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Jim Meade / Iowa City
Senior Advisor

How Do You Get Ready For A Sale?

What advice would you give to a farmer who was going to downsize or quite farming in regard to selling the equipment?

Would you use an auction, consignment sale, individual ads, internet or what?  And why?

Would you spend much time and money repairing equipment, or are you better off to sell it as is?

How about revealing defects?  Tell or or buyer beware?

Who gave you the best advice on selling equipment and what was it?

(No, I'm not selling out, at least not for years, but I'm curious about how to start thinking about it.)

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2 Replies
idalivered
Advisor

Re: How Do You Get Ready For A Sale?

I'm not fond of farm equipment auctions, but i have seen 1 or 2 auction services that i like. They (and others) come in a week or so ahead of the auction with a team of guys and do some small repairs(tires, batteries, etc) , cleanup, and minor painting. they lineup and arrange the sale. The main thing  i like is the way they conduct the sale. they don't screw around. If you want something you'd better bid and everyone soon knows it. In my opinion , that will pay back bigger than begging for the last $1.

 

This said , I had a landlord that sold everything himself a piece at a time over about 4 years. He was comfortable with this and was part of his plan to "stretch out" the sale of his line of well maintained, but fully deprciated equipment. He is a very patient man.

 

Put in a field of oats near the auction site. Parking and conducting the sale would be easier.

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ihtractortherap
Senior Contributor

Re: How Do You Get Ready For A Sale?

Auction but dont be afraid to pay up for a good company.
People will wear you out if you try and piece it out one at a time. Decent tires ,good batteries and some paint will pay. No guarantees but dont try and hide major mechanical problems
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