FFR 242 – The Value of Tangible Assets

This week’s Financial Flash topic centers on “Tangible Assets” which are things that you own, collect, store or display, and they have worth – both sentimental and an actual dollar value. Susan hosts this conversation with her friend, Gleason Glover, who is an expert in family heirlooms and collectibles through his company, Moving On asset liquidation. This is a short snippet of their long conversation (see below) where they get into the difficulties of selling family heirlooms, pricing, emotional attachment, and understanding the difference between a piece of furniture and an antique, plus so much more. Give it a listen and then head over to the full conversation. Thanks so much. Please remember to subscribe to our emails for weekly, financially relevant topics delivered to your inbox every Friday morning. 

And as always, have a great weekend!

Intrigued?
Then, it’s time to click on the long version and hear the entire conversation about Tangible Assets. 

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00:00:05:12 – 00:00:30:07
Susan:

Hi, I’m Susan Stiles, and for this week’s financial flash, I invited my dear friend Gleason Glover to join me in a conversation about the kind of work that he does and how it relates to the kind of work that we do here at Stiles Financial and working with clients in some areas of their financial planning. And this area is specifically around estate planning and retirement planning.

00:00:30:11 – 00:00:35:18
Susan:

Gleason happens to own a company that he calls a liquidator.

00:00:35:18 – 00:00:40:08
Susan:

So so Gleason, let’s start by you sharing,

00:00:40:08 – 00:00:45:06
Susan:

with that elevator speech. I’m sure you’ve got a really good elevator speech about

00:00:45:06 – 00:00:47:02
Susan:
what you’re doing these days.

00:00:47:16 – 00:01:08:12
Gleason:

So thanks very much, Susan. Not so much an elevator speech, but, basically what we do is, we, help, people who are looking to liquidate the assets that are in their homes either, you know, sometimes after the death of a loved one or sometimes if they’re just downsizing,

00:01:08:12 – 00:01:16:14
Gleason:

and, you know, the impediment to getting the house on the market is a lot of cases, you know, the things in the house.

00:01:16:16 – 00:01:42:21
Gleason:

So we come in, we kind of stage it like a store. So we look up the, the values of, you know, most of the things, you know, we’re really trying to price it to move, right? We’re not trying to, you know, we we’re not necessarily going to get the top dollar. We want the assets moved because that’s the impediment to selling home.

00:01:42:21 – 00:02:06:21
Susan:

So,these are items that, aren’t that have value to them. They’re not something you’re just going to throw away and they have enough value that maybe you’re not going to donate them. And it sounds like these are items that these individuals aren’t necessarily going to pass on to their family heirs. And that’s part of what I wanted to talk to you about.

00:02:07:04 – 00:02:27:09
Gleason:

Well, you know, there’s kind of this generational thing. So I always make the illusion that the comedian George Carlin has this, this, this shtick about a place for your stuff. Right. And it seems like there’s a certain generation that took that a little seriously. And so you know, first home, second home, cabin Lake home, home in Florida.

00:02:27:11 – 00:02:45:22
Gleason:

And what’s interesting is, the younger generations aren’t necessarily, wanting those items. They’re more concerned with the sale of the house. Right. And so, you know, they’re calling us to kind of come in and, and, and, help liquidate those items.

00:02:46:06 – 00:02:51:07
Susan:

And we, we in our lifetime can accumulate a lot of stuff.

00:02:51:07 – 00:03:02:00
Speaker 2
A lot. I have seen, I’ve seen some, very, very full houses. And you almost wonder how people live there,

00:03:02:00 – 00:03:02:16
Speaker 2
right?

00:03:02:20 – 00:03:33:07
Speaker 1
So, you know, when we work with our clients around estate planning, downsizing, retirement planning, we don’t really talk about their stuff so much. We’re talking more about income replacement, passing, assets to the next generation, how that looks like, how that that gets done. We talk about, planning for the future. We talk about more of their assets, but not those tangible assets.

00:03:33:12 – 00:03:57:14
Speaker 1
And so you’re more involved with those tangible assets. And for a lot of people, as you go through life and you accumulate things, some of them can be valuable, like artwork. You know, I guess, you know, Asian, Oriental rugs that are beautiful, handmade. We’ve got one, right? An antique right here in our office, because this was something that nobody wanted anymore.

00:03:57:16 – 00:04:01:02
Speaker 1
So I was able to get it because I wanted it.

00:04:01:02 – 00:04:23:14
Speaker 1
But, but it’s a big rug. It’s not going to fit in a lot of houses these days either. And even when I look at some of the things I’ve accumulated over my life that were given to me by my parents, I can tell you, my children don’t want that antique single bed that my great great grandmother was born in in 1898.

00:04:23:17 – 00:04:26:01
Speaker 1
I know, so what do you do with

00:04:26:01 – 00:04:26:18
Speaker 1
it?

00:04:26:20 – 00:04:48:17
Speaker 2
So, you know, that’s a good question. And, but what’s funny is in the past, people would try and donate some of those items to a goodwill or maybe a Salvation Army, but even they’re getting particular about what they’ll take. I think one of the funniest comments I got from some of the goodwill is, yeah, we really don’t want garage sale stuff.

00:04:48:17 – 00:05:13:21
Speaker 2
And I’m like, isn’t that your whole model? Right. So it is, there’s a variety of ways to do it. Some of the companies like me actually get involved in the logistics and we’ll do shipping, for example. So, I personally don’t want to do that. The reason that we’re doing the estate sale for the most part, in the home is so that people come into the home and take the items away, right?

00:05:13:22 – 00:05:22:23
Speaker 2
And that’s what happens. We do get a lot of things left over, and I usually ask them if they want to, I’ll ask my clients if they want to dump, donate or designate.

00:05:23:09 – 00:05:26:17
Speaker 1
So I like that. Yeah. Donate or designate.

00:05:26:17 – 00:05:28:06
Speaker 2
Yeah. Yeah. So do they, do they have a

00:05:28:06 – 00:05:45:12
Speaker 2
church or maybe a Rotary Club or some sort of organization or a cause that they really want? Or do they, you know, are they just willing to, to part with it? Right. One of the challenges is that people do do talk about.

00:05:45:12 – 00:05:49:23
Speaker 2
Yes, people accumulate a lot of things, and a lot of times they’re emotional reasons for that.

00:05:49:23 – 00:06:12:22
Speaker 2
Right? So there is this thing called dispose of phobia. The fear of getting rid of items because you have an emotional attachment to you. And that’s one of the things that in this business, I don’t think anyone realizes. I think we just kind of come in, right? And are just glorified, kind of like junk people, right? No, there’s a lot of, you know, particularly in the case of if you’re dealing with someone whose loved ones just died, right.

00:06:12:22 – 00:06:16:03
Speaker 2
There’s a lot of sensitivity. Right? You know, surrounding that there’s

00:06:16:03 – 00:06:16:05
Speaker 2
a.

00:06:16:05 – 00:06:33:08
Speaker 1
Lot that has sentimental value. I mean, you know, may not be really worth a lot, but it it’s got that sentimental value. And what are you going to do with it? I mean, especially when you pass it may have sentimental value to you, but not necessarily to your heirs.

00:06:33:13 – 00:06:59:10
Speaker 2
Right. You know, personally, my wife’s parents have 22 rental properties that they’ve been managing themselves. And, you know, and multiple properties that they own themselves. Yeah. So one of the things that our family is talking about right now is at some point in the future, right? What happens to the Saints holiday was designated,

00:06:59:10 – 00:07:13:00
Speaker 2
I think one of the most important things that people can do is really I know it’s a touchy subject, but, and this goes, you know, I’m sure you see this in your, field as well, is planning.

00:07:13:02 – 00:07:13:07
Speaker 1
Yeah.

00:07:13:07 – 00:07:16:12
Speaker 1
No, with us, we’re all about planning,

00:07:16:12 – 00:07:43:15
Speaker 1
but, you know, going through your stuff, especially if you’ve lived in the same home for a very long time. It’s really it’s it’s hard. It’s first of all, you got to have a lot of time set aside just to physically do the work. And it’s a very hard job to delegate to somebody else, because they may not know the sentimental value or where something came from and why.

00:07:43:17 – 00:08:07:11
Speaker 1
So years ago, when, when my mom, when my dad passed away, I had the big dumpster at, at my father’s house, and I’m cleaning out the barn with all this stuff, and I’m throwing the stuff in the dumpster. And then I suddenly realized that my one of my brothers is in the dumpster saying, well, I remember this.

