Success Story
Northmont Tool Inc.
Overview
Larry, a longtime job shop machinist decided it was time to enjoy the fruits of his labor. He was a widowed 70+ year old man that wanted to spend more time with his Grandchildren as well as in retirement in Florida. After 50+ years of long hours as tool and die maker he was ready to call it quits. He reached out to the machinery dealer that he had bought most of his machines from over the course of owning his own business. They thought the facility would be better suited to an auction. At that point we got involved and gave him a guaranteed proposal which made it easier for him to sleep before the auction but then also allowed him to share in the upside.
Process At a Glance
1.14.21
CIA is contacted by equipment dealer that their long time customer is looking for an exit strategy
1.19.21
Equipment is inspected by CIA staff member
1.25.21
Proposal is submitted to the owner for his review
2.1.21
Contract is executed by both parties
Guarantee Deposit is sent via wire transfer to Northmont Tool, Inc.
2.2.21
Auction Posted
Auction is posted to website with advertising as well as videos of machinery running
2.15.21
Preparing
(2) CIA Personnel arrive to spend two weeks to arrange and catalog the machinery, tooling & accessories.
3.3.21
Lots Posted
494 Lots are posted online with multiple photos of each lot as well as videos of the large machinery running.
3.18.21
Guarantee balance is wired to the owners account
3.23.21
Auction day lasts 6.5 hours with 593 bidders and the sale runs $650K+
3.24.21
Small Tooling and Accessories being picked up by buyers
3.29.21
Large Machinery is starting to be rigged out by the qualified insured riggers
4.16.21
Final settlement and all equipment is removed
Outcome
The CIA Industrial team worked hard and fast to conduct a successful auction that proved to Larry we were the right partner to trust in selling his assets. Our guaranteed proposal made it easier for him to sleep before the auction, but also allowed him to share in the upside. The one-day live webcast auction resulted in 593 bidders, a sales total of $650K+ and 88 winning buyers from 22 states.
” After a rewarding 50-year career in the tool and die industry, I was ready to enjoy my retirement. I wanted to find a trusted company to help me sell my equipment and business assets. When my longtime equipment dealers recommended CIA, I knew they were the perfect choice. With their impressive track record and a glowing endorsement from a partner I’d relied on for years, going with CIA was an obvious decision. The extremely successful auction they ran proved I’d made the absolute right call. Thanks to CIA, I’m now happily retired and enjoying the fruits of my many years of labor. Selling through CIA was the perfect way to celebrate the end of one chapter and the start of an exciting new one!”
– Larry Cordell
