Despite the recession, Theros Equipment has done a good job in keeping current with collections, primarily as a result of the efforts of controller Traci Passmore. Passmore's personable nature has helped maintain good relationships with customers. She also excels at designing payment plans to keep customers paying. Joint-check arrangements are a big part of Theros Equipment's approach, typically well-received by customers and far less confrontational than such methods as putting liens on jobs. Passmore is also a strong believer in developing relationships with customers to pre-empt collection issues.

“Any customer with large balances, if we get into a past due scenario, we're normally trying to get a face to face because it definitely brings another level of interaction with that customer,” Passmore says. “When you meet with them, they often realize you're in business just like they are and you're just trying to pay the bills. Then they think ‘These are good people, I don't want them to be the one I don't pay.’ We really try to stay away from collection agencies.”

To the airport

Thinking beyond the current economic morass, Theros Equipment's prospects for the future are strong. The company has a stable staff, with a lot of people with the organization since its inception, including a number of people who worked in the past for Tod Theros' McLean Rentals. Its management team, led by Joel Theros, controller Passmore — who also specializes in heading up the company's marketing efforts — and Keith Noyes, service manager and IT specialist, is secure and solid. Passmore has been with Theros Equipment for nine years and Noyes for 11, after working nine years with McLean in the past.

The company is also in a strong market area in northern Virginia with its locations in Sterling, Warrenton, Lorton and Fredericksburg. Loudon County, where the Sterling branch is located and nearby Stafford County, where the Fredericksburg branch is located, were among the country's fastest-growing areas for years, although they have slumped along with everyplace else recently. The Sterling branch is located in a business park just over the trees from Dulles Airport and the surrounding area is filled with businesses that are involved in airport support services. The airport has a considerable amount of ongoing construction that will be continuing for some time and is likely to provide a good bit of rental activity.

Theros is expecting a flat year in 2010, believing that the economy is “bouncing along the bottom.” The company gives every indication of having done the right things to be prepared to bounce upwards along with the economy when it starts to improve.

To Joel Theros, his approach remains a simple one. “You've got to outhustle your competition, you've got to work harder, get up earlier, get more done in a day, and be part of all the goings-on in the business,” he says. “If you're getting into the rental business to be a passive owner and operator and let somebody else do it all, you're in the wrong business. If you're in the rental business, you're in it because you enjoy getting up and getting equipment to customers all day and if you don't, you shouldn't be in it. Those core principles are really what drive it.”