Need Advise - May need to sell entire shop! - Page 2

Need Advise - May need to sell entire shop! · 10-22-2009, 01:18 PM

Hi Everyone,

Need a little advise, I'm not sure if this is the correct forum or not but... Due to the economy and unemployment I may need in the near future need to sell my tools (shop). I know that everyone is going to say/think not to do it, that things will get better and I'm sure they will but I'm not sure they will in time for me. Really I'm not wanting a pity party, I'm just very much a realist and I see how things are shaping up and they are what they are. In the next 8 weeks or so if things don't turn around, I will be in a position where I will need to liquidate my shop tools. In the grand scheme of things they can be replaced in the future when things get better. To make a long story short unemployment will run out around Christmas and me and my wife will need to make some hard decisions. Could be that I will need to relocate to a cheaper area, don't really know. Hopefully things will change and this will not happen.

What my real question is: How is the best way to sell off the tools, etc? I checked into an auction and found that, that is not feasible. Things like Craigslist is kind of scary due to who knows, who or what can show up on your doorsteps. I though of a tool yard sale. Classified ads on this site. Having an open house/shop sale for fellow woodworkers, etc. Best would be someone to just buy everything but no chance in that, I think. I guess I kind of worry about selling off the best stuff and being left with the rest.

What do you all think?

Thanks....James

pirate71 · 10-23-2009, 05:30 PM

I just spent the summer selling stuff for a single mother. Her husband had a garage full of tools. The total value based on today's prices was about $13,000. I managed to get about 57% of the retail price. But, I really had to work hard at it.

I tried to make sure that higher ticket items went for at least 60%. Most of the time I was successful but occassionally a tool just wouldn't command it. Some items went quickly while others took 2-3 months to get them sold. One that surprised me was his Delta dj-20 long bed jointer(it was an X5-five year warranty). It took 3 months and I only got $900($1900 retail). It was less than 3 years old and barely used. I think that item was harder since less people have/want that kind of item and I was competing with grizzly, etc new prices.

Long story short, if you want to keep the prices up, plan on it taking some time to get rid of items. If you wait until the last minute, you'll have to take less to get somebody to step up to the plate quickly.

I used CL for everything. My thinking was the audience was much larger. I do live a little out of the way in Durham for the Durham/Raleigh/Chapel Hill CL and that caused me some issues on smaller items. For example, it wasn't worth it for someone to travel to me to pay $30 for a $60 item.

I am retired so if I can help you get rid of items in this CL market, I will be happy to assist.

merrill77 · 10-23-2009, 09:52 PM

I'm surprised nobody else has recommended eBay. For small things that are easy to ship, you should consider it. _Especially_ things that have a small market - your market will be much bigger on eBay, since you have nationwide reach. Planes and older hand tools fall into this category and generally command higher prices on eBay than you'd get on CL. People are willing to pay for the convenience of having the item arrive at their door - instead of driving all over the place (I'm occasionally one of those people).

Chris

WoodWrangler · 10-23-2009, 10:20 PM

James I do hope this NEVER has to happen. I hope you find employment ... or employment finds you asap. In tight times you might even need to leave your field of expertise ... a good friend and past co-worker of mine was making great pay in IT until about five months ago and is now "toughing it out" as a retail manager 30 miles from his house making half of his previous pay. It's tough ... but sometimes you gotta go outside the normal routine to pull through.

You've got some hard decisions to make ... but don't give in just yet (or ever!)

Dudelive · 10-23-2009, 11:00 PM

Originally Posted by WoodWrangler

James I do hope this NEVER has to happen. I hope you find employment ... or employment finds you asap. In tight times you might even need to leave your field of expertise ... a good friend and past co-worker of mine was making great pay in IT until about five months ago and is now "toughing it out" as a retail manager 30 miles from his house making half of his previous pay. It's tough ... but sometimes you gotta go outside the normal routine to pull through.

You've got some hard decisions to make ... but don't give in just yet (or ever!)

