IAMC Insider: The Garage Sale

The Garage Sale

We had our annual garage sale a few weeks ago. My wife lives for this event and, I must admit, I do enjoy the “business” and the “psychology” of the day. But man, it is a ton of work.

My back was on the fritz for the week leading up to the sale this year, and my 18-year-old daughter really stepped up her game. She posted the 30-plus signs around the neighborhood the night before, set up tables at 5 a.m. and carried the majority of the 40 storage tubs and furniture from the storage shed.

As 8 a.m. rolled around, almost everything was on display, priced and awaiting a buyer. The professional deals usually come first. They will buy anything they can turn a profit on. They are market savvy, pay in cash and know, from past history, that they can expect a volume discount from me if they buy a lot.

Next come the younger couples, often with children in tow, looking for tangible items that they will use themselves. These are value shoppers buying for personal use. After a few hours, the older, more affluent prospects arrive, buying things they like but do not necessarily need. Finally, an hour before the end of the sale, the bargain basement shoppers arrive, believing we will sell the remains at any price, given the pressure of time. (They do not know about the storage bins and the converted chicken coop and rabbit hutch I store them in.)

This year, the professionals did not come in the usual droves. Those who did show did not get significant volume discounts. They said that their business was off and they had to be careful about inventory. As these folks had historically made up the bulk of our revenue, I became a little nervous and mentioned this to my daughter. She counseled patience: “Relax Dad, it always works out.”

Her prophecy was right on. In the next few hours, the young families loaded up on more utilitarian items than normal. The older hunters still purchased the things they desired without quibbling about price. Much later, the bargain hunters paid for loads that would have likely been tossed or donated if not purchased. When it was all said and done, revenue was near our all-time high, my wife made her annual donations to Goodwill and Value Village and we still had about half of our quality stock back in the shed as seed for next year’s sale.

As I mentioned previously, I enjoy the “business” of the event because it is a microcosm of our economy and incorporates many key business principles:

• Have a sound process, but remain flexible and look for regular improvement opportunities.

• Market heavily to insure that you are getting all potential customers through the door.

• Never bank on your prime revenue source. Look for new prospects and treat them equally.

• Co-workers will step up if given the opportunity and understand their importance and the need.

• A positive attitude breeds success (even more critical in turbulent times).

And perhaps most important: You get a 20-percent discount coupon when you donate to Value Village!

Rick Little

IAMC Chair