Should I sell my mill?

Raym · June 27, 2021, 04:13:56 AM

Quote from: alan gage on June 24, 2021, 05:18:13 PM
Quote from: Raym on June 24, 2021, 03:44:28 PMMy gut tells me the building industry is going to bust within a year and if thats the case I will be glad to have a mill.

Just curious about why would it be good to have a mill in that case? Presumably lumber will be cheap and there will be a lot of new sawmill owners out there all cutting each others throats. Or at least that's what my gut tells me.

I guess I'm looking at it from a different perspective. If When new construction resets I will not be behind before starting the next job. For example, the next project up is a 13,000.00 set of custom builtins for a house that closes 7/14.

Therefore, I will have time to saw, market and sell, but I would also love to mostly start advertising for mobil sawing gigs. I still have about 2000' of live edge cedar slabs in the kiln that I haven't been able to remove, tag, and market for sale.

Also, the most fun I think I have had is when we put the shingle belt on the resaw attachment to saw shingles to be used as shakes on my shops gables.

And if you can read between the lines, it sounds like I really want to keep it. Just a process to make sure I'm not being stupid and or unrealistic.

barbender · June 27, 2021, 09:46:05 AM

It's paid for, you enjoy it, and you don't need the money...do I really have to say what I think you should do?😊

bannerd · June 28, 2021, 12:48:32 PM

If something has capability I would keep it. I have no issue selling stuff that isn't capable. I have a gilson lawn mower that I use all the time and when it came time to sell.. I kept the 1979 gilson and sold the 2018 john deere. It had no capabilities but a mowing deck.

Capability is why people are looking for a more feature mill and you pay for it. Granted it's not worth keeping two or three things that do the same stuff but always good to have one that does.

Raym · June 29, 2021, 03:14:46 AM

Quote from: barbender on June 27, 2021, 09:46:05 AM
It's paid for, you enjoy it, and you don't need the money...do I really have to say what I think you should do?😊

Well Sir, no you don't. ;D

Actually if I were to read my original post as if it were from someone else I would advise them the same. I am one to constantly evaluate situations like this though.

Being a command control super 40 with a pre tier 47hp yanmar its hard for me to believe that I would ever replace it.
Thanks to all....

Klicker · June 30, 2021, 06:36:56 AM

NO You have what you like and want. To many people chasing a buck instead of enjoying what they have.

taylorsmissbeehaven · June 30, 2021, 07:24:48 AM

I have to admit that I am a tool junkie as well. I have my mill, a tractor, and a mini excavator that are for my wood hobby addiction. I don't use them everyday but they are all run at least every other week on my property or another. They support the mill but can do other tasks as well. When Covid hit last year, my 10 kitchen remodels turned quickly into 2 kitchen remodels. People simply did not want us in their houses. It sure was nice to go saw logs and do small grading projects, outside where all felt safe and we all kept a weekly paycheck coming in. No telling what the future will hold so Ill keep my "toys" for my hobby enjoyment and maybe a fall back if the Delta variant (or whatever craziness comes next) stirs all this mess back up. JMTC, Brian

78NHTFY · June 30, 2021, 04:49:12 PM

Raym--keep it! Enjoyment, especially something your really, really enjoy, is a big part of what life's all about...
If you can't get to it often enough, maybe have a relative, friend come over and saw for you, so it gets some use. I just turned 700 hrs on my LT40--by far not used enough over the past 15 years, but it's held up without any degradation worth speaking about, starts everytime and does what I need done perfectly when I want it done. All the best, Rob.

Percy · July 01, 2021, 11:49:36 AM

Quote from: Klicker on June 30, 2021, 06:36:56 AM
NO You have what you like and want. To many people chasing a buck instead of enjoying what they have.

Wise words. I too have learned that the "money" thing ain't all it's cracked up to be. Thinking with your heart as opposed to your wallet is good advice IMO

Stephen1 · July 01, 2021, 01:01:09 PM

my reply didn"t go through the other day.
Waiting to go portable in 3-5 years? that is definitly a big ? mark. Your older and it is not the easiest job.
Do you have a kiln? Are you processing logs for your millwork buisness?
Do you buy KD lumber to process for your millwork?

I would sell the mill and hire someone the few days a year to come and saw your logs. I bet he even lets you run his mill.

Raym · August 12, 2021, 05:56:23 AM

Quote from: Stephen1 on July 01, 2021, 01:01:09 PM
my reply didn"t go through the other day.
Waiting to go portable in 3-5 years? that is definitly a big ? mark. Your older and it is not the easiest job.
Do you have a kiln? Are you processing logs for your millwork buisness?
Do you buy KD lumber to process for your millwork?