Jeremy makes a great point that I think you will do very well at listening to with a clear mind and then read it several times to let it sink in.
Another thing to consider, although I understand tough times are tough and it may seem like there is no light at the end of the tunnel.....trust me there is, now back to what I was saying.....selling tools can and will generate some money as long as they sell and as long as the tools last, but when you have sold the last of the tools that will sell and there are still tough times ahead, you have too ask yourself what do I sell now or what do I do?

I have been there where you are at as well as some of the others that may be on this site, and like Jeremy mentioned I had to go outside of my normal area and I didd NOT like it at all but in the end after all was said and done it worked out for the best and yes I was considering selling my tool boxes and tools that took me some 40+ years to collect. I could not have gotten half of the present day cost and even then that would NOT have been a solution. Selling tools to solve a problem usually is only a temporary solution too a much bigger problem. So as the saying goes " been there " but did not sell and now I am darned glad I didn't.

Good luck
God Bless

Robert Arrowood · 10-23-2009, 11:01 PM

Originally Posted by merrill77

I'm surprised nobody else has recommended eBay. For small things that are easy to ship, you should consider it. _Especially_ things that have a small market - your market will be much bigger on eBay, since you have nationwide reach. Planes and older hand tools fall into this category and generally command higher prices on eBay than you'd get on CL. People are willing to pay for the convenience of having the item arrive at their door - instead of driving all over the place (I'm occasionally one of those people).

Chris

Not only that they feel like they WON something.James hang in there man.And we will all keep you in our thoughts.

cskipper · 10-24-2009, 07:58 AM

I also hope you don't have to do this. If you do, think you will be much more successful selling it by the piece for the same reasons you may need to sell. When I see an ad for someone selling tools and might want and be able to afford one piece, but the seller wants $10,000 ( or 5 or whatever) for all tools, I just ignore the ad. Many folks don't want a whole shop, can't afford a whole shop and don't want the hassle of selling the pieces they didn't want in the first place. If you have to go the route of selling I hope that starting here will be successful. Jerry and others can tell you their experience. Hopefully this won't come to pass, but I wish you the best in whatever you need to do.

Mike Davis · 10-24-2009, 11:03 AM

From some of the things I am seeing in foreign markets and in the news I am thinking this may take a while to shake out. Selling tools may be a quick fix and for some it may be the best answer.

I hope everyone here can get through it, but from past experience I know some of us have been and are going to be hurt. Some financially and some worse. Marriages take a strain and some won't make it. Folks move to greener pastures, change careers, sell out and leave for good or just give up.

I hope we can all help each other and give support as able or where needed. I can give some advice on living with less if anyone wants to hear it, most don't I know.

Wish I could do more...

Those who are able should prepare for the worst and hope for the best. NEVER give up.

Russ Denz · 10-24-2009, 02:04 PM

James,
I, too, am saddened by your situation and wish you the best. Having faced a similar dilemma recently I realized first off that I did not want to be in a "must sell" position as those (or any other similar) words automatically cut your bargaining power in half. Mine was due to an upcoming move and, just as in your case, when the time came there was going to be no time to mess around. Prospective buyers, or even "prospectors" can smell that like a male dog can smell a female in heat...and someone will get just what the female wanted - probably you!!
To avoid that, DO IT NOW, while you have the time to do it right. The other guys have already given you some great advice, but I want to add this: PLAN and RESEARCH.

Plan on the sale happening - by your own admission,even if it doesn't you will be able to replace, maybe upgrade, what you've sold. North Carolina Woodworker is a great place to sell your "pick up only" big items but you need patience as it is a limited market. As for the "accessory" items, make a list of what you have and what you want for it, then email it to anyone who wants it - I sold a whole bunch of stuff that I thought would never sell by doing that. Give as much detail as you can, remembering that people won't be able to touch and feel it; I gave web addresses and product numbers to help others "see" it, and listed the condition of each, as that is extremely important to a buyer. It's also helpful to understate the condition rather than overstate it because nothing can hurt you worse than an unhappy buyer - believe it or not, the internet is a very small world!