00:08:07:11 – 00:08:32:16
Speaker 1
We can’t throw this away. Let’s hold on to this. So as soon as I’m putting it in, he’s pulling it out. Then I have the other brother in the back of the barn, reading through the old books and looking at all the inscriptions of all the books, and I’m thinking I’m getting nowhere with these two guys. So I didn’t I didn’t invite them back to the next cleaning session.

00:08:32:23 – 00:09:04:11
Speaker 2
Yeah, it’s it’s hard. I actually had a client who, we were, you know, we were helping kids kind of end up decluttering, right? As you’re going as well, right? Because you have to. The house has to be staged, right? Right. So ideally, what you want is for the client to have done the decluttering. Right? So in some cases they’re just not able to but I had a client and I know this is kind of funny, but I had a client and I would, had tossed the northwest Bank.

00:09:04:13 – 00:09:23:12
Speaker 2
Okay. Like books. Okay. And they were going out to the dumpster and getting them and saying like, no, you can’t throw these away. What if I get audited? And I had to kind of, you know, educate them that if you get audited, it’s more like ten years, not like four decades. Yeah. And then, you know, it hasn’t been North’s bank since it turned into Wells Fargo.

00:09:23:12 – 00:09:48:01
Speaker 2
Right. So that’s kind of a funny anecdote. Another situation I had, a young, young family, and the mother died suddenly, in her, in her early 50s. Wow. Unexpectedly. But they really wanted to sell the house, and it was kind of, it was kind of stressful to be there because, they collected these, like, nutcrackers.

00:09:48:01 – 00:10:09:01
Speaker 2
Yeah. From Europe. And the mom would leave notes in them, like. Sure. Remember when we got these in Germany? Yeah. And you’re trying to price them. So that’s the other kind of balancing act. Sure. What someone thinks their things are worth. You know, their intrinsic value is not always what the market value is. And we kind of have to make a determination of,

00:10:09:01 – 00:10:11:13
Speaker 2
if you want this and keep it right.

00:10:11:19 – 00:10:17:15
Speaker 2
If you want us to sell it, then you kind of have to allow us to price it to move.

00:10:17:15 – 00:10:32:01
Speaker 2
So like for this rug, you know, or for art, I actually I have a client that I’ll be meeting with, next Tuesday who has, you know, weapons. Right. He has gone. It’s got a bunch of guns and he’s got artwork.

00:10:32:03 – 00:10:50:00
Speaker 2
So I’m actually bringing in an expert to do an assessment. Okay. It’s going to turn. I think that’s going to be more of a consignment deal. Right. So I’ll probably take possession of it and then. Okay, you know, try and sell it. That’s not the ideal. Yeah. Because I really my I really don’t want to be a storage right.

00:10:50:00 – 00:10:52:04
Speaker 2
Or a store, but there are those situations where you have

00:10:52:04 – 00:10:52:08
Speaker 2
to.

00:10:52:08 – 00:10:55:04
Speaker 1
But then what happens in consignment? If it doesn’t.

00:10:55:04 – 00:10:55:18
Speaker 2
Sell?

00:10:55:18 – 00:11:01:02
Speaker 2
Well, then you have to have an agreement that you can donate it. Right? You know, that’s where the donation.

00:11:01:04 – 00:11:02:05
Speaker 1
Can you donate guns?

00:11:02:10 – 00:11:24:09
Speaker 2
Yeah. I that’s the part. I mean, I know what I will find out and like, it’s, I don’t know, I, I potentially have some buyers I think for the weapons because it’s there. You wouldn’t believe it, but it’s pretty big right now. But I think there’s some special, in order to sell guns, I think there’s some special, designations I need to have.

00:11:24:14 – 00:11:27:18
Speaker 2
And I have people that are in that world. So just so.

00:11:27:21 – 00:11:28:02
Speaker 1
Gleason,

00:11:28:02 – 00:11:49:07
Speaker 1
this this reminds me I was at, somebody’s home last week, and, he had two rooms in his house with collections. Okay? And being a collector of something, and, you know, my husband’s the collector of Billy Joel, and it’s kind of that junk stuff. I said, what is all this stuff in the basement?

00:11:49:07 – 00:11:52:12
Speaker 1
Or do we still have collection or is a younger generation?

00:11:52:12 – 00:11:52:19
Speaker 1
Are they?

00:11:53:00 – 00:11:54:05
Speaker 2
Yes. Two. Oh, yeah. Yeah.

00:11:54:06 – 00:11:55:05
Speaker 1
Collecting different things.

00:11:55:05 – 00:12:15:07
Speaker 2
Yeah. No, it’s still the same. And there’s that nostalgia. Right, right. And you do. What’s interesting is you have a secondary market too. So there are people that are resellers that are selling that stuff that use sales like money, okay, to, to get their materials. Right. So their purpose is coming there to get a deal. Right? Right. And they’re going to resell and we’re kind of aware of them.

00:12:15:07 – 00:12:33:17
Speaker 2
Sure. What’s interesting about so there’s kind of three main designators or designations I would say are collectors and collectors are like what you’re talking about. What? You sure? Yeah. Where they’re displayed. That’s just like, oh, you can tell, right? Display proudly. There’s cases and all of those sorts of things

00:12:33:17 – 00:12:34:10
Speaker 2
and they’re.

00:12:34:10 – 00:12:57:07
Speaker 1
Not always displayed. Most of Jeff’s stuff is not. In fact, one year, many years ago, it was his birthday, and I went and went through all these boxes and found this really cool original poster of Billy Joel, I think was the stranger that he had signed. So I went, I got it framed. I gave it to him for for his birthday.

00:12:57:08 – 00:13:05:01
Speaker 1
He was like in awe. Oh my gosh, where did you find this? You know how unique this piece is. This is so special.

00:13:05:04 – 00:13:10:08
Speaker 2
So that you wrote that he had no clue. Oh, right. Right. But he owned it. He saw it.

00:13:10:08 – 00:13:11:16
Speaker 1
I had gone and

00:13:11:16 – 00:13:18:02
Speaker 1
and bought it like on eBay or something. And he couldn’t even believe that I was able to track down. And I.

00:13:18:04 – 00:13:18:16
Speaker 2
There is a

00:13:18:16 – 00:13:19:09
Speaker 2
I let.

00:13:19:09 – 00:13:20:17
Speaker 1
Him believe it for a while.

00:13:20:18 – 00:13:27:15
Speaker 2
There. It’s okay. So I said disposer phobia. It’s also amnesia. The floor.

00:13:27:19 – 00:13:28:16
Speaker 1
Doesn’t even know what he.

00:13:28:16 – 00:13:30:12
Speaker 2
Owns. And that’s, you know,

00:13:30:12 – 00:13:49:00
Speaker 2
that’s that’s typical amongst a lot of collectors. I’m a comic book collector. Are you? I and my wife is like, how soon? How can we value them? How soon can we sell them? Right, right. But I know, I don’t know everything I have. Yeah, right. And that changes, right. And Covid really brought a lot of, those hobbies right back.

00:13:49:00 – 00:13:50:04
Speaker 2
So people started.

00:13:50:04 – 00:13:53:07
Speaker 2
Oh, they still doing it? Oh yeah. For sure. They are hardware, old

00:13:53:07 – 00:14:08:05
Speaker 2
cars, collectibles, toys. There’s there’s a whole cottage industry. There are websites that are dedicated to almost like people having their own, CBS channels where they’re selling just books and pallets full of items.

00:14:08:11 – 00:14:10:14
Speaker 1
So what one person thinks is.

00:14:10:14 – 00:14:14:13
Speaker 2
Junk, right? Somebody else thinks now is valuable.

00:14:14:15 – 00:14:18:13
Speaker 1
So what have you think? Something’s junk and it’s really worth something.

00:14:18:13 – 00:14:19:02
Speaker 2
Well, you’ve.

00:14:19:02 – 00:14:29:09
Speaker 1
Heard the stories. Oh, yeah. Goodwill. Oh, they bought this beautiful, I don’t know, Dynasty China vase. And then, you know, it’s worth all sorts of money or.

00:14:29:11 – 00:14:49:19
Speaker 2
And I always wonder how they found that out. My guess is they had it appraised. Right. So they must have had a sense. And I think most, most of the people that are kind of buying those types of things are we call them treasure hunt. Yeah. Right. So yeah, you have people that are literally going to every single Goodwill and Salvation garage sale, right?

