FAMCO has never been afraid to adapt its business to meet clients’ needs. The UAE-headquartered distributor, which represents a vast array brands across the GCC, prides itself on being the first to respond to the evolving requirements of the market.
In 2012, the company launched FAMCO Financial Services, a division dedicated to the provision of flexible financing packages for its product portfolio, which spans commercial vehicles, construction machinery, materials handling equipment, portable power products, and more.
In the years since, the firm has invested considerable amounts of time, effort, and money in a bid to integrate these alternative financing options within the fabric of its day-to-day business activities. The result, according to Frank O’Connor, FAMCO UAE’s managing director, is the ability to offer procurement packages that cater to the entire spectrum of industry.
“There’s plenty of activity within the market,” O’Connor tells Construction Week. “2015 was an excellent year for FAMCO, and I expect 2016 to be good as well. However, there does seem to be an issue with cash flow. This is the factor placing the largest strain on our clients.
“It’s difficult for firms to deal with delayed payments. They still have to buy diesel every day, and pay their operators and sub-contractors. They need help to diminish this burden on their balance sheets,” he explains.
And this – in a nutshell – is the driving force behind FAMCO’s ever-growing range of financing options. O’Connor and his team are using everything in their arsenal to make life a little easier for their clients.
“That’s why we created these packages,” says O’Connor. “And we took the decision to do so before our clients even asked. We can see the pain and the pressure that they’re under, so we’re out there laying these offers on the table. We want to show that there are other ways of approaching procurement.”
Today, FAMCO offers a diverse selection of procurement options, from the traditional model of ownership to rental and leasing packages – and everything in between. Indeed, the distributor has restructured its entire sales strategy around the concept of tailored procurement.
“In the vast majority of cases, our clients are surprised by what we’re offering,” explains O’Connor. Sometimes, the management of a company will simply ask us to visit them and provide a quote. But when we go out to give them that quote, we offer five or six different procurement options.
“Clients really are appreciative of this approach. They find it helpful in terms of both cash flow and budgeting,” he adds.