Possibly Selling My Machines (shop), and Could Use Some Advice

[Tipton1965]

currently with no new machines available for many months I think there would be a lot more interest.

I totally agree. I would use the above fact in your favor. I bought a PM833TV back in February and recently sold it for exactly what I had into it. Plus it sold really fast.

 

[7milesup]

auction companies charge a premium for their services, 30-50%.

That is not true, unless your locale is drastically different than here in the Midwest.
I sold an item on an auction a few months ago. They charged me 12 or 13%. The buyer also pays a buyers fee and applicable taxes but the end result is still only the selling fee coming out of your pocket.. Even eBay only charges 12%

 

[rmantoo]

In more than 12 years following these forums, I am making only my second post, ever.

In 2006, after living in the same home for 54 years, after having built up over 40,000 sq ft of storage buildings on the 10 acres he had filled with machinery and vehicles, my father decided that he wanted to move to a city a few hundred miles away and live out his remaining years on the 28th floor of a high-rise condominium.

It took him, my brothers and I almost 2 years of weekend work to clean, list, and sell most of his stuff. Not including land and buildings, he got well over $600k for the contents. If we had waited until he passed, it would have been a nightmare for us and our stepmother, and the total would have been maybe 10-20% of that. We talked with 3 different auction houses beforehand, and all of them had very good data to support their estimates of $60-$140k.

I am extremely thankful that they were honest with us, and that we did it the way we did. Doing it like that has enabled my stepmother (who took amazing care of my dad for 40+ years) to continue to live in a manner that dad would have wanted.

That said, your situation is very different than his. Nowhere nearly as daunting as what we faced. You have the opportunity to deal with this in a much more organized manner.


Since you have 2 primary machines, a mill and a lathe, break them up. Do not try to sell them all in 1 shot. You should be able to get a very good price for your mill and all of the attendant accessories, and likewise for your lathe and it's accessories.

I would suggest the following:

1. Take a bunch of pics of the mill and it's accessories.

2. Take a bunch of pics of your lathe and all of it's accessories.

3. Make 1 post here in the classifieds with 3 categores: 1. The mill and accessories 2. The lathe and it's accessories, and 3. A slightly discounted price for all of it together (maybe 10-20% less)

You don't need to spend a ton of time listing each item and little piece...the pics should suffice for anyone who is serious about buying 1 or both. Most of us on this board will know exactly what we're looking at, and anyone who doesn't likely isn't truly a prospective buyer.

Were I you, Mr. Miller, I would spend maybe 15 minutes taking pictures, and another 15-20 minutes making a post. I would strongly suggest you figure out a rough total on what you spent on each section, and list it all for 15-20% less than that number. I would put your number in the following fashion: PRICE: $XXXXX FIRM.

That should get you pretty good money in 2 transactions.

Throw it up and see how quickly you get SERIOUS inquiries. I honestly think you will be surprised. If you REALLY one want to do 1 transaction, then take a bunch of pics, and list it all for 75% of what you paid. I think you will get it sold pretty quickly for that price, based on the machines you have.


Lastly, I will say this: If the money you would get for your machines and accessories represents a SIGNIFICANT amount in comparison to the rest of your future estate, then selling now is the prudent thing to do: It will likely maximize your return, and take a significant burden off of your loved ones in the future.

IF, however, the amount you're likely to receive for it all is relatively INSIGNIFICANT- as in, less than maybe 5% or so of your future estate, then keep it all, keep using and enjoying it- even if intermittently or more rarely- for the rest of your life.

Either way, I wish you the best of luck: I have GREATLY enjoyed your posts here for many years. I've only been a member for about 2 years, but I was an avid lurker for many years before that. I truly hope you will continue to post and share your knowledge and perspective with us in the future.

 

[MikeInOr]

Funny how we spend the majority of our life collecting tools only to sell them in the end. When I was 8 my father gave me a Proto nut driver set, a Proto wooden handled screw driver and a few boxes of hex nuts so I wouldn't have to use those awful square nuts and the stamped sheet metal wrench that came with the deluxe Erector set my parents gave me. I haven't stopped collecting tools since.

Not being under a time pressure to sell your tools means you will get MUCH more money for them. Every tool/machine that I have purchased from someone needing to sell quickly has meant a fantastic deal for me... so fantastic that I just gave the asking price and didn't even try to bargain. My $200 variable speed 16.5" drill press came from a guy that had to move out of his shop before July 1st. I really didn't need a 4th drill press but I am confident I can sell my old 16 speed 13" Chinese drill press for $150. On the flip side I have seen several machines from a single seller on Craigslist for near a year at prices I would never pay only to see them disappear one at a time. I assume someone must have purchased them... for how much I will never know.

