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The right industrial machinery ensures a smooth and efficient manufacturing process. While the business you’ve just purchased likely came with the necessary equipment, it’s possible you’ll need to buy more, especially if you plan to scale. However, sourcing the right machinery can be tough on a budget. Buying used is a great way to save money and get the machinery you need!
Of course, any time you buy secondhand, you take on some level of risk. Learning about the buying process and understanding how to maintain and protect your equipment will help reduce the risk associated with buying used machinery. Thankfully, there are many resources out there that can help you out.
Entrepreneur Social Club explores some of the key steps involved in purchasing used industrial equipment.
Maintaining Resale Value
Performing regular maintenance on your equipment is important for smooth and efficient operations. Beyond this, protecting your machinery from wear and tear will ensure you can get your money back when you sell. Fortunately, Altorfer notes that used industrial equipment tends to hold its resale value very well!
Every piece of industrial machinery requires unique inspection and maintenance procedures, so make sure you consult your owner’s manual when establishing your upkeep schedule. For example, you might discover that you need to refinish certain surfaces or lubricate moving parts on a routine basis to keep the machine operating optimally. Keep in mind that original equipment manufacturers (OEMs) often update their maintenance and repair guidelines over time.
Make sure you stay on top of the latest recommendations for your equipment so you can keep it in tip-top shape. These manuals can be quite sizable and can pile up quickly, so it’s best to have PDF versions readily available. It’s possible to combine PDFs into one file so you can easily store several sets of guidelines or manuals in one place, as well as making the file a searchable resource.
Invest in Staff Training
Investing in operator training can help you keep your industrial machines in good condition. Before putting your new-to-you equipment into use, make sure your operators know how to use it properly, keep it clean, and prevent accidental damage. Implement a formal training program to bring your staff up to speed, and emphasize clear and consistent communication with your employees.
Ensuring your employees are paid the right amount and on time can encourage better morale and ensure they follow proper procedures when operating machinery. A solid payroll system can make it easier to schedule shifts and track hours to reduce timesheet errors while boosting employee accountability.
Where to Source Used Equipment
Industrial machinery is fairly easy to find on the secondhand market due to plant closures and businesses making alterations to their manufacturing strategies. Many times, you can find used equipment in great condition at a fraction of the cost of buying new. You can source used machinery from used machinery dealers, industrial auctions, and online marketplaces. If you decide to buy from an online marketplace or auction site, Aucto recommends looking for a marketplace that specializes in industrial-only sales instead of relying on eBay or Amazon.
Evaluating Used Machinery
Before buying used equipment, consider the seller’s reputation, the condition of the machinery, and any additional costs that may come with the purchase, including those associated with the removal, shipping, repair, and ongoing maintenance. Ask for maintenance history and get the machinery inspected to ensure it’s in good operating condition. To determine the value of used equipment, learn what factors influence the price of machinery on the second-hand market. For example, many companies are willing to pay more for machinery made by well-known manufacturers.
Buying second-hand industrial equipment is a great way to stretch your budget and improve production efficiency without hurting your bottom line. While buying used requires some serious considerations, taking the proper precautions and maintaining your equipment properly can ensure your purchase is a good investment!
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