Women-Owned Equipment Rental Company Builds Confidence Through Strategic Partnership with CJG Partners

At a Glance

Client: Lizzy Lift
Industry: Equipment Rental
Location: Chicagoland
Owner: Liz Faruzzi, Co-founder
Years with CJG: Approximately 20 years
Services: Accounting setup and education, tax compliance, multi-state tax guidance, business advisory, M&A due diligence support, sales tax audit management
Key Results: Successfully navigated business sale transaction, avoided costly compliance mistakes across 50 states, established robust financial systems that enabled confident growth and decision-making

When two sisters started Lizzy Lift in 1998 with minimal capital, they entered the competitive world of equipment rental with a unique approach. Beginning with re-rentals—using other companies’ fleets to serve customers—they gradually built their own specialty equipment fleet, placing it strategically across the country with trusted vendors and customers. As a certified Women’s Business Enterprise (WBE), Lizzy Lift found opportunities with companies seeking to meet diversity spend requirements.

However, in those early years, the founders made a decision that nearly derailed their success: they hired an accountant who had randomly reached out to them, not fully understanding how critical the right accounting partner would be to their business.

A Painful Lesson in Choosing Advisors

“When we first started Lizzy Lift, we hired an accountant who had randomly reached out to us,” Liz Faruzzi recalls. “At the time, we were just getting the business off the ground and didn’t think we needed a bigger firm. Honestly, we didn’t yet understand how critical it is to have a strong accounting partner.”

After a few years, the sisters discovered significant problems. “We realized that this accountant hadn’t been handling everything we assumed he was. There were significant gaps in what was being done, which left us feeling exposed and vulnerable.”

The accountant had stopped reconciling accounts. Even more concerning, Lizzy Lift operated in virtually every state, and it appeared he was guessing or, at best, estimating the taxes they needed to submit across different jurisdictions. “It was a mess,” Liz admits. “We really had no idea how our company was performing.”

That was the turning point. The sisters knew they needed a more reliable and proactive firm, one that would ensure they were handling everything correctly, identify opportunities to save money, and guide them through financial and tax matters as they arose.

Building a Foundation with CJG Partners

Through a family connection—their father’s company worked with CJG Partners—the sisters reached out to a firm they already trusted. For 20 years since then, CJG has been their strategic partner through every stage of business growth.

“When we first moved over to CJG, we were still a very small company and needed a lot of guidance,” Liz explains. “They worked closely with us, educating us on the basics of accounting—things like reconciling accounts, creating budgets, and even helping us get QuickBooks set up properly. That foundation was critical for us at the time.”

CJG didn’t just fix the immediate problems. They took the time to teach the Lizzy Lift team how to manage their finances properly, building capabilities that would serve the business for years to come.

Growing Together Through Complex Challenges

As Lizzy Lift expanded, CJG continued to provide strategic support on increasingly complex projects:

Multi-State Tax Complexity: Operating equipment rentals across all 50 states created intricate tax compliance requirements. CJG helped Lizzy Lift navigate questions around taxability in different states, ensuring compliance while avoiding overpayment.

Sales Tax Audit Management: When state auditors came calling, CJG guided Lizzy Lift through the audit process, protecting the business from potential penalties and ensuring proper documentation.

M&A Due Diligence: In 2020, when Lizzy Lift decided to sell part of the company (the re-rental side) to a California firm while retaining their equipment fleet, CJG played a crucial role. “They guided us through the due diligence process when we sold part of our business—even meeting with us, our attorney, and the buyers to make sure everything was handled correctly.”

Strategic Advisory: Even with a stronger internal accounting team today, the Lizzy Lift team continues to reach out to CJG regularly. “More recently, I reached out to CJG for a second opinion on a compensation structure I was considering for a key employee,” Liz notes.

The Value of a Flexible Partnership

What sets CJG apart, according to Liz, is their ability to meet clients wherever their needs are.

“In a nutshell, CJG consistently meets us wherever our level of need happens to be. Whether it was teaching us the basics when we were just starting out, guiding us through complex projects like due diligence, or simply providing a second opinion on compensation planning, they’ve adapted right alongside us and given us the support we needed at each stage.”

The relationship feels collaborative rather than transactional. “One of the things I value most is that they work as a team, with each person bringing their own area of expertise. It feels a bit like going to a teaching hospital, where you have access to a variety of specialists who can be consulted depending on the situation. That depth of knowledge gives me a lot of confidence that whatever comes up, we’ll have the right guidance.”

Measuring Success: Security and Avoided Costs

While Lizzy Lift has achieved tangible results, such as completing a complex business sale, maintaining compliance across all 50 states, and saving money through proactive tax planning, Liz points to something less visible but equally valuable.

“One of the biggest results is the security we feel knowing we’re doing things correctly. If (when) we get audited again, we have confidence that we’ve done our best to stay compliant with accounting and tax laws. In fact, the biggest gain is probably something we’ll never see, because it’s the costly mistakes and vulnerabilities we’ve been able to avoid with their guidance.”

The Lasting Value of the Right Partner

“I would absolutely recommend CJG. They’re incredibly personable, consistent in responding quickly, and always willing to help. What really sets them apart is their ability to step in at whatever level you need, whether it’s walking you through the basics, providing day-to-day guidance, or advising on more complex financial and tax matters. Having that kind of flexibility and support has been invaluable for us.”

After nearly two decades of partnership, Lizzy Lift continues to grow with CJG Partners by its side, a testament to the lasting value of finding the right accounting partner from the start. Lizzy Lift’s 20-year partnership with CJG Partners demonstrates the transformative impact of finding an accounting firm that combines technical expertise with a genuine commitment to client success.