Spousal Shop Concerns

I have a modest sized shop (14x20'). It is compact, but in it I have a 12" x48" lathe, a small horizontal mill, small vertical mill, drill press, band saw, various grinders, buffers, air compressor, etc. Also, everything is on cabinets, cabinets hung from the ceiling and on the walls... all chock full of tools and toolings. NO! I have no plans to sell or dispose of any of this stuff for a long time to come. Furthermore, according to my doctor, who gave me a checkup last week, I am in fine health. Here's my problem. I'm 72 years old and don't expect to outlast my spouse, to whom I have been married for 50+ years. So my question, which is really her question, is: "How am I going to deal with all this stuff after you go? How can I sell the house with that shop of yours in it?" Because the shop is compact (and compacted) things are sort of tied together. I figure that if I were to take it apart, it would take me a full week or maybe two, of hard work to get the shop into a movable, saleable condition. Probable value is $5,000 to $10,000. I'm sure I'm not the first to be confronted with this question, nor is she the first spouse to be confronted with this problem. Some discussion, suggestions, ideas, etc. would be welcome.

and NO!!!

NOTHING IS FOR SALE. NOT NOW AND NOT IN THE FORESEEABLE FUTURE.

Boris

Reply to
Boris Beizer
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Had a similar thought just the other day, triggered by reading a craigslist entry obviously written by someone who knew nothing about the item or its value. It occurred to me then that my wife or my daughters would be at a real disadvantage in disposing of my tools.

My idea, not implemented yet, is to make a photo inventory of the tools with identification, description suitable for an auction, and estimated price for resale. Some work but not much and it doesn't take the shop out of commission.

Reply to
Fred R

I've wondered the same thing. I'm younger, but it's an issue, and I had to build a freaking trussed ramp to get my stuff into the basement.

Maybe we can write something into the will and make a contract with a local hobby club or something. If you get a good idea, let us know.

-- Ed Huntress

Reply to
Ed Huntress

The problem is that the depreciation and transaction costs to liquidate your wonderful accumulation amounts to a good fraction of the value. And your, um, heirs may not be interested in dealing with putting it up for sale.

I think its best, on this sort of hobby scale, for you to assume that the value of your shop has a lot to do with you being in it, and that without you the value is highly depreciated. You especially don't want to saddle your loved ones with the idea that they're doing wrong if they don't sell your stuff for $5K with you gone, because when all they get is offers for $2K, they may feel like they shouldn't sell it, have to keep it hanging around without selling it. I've seen that a lot.

The best frame of mind is to consider yourself rewarded already by having owned and used some nice tools, and that if you or your loved ones after you ever get a nickel for it all, then that's just gravy. If you get emotionally invested in the value as an asset, or especially if you telegraph that to your family, then disappointment likely awaits.

The classic case is a widow stuck with a motorhome that was the pride and joy of her late husband, but something she can't possibly use herself, and winds up selling for pennies on their dollars invested.

If you have a son or nephew or other younger candidate who has a serious interest in using your stuff, consider just giving it away, or designating so. You may have lost some discounted cash price, but you will have kept the full value "in the family".

Reply to
Richard J Kinch

Surely there must be someone that you socialize with who also knows tools. A friend could step in and help with this--that's a common way to handle it.

Reply to
Leo Lichtman

Richard, you have made several excellent points here. Thanks for sharing. Bill.

Reply to
lathenut

A few years ago, my uncle was asked by a lady he knew to value her departed husbands shop. So uncle grabbed me and we both took a look. She had a friend of her husband go through and price things and we tended to agree on for the most part. There was a lathe that we posted a link to the list and got comments from the list to give her a proper idea.

She ended up auctioning things and most things didn't go cheap.

I offered her 250.00 for a drill press which was all I was willing to pay. At the auction, I bid on it up the the 250.00 and the other guy bought it at 260.00. Looking back, I wish I had gone a bit further but that is what I thought it was worth. I learned later that I should have gone a bit further. Oh well. If I wasn't there bidding against the other guy, it would have gone cheap.

Auctions make it easy to get rid of stuff but results can vary.

I would periodically value things and record it with what should go with each major tool so she could try private sales first.

If there is a son or daughter in the family that is comfortable with computers, Ebay would be an option. If the results don't match your estimation on what things are worth then your wife can try private sales or auction.

I hope this eventuality takes it's time coming.

Wes S

Reply to
clutch

boris sounds like you need to make a detailed manifest, just as a start

Reply to
erik litchy

I'm 70 and have thought about the same thing.

Fortunatly, two of my three sons are gearheads and my will says they can take their pick of my "manly stuff", then call in the proprietor of The Tool Shed in Waltham, Massachusetts and let him buy the rest from my estate for whatever he offers. A lot of my small tools were purchased from that place at bargain prices over the past couple of decades, after their owners went to that great workshop in the sky.

I inherited my dad's gear about 30 years ago, and enjoy the opportunity to think about him every time I have an opportunity to use one of his tools.

The third son is a right brained author who still has to say, "Lefty loosey, righty tighty", when opening a bottle. He already has the few tools he needs to handle his tough jobs like hanging pictures where his wife wants them to go, so he'll get my artsy fartsy stuff.

Jeff

Reply to
Jeff Wisnia

Having had a friend or two in your situation, I have recommended that while your have your senses about you, determine the auction value of your equipment. Wait, now. With a reasonable inventory of major components and values, your family/survivors will at least have some guidelines. You probably have friends that may be interested in the lot. If one of them want to make an offer, some or all, the family will at least know whether that friend is or not (a friend). If it's a good offer, you would be happy a friend that appreciated your stuff got it and the family's satisfied. Leave info on how to alert the group if something ill happens like that. I have even pre-arraigned such a purchased with one old friend. Everything he touches is better than new. Having done all that, you can periodically verify those values. Otherwise, you don't need to worry and the family won't either. Now, go make chips! Respectfully, Ron Moore

Reply to
Ron Moore

First off, if you're worried about how to get it out, don't. Everywhere there are clean out services that will haul off anything for little or no money. They make their real profits selling other peoples junk.