I must say that I despise having to work with most CL buyers. I have dealt with some real A holes that I would give away the machine before I sold it to them... which I have actually done. I try REALLY HARD not to be "That Guy" when buying... and the results are amazing. I had one seller offer to sell me his Porter Cable biscut joiner (The nice old one with the metal fence) for $20 after I bought his Bosch 1590vs router for $50. I refused his offer for $20 and asked if he would take $50. Then he just started loading up my car with NICE hand saws, Bessie clamps and nice chisles... for free!... and refused to take any money for them!

So I guess there is an inverse relationship to time / hassle / dealing with idiots and how much you will be able to sell your machines for. To sell everything in one big package will be a VERY hard hit to the selling price... but it will be done and over quickly. In my experience 15% off retail for a package deal is a pipe dream. 15% of retail for a big package deal is much more realistic from what Ihave seen.

I actually have several tools to sell due to bigger and better aquisitions. I am not looking forwards to the process and will always offer friends a substantial discount first.

My 14 yo daughter has told me that when I go she will have a great big hole dug, throw all my "junk" in it then throw me on top of it face down... BUT she will leave my rear sticking up in the air 12" (so she has a place to park her bicycle when she comes to visit me).

 

[matthewsx]

In more than 12 years following these forums, I am making only my second post, ever.

In 2006, after living in the same home for 54 years, after having built up over 40,000 sq ft of storage buildings on the 10 acres he had filled with machinery and vehicles, my father decided that he wanted to move to a city a few hundred miles away and live out his remaining years on the 28th floor of a high-rise condominium.

It took him, my brothers and I almost 2 years of weekend work to clean, list, and sell most of his stuff. Not including land and buildings, he got well over $600k for the contents. If we had waited until he passed, it would have been a nightmare for us and our stepmother, and the total would have been maybe 10-20% of that. We talked with 3 different auction houses beforehand, and all of them had very good data to support their estimates of $60-$140k.

I am extremely thankful that they were honest with us, and that we did it the way we did. Doing it like that has enabled my stepmother (who took amazing care of my dad for 40+ years) to continue to live in a manner that dad would have wanted.

That said, your situation is very different than his. Nowhere nearly as daunting as what we faced. You have the opportunity to deal with this in a much more organized manner.


Since you have 2 primary machines, a mill and a lathe, break them up. Do not try to sell them all in 1 shot. You should be able to get a very good price for your mill and all of the attendant accessories, and likewise for your lathe and it's accessories.

I would suggest the following:

1. Take a bunch of pics of the mill and it's accessories.

2. Take a bunch of pics of your lathe and all of it's accessories.

3. Make 1 post here in the classifieds with 3 categores: 1. The mill and accessories 2. The lathe and it's accessories, and 3. A slightly discounted price for all of it together (maybe 10-20% less)

You don't need to spend a ton of time listing each item and little piece...the pics should suffice for anyone who is serious about buying 1 or both. Most of us on this board will know exactly what we're looking at, and anyone who doesn't likely isn't truly a prospective buyer.

Were I you, Mr. Miller, I would spend maybe 15 minutes taking pictures, and another 15-20 minutes making a post. I would strongly suggest you figure out a rough total on what you spent on each section, and list it all for 15-20% less than that number. I would put your number in the following fashion: PRICE: $XXXXX FIRM.

That should get you pretty good money in 2 transactions.

Throw it up and see how quickly you get SERIOUS inquiries. I honestly think you will be surprised. If you REALLY one want to do 1 transaction, then take a bunch of pics, and list it all for 75% of what you paid. I think you will get it sold pretty quickly for that price, based on the machines you have.


Lastly, I will say this: If the money you would get for your machines and accessories represents a SIGNIFICANT amount in comparison to the rest of your future estate, then selling now is the prudent thing to do: It will likely maximize your return, and take a significant burden off of your loved ones in the future.

IF, however, the amount you're likely to receive for it all is relatively INSIGNIFICANT- as in, less than maybe 5% or so of your future estate, then keep it all, keep using and enjoying it- even if intermittently or more rarely- for the rest of your life.

Either way, I wish you the best of luck: I have GREATLY enjoyed your posts here for many years. I've only been a member for about 2 years, but I was an avid lurker for many years before that. I truly hope you will continue to post and share your knowledge and perspective with us in the future.

This ^^^^

Keep using them as long as you can. When you're gone just have your family list them under your account here and they will go for a fair price.

No good reason to worry about it now, just get back out to the shop and start the next project

John

 

[wrmiller]

In more than 12 years following these forums, I am making only my second post, ever.

In 2006, after living in the same home for 54 years, after having built up over 40,000 sq ft of storage buildings on the 10 acres he had filled with machinery and vehicles, my father decided that he wanted to move to a city a few hundred miles away and live out his remaining years on the 28th floor of a high-rise condominium.

