. In equipment financing, there are few rules compared to mortgages for real estate. Bottom line - Understand what you are getting into and don't believe everything you hear. You often must consider the source of information before lending credibility to it. That was a long rant but I have seen people get burned on the financing on equipment purchases. I have been to tow shows and heard some of these guys sales pitches. By contrast, there are also good lenders at the shows. Just make sure you know who is who before you sign on the line. donseeley said: i like the idea of running this scenario with the added fuel, insurance etc. Would someone be willing to give me a rough idea of the extra monthly cost that's assoicated with running a truck? I then can revamp the formula for everyone to play with. Don Seeley Equipment Financing Consultant Beacon Funding Corporation 847.897.1761 dseeley@beaconfunding.com generaltow said: Just a real brief list that is bare bones only. truck payment 1207.00, 100 mile a day average at 8 mpg is 12.5 gal at 3.759 makes 1409.40 month in fuel. Ins at 6000.00 yr makes 500.00 month. Driver at 16.00 hr for 30 days makes 3840.00 month. 36000.00 miles makes one set tires which makes 150.00 monthly. This is bare bones with no phone, etc or any unforeseen extras or an office and lot. This makes that truck cost $7106.40 a month with zero profit margin. This very basic but gives you an idea what is involved. Buying the truck is only a drop in the bucket. Steve lantz70 said: Size of the company plays a HUGE role in figures. A single truck company might be 600 per truck, when a company with 20 might only be 200 a truck or less for insurance. Truck only costs are about $1 -1.50 a mile. This is tires, brakes, oil changes, and some other bs stuff. Depreciation is another key factor. A formula should be mileage based to be acurate at all. generaltow said: Miles run will make a lot of difference in insurance average as well as number of trucks on the policy. Most other expenses stay the same per mile without a lot of variables. The numbers I used above are just a general reference to give an idea of what is involved in arriving at an operating expense number. My numbers at my business average around $1.50 mile for the light duty trucks. Steve Dodgetowguy134 said: Not knowing your costs or being able to calculate them is all bad.... People need to be careful of "automatic calculators" that don't take into consideration your own operating costs...the one size fits all usually end up only fooling those who don't understand all the details goodmichael said: There is such a randomness to towing that the business is predictably unpredictable. There are no guarantees that you will get a phone call for service every day. There are slow periods where you have just enough work to keep you from hanging it up, and then you get a deluge where you do not sleep for 54 hours. Nothing is guaranteed. This industry is not like the post office either where you can run five billion dollars in the red, then cry to politicians for more money. You pay your bills and live on what work you do. Many markets as well as many business plans will not support new equipment. New equipment is nice, but unfortunately in this industry so many people are so concerned with generating cash flow that they lose sight of their best friend profit. I speak with people on a consistent basis who do not know what their cost is to run a basic call. They can tell you what their cash flow is, but have no earthly idea what it costs to run a call, what their cost per mile is, or what their margin of profit should be. Fuel and labor are the biggest costs in this business. The direction the country seems to be going in, health care might soon be a close third. Occupant272 said: You have to base this on the gross margin. If you're towing a car ten miles away ten miles further away and then driving twenty miles empty back to the shop for say, a hundred bucks, but it costs you (labor, insurance, advertising, maintenance, fuel, etc) $70 to run the tow, then you have a $30 PROFIT left over. I just finished figuring this all out and posted my novel in the wrong thread (the new website thread in this same forum). It definitely made me think more about how to price things because it doesn't matter what you make per mile or how much it costs to run each of those miles, but what the difference is between those two numbers. The margin. That's where the money is. MrsHook said: $16/hr labor? You know better than this. If the operator is taking home $16, it's costing you twice that. $30 tow is costing you money long before you begin to consider the cost of the truck. Better off going fishing. Tow Chef said: you could not get me to crank a rollback for a dollar less than $50 for a 2 mile tow. $75 for a ten mile tow. I will let my trucks sit before I run for nothing. over the past years I have watched several tow companys come and go. They get aaa to finance their trucks, run the crap out of them for pennies and wear them out in a year. they lower the rates for the whole area because they cant pay their bills. it hurts everyone around them. they go out of business but the rates are already lower now. now we have agero financing trucks and making them there #1 provider in order to get there money back. these last couple years have been tuff on us. it seems there is no loyalty any more. everyone is trying to save a dollar. what about service and relationships. if you want guaranteed work barrow money from agero or aaa. get used to paying them so you can work. profit, that's funny In Memory of National Autow who said: To borrow money on equipment with ANY link to ANY customer is merely becoming an indentured servant, in my opinion. Finance companies and motor clubs will TELL you that you can get a better rate that way but the smart money says otherwise. They tend to appeal to people that are only worried about the dollar amount of the payment and not what the actual finance contract costs. My suggestion is to look at the WHOLE deal and NEVER become an indentured servant.
