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View Full Version : Estate machines and tooling, Victoria BC, Canada



fixerdave
08-24-2010, 12:25 AM
This is just a follow-up to describe the results --- nothing left for sale

see below for the results...


If anyone's local to Victoria BC and is looking for hobby-grade machining equipment, let me know in a PM. The father of my friend passed away, rather suddenly, and left his workshop behind for others to deal with. I get to deal with the tooling.

... much snipped ...

EddyCurr
08-24-2010, 06:11 PM
This is a big task you have taken on, my hat is off to you.

Here's to a satisfactory wind up of these assets for all concerned.

.

EddyCurr
08-24-2010, 07:26 PM
PM sent

.

fixerdave
12-24-2010, 12:24 AM
For those who have ever contemplated either selling someone's shop or having their shop sold... I thought I'd let people know the results of this estate tool sale.

Basically, it went much better than I expected. Partly, this was due to people spreading the word around from this board (thanks to all), but mostly the sales came from the local UsedVictoria free classified site. Honestly, while I was expecting slow interest and difficulty selling items, the interest and offers came faster than I could deal with them.

I had prepped the inheriting owners of the tools, and who were contemplating the local tool pawn-shop guy, that they would be lucky to get 10cents on the dollar. In the end, they got over 60% of what I estimated the value to be. Overall, my estimate of the shop was about $15k, not counting all the little stuff. I expect if I had put a lot more work into it, they could have done even better.

This, however, brings up a big point. I now perfectly understand why 10cents on the dollar is a good price from the local tool pawn-shop guy. If I had to pay for the guys to move the stuff, the space to store the stuff, and also deal with paying people to sell the stuff. Well, there wouldn't have been much left for the family. Even with tool consignments at the local tool store, with a 60/40 spit and they get 60, we would still have had to deal with moving all the stuff. 40% of maybe 60% of new, asking a fair price, and having to deal with moving costs, still doesn't leave much more than that 10cents on the dollar.

I think the way we did it worked out best for all. The family maxed out their return, I walked away with nearly $1K in stuff, and the buyers got a very good price. Most seemed quite happy anyway.

For the record, the machines (which I was most worried about) went quickly and would probably have sold for more than my asking price if I had been taking bids (I didn't, but instead went with the first person to offer my asking price). Demand was quite high for the tooling with several people jumping at certain items and one person basically buying everything that was left (along with the mill). What surprised me most was the eagerness to buy what I would basically call worthless. While the machines went for less than 60% of estimated new price, the amount of money people spent on old (not antique old, just old) hand power-tools and the like was surprising. People came to pick up machines and left with boxes of stuff that I figured we'd have to dump for next to nothing, and they paid good prices for it. It added up to quite a bit in the end.

My primary method of sale was to make an online photo-album (picasa) of tools... Just a big whack of pictures. I then included a link to this album with the adverts for the big tools. I only actually put 3 adverts in total. Most of the interest was from people browsing the photos. After a rough start, and some buyer advice, I started moving photos of stuff out of the album as they sold. If I were to do it again (and I don't ever want to) I would also include asking price in the comments for each tool. Most deals were done through email, first reply gets it kind of thing, and this was a lot of work - many hundreds of emails. I generally asked prices I thought were more than fair, mostly because I was expecting people to make offers from nothing more than a photo, without first inspecting it. No one balked at the price on final inspection, so I guess I did okay in that regard. Well, there was one carbide endmill with a chip I hadn't noticed...

The final garage sale was, of course, nuts. I personally hate (passionately) garage sales so I wasn't looking forward to it. I was not disappointed, as there were the expected buyers wanting to get snap-on socket sets for $5 and the like. But, I managed to remain mostly civil and we did dump a lot of stuff in the free pile at the end, but sales were better than expected. Speaking of which, I never did get back to the guy that wanted to buy the lawn ornament :p

In the end, every last bit sold - some stuff went to the metal recycler that would make the scroungers among us squirm. I have way more metal stock than I expect I'll ever need, except, of course, for the sizes I need, and I actually managed to get a few things on my personal buy-list that I was always too cheap to buy. I expect there were more than a few tool gloats from happy buyers, and the family was more than happy with the results.

Thanks to anyone here that spread the word or bought items. For those contemplating a sale like this, expect a lot of interest, and work. Honestly, when I kick off, unless there's someone close willing to take the sale on, I've told my wife to just write the whole mess off and let the local tool pawn-shop guy have at it. The only way it makes sense otherwise is if there's some sucker, like me, willing to work for tools.

For those trying to make a living buying and selling tools, my hats off to you. It's a hard way to make a living. If I had taken the time I spent on this and did contract work instead, with the money I earned I could have bought a lot more tools than I got on this sale. I would never consider doing this professionally. While I actually ended up with more than I expected, including work, it was done for friendship.

David...

snowman
12-24-2010, 08:31 AM
They are a lot of work aren't they :-)

My parents organize estate sales. I've actually got to go look at one of their estates later today to help with some pricing. They can easily make ten grand on one estate, but when you compare the amount of time they spend preparing an estate, and the amount of work, to say, the average office worker...they don't make much.

Evan
12-24-2010, 10:16 AM
We have it looked after here. Both our son and our son-in-law want my tools. The deal is they come here and fight with gloves. Last man standing gets everything but must take everything. If by some odd chance they come to an agreement on how to split the loot that's ok too. They still have to take everything or nothing. There isn't a ghost of a chance of it being nothing....

snowman
12-24-2010, 12:19 PM
You should have that as pre holiday entertainment for the remainder of your life. Fight now, Fight next christmas, etc. If ya pass on an even year, well, then there'll be a fight at your funeral....

At least get the entertainment now instead of later.

Black_Moons
12-24-2010, 03:49 PM
Evan: I highly recommend you tell them if they wanna fight about it, they have to do it while your still alive, so you at least get the entertainment value! Gotta get something for your tools! :)

fixerdave: Congrats on the good sale. Nice to hear about tools fetching a decent dollar for once.