For items that can be easily shipped, consider placing ads WITH PICTURES on other sites as well, although I'm here to tell you you will not find a site where the members are quite as friendly as those right here on North Carolina Woodworker. Lastly, don't take it personally when someone makes a ridiculous offer; just say no and move on. However, if you do wait til the last minute you may have to consider it.
I'm out of room, so I hope this is helpful to you.
Good luck and God Bless!
Russ

Dragon · 10-24-2009, 09:36 PM

James,
I know I've already posted to this but I'd like to add something. There have been a few times over my history that I've been put in a position of having to sell off things I had accumulated at great cost. Lost my arse on those deals and have for the most part, never been able to replace them. Guess I was a sucker for the sad song a couple of times and it wound up in divorce. Not a fun situation.

Right now, if at all possible, heed the advice you've been getting from so many friends here. Look outside your usual field of employment. Use any contacts you may have acquired. 80% of the open jobs out there will be filled because someone knew someone that knew someone. They never make the classifieds or the internet searchers. Having been a FD Capt. and held many part-time jobs during those years, I sorta became a jack-of-all-trades to a degree. Not much out there I haven't done before and plenty that I'd rather not do, but, I like to eat.

I don't know what your personal financial situation is, and for sure it's not something I want to know, but sit down and take a serious hard look at everything. Selling off your tools should be done as a last resort to put food n the table. Even then, apply for public assistance if necessary. No shame in it. When I was single parenting three under the age of 7, I applied and we were on food stamps and living in public housing for a time but we made it. A hand up is much different than a hand out. Anyway, best wishes and if I hear of anything around here, I'll let you know.

Littlejon · 10-27-2009, 10:05 AM

Well, I have been exactly where you are now. In May of 2001, my company folded and I was left unemployed, two kids at home and a wife who is a school teacher. I sat around and felt sorry for myself while the severance ran out until I finally got off my butt and started looking for work. Of course, I went for the best paying, closest to what I did type jobs. Then 9/11 hit and there WERE NO JOBS.

I was forced to do whatever I had to do to earn a living. I was extremely fortunate in that God put me in a place where others helped. I had a church friend who hired me to do repairs on several group homes for mentally handicapped adults, another who hired me to put in a whirlpool tub in her house and yet another who hired me to do odd jobs wherever they were needed. I ended up taking a contract job about a year later an hour away for less than half what I was making before. We struggled mightily and were very dumb in how we managed our money. 8 years later, we have learned a lot of lessons. We cut out a lot of unnecessary expenses that we used to think were "necessary". We bought food in bulk and froze or canned for later, bought store brand items and did whatever we had to do to make it.

Now, I am blessed with a job close to home, even though it pays a lot less than I made before. I work for the local government, so I am relatively secure during these difficult times and this job has afforded me the opportunity to help coach my son's football team. I know now God was looking out for me and I am glad He chose to lead me down this path.

As for my tools, I contemplated selling them all off, but decided the small amount I would get really wouldn't help us that much and I may need them at a later date. I am glad I didn't sell them now, because while I was struggling, I actually used them to help supplement my income. I built some things for people and was able to do a lot of things regular "jack-leg" guys couldn't because I had the tools.

Your situation may be vastly different than mine, but I would suggest looking at other ways to cut back before you have a sale. You may find that even though short-term you have some extra cash, in the long run you will be right back where you are now only without the tools to sell this time around. Besides that, you may be able to get some extra cash by making Christmas items for people and selling them. Everyone will likely be spending less this year, so good quality, hand made gifts at a good price may be the thing folks are looking for.

Keep your head up, if you are a religious person, have faith in God and sit down with your wife and look at everything you spend to see where you can make some cuts. I would also recommend looking at Dave Ramsey's plan for living, as he has a lot of good advice. His website is: http://beta.daveramsey.com/

Good luck to you and I wish you all the best in this difficult time. Remember though that some of the best opportunities come during difficult times. You will make it through this!

ScottM · 10-27-2009, 10:22 AM

Littlejon, that is great advise. There are a lot of folks that lack the tools, knowledge, will, and time to basic home repair. Sure you won't get rich but every penny does help.