I hate "what's it worth" threads...but what's it worth?

[fred d]

I know that the value of something is what another person is willing to pay.

But when I struggle with a question, I will run it by the GJ membership to get others opinions.

I sell nuts and bolts for a living
I had to repo a customers inventory for lack of payment.
I could add the products to my own inventory, and just sell the bins but I'm really in good shape in my own garage.
In an honest estimation I would say all assortments(drawers and bins) are 3/4 full from the original sales
Lack of payment forced my company to deduct total outstanding balance from my check. I was feeling lucky to just get the product back at this point.

This is way more than most guys have at home, so selling it to an individual might difficult to find.
Don't expect to get all my loss covered, just hoping to recoup some of the hit

Ok let me know your thoughts

 

[fred d]

Another pic

 

[fred d]

Another one

 

[Junkman]

Find a new account, and offer them a killer deal to take all the product at a deep discount. Try to make it worth both yours and their worthwhile. That way, you will be rid of an albatross, and you will gain a new customer going forward. When life hands you a lemon, learn hot to squeeze it and make lemonade.

 

[wornoutoldman]

What is your break even number? Plenty affluent members here that may need a good hardware assortment.

 

[alwaysFlOoReD]

I have three 72 hole bins and close to two dozen lidded trays like you showed. I bought them used over the years and have filled them as time and money allowed. Total investment is probably close to $400.00 including bolts from 1/4" to 3/4" diameter x 1/2" long to 6" long. If I had money back when I started out I would probably jump all over your deal for the right price. List a price and see what happens.

 

[justanengineer]

So 4x bins and 5x cases? At the shop and farm auctions I attend they might bring ~$600 decently full of clean, good quality hardware (~$150 x 4 stacks). If its mostly grade 2 Chinesium or oddball hardware tho I'd say $3-400. As mentioned you'd probably do better cutting a new commercial customer a bulk deal vs selling them individually or privately.

 

[fred d]

I have three 72 hole bins and close to two dozen lidded trays like you showed. I bought them used over the years and have filled them as time and money allowed. Total investment is probably close to $400.00 including bolts from 1/4" to 3/4" diameter x 1/2" long to 6" long. If I had money back when I started out I would probably jump all over your deal for the right price. List a price and see what happens.

Not sure how long ago you bought yours,
To be totally up front just figured my actual cost on just the empty bins
4-empty 40 hole bins
19 Empty drawers
5 slide racks that hold the drawers
2 wire/hose spool racks
1 Hose clamp rack
1 18 drawer storage bin sitting on top
2 base that hold drawers
$1494 total my out of pocket cost

 

[fred d]

Find a new account, and offer them a killer deal to take all the product at a deep discount. Try to make it worth both yours and their worthwhile. That way, you will be rid of an albatross, and you will gain a new customer going forward. When life hands you a lemon, learn hot to squeeze it and make lemonade.

Working on new business
Hope to do just that

 

[Steevo]

25% of original sales price.
No more.

 

[tinmanwpk]

What is your break even number? Plenty affluent members here that may need a good hardware assortment.

Good point. Even I might be interested. Problem is shipping...where are you located and how will it get packaged?

 

[fred d]

So 4x bins and 5x cases? At the shop and farm auctions I attend they might bring ~$600 decently full of clean, good quality hardware (~$150 x 4 stacks). If its mostly grade 2 Chinesium or oddball hardware tho I'd say $3-400. As mentioned you'd probably do better cutting a new commercial customer a bulk deal vs selling them individually or privately.

The 19 drawers have different assortments
Fender washers
Orings
Body hardware
Wire ties
Red-blue-yellow electrical connectors
Vacuume connectors
Nylon rivets
Blade fuses asst
Drain plug asst.
Split roll pins
Eclips
Cotter pins
Pan head sheet metal screws
Hex head sheet metal screws
Heat shrink asst
Internal snap ring asst
External snap ring asst
5mm-12mm nut bolt asst
Grade 8 USS 1/4-1/2 nut bolt asst

 

[fred d]

25% of original sales price.
No more.

Thanks but
Not feasible

 

[fred d]

Good point. Even I might be interested. Problem is shipping...where are you located and how will it get packaged?

Break even is more than I expect to get but $3166 is what the took out of my check

 

[fred d]

Good point. Even I might be interested. Problem is shipping...where are you located and how will it get packaged?

Houston
Shipping probably upwards of $200 if I had to guess

 

[fred d]

I also got 2-40 hole bins with a base full of wheel weights

Probably 70 lbs of weights

Bins are older and not like others

 

[Bib Overalls]

When I sell new stuff on eBay I typically start at 50% of new retail. I would try an eBay buy it now for 75% with a 50% minimum opening bid.

When I sell new stuff of Craigslist I start at 75% of new retail.

I'd be interested in some of it if I were closer.

 

[fred d]

Good point. Even I might be interested. Problem is shipping...where are you located and how will it get packaged?

Probably driving to Orlando in Mid June for daughters Volleyball

 

[BillK]

Lack of payment forced my company to deduct total outstanding balance from my check.