I know, it was tough to get the stuff in, but we are old men. Not having much of our brawn left, we use our brain and move stuff like we were building the pyramids. But do not underestimate the simple elegance of brute strength.

If your question is; "How can she get the most money so she won't think I was a moron for buying all this stuff?". It is probably too late.She already thinks you're a moron, but she loves you and is willing to overlook your shortcomings.

The photo inventory is a good idea. Be sure to include all accessories for each tool. Put some kind of price and description with each tool, but be realistic. There are two prices for everything, one when you want to sell and one for when you want to buy. I have been a goldsmith for 25 years and people constantly ask me, "What is the best diamond to invest in?." and I tell them, "The only way to invest in diamonds, is to buy them wholesale and sell them retail.".

You haven't been investing in tools, you have been investing in your hobby. If you have been a very shrewd buyer, you might break even. You probably won't.

If you have tool dealers you like and trust, They are the most straight forward bet, They will have to make a profit, but it can be over in one shot.

If not, keep an eye out at estate auctions for auctioneers that are fair and knowledgeable.

Either way, make them sweep out when they are done.

Put any of their numbers and instructions for your wife in with the inventory and forget about it.

What the hell do you care about it, you're already dead.

Paul K. Dickman

Reply to
Paul K. Dickman

In spite of your "no plans to sell", I think you SHOULD have a plan to sell. Or give away. Or otherwise dispose of. You wife will have no idea what the value of the stuff is. And who knows, maybe she would be glad to get it out of there for the princely sum of $1

If the value is not huge (I'd say $5k worth of shop is not huge, YMMV), it may not be something to really get worked up over. Perhaps it just doesn't matter that much. And of course, you (your wife), (your estate) will not get full value for the pieces.

Doesn't sound like it but are there relatives ie nephew, grandson, etc that might want it? Given the inclination of the current younger generation, I doubt it, sad.

You could go through the whole pile of stuff, do an inventory, establish a value for each item, group of items. This would make it much easier for someone to come in and deal with it. But beware of putting big sticker prices on everything. Or make it clear that the real value is X, estate sale proceeds after commission will be 1/2 X

One good way is to make some sort of arrangement with a knowledgeable AND trustworthy individual. Maybe this person is required to sell all of it, gets paid a commission. Maybe this person buys the whole thing at a decent discount, does whatever. Maybe some combination. I know I might be interested in something like that.

Another route is to find homes for the big pieces, the expensive pieces, everything else goes to one person on a bid basis. Donating the lathe and mill to a club shop or senior citiizens center.

One of the sadder things I've been involved in was the older widower that had medical issues, needed to move to an assisted living home, had to move out of his house, sell his minor tools including a wood lathe. He told me he couldn't hold the tools anymore, couldn't have the space, couldn't do the things he used to do. But he was glad the lathe was going to a good home, he and his son then took all the rest of the small tools and just loaded my truck up.

Boris Beizer wrote:

Reply to
RoyJ

I would not waste time trying to inventory the shop. You know what's there and could probably ballpark the value is very short order. You may live decades longer so who knows what the state of the shop or market will be.

I'd recommended having a trusted friend/machinist take care of it when the time comes, who will have your wife's interest in mind. Maybe things will get sold piecemeal, maybe all together. The value would be quite different each way. But they can figure that out based on their needs at the time.

-Bruno

Reply to
Bruno

Reply to
Gerry

-- snip --

(Conversation between my mom and dad, many years ago when she was helping him do plumbing. He's holding a ladle full of lead, she's holding a rosebud torch)

Dad: OK, turn the torch off.

Mom: I don't know how.

Dad: Just turn it the way you turn the faucet when you turn off the water.

Mom: I always have to try that twice to get it right.

(Dad reaches over and turns off the torch, then pours the lead)

--- your son is more mechanically inclined than you think ---

Reply to
Tim Wescott

press, band

everything is on

stuff for a

movable,

question,

Some

Boris,

Do you have a local model engineering club in your area? Make contact and see if they are prepared to handle disposal should the need arrise. My society (SM&EE) do this all the time. The saddest events are when the tool owner hangs on to the tools well beyond when he can use them and they rust up in the shop - then disposal becomes a nightmare.

AWEM Chairman, SM&EE

Reply to
Andrew Mawson

Greetings Boris, I'm only 50 but have also thought about this. The really valuable stuff, the inspection tools for example, I'm going to list and price. I'm going to talk to my son and see what, if any, he may want. My brothers too. The rest will best be sold or given away. I really want to try to find a hobbiest or a young person just starting out in metalworking and dump the lot on them. You can imagine what a neat gift it would be to have some of the tools and machines from some old guy who had befriended you and maybe even taught you a thing or two. ERS

Reply to
Eric R Snow

I would find a younger, trusted friend who would dispose of the equipment in the shop for a commission, when time comes.

i
Reply to
Ignoramus5411

The key is to buy equipment for such hobby shops for pennies on the dollar. Then selling them for pennies on the dollar is not so painful.

i

Reply to
Ignoramus5411

not exactly the same, but we have an arrangement with a friend of ours. He calls it "toe tag" We traded to him a bridgeport mill, and lent to him a south bend lathe. In the event of his demise, they are to be returned to us.

Reply to
Jon

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