00:14:49:19 – 00:15:08:08
Speaker 2
There’s not time enough in the day, right, to go through every single item that you’re looking at, donating it, looking up its value. Yeah, right. A lot of people will go to eBay or they’ll we use something called Worth Point that shows kind of transactions that have actually been done historically, and it’s kind of an aggregator, sure, of all those sites.

00:15:08:13 – 00:15:30:10
Speaker 2
But one of the problems with like an eBay is you look and you’ll see, like maybe this set, right, you’ll see something like this set and you’ll notice it. Hey, someone sold out for $3,000, right? Yeah. But you look at everyone else and they’re also in it for about 100 to $200, right? So what? You know, the 3000 is an outlier, right?

00:15:30:10 – 00:15:50:07
Speaker 2
Right. And there are people that are trying to kind of game the system. Yeah. Right. Hoping that someone won’t realize that and give them $3,000. Right. So, you know, there is a certain amount of research that goes into it. But again, at the end of the day, our company name is moving on asset liquidation. Okay. So the the emphasis is on the liquidation.

00:15:50:07 – 00:15:53:02
Speaker 2
Right. And again, there’s a strategy involved in

00:15:53:02 – 00:16:11:13
Speaker 2
almost 90% of the cases. The reason that we’re being hired is because there’s either a move, a downsizing or a death. But in all the cases, pretty much it’s all to get the house ready to go in the market, because that’s where the real money is in the real estate.

00:16:11:13 – 00:16:17:14
Speaker 1
Okay. But it’s, it’s it’s getting rid of that stuff you’ve been accumulating. It’s a car that

00:16:17:14 – 00:16:18:09
Speaker 1
nobody wants.

00:16:18:10 – 00:16:20:16
Speaker 2
It’s hard. What do you how do you

00:16:20:16 – 00:16:39:22
Speaker 2
how do you tell someone that’s something that they hold really valuable is stuff. Right. So that’s why asset right. It’s an asset that you’re looking to move on either to a more deserving person. Right. Some of them are precious. Right. Or there are people are just like, I just want to go.

00:16:39:22 – 00:16:59:04
Speaker 1
You know, as people, as people go through life and, you know, you’re at this peak of accumulation and this is also true with your portfolios. And now there’s that cumulation period of time where you’re spending down your assets and,

00:16:59:04 – 00:17:08:15
Speaker 1
and if you don’t take the time to start moving out your tangible assets, you’re going to leave a lot for your kids.

00:17:08:15 – 00:17:11:11
Speaker 1
That’s what that happened to me with both my parents.

00:17:11:11 – 00:17:22:09
Speaker 1
They they left me with a lot to do, because. And then you already heard about my brothers. So it’s a lot of work.

00:17:22:15 – 00:17:26:14
Speaker 2
Did they? Did your parents have any sort of written well or anything?

00:17:27:19 – 00:17:46:17
Speaker 1
Yeah, they both did. It was just a basic, simple, simple. Well, really just basic. Simple. But it wasn’t that so much. It’s like, okay, here’s the houses, here’s the sofas, here’s the antiques, you know, that kind of thing. What do we, you know, how do you even put a value on them? They’re antiques. Are they really antiques?

00:17:46:17 – 00:17:57:07
Speaker 1
Because there’s valuable antiques and there’s antiques they call antiques. It’s just old furniture that’s been around in the family, you know? So what’s the difference between an antique and a piece of old furniture?

00:17:57:09 – 00:17:58:18
Speaker 2
Right. Seriously,

00:17:58:18 – 00:18:21:13
Speaker 2
it’s kind of in the eye of the beholder, right? And one of the things that’s also kind of interesting, particularly with families, is, death has a way of kind of bringing out some of our, let’s not say, our better natures. That’s true. I’ve heard, actually, is it, who is, the guy that is in rotary with you?

00:18:21:13 – 00:18:25:05
Speaker 2
That’s the, estate lawyer, is it Carlyn?

00:18:25:05 – 00:18:26:00
Speaker 1
know who you mean.

00:18:26:01 – 00:18:26:14
Speaker 2
He told a

00:18:26:14 – 00:18:48:15
Speaker 2
story about, I think it was two brothers. Yeah, they were arguing over. I think was a $4,000 item that had been left that they both wanted. Right? So one guy went and got, $100,000 lawyer. Yeah. When the brother found out that he got $100,000 lawyer, he went out and hired $110,000 lawyer. Right. So it can get very contentious.

00:18:48:15 – 00:19:02:10
Speaker 2
Yes. On our website, we actually have something that was recommended by an estate lawyer, called, Who Gets grandma’s yellow pie Plate. And it’s got some kind of tips and hints on how to kind of prepare for that. Some people will do things.

00:19:02:10 – 00:19:05:02
Speaker 2
There are actually families that’ll do, like a football draft.

00:19:05:02 – 00:19:06:20
Speaker 2
Okay. Really? Yeah.

00:19:06:20 – 00:19:11:02
Speaker 2
So that you pick numbers when you kind of go through like that.

00:19:11:03 – 00:19:24:19
Speaker 2
But again, preparation and just planning yeah, is the easiest way. If you’re the one that owns the assets and you don’t want your family to have to go through some of the things like you did, just have to have a plan, right?

00:19:24:19 – 00:19:30:01
Speaker 2
I understand that it it’s a sign. I think people don’t like to do it because it’s a sign of their mortality.

00:19:30:01 – 00:19:30:14
Speaker 1
That’s right.

00:19:30:16 – 00:19:37:04
Speaker 2
Right. Oh, absolutely. If I’m planning for my eventual demise. Right. I don’t feel like I’m close to that.

00:19:37:11 – 00:19:50:15
Speaker 1
But, you know, it’s also good to know, what? Your kids and grandchildren, what are your things, right? Because it’s in in order to know that, you got to ask the question, okay? You really do.

00:19:50:15 – 00:19:50:20
Speaker 2
And

00:19:50:20 – 00:19:52:17
Speaker 2
not too early, though. No, my.

00:19:52:19 – 00:19:54:03
Speaker 1
My husband’s mom,

00:19:54:03 – 00:20:14:13
Speaker 1
she did a great job. But when she moved out of the family home in Austin, she spent a lot of time going through everything and, you know, invited her two sons down to say, okay, you know, I’m clearing everything out, you know, what is it that you want from this? And, and then figuring it out, selling some of it, giving some away.

00:20:14:19 – 00:20:27:15
Speaker 1
And she did a great job. I really commend how she did it as compared to my parents, my parents. But my parents died unexpectedly. So, you know, that was part of

00:20:27:15 – 00:20:27:17
Speaker 1
it.

00:20:27:19 – 00:20:51:15
Speaker 2
But at least they had the forethought to have some sort of plan in place in case, so, you know, again, it’s just, it’s it’s we kind of see every scenario. I’ve been fortunate in most cases that a lot I mean, a lot of my, sales have really been downsizing and it’s really been like, if you’ve ever seen, the show Schitt’s Creek.

00:20:51:17 – 00:20:56:15
Speaker 2
Yes. Right, right. It’s literally been we’re moving from a 5000.

00:20:56:15 – 00:20:57:11
Speaker 2
That’s the guy.

00:20:57:11 – 00:20:58:21
Speaker 1
That everybody says, Jeff looks.

00:20:58:21 – 00:21:02:02
Speaker 2
Like he for sure you do love him. Yes.

00:21:02:02 – 00:21:19:05
Speaker 2
You know, we’re moving from a 5000 square foot home in Carver, right? To a place we only have one guy. They’re moving to Mexico. Yeah, we literally had someone in Waconia that had a beautiful home, and they were moving to, a town of 2000, in Alaska. Wow. Right.

00:21:19:05 – 00:21:41:21
Speaker 2
So you’re seeing all this stuff, and there’s, this kind of minimal, minimization or minimalistic, thing going on where people are just kind of going, I’ve got a lot of stuff, and I’m not using this anymore, and my kids don’t want it. Me if I can make a few bucks and we get the tax right, you know, the the tax write up on it, you know, I it’s something I need to do.

00:21:42:00 – 00:21:42:04
Speaker 1
I,

00:21:42:04 – 00:22:04:06
Speaker 1
we have friends that are right now moving to France and selling their home and got rid of stuff and what they wanted to keep is being shipped over in a container, all right, to France. But when they, when their condo that’s being built is finished, they’re going to have to buy to refurbish, right?

00:22:04:08 – 00:22:04:16
Speaker 2
Yeah.

00:22:04:16 – 00:22:06:10
Speaker 2
Well, and part of that’s probably exciting.