I would sell the mill and hire someone the few days a year to come and saw your logs. I bet he even lets you run his mill.

Yes I do have a kiln and do process lumber for my millwork side of things, and also yes, I frequently have to walk past logs and a sawmill to unload purchased KD lumber.
Yes in 3-5 years I will be 61-63 years young. I feel as though I will still be capable. As the song goes, I ain't as good as I once was but I'm as good once as I ever was......
I received a call form one of the people (a friend) that wants to purchase the mill. Even after throwing out a number 25% higher than I have invested he wants to have breakfast Saturday.
My gut is now being pulled in two directions.....

Magicman · August 12, 2021, 08:09:28 AM

I sorta just went through some of the same thought process. I am trying to slow down and seriously considered an offer that was well over twice what I paid for my sawmill. It would have been been a win-win for both of us, but at 78, I have to admit that I love sawing. In a couple of years I will have made what the offer was and I will still have the sawmill. It's selling value may diminish somewhat but the actual value will not and it could be sold at any time. If it would be a good investment for someone to buy it, then it is an even better investment for me to keep it.

Your gut will eventually tell you what to do.

WV Sawmiller · August 12, 2021, 11:07:10 AM

Lynn,

You know you will never sell. When you finally pass on they will no doubt set your mill up in the lobby of the Smithsonian with a wax magic Man sitting on the seat under the umbrella. ;)

Old Greenhorn · August 12, 2021, 04:58:26 PM

Quote from: WV Sawmiller on August 12, 2021, 11:07:10 AM
Lynn,

You know you will never sell. When you finally pass on they will no doubt set your mill up in the lobby of the Smithsonian with a wax magic Man sitting on the seat under the umbrella. ;)

Well, perhaps, but I think Marty or his son might have other thoughts on that. ;D

WV Sawmiller · August 12, 2021, 10:58:20 PM

Tom,

Well, I figured it would be at least 30 more years before Lynn retires and by then Marty may have found new interests. I am still waiting on Lynn to loan me Luke for a few months and I'm going to introduce him to my oldest GD and then I figure he will never want to leave WV again and I will have poached me a good trained off-bearer and by then he may inherit my mill/business and I can go fishing and hunting full time. ;)

burdman_22 · August 13, 2021, 11:38:54 AM

You could always sell it to me! I thought I was purchasing a mill this weekend...but the guy sold it before I could get up there...after him putting me off for weeks. Now I've got a storage lot reserved and 100 SYP logs but no mill :D

Raym · August 14, 2021, 03:22:15 AM

Quote from: burdman_22 on August 13, 2021, 11:38:54 AM
You could always sell it to me! I thought I was purchasing a mill this weekend...but the guy sold it before I could get up there...after him putting me off for weeks. Now I've got a storage lot reserved and 100 SYP logs but no mill :D

I know you are somewhat kidding. But I would not insinuate that it is for sale here without going through the proper channels.....I have not, nor do I want to go to the woodshed.... :D

Raym · October 13, 2021, 07:13:43 AM

Well after much agonizing, the mill is sold. It came down to 2 questions I kept asking myself.

1. If I had 52,000.00, would I purchase this exact sawmill.....eventually the answer was no.
2. If I had a free day (or no real schedule conflicts) would I prefer to saw or go fishing. Believe it or not, this took some time to answer but my wife (and captain) helped me answer. Lets go fishing.

So....expected 4/2022.....

The good news is that it is sold to an acquaintance so the possibility of "renting" some mill time does exist.

Magicman · October 13, 2021, 07:40:21 AM

Quote from: Magicman on August 12, 2021, 08:09:28 AMYour gut will eventually tell you what to do.

So it eventually did with your wife's input and urging. I respect well thought out decisions so I say; Congratulations!!

kevin5055 · October 13, 2021, 09:35:26 AM

Quote from: Raym on June 23, 2021, 08:20:51 AM
25% of a sale will go towards taxes.

Can someone expand upon this for me please? I'm not a business owner. Someone else mentioned about capital gains, but wouldn't you only be taxed on the profit from the sale (i.e. sale price minus original price)?

wayback40 · October 13, 2021, 10:30:25 AM

As a business you can depreciate it. I assume he depreciated it down to $0. Then the capital gains is the sale price less the depreciated value.

Southside · October 13, 2021, 11:36:14 AM

Twenty Yoopers in a pontoon boat finshin' for Moby Dick.

Raym · June 27, 2022, 03:58:24 AM

Update....have waited since October with an original date of April which turned into June 22. But the wait is over. Even though I no longer have a mill, I still follow you guys every morning.

Let the pre-retirement begin....I say (pre) because we are still so stinking busy but I'm sure thats bound to change.

Was able to get it in the water yesterday for some break in hours.