Finance expert Mike Periu on the ins and outs of equipment-lease renewals.
For leasing equipment, a typical agreement is for a fixed term that ranges from 12 to 60 months and requires monthly or quarterly payments. Many equipment lease contracts also come with an automatic renewal provision, which extends the lease for an additional 12 months with the lessee paying the same amount as in the final month of the original lease term. For some small businesses, this is a good deal. If the equipment is functioning properly, hasn’t become obsolete and the cost of removing and returning it to the lessor is very expensive or requires significant inconvenience—simply letting the lease renew is a good option. If you need to replace the equipment, however, then it’s important to follow the lease termination requirements precisely—especially the notification timetables.
Who is Mike Periu?
Mike Periu is the President of Proximo, LLC, a company that markets education and training programs to small business owners, entrepreneurs and consumers.
Mike Periu has been interviewed over 500 times for broadcasters including CNN, NBC TVE, RTE and others. Mike is a contributing author to OpenForum, Yahoo! Finanzas and the Huffington Post.
Mike graduated from Georgetown University in Washington, DC. His degrees are in Finance and International Business. In addition to his work Mike is also on the Board of the Council for Economic Education.
A little about Mike Periu
Periu founded Proximo, LLC nearly 15 years ago. The company provides small business education and training services with an emphasis on finance and technology.
Periu teaches empowerment through entrepreneurship and economic opportunity. He regularly appears on television and radio talking about these subjects.
Periu also writes for leading blogs about finance. These include: American Express OpenForum, Yahoo! Finanzas and the Huffington Post.
Periu studied Finance and International Business at Georgetown University. He is a Board member at the Council for Economic Education.