00:22:06:10 – 00:22:07:03
Speaker 1
Is you want to.

00:22:07:04 – 00:22:12:16
Speaker 2
Write code, right. So it’s not and there’s some again. But it’s a lot of work. It is it really

00:22:12:16 – 00:22:12:23
Speaker 2
I.

00:22:12:23 – 00:22:23:19
Speaker 1
Mean, I’m a Christian later. I just I’m not a procrastinator, really. But with something like that, I just don’t deal with it. And you really have to take the bull by the horns and just do

00:22:23:19 – 00:22:24:02
Speaker 1
it well.

00:22:24:03 – 00:22:31:13
Speaker 2
And the other thing is, if you’re moving, right, so let’s say that you’re not even transitioning. Just if you’re moving, how much do you actually want to pack.

00:22:31:13 – 00:22:32:00
Speaker 1
Right?

00:22:32:02 – 00:22:36:07
Speaker 2
Right. Do you have a large home? Susan. Well, there’s a lot.

00:22:36:12 – 00:22:36:15
Speaker 1
And

00:22:36:15 – 00:22:40:23
Speaker 1
I still have boxes that were from my mother and my father.

00:22:40:23 – 00:22:41:18
Speaker 2
That’s right.

00:22:41:21 – 00:22:42:13
Speaker 1
How many years.

00:22:42:13 – 00:22:43:06
Speaker 2
Later? Right.

00:22:43:06 – 00:22:49:03
Speaker 2
And so at some point, that is going to need to, to be, there’s, there’s going to be a final disposition.

00:22:49:05 – 00:22:59:11
Speaker 1
And we also have boxes from his mom. Right. Then we have boxes from his aunt. Right? I mean, we are the collector of everybody, right?

00:22:59:16 – 00:23:21:08
Speaker 2
You know, one of the biggest, industries in the country right now is storage facility. Yes. Right. And it’s because I know don’t have enough room even in their homes to put everything and a little cottage thing, you know, is, you know, what’s the what’s the TV show? Storage. Storage

00:23:21:08 – 00:23:21:17
Speaker 2
wars.

00:23:21:20 – 00:23:23:12
Speaker 1
There’s the hoarders, too.

00:23:23:13 – 00:23:29:12
Speaker 2
Right. Well, there’s. Okay, so there’s three kind of distinctions. Hoarders. Yeah. Packrat collectors.

00:23:29:12 – 00:23:30:03
Speaker 1
Oh, okay.

00:23:30:04 – 00:23:30:23
Speaker 2
Right.

00:23:31:01 – 00:23:31:08
Speaker 1
All right.

00:23:31:08 – 00:23:32:15
Speaker 1
So define all.

00:23:32:15 – 00:23:33:09
Speaker 2
Three. Well, like

00:23:33:09 – 00:23:33:17
Speaker 2
so.

00:23:33:19 – 00:23:35:02
Speaker 1
I think I know, but you just.

00:23:35:02 – 00:23:51:06
Speaker 2
Like that. So and and, actually hoarding I believe is actually covered under the, eight. Oh really. Right. So that if you have, like, if you had an apartment building and there was someone that was hoarding that I’d like, you can’t evict

00:23:51:06 – 00:23:53:04
Speaker 2
them for that real hoarder.

00:23:53:04 – 00:23:54:19
Speaker 1
You can’t even get into their.

00:23:54:19 – 00:23:57:11
Speaker 2
Bathroom, right? I mean, a real hoarder, right?

00:23:57:13 – 00:24:03:03
Speaker 1
They can’t even use their kitchen. A real hoarder is sleeping in the lobby, right? I mean, a real.

00:24:03:03 – 00:24:03:12
Speaker 2
Hoarder,

00:24:03:12 – 00:24:06:10
Speaker 2
right? Yes. Because. Because they can’t get in and.

00:24:06:15 – 00:24:12:13
Speaker 1
Right. And a real hoarder a lot of times they’ve got bags, tags that have never been taken off.

00:24:12:14 – 00:24:15:15
Speaker 2
Right? I mean, so that’s what I’ve got.

00:24:15:15 – 00:24:44:09
Speaker 2
I’ve got a client that, his mother and grandmother passed, and that’s kind of what we have is all these. She was a a compulsive shopper. Yeah. And she would just buy things. Shoes, clothes. Close, close. Because clothes. Clothes never wore any. Yes. Right. So yeah. And again, so the, the distinction is just kind of, there’s the person that just collects like little grab, like scraps of paper and put them in a drawer somewhere.

00:24:44:12 – 00:24:46:21
Speaker 2
Right. And then there’s a person that actually has like a.

00:24:47:00 – 00:24:47:19
Speaker 1
Okay, so let’s

00:24:47:19 – 00:24:49:20
Speaker 1
think, oh, so I got the hoarder thing.

00:24:49:21 – 00:24:53:01
Speaker 2
Yeah. Pat Grant is that versus collectors. Is

00:24:53:01 – 00:24:53:20
Speaker 2
is that.

00:24:53:22 – 00:24:54:18
Speaker 1
You? You just.

00:24:54:19 – 00:24:55:02
Speaker 2
Throw.

00:24:55:02 – 00:24:55:15
Speaker 1
Anything away.

00:24:55:15 – 00:24:57:10
Speaker 2
Yeah. Yeah. They’re just it’s a compulsive.

00:24:57:14 – 00:24:57:20
Speaker 1
So

00:24:57:20 – 00:25:04:03
Speaker 1
it’s like you still have your kid’s first grade, you know, spelling test that has three stars on

00:25:04:03 – 00:25:04:05
Speaker 1
it.

00:25:04:05 – 00:25:15:16
Speaker 2
Which my mom had. Yeah. Right. Right. Okay. Kept like all of your books stuff and all of our stuff from grade school, right? And it’s like, you know, not so much high school and, you know, college.

00:25:15:18 – 00:25:26:21
Speaker 1
But do you remember, like, in grade school, in high school, how you would take the school pictures, the little ones? What were they like, the two by fours or something? And you’d you’d collect them all.

00:25:26:21 – 00:25:28:11
Speaker 2
Yeah. Well, I’m guessing you still.

00:25:28:11 – 00:25:31:05
Speaker 1
Have boxes of those photos from all these.

00:25:31:07 – 00:25:32:04
Speaker 2
Friends, right?

00:25:32:04 – 00:25:59:01
Speaker 2
Sure. So we’re kind of guilty of that. Yeah. And everyone has varying degrees of that, right? Right. So, like, I’m a collector in some ways, I probably am. I’m not a hoarder, but I definitely, I definitely bring things that are not being displayed, like increases and stuff. And maybe because of the nature of my business, I know at some point, you know, I’ll probably dispose of them and I have a channel to do so.

00:25:59:04 – 00:26:14:17
Speaker 1
And I may I may have a little bit of packrat in me where I don’t I don’t like to throw things away because I’m worried that I might need it or I might miss it or something. And I definitely got that from my mother.

00:26:14:19 – 00:26:15:05
Speaker 2
For

00:26:15:05 – 00:26:37:15
Speaker 2
sure. And my stepmother was the same exact way. Had everything but and everything was filed neatly according to, you know, was subcategories and all that stuff too. So a lot of that can be, maybe it is hereditary in some cases, but there’s kind of a method to the madness, right? And there was no question that if we needed something, we knew where to find it.

00:26:37:15 – 00:26:38:22
Speaker 2
Right, right.

00:26:39:04 – 00:26:48:03
Speaker 1
Well, and I’ve been that way with my business because, you know, this year, I don’t know if you knew this Gleason, but, we’re celebrating 25 years House financial at August 1st.

00:26:48:03 – 00:26:48:09
Speaker 2
Yeah,

00:26:48:09 – 00:26:50:05
Speaker 2
wow, I know wow.

00:26:50:11 – 00:27:12:23
Speaker 1
So I still have stuff from way back when, and it’s crazy how once in a while, we’ll get a phone call about something for some reason. And it’s. Do you still have that statement from 2007 and nine times, even more than 99% of the time I can find it.

00:27:13:01 – 00:27:20:07
Speaker 2
That’s awesome though. Yeah. And if I’m that person calling, yeah, right. That just does nothing but enhance your brand even more. Yeah, I know.

00:27:20:10 – 00:27:26:16
Speaker 1
Except now we’ve taken all of that stuff and we’ve been spending a number of years digitizing everything.

00:27:26:16 – 00:27:30:09
Speaker 2
Okay. Is that kind of the trend even in the financials. Absolutely. Okay.