  12. Don Seeley

    Grow Your Tow Business

    At Beacon Funding, we understand how important acquiring equipment is to your success. As a result, we handle each new business credit application with the highest priority. If your business is looking to finance or lease equipment, you can count on Beacon to respond in a quick, professional and trustworthy manner so that you can put your new equipment to good use and grow your business. Contact us today to get started! Why Trust Beacon Funding? 27 year history A+ Better Business Bureau rating Tens of thousands of historical transactions with zero (0) BBB complaints 1 of every 2 transactions is a repeat client. 1/3 of our deals are from three-time or more repeat Beacon clients 8.5 out of 10 average client satisfaction rating Don Seeley Equipment Financing Consultant Beacon Funding Corporation 847.897.1761 dseeley@beaconfunding.com
  13. It’s no secret that used tow trucks are more affordable than those that are brand new, but the process of hunting down the perfect truck can seem daunting enough to scare even the biggest penny-pincher away. Luckily, it isn’t nearly as hard as you’d think, especially if you use these four tips! Know Your Stuff It’s important to be knowledgeable about any tow truck you’re buying, but when you’re looking into used, it’s even more crucial. Do some research to see what trucks have a good reputation in the industry. You’ll want to know what trucks are known to last and hold up well to years of towing. Ask a few of your industry friends what their preferred makes and models are and check out Facebook groups and online forums. People love talking about their trucks and business, so don’t be afraid to ask! You’ll be surprised how willing other business owners are to give advice, especially if you aren’t their direct competition. Once you have some trucks in mind, make sure you know enough about them to really evaluate their worth. You want something that will hold up over time and that won’t require outrageous repairs in the near future. If you’re a little rusty on auto repairs, turn to a trusted mechanic. Run a few of the specks by them or see if they’ll inspect the potential truck. It could save you from a major headache later on. Shop Around With so many online truck buying options, it’s easy to shop around. No more driving from dealer to dealer only to find they don’t have what you need. Online classifieds and dealer inventories make it easy to see all your options. They allow you to cover more ground and see things you otherwise wouldn’t. Find the Right Financing Partner Even though buying used is more affordable, financing is still a great option for helping a used tow truck easily fit into your budget. Some lenders have set restrictions when it comes to financing used trucks. You’ll want to find a lender that understands used trucks and doesn’t impose unreasonable terms just because the truck isn’t fresh off the assembly line. You’ll also want to find a lender that offers customizable plans. Cookie-cutter leases and financing agreements just don’t work for most towing businesses. Make sure they will work with you to fully customize your term length and payment structure to give you the best shot at success. Adjust Your Timeline If you’re lucky, you’ll find the perfect truck in a jiffy, but more than likely, it’ll take some time to wade through all the options. You may even have to wait a few weeks for the right truck to go on sale. Don’t let that discourage you! The wait will be worth it when you find a great deal. While you’re still shopping around, consider getting pre-approved for financing. You don’t need the exact truck picked out and it will save you time in the long run. You wouldn’t want the perfect truck to slip through your fingers just because you haven’t started the financing process. The post 4 Tips for Getting the Used Tow Truck Your Business Needs appeared first on Beacon Funding. View the full article on Beacon Fundings Blog
  14. Northbrook, Ill., November 14, 2017—Beacon Funding, a leader in commercial vehicle financing to the small and mid-sized market, is pleased to announce its partnership with Quest TowNetwork and the launch of Quest Roadside Rewards, a program that provides enhanced financing options to providers in the Quest TowNetwork. “Quest has a strong reputation in the roadside assistance marketplace and continues to build a very high-quality network of towing providers,” said Toby McDonough, Beacon Funding President. “Beacon Funding is eager to help Quest’s towing provider network grow its truck fleet through our competitive, flexible, and convenient truck financing programs. Our goal is to make it easier for Quest providers to acquire more trucks, take more calls, and grow their revenue.” Quest TowNetwork dispatches emergency roadside, accident, and secondary tows for various companies. The network consists of independent service providers that offer roadside and towing services to Quest’s clients. By partnering with Beacon, they’ll be able to encourage providers to grow with additional trucks and communicate the benefits of being a provider to Beacon’s existing towing clients. John C. Bowen, Quest GM/Operating Partner, echoed McDonough’s excitement. “Quest’s partnership with Beacon Funding will give our service providers a simple, seamless way to finance their equipment purchases and grow their business.” Beacon Funding’s Quest Roadside Rewards program offers several exclusive benefits to Quest providers. By sharing their Quest activity with Beacon, Beacon’s financing experts will get a better understanding of the business as a whole and be able to rely on factors far beyond a company or individual’s credit strength, allowing more providers to qualify for the truck financing they need. As an added bonus, for each vehicle that is financed, the provider can receive up to $200 in VISA gift card rewards. In addition to the wider credit window and cash rewards, Quest providers will benefit from Beacon’s extensive industry and equipment knowledge. With nearly three decades in the equipment financing industry and financing consultants specializing in tow trucks of all shapes and sizes, Beacon Funding is equipped to help all businesses afford the trucks they need. “Our new partnership with Quest was made with service providers in mind. The Quest Roadside Rewards program combines the strengths of both companies to ensure the providers benefit,” said Nick Lionello, Beacon Funding Senior Financing Consultant. “While Quest is able to help increase providers’ revenue with more jobs, Beacon Funding is able to help them afford the trucks they