Les Katz began Lift Shop in 2003, and earned $9.9 million during 2008-09. He entered a volatile market, and was immediately attacked by the competition.
“They would talk about us negatively, saying that Lift Shop did not have a service department, that we had financial difficulties, (when in fact their credit score was bad), that we sold illegal lifts. They defamed us quite badly, really.
“We would end up defending ourselves rather than talking about the features, innovations and benefits of our products. We were wasting valuable time on rubbish. The clients would also get sucked into this “game” by them… and bring it to our table.
“One company dropped their prices to loss making territory and the director said he would make up the loss when Lift Shop became broke.
“Most of these residential so-called experts are fiscally lazy. Many imported from Europe and when the Euro was pummelled, that gave us an opportunity to stabilise our business and get market share. We properly manage our costs, so when we have a downturn in our industry we know how to handle our credit… unlike the competition.
“We doubled the delivery speed, and could offer our products at 65% of the market cost and make a profit. We were selling a better product for less money and faster.
“The incumbents were used to a pretty basic product at very high prices, and we caught them with their lazy pants on. We’ve been received very well by customers, who have turned into sales agents for us. We don’t just cater to the cheap end of the market, although we are competitively priced.”
Read more about Lez Katz and Lift Shop.