00:27:30:10 – 00:27:30:16
Speaker 1
Oh,

00:27:30:16 – 00:27:46:17
Speaker 1
and we’re a little ahead of the curve on that stuff because we’ve been doing a lot of paperless. Now we really we committed to full paperless, five years ago. And this is a very paper driven industry.

00:27:46:17 – 00:27:48:00
Speaker 2
Sure.

00:27:48:02 – 00:27:52:10
Speaker 1
But we we went to almost completely paperless.

00:27:52:10 – 00:27:57:21
Speaker 2
Was that an eco friendly decision or was it a was it just a,

00:27:57:21 – 00:28:19:06
Speaker 1
I think it was eco friendly to certain extent, but it was also just efficiencies and storage space. And, you know, we could just see that that was where the future is. And it’s it’s it’s much more efficient just for, you know, onboarding clients. I mean, you’ve seen this in the in the housing industry when you buy and sell a house, it’s all electronic.

00:28:19:06 – 00:28:40:19
Speaker 1
Okay. Because we’re an industry that has a lot of regulation and compliance. A lot of like you have to follow certain rules and guidelines and there’s only certain software programs, filing systems, database systems that are approved by the SEC. So you needed to make sure that you have the right systems in place to be able to do that.

00:28:40:19 – 00:28:47:11
Speaker 1
And so we did that research when we did the research over 6 to 7 years ago and then implemented over five years ago.

00:28:47:13 – 00:28:48:01
Speaker 2
Yeah.

00:28:48:01 – 00:29:07:10
Speaker 2
So I have a question, because I get asked this a lot because it’s funny, because once you’re kind of in this industry, you get asked all these questions, short questions, just like you’re a financial planner or a real estate agent. Yeah. And I never know. So what is I actually have a couple of estate planners that I work with that help, that are kind of a funnel for me.

00:29:07:12 – 00:29:15:07
Speaker 2
And the real estate, obviously agents. But okay, what is the difference between a revocable and an irrevocable trust?

00:29:15:07 – 00:29:18:20
Speaker 2
Okay. That’s a question I get, like all the questions

00:29:18:20 – 00:29:21:22
Speaker 2
and, and and, you know, obviously if I have someone well.

00:29:22:00 – 00:29:24:21
Speaker 1
If they’re revocable means you can’t revoke it.

00:29:25:01 – 00:29:26:00
Speaker 2
Okay.

00:29:26:02 – 00:29:31:03
Speaker 1
Revocable means you can revoke it. So if you do a revocable trust you can change it.

00:29:31:08 – 00:29:32:05
Speaker 2
Okay.

00:29:32:07 – 00:29:35:04
Speaker 1
An irrevocable trust cannot be changed.

00:29:35:05 – 00:29:37:05
Speaker 2
So give it. What does that look like though.

00:29:37:08 – 00:30:00:01
Speaker 1
Well what generally where you’ll see an irrevocable trust used is let’s say we’ve got a husband and wife and you know, they leave money to their children a write in trust, and they want to control the use of that money from the grave.

00:30:00:04 – 00:30:00:11
Speaker 2
Okay.

00:30:00:14 – 00:30:02:20
Speaker 1
Okay. So you would make that irrevocable.

00:30:02:22 – 00:30:03:05
Speaker 2
Okay.

00:30:03:06 – 00:30:06:02
Speaker 1
Because these are the rules can’t be revoked.

00:30:06:03 – 00:30:06:08
Speaker 2
Okay?

00:30:06:12 – 00:30:07:11
Speaker 1
This is the way it is.

00:30:07:12 – 00:30:08:00
Speaker 2
Okay.

00:30:08:02 – 00:30:15:02
Speaker 1
The other reason you would do an irrevocable trust is to get those assets out of your estate. Okay? You don’t own that money.

00:30:15:02 – 00:30:15:10
Speaker 2
Okay.

00:30:15:15 – 00:30:42:15
Speaker 1
So then if you have a taxable estate, you get that out of your state. Okay. So irrevocable trust are often used to fund life insurance okay. So if you’re going to buy a large life insurance policy so that your heirs have the money to pay for the potential inheritance estate taxes, that would be due upon your death, because your estate is that large, you buy a policy.

00:30:42:20 – 00:31:02:08
Speaker 1
But if you own that policy, or your estate owns that policy, that just adds to the value of your estate. So you want the money to be there for your heirs, but you don’t want it in your estate. So you set up an irrevocable life insurance trust so that that money is not part of your state, doesn’t get counted.

00:31:02:10 – 00:31:29:18
Speaker 1
Then your heirs will get that money tax free because it’s life insurance, and now they’ve got the million dollars or whatever to write the IRS, the tax is owed without having to sell or fire sell. Because let’s say that you’re you have a, an estate that’s worth 15, $20 million, but it’s mostly real estate. Well, in order to pay, you’re still going to taxes, but it’s not liquid.

00:31:29:20 – 00:31:49:18
Speaker 1
Well, you don’t want your heirs to be forced to sell. You know, below market to get the cash to owe the IRS because the IRS is not going to wait around. So you think about irrevocable versus most living trust, living trust a generally revocable trust. So if you set up a trust it’s usually a revocable.

00:31:49:18 – 00:31:51:06
Speaker 2
Trust okay okay.

00:31:51:06 – 00:32:01:23
Speaker 2
Good to know again. And now I can give at least an somewhat intelligible answer and also direct them to someone that actually knows what they’re talking about.

00:32:02:01 – 00:32:04:12
Speaker 1
Oh that’s good. I’m glad.

00:32:04:12 – 00:32:06:23
Speaker 1
Please tell me. Remind me, what is your website again?

00:32:07:01 – 00:32:07:08
Speaker 2
It’s

00:32:07:08 – 00:32:23:18
Speaker 2
moving on. Asset liquidation.com. Just like that. It really is. And I was trying to, you know, more. I tried to find the domain name, and it’s, I like it because from a marketing perspective, it is exactly what we do.

00:32:24:04 – 00:32:24:12
Speaker 1
I get.

00:32:24:12 – 00:32:25:01
Speaker 2
That right.

00:32:25:01 – 00:32:41:16
Speaker 2
And there’s, you know, there’s, there’s a little tongue in cheek in the name that I won’t go into, but it describes pretty much I mean, because that’s what moving on is, right? Yeah. It might be your shuffling off this mortal coil, or just maybe, that you’re leaving the place that you’ve been for a while.

00:32:41:16 – 00:32:43:05
Speaker 2
You’re moving on to someplace else.

00:32:43:06 – 00:32:45:06
Speaker 1
So is that moving on? Is that the acronym?

00:32:45:06 – 00:32:51:18
Speaker 2
That’s out National radio, which, which, you know, that I.

00:32:51:18 – 00:32:52:16
Speaker 1
Was figuring it.

00:32:52:16 – 00:32:53:01
Speaker 2
Out,

00:32:53:01 – 00:33:19:16
Speaker 2
does it, but does it doesn’t have any real like, lyrical. No, it does nothing. But, but I like it. I like it. And again, I, you know, I really feel like we’re like, this can be a really difficult thing for people. So I feel like coming alongside. Yeah. And helping them through this transition. Again, you have to have a pretty decent bedside manner.

00:33:19:20 – 00:33:25:23
Speaker 1
I was just going to say that. And you have that. I mean, you do. You’re a nice guy. And you you have that.

00:33:26:01 – 00:33:30:08
Speaker 2
Yeah, I, I try look, there are psychological. Well it is there’s a.

00:33:30:08 – 00:33:32:00
Speaker 1
Huge psychological component.

00:33:32:01 – 00:33:57:18
Speaker 2
But there are some clients that will test you because again, you’re like, okay, you hired me to do this to help you, right? But you’re in my way, right? You’re not allowing me to do what you’re hiring or do. You’re going to hold me accountable. You don’t get the results that you want. And in most cases, there’s a written agreement that says, hey, this is the deal, right?

00:33:57:19 – 00:34:31:03
Speaker 2
Right. And, and that’s how it goes. I, I recently had a client that, took that had something that was really collectible, and I was using that as part of my marketing schema, and I understand that to them, it was really emotional. Sure. But the day before the sale, they decided to remove the items from the property, which left me in a very precarious situation where people had literally come from miles away for those items.

00:34:31:04 – 00:34:41:19
Speaker 2
And you know, when I talked to them, they were just like, you know, I just couldn’t do it. And I of course, I was like, that’s a conversation we should have had. Then, you know? Right. Yeah.

