Get enough information from and about bidding lessors to decide whether to include them in bid process. If possible, ask for financial information from potential bidders to evaluate their financial condition. Also, if you can, obtain a Dunn and Bradstreet report (“D&B”) for each bidder. In D&B report, look for lawsuits filed against lessor, judgments, severe payment delinquencies, poor financial performance and similar issues that might impact performance on a new lease transaction.

Ask for and check customer, vendor, bank and trade references for each lessor. Contact each reference and verify key information given to you by lessor. Ask how lessor handles its account and whether there have ever been any problems or issues. Ask customer references about lessor’s ability to perform and about attentiveness to customer problems and concerns.

Investigate bidders online. Check Google (www.google.com) to see whether prospective bidders appear in any newsworthy articles. Hit message boards and newsgroups. Look for unresolved problems, fraud, financial problems, success stories, and awards. Visit bidders’ websites to get as much information as possible before extending an invitation to bid. You may be able to screen out undesirables.

Lastly, make sure prospective bidders belong to one or more industry trade association. While membership alone does not speak for integrity or expertise of members, most of associations set standards of conduct for their members.

A Word About Lease Brokers

Lease brokers serve roles similar to insurance brokers. They profit by placing lease transactions with ultimate financing sources for those transactions. You should decide whether a lease broker would serve you better than seeking direct bids from lessors. Lease brokers can be useful in finding sources for difficult transactions, due to weak credit or unattractive equipment. They also can be useful in placing transactions that are highly specialized. Only work with lease brokers who have high integrity, who have a good understanding of leasing, and who understand market you are in.

The entry bar for becoming a lease broker is relatively low and not all brokers are well trained or reputable. Check broker’s references and capabilities thoroughly. Check to see whether broker belongs to national trade association for lease brokers, NAELB (www.naelb.org) or to one of other major equipment leasing associations. Use same guidelines for evaluating brokers as outlined above for leasing companies.

Parting Words Of Caution

Avoid high-pressure lease sellers. Whether they are brokers or leasing company representatives, odds of you being misled or disappointed with outcome are very high. Only work with lease representatives or brokers who have a good understanding of leasing and who are sensitive to your needs. To do otherwise might result in delays or disappointment.

Avoid giving lease deposits or advance rentals to brokers. Brokers do not provide financing directly and, in possession of your money, represent a potential credit risk.

If lease broker or leasing representative says anything that constitutes a significant misrepresentation, walk away. Chances are first such misrepresentation won’t be last. There are too many knowledgeable leasing professionals with high integrity. Avoid spending time with those who are unprofessional.

Lastly, make sure you get at least three or four lease bids from qualified lessors, if you can. At end of day, lease pricing is market driven. Getting several bids will help ensure that you get competitive pricing and terms.

Choosing right leasing company is worth effort. By taking a few easy steps during planning and bidding phases of lease procurement process, you can eliminate or greatly reduce time wasted with unqualified lessors. You can also avoid getting run-around. Allow enough time to carefully check out all bidders. Be partial to lessors with high integrity, great reputations for performance, good expertise and who communicate well with you. You will invest a little time upfront, but you will thank yourself later.

Answers to these questions should be incorporated into a customized personal financial plan tailor made just for you.

A Financial Plan is specific to your unique needs and will include following:

*Current and projected financial statements *"What if" scenarios with different assumptionsv *Cash flow objectives *Retirement goals and tax-efficient ways to achieve them *Funding children's education *Protecting against financial impact of premature death or disability *Implementation schedule with a time frame to follow.

Expect this process to be an eye-opening experience. You should be able to see all disparate areas of your financial life come together into a comprehensive, meaningful, integrated whole.

All parts will work together like a well-oiled machine. You will see exactly where you are now, where you want to go, and most importantly, how to get there. Any obstacles you face will be clearly identified.

Your personal financial plan is a living document that should be reviewed on a regular schedule and altered to meet your changing circumstances.

Developing your financial plan is only first step in a life-long process of wealth accumulation and financial security. Free financial planning resources are available at http://www.flanancialplanninginfo4u.com when you are ready to begin.