What is your plan for your shop after you pass on?

[maccrazy2]

Hello everyone. I am working on a plan for my family to deal with my extensive equipment and possessions in the event I meet an untimely demise. I am an auto mechanic by trade and I have a side business building custom pool cues. I have a lot of equipment and hand tools that would be a burden on my family to deal with to cash out of. I have made some videos of me walking thru the shop pointing out what things are and what I paid and what I think would be a realistic fair value used at the current date. I have also spoken to the associated tooling and it’s value.

I have also spoken to a couple friends who are in the same trades about helping out with selling or valuing tools so they could be sold. I am making a list of who my family should contact that I would trust. I don’t know if an auction would be a good idea or piecemeal on eBay or ??

Most things are general use but I do have some highly specialized equipment for the cues that would only attain a good sale price to another cuemaker.

I have life insurance and all that stuff taken care of. I’m mostly concerned about my gun collection and all the tools/equipment. Have any of you done any preplaning?

[Cutter]

I would have family members take what they want.

Then have my conservator contact a dealer and take it all.

If it’s stored , it will rust and have little or no value.

[bruski]

Don\'t go the auction route, they would get next to nothing for the equipment in the end. If they do decide on an auction, have them take the time to place a minimum bid on the good stuff. I buy a lot of nice equipment and tools for very low prices from local estate auctions around here.

 

Dad, is that really you, I am bruski your other son. Sorry I didn\'t write more.

 

bruski

[maccrazy2]

General stuff like the mills and lathes is easy enough to get rid of. The specialized equipment will have to be sold individually to get anywhere near what they are worth. I have seen several cuemaker’s pass on and watched the family try to sell everything as a package and they usually get about 10 cents on the dollar as most builders don’t have enough capital to buy out a whole shop in one deal.

I’m just try to come up with a good plan so my family doesn’t leave thousands on the table so to speak.

[Dave]

You guys just put me in your wills. I will take good care of it for you! LMAO

[Dave]

Dont forget to leave me enough $$$ for shipping