00:34:42:01 – 00:34:45:05
Speaker 1
What are you doing? That’s because now you spent all this money marketing.

00:34:45:08 – 00:34:46:11
Speaker 2
I mean.

00:34:46:11 – 00:34:47:12
Speaker 1
It’s it puts you in a.

00:34:47:13 – 00:34:48:18
Speaker 2
Horrible. But it was a

00:34:48:18 – 00:35:06:21
Speaker 2
very eclectic sale. There were a lot more, treasures that were there. Yeah. So part of that was. Okay. I talk to the people individually and explained what had happened, and they kind of, I think they said because they kind of met, especially the one of them had come a day early to make sure that they were the first in line.

00:35:06:23 – 00:35:18:05
Speaker 2
Right. And it literally stayed overnight. Oh, boy. And it kind of met us and the owner. So I think they kind of got that, that could, you know, that was beyond the pale

00:35:18:05 – 00:35:21:23
Speaker 2
right of Orthodoxy. And they got a feel for kind of me and my team.

00:35:21:23 – 00:35:27:03
Speaker 2
But it was kind of it was really, really, you know, it was embarrassing, I know.

00:35:27:03 – 00:35:50:06
Speaker 2
And I went out before the sale even started and had to make the announcement. And, you know, I heard bait and switch, you know, which just really be cringe. But I’m like, this is not how we do things. I apologize. I’m, you know, being as upfront as I can. There’s other goodies in here. And that’s kind of what I, what I did and what I made sure is moving.

00:35:50:06 – 00:36:12:03
Speaker 2
And that was a great lesson to learn in the future. It will be in writing. I’m sure you were not allowed once we have an agreement you because and it’s actually in our kind of our standard contract is the, the liquidator which is us has the right to price things to move right at our discretion. Right.

00:36:12:03 – 00:36:33:08
Speaker 2
And, and after a certain date, anything that’s not to be sold needs to be removed. Okay. Right. So that’s been that’s been one of the challenges. I’m kind of kind hearted and I’ve allowed people to kind of be there as we were setting up and doing things and they’re like, oh, you’re pricing that at that, right? And all that does is causes, you know, confusion.

00:36:33:10 – 00:36:50:12
Speaker 1
So let’s talk about for, for concepts, for words that we’ve talked about today okay. One is liquidator, one is estate sale, one is garage sale and one is auction.

00:36:50:14 – 00:36:51:04
Speaker 2
Oh okay.

00:36:51:05 – 00:36:56:22
Speaker 1
So how do how do all these differ. And how are they overlapping?

00:36:56:23 – 00:37:19:20
Speaker 2
Okay. So an auction is basically a it’s a bidding process. Right? Right. Usually it is. Oh, I guess in the past, you know, it was kind of done in person at an auction house, right. Like I sell the BS or a Luther Wright is a big, player here. So an auction is, is is bidding. It’s eBay to a certain degree, the way eBay originally

00:37:19:20 – 00:37:20:07
Speaker 2
started.

00:37:20:09 – 00:37:24:14
Speaker 1
That’s what I did with my dad’s place. I auctioned my father’s house.

00:37:24:15 – 00:37:25:05
Speaker 2
Okay.

00:37:25:07 – 00:37:28:12
Speaker 1
And all the belongings inside we didn’t want.

00:37:28:13 – 00:37:28:21
Speaker 2
Okay.

00:37:28:22 – 00:37:35:20
Speaker 1
And it it was, it was, I think one, 1 or 2 days, and then it was everything was gone. That’s what we.

00:37:35:20 – 00:37:36:12
Speaker 2
Did. So you.

00:37:36:12 – 00:37:43:16
Speaker 1
Auction. We got a lot more for his house by auctioning it than if we had put it on, on for sale with a realtor.

00:37:43:16 – 00:38:05:16
Speaker 2
So one of the things about an estate sale that’s interesting is a lot of people will come to see the home. Yeah, a lot of times you’re having a sale before the house is actually on the market. Okay. Things are still in there, right? So people are coming not necessarily even for the sale, but they’re like, so one of the things I’ll do is I’ll make sure I have the real estate agents, the selling agent or whoever is going to be doing the selling that I have their card there.

00:38:05:17 – 00:38:31:15
Speaker 2
Right, right. So you want to talk about the house, right. And go ahead and and contact them. Sure. The, Okay. So, so an option is, is a bidding thing. And what happens is so there’s just psychology in Oxenham and it’s when people see something, they kind of visualize that it’s theirs. Okay. Like these. Right? Right.

00:38:31:18 – 00:38:47:16
Speaker 2
I have a place for them. I know exactly where it’s going to go and what show up it’s going to be on. And so when you get in this bidding thing, there’s there’s some ego and there’s a level of threshold like, no, no, you’re not getting my, my, you’re not getting my stuff right. And that drives the price higher.

00:38:47:20 – 00:38:49:22
Speaker 2
Right. So there’s a whole psychology behind that.

00:38:49:22 – 00:38:50:22
Speaker 1
And competition

00:38:50:22 – 00:38:53:08
Speaker 1
and professional auctioneers how to play that.

00:38:53:09 – 00:38:54:09
Speaker 2
Right. Totally.

00:38:54:09 – 00:38:56:17
Speaker 1
And then and then sometimes they’ll have plants.

00:38:56:17 – 00:39:05:17
Speaker 2
Right. But they’re not supposed to. Then I see in Minnesota what’s called an shell bidding. Yeah. Not is not supposed to be taking place, but

00:39:05:17 – 00:39:06:23
Speaker 2
and maybe not anywhere.

00:39:06:23 – 00:39:07:05
Speaker 1
I don’t.

00:39:07:05 – 00:39:07:11
Speaker 2
Know.

00:39:07:17 – 00:39:08:14
Speaker 1
I always hear about it.

00:39:08:14 – 00:39:09:06
Speaker 2
I think it’s

00:39:09:06 – 00:39:13:16
Speaker 2
a state I think it’s a state thing. And there’s ways that the platforms can kind of monitor

00:39:13:16 – 00:39:14:04
Speaker 2
and.

00:39:14:04 – 00:39:16:17
Speaker 1
And the auction house gets a percentage.

00:39:16:17 – 00:39:18:06
Speaker 2
Yeah. And you have your.

00:39:18:06 – 00:39:19:04
Speaker 1
Total amount that they.

00:39:19:04 – 00:39:19:16
Speaker 2
Were. It’s

00:39:19:16 – 00:39:36:07
Speaker 2
usually a flat rate plus what they call a buyer’s premium. Right. Which is on top of that short. Right. So I bought this for $10 and a 20% buyer’s premium. Right. That’s the total to the to the buyer. Right. So you need to kind of calculate that. Right.

00:39:36:10 – 00:39:44:07
Speaker 1
And you can have auction. You can go to a live auction. Yep. But there’s also a lot of live auctions that you can do online.

00:39:44:08 – 00:39:45:04
Speaker 2
Oh yeah. Yeah.

00:39:45:04 – 00:40:07:06
Speaker 2
So there’s this new platform now called whatnot, which is what I was telling you about the CDC things. So I told you I collect comic books. Yeah. So you literally have these kind of many shows. Yeah. Where they’re, they’re branding themselves and they have their collections and they’re out and they’re giving you 20 minutes or 20s to bid on this book, and you can just watch it.

00:40:07:08 – 00:40:28:18
Speaker 2
Yeah, right. There’s competition based on what the value or perceived value is. So that’s an auction. The estate sale again is traditionally in the home. Everything’s priced right. What will normally do is the first day everything’s at the price that we market at. Right. It will kind of make an assessment at the end of the day. What’s left right, right.

00:40:28:18 – 00:40:47:01
Speaker 2
Our goal is to get rid of 100 or at least you know, 90% of the stuff. So we tend to be a little more flexible on day two. So usually we’ll say, you know, 50% off of things up through maybe a value of like 500. Sure. Right. So if you have larger items or things like that that you know that you can sell.

00:40:47:01 – 00:40:58:03
Speaker 2
Yeah. You want to make you still want to make sure that you’re maximizing your, your price because, you know, we get a percentage as well. So typically the way we’re set up is we get a flat, flat fee retainer.

00:40:58:05 – 00:40:58:16
Speaker 1
But you’re a.

00:40:58:16 – 00:40:59:15
Speaker 2
Liquidator, right?

00:40:59:16 – 00:41:00:18
Speaker 1
You consider yourself a.

