Storage Auctions

The Storage Locker => General Storage Auction Talk => Topic started by: mhuynh9 on September 09, 2013, 04:50:54 PM

Title: Partners
Post by: mhuynh9 on September 09, 2013, 04:50:54 PM
When I first started buying lockers I started on my own.  I felt that I missed on a couple of opportunities and got a partner.  We split everything but unfortunately it has soured at least for me.  My partner is a good guy but we don't see things the same.

He always wants to throw things away and is looking for the home run.  He wants to buy bigger units and just looks for the big items.  We have barely turned a profit with a ton of work.  The only reason we turned a profit was me selling on Craigslist.  He has sold a couple of items to people he knows but not enough to keep the operation going.  We now have a 10x25 locker full of stuff.  We are still in the profit but he has no plans to sell anything except for vague notions of "lets get into a flea market or have another garage sale."  Both good ideas but there is no execution.  I really cannot do to many flea markets because I have young kids and our weekends are booked sports and other activities.  Anyway I have told him we are done but I will still help sell what we have and of course split everything.

It was a good learning experience and thanks to this forum and other resources I feel like I can do it on my own in my own time.  My strategy has always been smaller cheaper units with a small profit so I can learn the ropes.  Keep expenses low and no huge lockers.  Anyway I am happier and we have been able to keep our friendship.

Just curious have others have dealt with partnerships or going it alone.
Title: Re: Partners
Post by: MovieMan on September 09, 2013, 05:41:26 PM

Just curious have others have dealt with partnerships or going it alone.

I've never had a partner in buying lockers and all the partnerships I have seen over 10 years (maybe half a dozen) have ended badly. One instance was as you described. One fellow was meticulous and spent a lot of time looking at stuff to put on eBay while the other just wanted to "move the crap" out as he said and go for the faster dollar. They didn't last. Even those who seem to be more alike find that over time something goes awry.
Title: Re: Partners
Post by: Travis on September 09, 2013, 10:09:20 PM
Heck, even bringing my spouse along makes things more complicated.
Title: Re: Partners
Post by: HomeGrownPromos on September 09, 2013, 10:25:21 PM
I've never had the desire to take on a partner. What it sounds like, is your partner just wants to do the buying, and not the dirty work of selling. That's why I don't want a partner. I don't like the idea of someone else betting with my money, even if it's a half investment.
Title: Re: Partners
Post by: NewBuyer on September 09, 2013, 10:38:10 PM
I have an auction friend who HAD a partner. That says it all. ::)

Title: Re: Partners
Post by: calcoastgal on September 10, 2013, 03:28:03 PM
My mom and I are partners in this venture. We have always gotten along great and this has been so fun with her along for the ride. We bounce stuff off of each other and come up with some great ideas.
I did take my husband to an auction with me one time. After I had bought two small units he insisted I buy this large unit that no one wanted. I had no room for it and told him no. Next thing I knew I was the proud owner of a 10 X 30 unit that was full. He was excited until it came to the work of going through all of the boxes. It took me two weeks and he was no where to be found. He has been banned from going to auctions with me ever again.
I think a partner is a great think if you go into this with the same state of mind. It's nice to have someone back you up when you are hesitant to bid or are not sure how to sell an item to have that other person give you their feed back. We have found ways to sell stuff that most people would have thrown away just by talking about different ideas.
Title: Re: Partners
Post by: rulesforrebels on September 11, 2013, 10:49:17 AM
Partnerships in this business or any other business are always tricky. They can be great in that you split the workload and also that a partner may have strenghts in areas you have weaknesses and  you guys fill each others voids. That said you dont always see eye to eye on strategy, sometimes one party feels they do more work than the other, etc.

I have to say, if your not available on weekend your kind of shooting yourself in the foot in terms of the ability to sell. Sure you can do ebay on your own time but most people on craigslist are going to be free to pick things up evenings and weekends. Most flea markets and garage sales are on evenings and weekends. The time people want to buy your not available. Why not turn the flea market into a family activity. Kids love flea markets, cheap toys, junkfood, etc. Teach your kids how to run a business, the value of money, how to make sales.

If your buddy is interested in big things and not nickel and diming maybe have him handle larger sales and you sell the smaller items he wants to throw away.
Title: Re: Partners
Post by: mhuynh9 on September 11, 2013, 12:32:22 PM
That is great advice and we have been doing a lot of thrift store picking and estate sales as a family.  At least me and the kids, my wife works on Saturday. 

We are working around a lot of things to get garage sales and stuff on Saturday.  It is so hot here right now we could probably get away with a morning sale only.

Anyway great advice from the forum.  My friend and I are still friends and I am glad I nipped the partnership in the bud.
Title: Re: Partners
Post by: bwd111 on September 11, 2013, 12:55:30 PM
never works
Title: Re: Partners
Post by: dbr831 on September 12, 2013, 09:59:24 AM
We are a husband / wife team. I'm the wife, if it isn't obvious, lol. Anyway, it works great for us as we each have different interests and ideas to sell stuff. If we get a unit full of tools or electronics, guy stuff I pretty much tell him, "not it" and he takes it from there. I get to handle all the housewares, decorative stuff, girl stuff. It works because our money is joint so there is no worry about splitting anything. As far as partnering with another way, wouldn't do it.  Those of you that go it completely alone, I don't see how you do it. Just emptying a unit would be a nightmare. There are just so many things that take two people to move.
Title: Re: Partners
Post by: parksleyman on September 14, 2013, 03:08:08 AM
Friends asked if they can partner with me, but I have the problem of wanting to do things on my time.  I enjoy doing it, and love the thngs I find, but it has to be on my time.