need to keep up. I can’t wait to see how Quest providers are able to maximize their earning potential with this program.” To learn more about Quest or to become a provider, visit www.townetwork.com. For the latest Beacon Funding news, visit blog.beaconfunding.com. For information regarding Beacon’s financing and leasing programs, visit www.beaconfunding.com. ABOUT BEACON FUNDING CORPORATION For 27 years, Beacon Funding Corporation has been providing equipment financing solutions to all types of organizations and businesses throughout a variety of industries in the United States. Beacon Funding focuses on being a specialist in the select markets it serves. As a result, Beacon differentiates itself by offering start-up and existing business clients a wider range of equipment leasing and financing options. For more information, please visit www.beaconfunding.com. ABOUT QUEST TOWNETWORK Quest Towing Services, LLC has been providing premier roadside assistance and claims management to the insurance and aftermarket industries for almost 30 years. For more information, visit www.questsoftware.com. The post Beacon Funding Partners with Quest TowNetwork to Launch Quest Roadside Rewards appeared first on Beacon Funding. View the full article on Beacon Fundings Blog
  15. Adding another revenue stream to your towing business could be just what you need to take things up a notch. Whether you’ve been in business for years or you’re just starting out, there’s bound to be a market you can tap into relatively easily. To get started on finding your next niche, take a look at the pros and cons of these four towing markets you might not have considered. Small Aircraft Recovery and Towing Luckily, plane crashes aren’t very common, in fact there are usually under 100 per year, but that doesn’t mean planes never need to be towed. From accidents to transport, the opportunity to tow planes is more common than you may realize. This might be just the occasional profit boost your business needs. Standard tow trucks should get most plane towing jobs done, but the type of truck will always depend on the size of the aircraft. For the most part, you should be able to handle the tow with a car carrier or heavy duty truck. You may need some additional tools, but you probably already have all the major equipment you need. Planes are complicated and surprisingly delicate pieces of machinery. To effectively tow an aircraft, you’ll need a certain level of knowledge. You may need to invest in some training before you can break into the market. In addition to being a rather complicated tow, you also have to remember that after an accident, everything is considered evidence. You’ll need to be adept at following procedures and handling potential evidence. Because of the increased complexity, you’re justified in charging more which is, of course, great for business. You’ll have to do some market research to figure out exactly what to charge for any given job and how to properly advertise your ability to respond to these situations. You’ll most likely be one of the few in your area, so competition shouldn’t be too tough. It’s also important to remember that you won’t be able to count on towing planes as a steady revenue stream. While it may be a helpful skill to have and a valuable service to offer, it won’t be your most called on service. Consider your proximity to airports and the amount of air traffic in your area before diving in. Car Shipping Every day, people find themselves needing to move their vehicles across the country without being the one behind the wheel. This is where you come in. Transporting cars across long distances might diverge from your typical day-to-day tows, but it can be a strong service to add. Car shipping is a pretty robust market with a steady number of customers making it a fairly reliable income stream to tap into and there won’t be much of a learning curve when adding this service. You and your drivers should already have all the towing skills you need. Once you have a large enough carrier to handle the amount of cars you want to transport per trip, you’ll be able to get going quickly. You will need to evaluate your logistical abilities. Transporting cars over a long distance requires some serious planning. From scheduling pick-ups and drop-offs to making sure the most efficient routes are followed, transporting vehicles can get complicated. You’ll need to find a way to stay highly organized and maybe even hire someone to handle this aspect of the business. On top of that, transporting a car across the country isn’t quite as quick as your average tow. You’ll need drivers that are willing to spend days and even weeks on the road at one time. Heavy Duty Towing Semis, buses, RVs, tractors, and construction equipment all need to be towed from time to time. Bigger machines and vehicles may be sliding under your radar, but it’s time to look into adding these towing services to your repertoire. Like with aircraft towing, the process can be more complicated and time consuming. Though it might mean you can only take a few jobs per day, you can usually charge more for your services. Before deciding to do heavy duty towing, you’ll need to decide if you’d rather do a few big jobs or lots of smaller ones. In order to start towing these, you may need to invest in the trucks that can handle the size and weight of the bigger equipment. Luckily, equipment financing makes it possible to afford the trucks you’ll need. Boat Towing With the summer winding down, people will be looking to get their boats moved into storage. A lot of boaters underestimate the skill that is needed to tow a boat safely leading to boat trailer breakdowns. Being equipped to tow boats and even boat trailers can come in handy at the beginning and end of summer. It can give your business a great seasonal pick-me-up. In addition to breakdowns, you’ll find that some people will want you to handle towing from beginning to end meaning you’ll need to know how to get a boat out of water. Special trucks with adjustable tongues, ramping equipment, and other tools may be necessary to properly get the boat out of the water and onto the road. It may be wise to do a little research and ask some veterans for tips. No matter which market you decide to break into, you’ll be on your way to growing your business. Don’t let a lack of equipment get in your way. Beacon Funding is ready to help you afford the trucks you need to tap into new markets. Head to beaconfunding.com to learn more. The post New Markets to Break Into: Towing Edition appeared first on Beacon Funding. View the full article on Beacon Fundings Blog