00:41:00:18 – 00:41:02:03
Speaker 2
Liquidation, right? Okay. So we

00:41:02:03 – 00:41:17:09
Speaker 2
get a flat fee retainer, okay? And we get a percentage of what is sold. Okay? Right. Traditionally, it’s 40%, but the retainer can be anywhere from 2000 to $5000, depending on what the home is. That covers marketing, my labor, you know, all the stuff that needs to be

00:41:17:09 – 00:41:17:12
Speaker 2
set up.

00:41:17:13 – 00:41:21:00
Speaker 1
So then how are you different as a liquidator from an estate sale?

00:41:21:03 – 00:41:24:13
Speaker 2
I mean, I it’s pretty similar. I think it’s just a matter of.

00:41:24:15 – 00:41:26:00
Speaker 1
Think it’s marketing and branding.

00:41:26:00 – 00:41:28:15
Speaker 2
I think it’s I there’s no real distinction.

00:41:28:19 – 00:41:33:14
Speaker 1
And a garage sale is kind of the do it yourself for mom and.

00:41:33:14 – 00:41:33:23
Speaker 2
Pop

00:41:33:23 – 00:41:36:06
Speaker 2
garage sale, and it tends to be.

00:41:36:16 – 00:41:37:23
Speaker 1
Kind of like the Vanguard funds.

00:41:38:02 – 00:41:38:10
Speaker 2
Will

00:41:38:10 – 00:41:43:17
Speaker 2
and it tends to be lower priced items. An estate sale will have art. Yeah,

00:41:43:17 – 00:41:48:12
Speaker 2
Yeah, we’ll have furniture. Yeah. And you will have silver. Right? Right. Yeah.

00:41:48:13 – 00:41:48:22
Speaker 1
The tea.

00:41:49:04 – 00:41:50:04
Speaker 2
Right, right.

00:41:50:04 – 00:41:51:09
Speaker 1
The proverbial tea set.

00:41:51:09 – 00:41:52:07
Speaker 2
We are

00:41:52:07 – 00:42:15:05
Speaker 2
we are the one of the sales. We actually, had made like $6,000 just on the silver. Yeah. Right. So and that stuff again, the kids didn’t want any of it. The, the, the, client just didn’t have room. Right. And, you know, no one’s for entertaining more. So that’s so these are the

00:42:15:05 – 00:42:16:09
Speaker 2
things that are really normal.

00:42:16:10 – 00:42:17:07
Speaker 1
Tea sets.

00:42:17:07 – 00:42:22:14
Speaker 2
I mean, you so the younger generation they have. Yeah. Yeah. They’re still practical.

00:42:22:14 – 00:42:27:18
Speaker 2
Does it go into the mike or into the dishwasher? No. China.

00:42:27:18 – 00:42:28:03
Speaker 2
What about the.

00:42:28:03 – 00:42:28:10
Speaker 1
Bone?

00:42:28:10 – 00:42:31:23
Speaker 2
China? Bones. Bones?

00:42:31:23 – 00:42:56:18
Speaker 2
People know about bone China for sure. But but but you’re, you’re kind of run of the mill China. Very difficult to, to liquidate. Yeah. And if you can go to Goodwill or Salvation Army and find rows and rows and rows of it, can you? I’ve ended up donating a lot of it. And I’m amazed that when I go to see what they’ve marked it up at, like, like three times what I would have had of that and.

00:42:56:18 – 00:43:05:02
Speaker 2
Oh really? Yeah. So it’s does it sell? I, it probably does. But I, you know, if it doesn’t sell it myself I’m on to the next sale.

00:43:05:02 – 00:43:06:23
Speaker 2
Right. Yeah.

00:43:06:23 – 00:43:11:09
Speaker 2
So that’s and so okay. So those so that’s a state sale. Auction. What was the other thing

00:43:11:09 – 00:43:14:03
Speaker 2
know? Well, we took a garage sale. What was the for it?

00:43:14:04 – 00:43:14:21
Speaker 2
Well.

00:43:14:23 – 00:43:20:03
Speaker 1
We said auction estate sale, liquidator and, and, garage

00:43:20:03 – 00:43:20:07
Speaker 1
sale.

00:43:20:07 – 00:43:21:10
Speaker 2
Yeah. You know, I, I.

00:43:21:10 – 00:43:21:15
Speaker 1
Don’t

00:43:21:15 – 00:43:23:23
Speaker 1
see as many garage sales like we used to.

00:43:24:03 – 00:43:43:08
Speaker 2
They, I mean, they still exist. I mean, it of we’re on the neighborhood. Yeah. Right. And they’re still doing that again. It tends to be it’s really the know I think the difference is in the garage sale person’s not necessarily leaving the house. Right. So they’re literally just trying to clear it out. Clear it out. Right. Right. So that we don’t tend to be called in for that.

00:43:43:08 – 00:43:47:15
Speaker 2
I usually that’s a that’s a do it yourself

00:43:47:15 – 00:44:00:07
Speaker 2
now. And there are some times where let’s say we have a lot of things leftover. We’ll just throw out on Facebook Marketplace and Craigslist. And that, you know what flat fee we need this place cleared out. Come and get it past ten, 20 bucks.

00:44:00:07 – 00:44:04:01
Speaker 1
Well, don’t they do that with with abandoned storage lockers.

00:44:04:02 – 00:44:34:23
Speaker 2
Yeah, they do, but now. But they are they are also realized that there’s a market. And so, there’s a website like Storage treasures.com. Yeah. And so you can go to that particular location. Right. The challenge is you can only see you can see the pictures. You don’t know what’s in it. Sure. Right. And so you’re hoping that in those buckets right, that are closed that there’s treasure and then you’re going to bid on those and then you have so much time to empty.

00:44:35:03 – 00:44:48:06
Speaker 2
Yeah. Right. You own it right. You empty it. What is the is it storage wars. What’s the there’s a show that’s all about that. Yeah. Right. So there’s so that’s kind of. Yeah. That’s kind of where things are.

00:44:48:07 – 00:44:56:17
Speaker 1
I just know we Jeff and I, last, Labor Day, we went to California to clear out and Judy’s storage locker in San Francisco.

00:44:56:20 – 00:44:57:16
Speaker 2
This is your Aunt Judy?

00:44:57:16 – 00:44:58:17
Speaker 1
No, this is Jeff.

00:44:58:19 – 00:44:59:10
Speaker 2
Okay.

00:44:59:10 – 00:45:00:02
Speaker 2

00:45:00:04 – 00:45:04:22
Speaker 1
And it was there. It’s been there since 1996. Okay, okay,

00:45:04:22 – 00:45:05:16
Speaker 1
okay.

00:45:05:16 – 00:45:06:18
Speaker 2
What does she have in there?

00:45:06:18 – 00:45:20:23
Speaker 1
It was just fascinating because she had, you know, things like toaster ovens and dustbuster and, vacuum cleaners, but all from the early 90s. And they all worked

00:45:20:23 – 00:45:21:09
Speaker 1
those.

00:45:21:11 – 00:45:23:05
Speaker 2
And those things were all worked.

00:45:23:10 – 00:45:24:17
Speaker 1
They’d been just there,

00:45:24:17 – 00:45:39:13
Speaker 1
you know, we. And we gave the stuff away. Okay. A lot of it. And, shipped back a few things that were her kind of more keepsake kinds of things. And then the rest of it went to the dump. It went to the.

00:45:39:13 – 00:45:40:00
Speaker 2
Dump,

00:45:40:00 – 00:45:41:18
Speaker 2
at our sales appliances.

00:45:41:18 – 00:45:42:13
Speaker 1
So

00:45:42:13 – 00:45:44:15
Speaker 1
really, because these appliances are old.

00:45:44:16 – 00:45:45:04
Speaker 2
Yeah, but.

00:45:45:05 – 00:45:59:00
Speaker 1
They were like 30 over 30 years old, but they still work because they were being used. So we actually gave that stuff to, there was a young man helping us who was going to college, and he needed stuff for his new apartment.

00:45:59:00 – 00:45:59:10
Speaker 2
Perfect.

00:45:59:10 – 00:46:03:19
Speaker 1
We gave him all her dishes. We gave him all that he was. I needed all this stuff.

00:46:03:19 – 00:46:04:05
Speaker 2
Perfect.

00:46:04:05 – 00:46:24:23
Speaker 2
Yeah. I mean, that’s so those. So the household, the common goods that we all use every single day. Right? Those things all go okay. Yeah. All right. Plates, dishes, that kind of stuff. Sure. All those everyday things. It’s the more, it’s the more, but, you know, the really well-made furniture. Like the Stickley furniture.

