Re: Best way to sell an entire hobby machine shop?
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John Gallo is sooo! right. The shop I began 75 years ago is still in my possession, but I can now just barely walk out there. I still visit “my empire” almost daily, since it is in a building behind my house, but I can’t do much with it anymore. To make matters worse, the shop I kept as clean as a kitchen is slowly getting messy, and the extreme humidity has coated a lot of the entire contents of the shop with rust —— right through the oil I had sprayed on a lot of things! This year’s bad weather is unusual and I have never had that problem before.
I am actually playing a dirty trick on my children, I suppose, because I can’t bring myself to part with the shop. I still use it on occasion for my own pleasure, and to do favors for friends and family. I should explain that that shop is where I made my living for nearly seventy years. It is basically a 1950 general machine shop for dealing with clock and instrument parts. Most likely, the money my kids would get for the shop would probably more than pay for the favors and repairs I do for them if they went elsewhere to have these things done. No one in my family is able or interested in taking over the shop.
Whether an auction is the best way or not I am not sure, but I am beginning to make plans for an auction, for after I am gone. Many of my friends tell me, “I want that milling machine” or, "I will buy that lathe from you now, and you can use it until you ‘don’t want it’ “ I tell the first ones, “If you are the highest bidder, you are going to own it.” To the second ones, “ I would rather own my shop while I am using it.”
What I have written above only tells you what I am thinking. My kids have done well, so I do not think of how I can bail them out, but I should be concerned about how much trouble I will hand them when my time comes (or runs out).
It is hard to know when reticence becomes an impediment to ones family, compared to a means of self independence.
On Sep 21, 2018, at 4:09 PM, John Gallo via Groups.Io <johnnyblock1@...> wrote:
The hardest part is letting go.