Innovative Technology Gives Orthodontic Lab a Competitive Edge
The right technology can be a game changer for businesses – even very small ones. This family-owned orthodontic laboratory needed to upgrade their equipment for producing retainers, appliances, aligners and more. A 3D printer – specifically, the Object30 OrthoDesk 3D printer – fit the bill and would allow for same-day turnarounds from digital intra-oral scans.
However, the steep price tag was a challenge. The lab owners were contemplating the vendor’s lease-to-own option … but they weren’t sure that was the best financing approach.
When the owners mentioned their need to a City National Bank representative, he immediately knew First American Equipment Finance had the right expertise to offer strategic guidance for this business.
First American worked closely with the owners to understand their needs and structure a competitive financing option.
Because 3D printing technology is changing so rapidly, an outright purchase wasn’t the best option for this business, as the technology would likely be outdated in just a few years. First American instead recommended a $90,000 Fair Market Value lease with a 36-month term.
At the end of the lease, the client would be able to refresh the equipment, which would likely be at the end of its useful life. This gave the client a win-win scenario – with access to the technology they needed today, plus the ability to refresh their technology when the time was right.
First American’s project management services was also invaluable for these time-strapped small business owners. From start to finish, the First American Project Manager oversaw the equipment ordering, delivery and invoicing, ensuring a painless, hassle-free experience for the client.
Because the client had already selected the equipment, First American efficiently negotiated a competitive lease structure and quickly processed the documentation. The printer was installed at the client’s lab without any hiccups, and the lab owners couldn’t be more pleased with how easy the process was.
Moreover, the client appreciated the guidance First American offered when structuring the loan. Knowing they’ll have the innovative technology they need to be competitive, as well as a financial partner that can expertly help their small business grow, gives these owners confidence they’ll see the right return on their investment.