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Tools and Machinery Raffle

thestelster

thestelster

Ultra Member
Premium Member
You know, with all the talk about getting older, and disposal of our machines and tools when we die, and getting a fair amount for them, and making it easier for our heirs, perhaps a raffle is in order.

So, for instance, @Mcgyver will need to dispose of his custom cut knurling tool. He would like to get $500 for it. If he sells 100 raffle tickets @$10ea. he'll get $1,000 for it, and some lucky bugger gets the tool for $10.00. It's a win win for everyone. He gets the $1,000 now, he gets to use it until his death, upon his unfortunate demise, the winner of the raffle acquires the knurling tool. Easy peasy!!
 
thestelster said:
You know, with all the talk about getting older, and disposal of our machines and tools when we die, and getting a fair amount for them, and making it easier for our heirs, perhaps a raffle is in order.

So, for instance, @Mcgyver will need to dispose of his custom cut knurling tool. He would like to get $500 for it. If he sells 100 raffle tickets @$10ea. he'll get $1,000 for it, and some lucky bugger gets the tool for $10.00. It's a win win for everyone. He gets the $1,000 now, he gets to use it until his death, upon his unfortunate demise, the winner of the raffle acquires the knurling tool. Easy peasy!!
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except that is a violation of the law.
 
thestelster said:
What?? Really? How?
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In Canada, the federal law restricts raffles to charitable organizations, and the feds have given each province the responsibility for raffle regulations within their own province. So there is a jurisdictional issue and a not for profit issue.
 
TorontoBuilder said:
In Canada, the federal law restricts raffles to charitable organizations, and the feds have given each province the responsibility for raffle regulations within their own province. So there is a jurisdictional issue and a not for profit issue.
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Bad boy, you need a time out :mad: :p
 
thestelster said:
You know, with all the talk about getting older, and disposal of our machines and tools when we die, and getting a fair amount for them, and making it easier for our heirs, perhaps a raffle is in order.

So, for instance, @Mcgyver will need to dispose of his custom cut knurling tool. He would like to get $500 for it. If he sells 100 raffle tickets @$10ea. he'll get $1,000 for it, and some lucky bugger gets the tool for $10.00. It's a win win for everyone. He gets the $1,000 now, he gets to use it until his death, upon his unfortunate demise, the winner of the raffle acquires the knurling tool. Easy peasy!!
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Brilliant idea. Maybe call it an auction and one lucky bidder gets tipped to bid a penny more.
 
But what about church raffles, and club raffles. I know one retail store that's selling tickets to raffle off a product. Maybe you need a membership?
 
thestelster said:
But what about church raffles, and club raffles. I know one retail store that's selling tickets to raffle off a product. Maybe you need a membership?
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you need to have a charity status... churches qualify, many service clubs are in fact registered charities due to the acts of community service they perform.
 
Toronto is correct. We first need a registered charitable shell <cough> 'private' company. Call it Saviors of Basement Machinists, but you really want to get a word like 'Natural' or 'Environment' in there. Ideally registered in offshore haven like Panama, but they are going to see some heat soon, so maybe elsewhere. The item is 'sold' to the company, the donor gets a tax deduction which helps the family estate. Then the lottery disbursement scheme as envisioned. Might have to use digital currency to dust the trail a bit but anyways just follow the recipe of many shady individuals & maybe a few politicians here & there.
Hang on, my phone just rang. CRA? wtf that was fast.
 
It's a moot point if its illegal but I think there is a flaw in the idea. The example assumes at least 100 raffle tickets would be sold. But thats not necessarily the case. There might be a lot of interest in McGuyvers stuff but what about someone else like me. I might be lucky if I got just one or 2 raffle tickets sold on my crap. I would get next to nothing.
 
Canadium said:
It's a moot point if its illegal but I think there is a flaw in the idea. The example assumes at least 100 raffle tickets would be sold. But thats not necessarily the case. There might be a lot of interest in McGuyvers stuff but what about someone else like me. I might be lucky if I got just one or 2 raffle tickets sold on my crap. I would get next to nothing.
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Yeah, I've left all my stuff to my son. He'll probably just call the scrap recycler. I'm ok with that. When I'm gone, I'm gone!
 
What about a pre sale ? List your stuff here for sale, you want $500 for your flippy floppy and I offer you $450, we agree and when you kip it I settle up with your estate.

Some places (France ?) have a scheme where you can sell your home for say $1000/month. You stay in your home till you die receiving your $1000 "pension " and when you die 5 years later the new owner takse possession.

Gotta be a way.
 
thestelster said:
Yeah, I've left all my stuff to my son. He'll probably just call the scrap recycler. I'm ok with that. When I'm gone, I'm gone!
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I bet a lot of us are getting old and its a necessary discussion. Its all about the heirs. I know my wife is concerned about the heavy machinery and how she would deal with it.

The only thing that comes to my mind is if CHMW had its own HiBid auction house for members and possibly other local machinists. Local buddies could take photos and arrange lots. CHMW could collect the auctioneer fees.
 
Sounds like a twist on Hugh Hefner selling his house before his demise and living in it.
I am honestly not too worried about it. Those on line estate auctions bring good money. Heck some sharp bidder might find a bargain like I did and walk away doing a happy dance. I rarely buy anything new and a self confessed bottom feeder, so chances are people will pay more than I did plus buyers premium.
 
jorogi said:
What about a pre sale ? List your stuff here for sale, you want $500 for your flippy floppy and I offer you $450, we agree and when you kip it I settle up with your estate.

Some places (France ?) have a scheme where you can sell your home for say $1000/month. You stay in your home till you die receiving your $1000 "pension " and when you die 5 years later the new owner takse possession.

Gotta be a way.
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The problem is that machines depreciate, while real estate tends to appreciate...

I'll presell my chipmaster to someone for say $4500 but if I live 20 years longer the machine you get will not likely hold that value after I've put 1000s of hours on the bearings and ways.

You're likely much better off providing services to make income you are trying to achieve.

For instance, I'd happily surface grind people's parts to their final spec if they dont have a surface grinder. I'd heat treat those parts first too if they lack heat treatment equipment. I win because I make a little cash, they win because they dont need to buy equipment. Commercial shops dont lose because they're not interested enough in such work to even reply to an email
 
MashingMetal said:
Sounds like a twist on Hugh Hefner selling his house before his demise and living in it.
I am honestly not too worried about it. Those on line estate auctions bring good money. Heck some sharp bidder might find a bargain like I did and walk away doing a happy dance. I rarely buy anything new and a self confessed bottom feeder, so chances are people will pay more than I did plus buyers premium.
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I prefer the term "value shopper"

It may take me longer to equip my shop with everything I need but I'll save tons doing so. In fact if I wasn't a value shopper I'd not even be able to have a shop.

I love each machine I have, and by being a value shopper I don't deprive my family of money they needed to thrive, so my concern is that the tools end up in the hands of users rather than flippers. I don't need to worry that my wife maximizes the potential sale prices upon disposal. And most importantly, she doesn't have to worry about getting stuff moved out, someone qualified and willing will be at the ready
 
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