Fred,
Just looking to learn. Is this even legal ?? Or is it part of your employment agreement ? Just curious how that business works more than anything.

 

[Tmct]

If only you were closer. I'd buy all of up, just it have it available in the shop.

 

[Leaflessshadetree]

I hate what's it worth threads especially when someone is using it as a business or trying to make a profit. (Guys who bought something cheap just to sell it for a profit).
At that point it becomes your job. You know what your break even number is, and your desired profit margin, your holding costs are and deciding if it's time to **** it up and take a loss is all part of managing your business.

 

[fred d]

Fred,
Just looking to learn. Is this even legal ?? Or is it part of your employment agreement ? Just curious how that business works more than anything.

Yes part of agreement since I started

Over the years I have faired pretty well
Till now

 

[fred d]

I hate what's it worth threads especially when someone is using it as a business or trying to make a profit. (Guys who bought something cheap just to sell it for a profit).
At that point it becomes your job. You know what your break even number is, and your desired profit margin, your holding costs are and deciding if it's time to **** it up and take a loss is all part of managing your business.

Your clueless
Not trying to make profit with this. Trying to minimize my loss
i am in business to sell product, then have it shipped.

Picking up product after a customer fails to pay, hauling it home and stacking it in my garage till I can find a home is a real pain in the ***. Not to mention not getting paid because of the deduction from my check

Not sure why you think I bought it cheap and am trying to sell for profit. But you couldn't be more wrong

 

[southalabama]

You are the professional. You should know retail and wholesale values. What is it worth is subjective and gets varying results.

Now the question becomes what would someone pay for used bins of varying quantities.

I'd list it on ebay with a local pickup only and set a reserve for what ever you decide.

Probably best option is to fill it up with known quantities and try to sell it for a percentage off new price.

Good luck. ***** to have to repo product and then lost income.

 

[fred d]

You are the professional. You should know retail and wholesale values. What is it worth is subjective and gets varying results.

Now the question becomes what would someone pay for used bins of varying quantities.

I'd list it on ebay with a local pickup only and set a reserve for what ever you decide.

Probably best option is to fill it up with known quantities and try to sell it for a percentage off new price.

Good luck. ***** to have to repo product and then lost income.

If this one customer I am currently hoping land doesn't pan out, that's my plan.
Trying to get a ballpark on what I can get.

Problem I have is a start up shop won't have the funds to buy it out right, and established shops already have some sort of base fasteners started and don't want/need this big a setup

 

[southalabama]

I've seen farm auctions and bolt bins didn't go for much. The bin went for more than the product.

Look up a member named Andybull

In one of the bolt bin threads he showed some similar bolt bins he bought at auction and in one of the threads he told how much he had paid. The bins were similar. Google garagejournal Andybull bolt. May take some looking but that probably best idea you'll get on here.

 

[southalabama]

Alex71 is in bolt business

Message him.

 

[four.cycle]

fred -

I find it difficult to believe they'd be dinging their sales rep on an outstanding balance, unless there was something fishy about the deal you made.
Company name start with a "B", by any chance?

I would:
Put together a comprehensive inventory of sorts (time consuming, but perhaps necessary) and post it on Ebay for "local pickup only" and try to recover some of your loss.
You and I both know there's no way in hell you're going to get $3166 out of it.
I've dealt in distressed and obsolete inventory before - many times - and felt I got a fair deal when Daryl Hagen paid me 5 cents on the dollar for all my Green Ball Bearings and the obsolete Michigan engine bearings and Carter "zip-kits".
What you've got there, though, is stuff that doesn't really become "obsolete" per se, but it's still a pig-in-a-poke to a prospective buyer without a list of the inventory. Nobody is going to pony up cash if they think they're going to end up with 963 7/16-20 x 3-1/2" Grade 8 cap screws.

I'd put it up on Craigslist at the same time with Ebay and see if you get any nibbles on it.

If not, you could always post on Ebay and try to tack on the shipping. I've seen screwier deals on Ebay - don't underestimate the degree of screwy with Ebay buyers.

 

[ssdave]

You're in the best position to sell it, as you know what it is, and who wants it. It's a real hard sell to find a customer long distance on the internet that will bite.

I've bought distressed and large lot closeouts for years and made good money finding a buyer for them. Not so much for making money (although that's nice) but more because I'm amused by doing it. I know I wouldn't touch what you have for more than $600 to $800, and then it would be a gamble to make what my time is worth. Not an offer to buy, this lot WOULD NOT be amusing for me to sell. Just a perspective from a fairly serious buyer of this type of lot.

Sometimes an owner has to sit on a lot like this for a long time before the right buyer becomes apparent.

Good luck with it!

 

[Pwaley]

You're in the best position to sell it, as you know what it is, and who wants it. It's a real hard sell to find a customer long distance on the internet that will bite.