It took him, my brothers and I almost 2 years of weekend work to clean, list, and sell most of his stuff. Not including land and buildings, he got well over $600k for the contents. If we had waited until he passed, it would have been a nightmare for us and our stepmother, and the total would have been maybe 10-20% of that. We talked with 3 different auction houses beforehand, and all of them had very good data to support their estimates of $60-$140k.

I am extremely thankful that they were honest with us, and that we did it the way we did. Doing it like that has enabled my stepmother (who took amazing care of my dad for 40+ years) to continue to live in a manner that dad would have wanted.

That said, your situation is very different than his. Nowhere nearly as daunting as what we faced. You have the opportunity to deal with this in a much more organized manner.


Since you have 2 primary machines, a mill and a lathe, break them up. Do not try to sell them all in 1 shot. You should be able to get a very good price for your mill and all of the attendant accessories, and likewise for your lathe and it's accessories.

I would suggest the following:

1. Take a bunch of pics of the mill and it's accessories.

2. Take a bunch of pics of your lathe and all of it's accessories.

3. Make 1 post here in the classifieds with 3 categores: 1. The mill and accessories 2. The lathe and it's accessories, and 3. A slightly discounted price for all of it together (maybe 10-20% less)

You don't need to spend a ton of time listing each item and little piece...the pics should suffice for anyone who is serious about buying 1 or both. Most of us on this board will know exactly what we're looking at, and anyone who doesn't likely isn't truly a prospective buyer.

Were I you, Mr. Miller, I would spend maybe 15 minutes taking pictures, and another 15-20 minutes making a post. I would strongly suggest you figure out a rough total on what you spent on each section, and list it all for 15-20% less than that number. I would put your number in the following fashion: PRICE: $XXXXX FIRM.

That should get you pretty good money in 2 transactions.

Throw it up and see how quickly you get SERIOUS inquiries. I honestly think you will be surprised. If you REALLY one want to do 1 transaction, then take a bunch of pics, and list it all for 75% of what you paid. I think you will get it sold pretty quickly for that price, based on the machines you have.


Lastly, I will say this: If the money you would get for your machines and accessories represents a SIGNIFICANT amount in comparison to the rest of your future estate, then selling now is the prudent thing to do: It will likely maximize your return, and take a significant burden off of your loved ones in the future.

IF, however, the amount you're likely to receive for it all is relatively INSIGNIFICANT- as in, less than maybe 5% or so of your future estate, then keep it all, keep using and enjoying it- even if intermittently or more rarely- for the rest of your life.

Either way, I wish you the best of luck: I have GREATLY enjoyed your posts here for many years. I've only been a member for about 2 years, but I was an avid lurker for many years before that. I truly hope you will continue to post and share your knowledge and perspective with us in the future.

Just a FYI, but it would take me hours or days to get everything out and take pics, and then more hours (days?) to post those pics online in an organized fashion. Maybe I'm just getting too old to work that quickly?

I was just asking for suggested ballpark numbers based on my description in the OP, but thanks for the info.

 

[mmcmdl]

Selling out a shop will take years and years . I know from experience . I've been selling mine for going on 20 years now and it seems I get no-where . If you're like me , I could never sell the entire contents in a one off deal . I take it one piece at a time , when I HAVE the time .

 

[vtcnc]

$12k for everything.

This is the only figure I've seen thrown out there in response with no reply or commentary. Not that I'm interested or able, but I'm curious if that is a number that sits well with what you are thinking?

It seems like most members here would be sitting on a similarly outfitted tool cache and in present times, I'm guessing some members would be able to swing that amount of cash if they were so inclined...so I guess the question is does this seem like a reasonable selling price or no?

 

[Ischgl99]

What I would list it at and what I would pay for it are completely different numbers. If I was buying an entire shop, I would likely not need many of the items included, or not really know the condition of the tooling, so would value that part very low, on the order of 5-10% of replacement cost so that I could make some money selling what I don’t need. The machines and chucks I would value at about 50% of replacement cost provided they are in good condition, and are clean. I’m surprised at how many people post images of equipment for sale and don’t even bother to clean the chips off.

If I was listing it, I would value the machines at about 75% of replacement cost and the tooling at about 40-50%, but be willing to take offers. I would also sell individual lots of tooling to anyone that asked after looking at the equipment to get something moving and then adjust the listing for the complete shop.

 

[wrmiller]

This is the only figure I've seen thrown out there in response with no reply or commentary. Not that I'm interested or able, but I'm curious if that is a number that sits well with what you are thinking?

It seems like most members here would be sitting on a similarly outfitted tool cache and in present times, I'm guessing some members would be able to swing that amount of cash if they were so inclined...so I guess the question is does this seem like a reasonable selling price or no?

This was what I was asking for. Leave it to David to cut to the heart of the matter.

And yes, this is in the ballpark of what I was thinking.