Let me talk some basic economics (yeah, the dismal science).
What you are trying to achieve in selling your dad’s stuff is “market value,” or what some might call "a fair price.”
In my world of old-dirt valuation, the term “market value” is often defined as a “definition of market value,” which includes the standards by which a supported value should be derived from market actions.
Here’s a definition that you’ll not see anywhere today outside this thread.
Market Value: Market value is defined as the most probable price for which identified property rights were assumed to have sold in a hypothetical sale that occurred in a competitive market as of a specified date under all conditions requisite to a fair sale, including the following:
1. Both the hypothetical buyer and the hypothetical seller were assumed to have been typically motivated and to have acted prudently, knowledgeably, and for self-interest;
2. The market-exposure time of the hypothetical sale was assumed sufficient to have achieved a sale at market value;
3. Payment in the hypothetical sale was made in cash in U.S. dollars, in the local currency, or in arrangements equal to cash; and
4. The price of the hypothetical sale was subject to actual market conditions prevailing as of the date of valuation, and was unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.
Paragraph #1 is most important to you, and the most important word in that paragraph is “knowledgeably.” If I may segue a moment, were I to ask you what your car or your truck was worth, you’d say, “Oh, about $X,000 or about $XX,000.” By saying “about,” you’re probably know it’s worth between Y thousand dollars and Z thousand dollars. But since you purchased that car or truck at some price, and have probably kind of kept up with its value since you purchased it, through Craig’s List or FaceBook Market Place or your newspaper or by talking with friends or whatever. Value is always a range. That’s why you would have said “about” so many dollars.
You need to do a little bit of that sleuthing for your dad’s equipment. Find out what it would cost new, which will provide an upper limit of value. Talking is your best friend. Talk to other owner-users of similar equipment, especially those who are not interested in buying your dad’s equipment. Google may be your second best friend, to find leads of people who to talk to. If your dad had regular customers, talk to them to find out who they’re going to send their business to now that you dad can’t do their work.
Sometimes the first offer is the best offer and sometimes you have to entertain a lot of tire-kickers to get the best offer. Don’t tell anyone that you MUST sell quickly, for then the bottom- feeders will come out of the closet.
When somebody wants to know a reason that you’ve turned down their offer, never, ever give them a reason beyond “no,” or “no thank you,” because if you give them a reason, smart buyers can overcome that reason and buy at their price. But by your simply saying “no,” they have no comeback except to walk away or to make a better offer.
Good luck. It will work out. I was too young (15) when my dad died to have the responsibilities that you have, but have faith in yourself that everything will work out okay. But you kinda gotta learn to live with that hole in your heart, because you’ll always miss your dad.
Neill