I've bought distressed and large lot closeouts for years and made good money finding a buyer for them. Not so much for making money (although that's nice) but more because I'm amused by doing it. I know I wouldn't touch what you have for more than $600 to $800, and then it would be a gamble to make what my time is worth. Not an offer to buy, this lot WOULD NOT be amusing for me to sell. Just a perspective from a fairly serious buyer of this type of lot.

Sometimes an owner has to sit on a lot like this for a long time before the right buyer becomes apparent.

Good luck with it!

+1 I wholeheartedly agree

 

[Leaflessshadetree]

Your clueless
Not trying to make profit with this. Trying to minimize my loss
i am in business to sell product, then have it shipped.

Picking up product after a customer fails to pay, hauling it home and stacking it in my garage till I can find a home is a real pain in the ***. Not to mention not getting paid because of the deduction from my check

Not sure why you think I bought it cheap and am trying to sell for profit. But you couldn't be more wrong

I don't think you necessarily bought it cheap. You are several levels of professional above a guy that found one item and decided to flip it for a profit.
Next level is the guys that regularly hit estate auctions and garage sales to buy items to set up his own garage sale.
A level up from that is guys that buy used items to sell at Flea Markets or on E-bay.

Not trying to make a profit? What business are you in? I got the impression that you were a sales rep that regularly sells this type of stuff. You are correct, I assumed the profit part.
You are whining when people give you the straight answer as to what to expect to get for used bins.
You are quoting full retail price numbers (or possibly suggested list prices).


This whole "what's it worth?" thread is just you trolling for a buyer.
Why not post it in the classifieds, on craigslist or E-bay or (who would have thought it) through your normal marketing channels. Even come right out and start a thread saying I have this for sale and am asking $3200.

 

[NORTON'S SHOP]

I may be missing something here. You stated that you sell nuts and bolts for a living and you're also asking the forum what they're worth? Is it wrong that some are smelling a fish? You said that the product was repo'd because of lack of payment. I'm going to assume that lack of payment means no payment at all (down payment). If you did receive any amount of payment, I would consider that a plus. Either way, I would be asking 50% of retail and see what happens from there.

 

[fred d]

Ok guys ther has been a lot of good input here
I appreciate all input by the way. I may dismiss your premise, but still appreciate the feed back.
First off I don't sell retail, so placing 1/2 retail price on this would require a lot of legwork on my part.
I am a franchise and because of the agreement, when a customer fails to pay their bill the total comes out of my check.
Example
Joe's Body shop makes an initial purchase of fasteners ect for $4200. This is on a net 30 which means in 30 days we should Receive full payment. Generally most company's ride in a 45-60 pay period which means the $4200 would be paid off by the 60 day mark. Once it goes 120 days with out being paid in full, what ever the un paid balance is, is deducted from my check.

They have found that customers dont mind screwing over the big companies, but don't want to hurt the guy they have to look in the eye.
It also keeps the salesmen from opening accounts with out wondering if it will get paid off in the end.
I have lost a very small amount over the past 20+ years, but it does happen.

To continue
Then after 30 days I go by Joe's B/S on my regular rounds and he says, don't order anything, just found I'm getting divorced and not sure what's going to happen.
Go buy after 60 days and he has made a payment, but only $1000 and he says he closing the doors. He truly feels bad, but has no options. I ask if he is interested in redoing my old 4x4 as payment, but he has to be out by the end of the month and is moving back home to Kansas

I have to load all of this up in my truck unload it into the garage and find a home for it.
I could try returning it to my company, but that would be a Hugh hassle and very time consuming.

I am hoping that a account I have been working on follows through and this is all just a discussion for the archives
I am not trying to deceive anyone. Nothing is fishy. Just looking for opinions and a fresh perspective
Sometimes you can't see the forest because of the trees.

 

[fred d]

By the way
This is part of what I have in my garage to work out of when doing my projects

 

[PCMusicGuy]

Fred, you know what dollar amount it takes to buy all of the hardware/bins new since that is your business. It sounds as if most of the hardware that is left is about 75% of the original quantities from your description (unless I read something wrong.) Personally, I would say somewhere around 50% (+/- 10%) of the value of that remaining 75% quantity would be where I would attempt to sell the hardware. To me that is a fair number unless the hardware and bins are in some special pristine condition.

Could you share any better pictures of what you have for sale? If so please PM me and I will send you an email address. I ask because I'm local and I have a coworker that was just talking to me about getting hardware bins for his hangar and he told me to keep an eye out on craigslist and the like.

 

[justanengineer]

I may be missing something here. You stated that you sell nuts and bolts for a living and you're also asking the forum what they're worth? Is it wrong that some are smelling a fish?

Some folks look for a fish, I prob shouldn't talk as I've been guilty of it on a few occasions.

JME, but I'd wager most folks in new sales are clueless as to reality on used prices, plenty of folks in every profession get into a niche and dont look outside it too often.

 

[AJO]

What's it worth? For this to go in one lot expect 20-25 cents on the$. You want to farm it out in smaller parcels you can get more but lump sum cash this is all a buyer is usually going to pay. Have fun.