I have a friend of mine who owns a small cabinet shop (a basic one man band type of thing) in the metro Detroit area. He had heart surgery at the end of last year and as such can not really do any work in this for the past few months and is still restricted. So he is thinking of closing his doors and selling his equipment.
Does anyone have any suggestion about this? Any help would be appreciated as his situation is tight. I will pass on any suggestions you may have. I don’t currently have a list of his equipment but he has been doing this for as long as I have known him (that is about 6 or 7 years) not sure how old his stuff is but I can find out.
Anyway an suggestions of how to handle this would be a big help.
Doug Meyer
Replies
Around here, an auction would be the best option. A good auctioneer will handle all of the details and get the best money for each item.
You could try Ebay eather part it out or list all equipment as a package. I'm amazed what sells there and how high the bids go; really much higher than an auction.
You could also try doing a post here and on Breaktime. Might not get as much but would feel good knowing someone with intent to do good work would own them.
If you go the E-bay route, which I recommend, seriously consider finding a professional to do the E-bay postings for you, and to also handle the shipping. They should be familiar with tools specifically to get the important information into the listing.
They will take a percentage of the sale price, but they should be able to get much better prices because of the quality of their listings and their reputation, and they will save you a lot of headaches.
John White, Shop Manager, Fine Woodworking Magazine
Hi,
Sorry to hear of your friends ailments. Tell him to hold out as once a shop is gone it's hard to replace....
But if determined try Craigslist. Here's the Detroit link:
http://detroit.craigslist.org/
Free local ads with photos. I get lots of stuff locally via CL.
HTH
Bro.Luke
Doug,
I agree with BroLuke. Tell him to hang in there unless he needs the money, because he might just do it for a hobby when he recovers. John is right about Ebay, unless you are really into computers selling large ticket items can be a hassle. Craigslist or a local auction would probably work out the best. I live in AA and I don't think he would have any trouble selling if it is good equipment. Times are tough in MI right now, but good equipment is always in demand.
Terry
Edited 3/5/2007 12:31 pm ET by terrylee86
I totally agree with those who say "Don't sell yet!" Depending on what kind of surgery he had, and what his long-term outlook is, it may be too early to make a decision. Could be that a year from now, he'll be able to work happily in the shop, but he may feel so discouraged now he just wants to give up.
If he does end up having to sell out, Craig's List might be the way to go. Yes, a great auctioneer can get good prices on good tools, but he'll also take 20%-30% and there usually are no guarantees on minimum prices for each piece. Craig's list is free andas the owner of the tools, your friend can discuss each item with potential buyers and get at least what he'd glean from an auction.
eBay is a hassle if you're not "into it" -- I've sold plenty of stuff on eBay, including things like a table saws and a lathe, small tools, collectibles, but it's no fun.
forestgirl -- you can take the girl out of the forest, but you can't take the forest out of the girl ;-)
Thanks to all and i will pass this on to him. (I have told he to log into this site but..) Just to clearify this is a pro shop, and while I think he will get better I also think that with the times being what they are in Michigan I think it has just go to the point that he can no longer keep the buisness as such he wants to dispose of the stuff in as fast of a manor as he can so he can move on. I expect that in a year or so he will be physicly able to do the work however the buisness will in all likely hood be gone one way or the other. I know that he is having issue with paying the rent on the place and I think he just wants to get the tools sold off and out of the place before his lease goes away in a month or two (when the lease is up).
Anyway once again thanks for the imput and i will pass this along.
Doug Meyer
If he uses an auction Co. Go to some of their auctions first and see how they do there addrevtising, how good a crowd they get and are they getting the money they should. Never use an auction Co. you have not checked out.
We have a local auction house that has a great reputation with one type of sale they make money hand over fist, but they can't sell general merchandise with money taped to it. love to go to their auctions because I can steal anything I want at pennies on the dollar.JigSawJohn
Sorry to here about your friend, but like Bro Luke said in his post, once the tools are gone its hard to replace them, I'm sure he did'nt put that shop together over night.
Two years ago on Feb 27th. I had a pretty major heart attack at the old old age of 43, alot of things happens too a person emotionally, at first I never wanted too pick up another tool & I did start selling things, had myself a "HEART ATTACK SALE"
Did I sell anything? Yes; some things I wish I did'nt. Now its 2 years later & 4 surgeries later & I'm getting back on the horse, more as a hobby & working on my house. Don't get me wrong, heart stuff can be, and is a life changing event. Tell him to take it slow & not to make any hasty decisions. I hope all the best for him.
Paul.
There is a outfit out of Bryon Center (near Grand Rapids) that auctions off business materials. The only thing I know about them is I have bought some lumber from them. One cool thing about them is you can check past auctions to see what prices things went for. I have not connection to them and I have no ideal if they are good. Check 1800lastbid.com to see their web site.
Has he considered as selling it as an "ongoing business"? If he has been in business for at least the 6 or 7 years you have known him, it is obvious that he has a pretty good "book of business" and some goodwill built up. Selling the equipment piece by piece may only net him the current value of a few used pieces of equipment. Selling as a complete unit and as a business may net him considerably more.
In all honesty, this is a decision that should be made by your friend in consultation with a professional person involved in these sort of activities. That person could be his accountant or lawyer. I would shy from speaking to a "business broker" at this early stage of the process.
I wish him well!
T.Z.
Whoa! Tell your friend not to sell for awhile.. I have a very elderly customer who was on his death bed and he sold all of his WW equipment. He has since recovered and had to rebuild his whole shop. Since the new shop has been restarted he has built many projects for his Grandchildren, Hobbyhorses, desks, easels,beds,toys, you name it. I have seen the pictures and they will be family treasures. A shop waiting for you to return to is good therapy and incentive.
Oops, didn't read far enough about the business and rent part. What about putting the tools in storage ? But at least save the equipment that could be used for a home hobby shop.
Work Safe, Count to 10 when your done for the day !!
Bruce S.
Edited 3/5/2007 7:38 pm ET by BruceS
Yeah the key to this seams to be that he wants out of the buisness end. I know things have been tight (like the rest of the state has been) for a while now and I think this was just the last nail so to speak.
Sad part is a year ago I had to buy a new shop worth of hobby tools to replace one that burnt down 18 months ago. So I am not even in the market for anything.
I do think he as talked with his advisors from what he was saying and that is one of the reasons he is looking at closing up the whole thing. The other is that the timing just works out with his lease on the shop building.
Once again thanks for the ideas.
Doug
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