Dov Goodman, managing owner/CEO, Rent A Tool, Brooklyn, N.Y., has joined the ARA of New York board of directors.
Goodman’s appointment to the ARA of New York’s leadership team, while undoubtedly a sign of the confidence placed in him by his peers, may not necessarily be a position Goodman saw himself in when he first got involved in the rental business 10 years ago.
“When I started my journey in tool and equipment rentals, I had no real trade skills and didn’t know anything about the work apart from working in a community hardware store for over three years,” Goodman says. “But the ethics were there. I finished seven years of Rabbinical high school and was up every morning for studies at 6 a.m.”
Goodman also notes that he has roots that prepared him to achieve success as a business owner. “I'm from Israel, from a small village next to Tel Aviv, and I learned how to take care of business from my dear parents, who set an example,” he says.
An idea about gaining a foothold as a rental business owner came with a proposition Goodman made to his hardware store employer.
“After a few years at my job, I offered to open a tool and equipment rental business right next door to his huge hardware store. I felt there was a big need for it because people were asking for this service almost every day,” Goodman says of his offer to run and co-own the rental operation.
The proposal wasn’t well-received. “Guess what? He said no,” Goodman says.
That’s when Goodman took matters in his own hands and started his own rental company from the ground up. Or, more accurately, from the underground up.
“I had few dollars [saved up], so I opened up a tool rental business out of a basement,” he says. “I started to put myself out there, but I didn't really know what I was doing. I learned lessons the hard way, lost a lot of money, and wasn’t able to get enough people to come in or to get to know me.”
It took about five years in the basement for Goodman to begin hitting his stride as a rental operator.
“I learned on my own how to run such a business, get to know better suppliers and make moves that are better for the business,” he says. “I moved to a real location and got some loans that enabled me to hire and expand, but it wasn't enough. I was spending more than the gross income.”
Goodman says the big breakthrough in achieving success in his business came when he started consulting a business strategist.
“I recommend everyone do that before opening a business. I was able to survive, and after a few months of implementing what she told me to do, the breakthrough came. It was amazing. And here I am, after 10 years in business, knowing probably 1,000 times more about the rental business, gaining information that helps in life and running a great business with the most amazing team. This is only the beginning of the success awaiting me out there,” Goodman says.
When a vacancy on the ARA of New York board of directors came up, Goodman’s reputation in New York rental circles caused him to be considered for the role.
“I was approached by Anthony Durante [executive chairman, Durante Rentals, New Rochelle, N.Y., who also serves as ARA of New York vice president], who told me there was an opening for a board member and what I needed to know about it,” Goodman says.
Goodman says he answered the call to serve because “I want to give what I've got to offer and get knowledge from the more experienced. It’s good to be connected to the people in the industry who are good at what they do.”
“I'm still learning my role on the board, but I have many ideas and I think implementing them will be a great move for the chapter,” Goodman says, adding that he hopes to leverage some contacts to grow membership. “I have people who I think I can get to join the ARA [American Rental Association] through my new role.”