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Steve Smith, president of CNY Equipment Rentals and Sales Corp., the owner of the Taylor Rental franchises in North Syracuse, Dewitt and Latham, NY, knew what to do in the face of rampant consolidation in his industry.
He jumped on the bandwagon and sold his 25-year-old business to Logan Equipment Corp., a growth minded rental company headquartered in Shrewsbury, MA.
The transaction closed in June. Terms were not disclosed.
Smith did not sell out to retire, however, after building up his company to be one of the most productive Taylor Rental franchises in the nation. Rather, he voiced concern about this ability to compete effectively against rapidly expanding competitors with deeper pockets and lower cost of capital.
The $20...