Who would you have do an online auction of your place if you retired or whatever ?
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  1. #1
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    Default Who would you have do an online auction of your place if you retired or whatever ?

    Assuming "retail used value" in the $400,000 range.... (i.e auction value probably half that or less...so yeah, I realize that is way too low to be of interest for folks like Asset Sales....but not for ?? ) I ask as I have an offer to buy my building at a nice profit over what I paid for it, but would have to auction off all inventory to take them up on the offer. I've told them 3 months to close... not even sure that is enough time.

    I'm thinking ~10 days from auction open to close..online only....but thoughts there are welcome as well. The place is really too tight to hold a live auction audience.

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    I can come pick up that Emco FB-4 and the Schaublin 102... I don't have any money though

    Man I would think a guy who has been to as many auctions as you that this would be something right in your wheelhouse. Start with dropping prices on all the Ebay stuff would be my first move.

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    Quote Originally Posted by kustomizingkid View Post

    Man I would think a guy who has been to as many auctions as you that this would be something right in your wheelhouse. Start with dropping prices on all the Ebay stuff would be my first move.
    True but most of the auctioneers that get top dollar would not be interested in an auction with this (relatively low) dollar value. Plus I haven't been to a live auction in ages so not up on who is "hot" these days. Desosmo Industrial Auctions seems like a possibility... I'm figuring on loosing money but the tax writeoff will be nice to partially offset the high profits on the flex spaces.

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    Tax writeoff level offer coming in on the 102-N

    I'm still pissed I got snaked on that Emco, I emailed my sales guy and you had already snagged it.

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    On a related note, commercial metal buildings can be a tough sell, so if you have a buyer, I would do what it takes to get the sale done. Unless you just needed the building, and couldn’t do without it.

    Good luck with it!

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    Thompson Auctioneers

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    I wonder if it helps to wait until the snow melts so people are willing to travel farther?
    Bil lD.

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    If the building buy is high enough then great.
    You have 400K in respectable used machine sale price. After all said and done online or in house you will end up with 20% of this.
    How does that function against the building buy?
    You know better than me but you get slaughtered at action time and much goes for scrap weight or less in this sort of a time frame.
    I do understand the question but do not know the online world and players.
    Way, way discount stock first?
    Bob

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    Currently watching two people in similar processes to the OP. Would agree with CarbideBob- do as much as you can yourself if you have the time.

    Milacron, does this mean no warehouse at all in the future? Or is there a smaller (retirement?) “fun space” in your future?

    L7

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    I hate to recomend ebay but... they do seem to have a large audience. Relist all items as auctions with opening bid of double scrap value + ebay fees, let the bidding begin? Can you or ebay send sale notices to everybody that has looked at any of your items? I seem to get "sale" notices from time to time of items I just looked at, not even watching them.

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    Have you considered contacting a used equipment dealer for a bid on the entire lot rather than an auction? Some of the smaller dealers in our area assess machinery and offer bids on whatever items you're interested in selling. Last year one of the dealers was contacted by a family that owned a Bridgeport rebuilding business. He assessed the equipment and arrived at an agreeable price.

    It took him a couple weeks to clean out the shop and transport the machines to his place of business. When I was at his shop he had over a dozen Bridgeports of various models. Some were completed while others were partially assembled. The entire lot was gone within a couple months so there must be a market for the equipment even though the big time dealers or auctioneers aren't all that interested.

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    Not sure if they cover your area, but HGR surplus says they buy anything from single items to entire plants.
    Sell Your Surplus - HGR Inc.

    Not affiliated with them, just a frequent browser/buyer. I've never sold anything to them.

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    Quote Originally Posted by jmkasunich View Post
    Not sure if they cover your area, but HGR surplus says they buy anything from single items to entire plants.
    Sell Your Surplus - HGR Inc.

    Not affiliated with them, just a frequent browser/buyer. I've never sold anything to them.
    I wouldn't be surprised if HGR offered $25k for $400k worth of equipment.

    I would reach out to some of the big players anyway and see what they say. For one I am guessing that your inventory is of decent quality, and two that it is well organized which will help the auctioneers do there job a lot easier. Making a larger outfit more willing to take your smaller auction.

    I would think in the timeframe you have that the idea to just auction everything is the best bet. A lot of people sell the high dollar desirable items themselves first because it seems logical to keep more in their pockets, but that then hurts turnout and interest in what is left for the auction so it may or may not be better in the end. *My ideas are based solely on frequenting surplus auctions (live and online), and have never had an auction of my own.

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    Quote Originally Posted by johfoster View Post
    I wouldn't be surprised if HGR offered $25k for $400k worth of equipment.

    I would reach out to some of the big players anyway and see what they say. For one I am guessing that your inventory is of decent quality, and two that it is well organized which will help the auctioneers do there job a lot easier. Making a larger outfit more willing to take your smaller auction.

    I would think in the timeframe you have that the idea to just auction everything is the best bet. A lot of people sell the high dollar desirable items themselves first because it seems logical to keep more in their pockets, but that then hurts turnout and interest in what is left for the auction so it may or may not be better in the end. *My ideas are based solely on frequenting surplus auctions (live and online), and have never had an auction of my own.
    Yeah HGR would likely be a pretty bleak offer....they have to assume everything is broke in some way when nearly all my stuff works perfectly and much is pristine clean. My timeframe is 3 months out. Agree about not pre selling desirable machines as they are needed to attract buyers for all else.

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    This might be too far away to do you any good but Lee Stevens machinery in Michigan has run shop auctions with similar asset value as yours. There done online through Bid Spotter. Might be worth giving them a call if there not interested they would probably know somebody in your part of the world.

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    I realize there’s some time wasters on PM, but heck, it is your site: why not put up advert posts with your usual good photos here?

    L7

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    ResellCNC conducted an auction locally that I think went fairly well for the owner closing his shop.

    Even though the auction was online there was a viewing of the machines tooling etc a couple of days before the auction. After the auction parts were shipped to customers or picked up at the location. The rep there from ResellCNC was on the ball and ran it well.

    For me an auction would be last resort, on the other hand there's no gaurentee that over a period of months that selling thru PM,Ebay,CL,offerup etc will be any more lucrative than an auction, and much more time consuming.

    One benefit of the auction is that you don't have to deal with the great unwashed hordes who come in tp pick over your machines, the auctioneer will do all of that. You've been to enough auctions you know how it works.

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    Quote Originally Posted by Milacron View Post
    Assuming "retail used value" in the $400,000 range.... (i.e auction value probably half that or less...so yeah, I realize that is way too low to be of interest for folks like Asset Sales....but not for ?? ) I ask as I have an offer to buy my building at a nice profit over what I paid for it, but would have to auction off all inventory to take them up on the offer. I've told them 3 months to close... not even sure that is enough time.
    Is it really to your bottom line advantage to be forced into a too-short timeline to be able to liquidate your assets to maximum return? If they really want the dirt, tell them it's going to take a year, or whatever you can handle, to move the iron.

    jack vines

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    Quote Originally Posted by PackardV8 View Post
    Is it really to your bottom line advantage to be forced into a too-short timeline to be able to liquidate your assets to maximum return? If they really want the dirt, tell them it's going to take a year, or whatever you can handle, to move the iron.

    jack vines
    At which point they say 'thanks but no thanks, we'll find another building'

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    Are there any other dealers nearish to you that you trust, and have space?
    Cut a deal with them that they store the machines and take a cut when they're sold?


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