Need Advise - May need to sell entire shop!

[cskipper]

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]

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]

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]

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]

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]

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.