calgaryguy
Chris
Yeah once you do that first inventory effort the upkeep isnt as bad.
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Entire Shop for sale Thousands in value $15,000
- Thread starter JustaDB
- Start date
calgaryguy
Chris
Just an update on the original kijiji ad; I see the seller is now breaking down the contents into saleable chunks. Unfortunately the seller is out to lunch on prices still - they have 2 10" rockwell tablesaws (70's vintage) of the extremely light duty variety for $550 for the pair. Those saws are often sold for $50 each and many end up in the landfill as they simply cant be given away.
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I guess it’s really only 3 columns, description of the tool, part number, then value? Only the value column would need to add together, I can google how to do that again
Sigh.....
I'd add a couple more columns with some ideas for the future: Date purchased and Purchase price.
So if you bought a new mill in say 2000 for say $3000 and that same size mill now from Grizzly or wherever new goes for $5200 then depending on wear and upgrades (VFD, DRO, Power Feed) the asking price might reasonably be close to the price of a new one.
A user then has a choice to buy a home hobby shop mill with very little wear with all sorts of goodies for less than new or buy new and spend another $2000 on goodies.
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It’s mostly for insurance purposes, I’m looking into what’s available. Plus, as the guys are suggesting, won’t hurt to have for estate purposes
Well, sorta. Being a Mac kind of guy, I use Numbers, but yes.
The columns I've set up in my spreadsheet are Description, Brand, Model, S/N, Vendor, Q'ty, Purchased Price, Subtotal, Current Price, Subtotal, Invoice #, Date purchased, Warranty, Notes and Location. At the bottom of the spreadsheet I sum the subtotal columns. Quick & easy for insurance.
Mostly self-explanatory, except for the last 3. Warranty is a matter of whether it's lifetime or when it expires. Notes is a general category, if I bought something on sale I usually mark down the original price here. Location is a matter of where it belongs, more for insurance than anything. For instance, I have a tool roll & a few other things on the Hawg. If it gets stolen, then I have a list of what's gone. I have a repair bag that I use for rental property's, it's listed separately. If someone steals my entire roll cab & top chest, I know what was in it.
In addition, Invoice column. If something was a gift or a Kijiji purchase or something similar, I note that in the Invoice column.
calgaryguy, above, noted he doesn't break it down to individual pieces. That's fine, as long as one has a photo of everything associated w/ that piece. Insurance companies can get pretty damn finicky about what they're covering & what they're not. You should have photos or a video of everything, anyways. Each tool box drawer, every shelf, every corner of your shop (and house!). Most house policies have a maximum contents clause. If you have tens of thousands of dollars in tools & equipment (or more) in your shop, you may exceed the maximum for total loss & need to get that shortage addressed. Last thing you want is to have everything burn down & get a cheque for 60% of everything you owned.
One more thing: keep a copy of the spreadsheet & photos offsite. Thumb drive in a safety deposit box, or at a relative or friend's house. If everything goes up in flames, you don't want to be screwed. Myself, I don't trust cloud-based anything, but that's up to you. I have multiple backup hard drives w/ gigbytes of irreplaceable data (work related stuff, family photos, etc.) on them in safety deposit boxes.
Wanted to clarify two things.
First, if I bought a set of, say, 3/8-3/4 Snap-On wrenches years ago, I wouldn't break that down into individual wrenches. I'd inventory it as the set. However, if I'd since bought a 15/16, a 1/4 & a 1-1/8, they'd get listed individually.
Second...what the hell was second? Oh, yeah. If, as noted above, a used lathe or something similar was purchased w/ various tooling, etc., it's nearly impossible to assign a value to each piece. So, blanket value is fine, accompanied with a good description. However, if you buy a new chuck, or a set of collets or something afterwards, you know the precise value of them & they get their own line item.
That's how I do it, anyway.
At any rate, enough time on the computer. Time to fire up the Hawg. There's a chinook blowing & it's 10 degrees.
First, if I bought a set of, say, 3/8-3/4 Snap-On wrenches years ago, I wouldn't break that down into individual wrenches. I'd inventory it as the set. However, if I'd since bought a 15/16, a 1/4 & a 1-1/8, they'd get listed individually.
Second...what the hell was second? Oh, yeah. If, as noted above, a used lathe or something similar was purchased w/ various tooling, etc., it's nearly impossible to assign a value to each piece. So, blanket value is fine, accompanied with a good description. However, if you buy a new chuck, or a set of collets or something afterwards, you know the precise value of them & they get their own line item.
That's how I do it, anyway.
At any rate, enough time on the computer. Time to fire up the Hawg. There's a chinook blowing & it's 10 degrees.
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Agreed. For instance from today’s work on it, I tried to find a part number for the set when I could. There were a few individual sockets in the $80-110 (each) range, so worth having as a separate line. If I miss one here or there it’s not the end of the world.
The insurance rep said they need something with today’s, new, replacement value for the policy.
Thanks!
You're welcome. It takes a bit of work to get the initial inventory done. After that, hit the computer every time you buy something.
My biggest issue is consumables: grinding discs, sandpaper, arc, MIG & TIG consumables, adhesives, lubricants, solvents, paint, etc., etc., etc. Easy to have a couple grand or more tied up there. My insurance company won't touch it because there's no real way to track it. What I bought 6 months ago can be anywhere from unused to MT containers already in the garbage.
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I started throwing that stuff into “inventory”, right or wrong, and we’re straying into tax stuff that is WAY outside my expertise. I wasn’t happy writing off a shop supply that wasn’t being used, and was just on the shelf for when I needed it. It IS on the accountant list to talk to them this spring, but I hover around $5-10,000 in inventory, so in theory in a fire that would be covered