00:46:25:00 – 00:46:25:08
Speaker 1
Henry.

00:46:25:18 – 00:46:29:18
Speaker 2
Right. All right. All the really good. I know,

00:46:29:18 – 00:46:32:06
Speaker 2
there just seems to be a generational

00:46:32:06 – 00:46:32:14
Speaker 2
thing.

00:46:32:14 – 00:46:34:21
Speaker 1
Feels like old fashioned. Well.

00:46:35:01 – 00:46:37:23
Speaker 2
Oh, so mid-century modern is still a thing?

00:46:37:23 – 00:46:41:08
Speaker 2
Yes. Okay. Right. So that’s that’s kind of the exception.

00:46:41:10 – 00:46:42:15
Speaker 1
But the

00:46:42:15 – 00:46:46:08
Speaker 1
actually mid-century modern, a lot of new.

00:46:46:08 – 00:46:47:20
Speaker 2
Furniture today.

00:46:47:22 – 00:46:57:11
Speaker 1
Is a mid-century modern. Have you noticed some of these sofas and how low. Yeah, yeah. I mean, Gleason, especially for you. I mean, seriously gentle giant.

00:46:57:11 – 00:46:59:16
Speaker 2
Yes. Right. Yeah. I mean, these.

00:46:59:16 – 00:47:02:06
Speaker 1
Sofas, they’re so low, they’re not comfortable.

00:47:02:07 – 00:47:17:12
Speaker 2
But a lot of like the, you know, the grandkids and the kids are like, we don’t have room. Yeah. For this. Right, right. You know, a six foot, you know, Belgian, you know, handcrafted armoire. Sure. You need a house for that, right? Right.

00:47:17:12 – 00:47:18:01
Speaker 1
Like the

00:47:18:01 – 00:47:22:11
Speaker 1
the used to. Everybody always needed a China closet, a China buffet.

00:47:22:11 – 00:47:22:18
Speaker 2
Right?

00:47:22:19 – 00:47:23:17
Speaker 1
Nobody wants that.

00:47:23:17 – 00:47:24:14
Speaker 2
Anymore. I

00:47:24:14 – 00:47:28:16
Speaker 2
have one in my house right now and doesn’t get used. I

00:47:28:16 – 00:47:29:20
Speaker 2
as a display, I.

00:47:29:20 – 00:47:32:21
Speaker 1
Have one, I’ve got it filled with my stuff. And it does get used.

00:47:32:22 – 00:47:35:10
Speaker 2
Okay, well, that it’s just in place. You’re

00:47:35:10 – 00:47:42:02
Speaker 2
the quintessential entertainer and you have you know, you have clients. You. Yeah. Your, your profession.

00:47:42:02 – 00:47:42:16
Speaker 1
We use our.

00:47:42:16 – 00:47:47:05
Speaker 2
Stuff. Yeah. For sure. But, yeah, the best parties are a styles party.

00:47:47:05 – 00:47:49:18
Speaker 2
So, yeah,

00:47:49:18 – 00:47:59:10
Speaker 2
I mean, and what’s so interesting is you’ve got this kind of, this generational thing, right? So the baby boomers are starting to.

00:47:59:10 – 00:48:03:11
Speaker 2
Yeah. Go bye bye. Yeah. Retire natural. Yes.

00:48:03:11 – 00:48:12:04
Speaker 2
And then you’ve got this generation coming up. So there has been this kind of funny thing about okay, this generation has all this stuff.

00:48:12:06 – 00:48:13:13
Speaker 2
This generation doesn’t

00:48:13:13 – 00:48:14:06
Speaker 2
necessarily.

00:48:14:07 – 00:48:21:22
Speaker 1
So the baby boomers are the children of the traditionalists. The traditionalists are the ones that lived through the depression era.

00:48:21:22 – 00:48:22:13
Speaker 2
And therefore.

00:48:22:14 – 00:48:25:02
Speaker 1
You just recycle your time foil.

00:48:25:02 – 00:48:26:15
Speaker 2
And take holes in it. Right?

00:48:26:17 – 00:48:29:02
Speaker 1
I mean, they never throw anything.

00:48:29:06 – 00:48:30:03
Speaker 2
Away, right?

00:48:30:07 – 00:48:31:08
Speaker 1
So then the baby.

00:48:31:08 – 00:48:32:07
Speaker 2
Boomers inherit.

00:48:32:09 – 00:48:33:14
Speaker 1
All their stuff.

00:48:33:14 – 00:48:35:13
Speaker 2
And then grab their own stuff, right?

00:48:35:13 – 00:48:39:22
Speaker 2
And now this generation is kind of is kind of being asked to.

00:48:39:22 – 00:48:41:01
Speaker 1
And they don’t want anything.

00:48:41:02 – 00:48:42:15
Speaker 2
They don’t what they want.

00:48:42:15 – 00:48:43:05
Speaker 1
None of it.

00:48:43:05 – 00:49:03:08
Speaker 2
They’re like from what I’ve seen, they’re like, what is that valued at? And I’m like, well, you know, I was told that it’s like, yeah, on eBay it looks like it’s 40 bucks. So can you get the 40 bucks or shall we just move on? Like they’re like, we don’t really care. Yeah, but you know, we know how much the house is worth, right?

00:49:03:09 – 00:49:08:18
Speaker 2
Right. And that’s what we’re looking at doing is we want to clean it out. Yeah. So

00:49:08:18 – 00:49:09:00
Speaker 2
so.

00:49:09:00 – 00:49:11:13
Speaker 1
That’s why I was able to find.

00:49:11:15 – 00:49:13:17
Speaker 2
Yes for sure. But

00:49:13:17 – 00:49:17:22
Speaker 2
that’s gorgeous. But you found this rug regardless, right. We know that.

00:49:18:02 – 00:49:24:17
Speaker 1
Anyway. Well, Gleason, this has been a lot of fun. I always have fun chatting with you. Hey, our conversations can always go for it.

00:49:24:17 – 00:49:24:23
Speaker 2
Oh.

00:49:24:23 – 00:49:26:23
Speaker 2
Did you. Oh, yeah. That’s why we have to have dinner.

00:49:27:01 – 00:49:28:18
Speaker 1
That’s right, that’s right.

00:49:28:18 – 00:49:34:04
Speaker 1
But I really appreciate you coming in and sharing all your knowledge. I learned a lot today,

00:49:34:04 – 00:49:35:09
Speaker 1
so I really appreciate that.

00:49:35:14 – 00:49:36:15
Speaker 2
And I did too.

00:49:36:15 – 00:49:37:05
Speaker 2
Yeah.

00:49:37:07 – 00:49:37:21
Speaker 1
There you go.

00:49:37:21 – 00:49:39:08
Speaker 2
Absolutely sure. Ideas.

00:49:39:08 – 00:49:41:10
Speaker 1
You know it always works that way. Oh it’s a.

00:49:41:10 – 00:49:43:00
Speaker 2
Share. Awesome. Thanks, Susan.

00:49:43:03 – 00:49:43:23
Speaker 1
Yep. Thanks, Gleason.

00:49:44:00 – 00:49:45:14
Speaker 2
All right. Have a great. Yeah.

00:49:45:14 – 00:49:56:13
Speaker 1
The financial flash is created by the experts at Styles Financial Services, creating customized portfolios that fit your unique lifestyle and goals.

01:07:51:22 – 01:07:54:17
Speaker 1
All right. Do you have enough material for.

01:07:54:18 – 01:07:58:03
Speaker 2
Oh, yeah. That’s good for mini series.

01:07:58:05 – 01:07:58:12
Speaker 3
Pretty

01:09:35:13 – 01:10:00:08
Speaker 2
Hi, I’m Susan Styles, and for this week’s financial flash, I invited my dear friend Gleason Glover to join me in a conversation about the kind of work that he does and how it relates to the kind of work that we do here at Styles Financial and working with clients in some areas of their financial planning. And this area is specifically around estate planning and retirement planning.

01:10:00:12 – 01:10:05:19
Speaker 2
Gleason happens to own a company that he calls a liquidator.

01:10:05:19 – 01:10:24:03
Speaker 2
almost 90% of the cases. The reason that we’re being hired is because there’s either a move, a downsizing or a death. But in all the cases, pretty much it’s all to get the house ready to go in the market, because that’s where the real money is in the real estate.

01:10:24:03 – 01:10:48:10
Speaker 1
So these are items that, aren’t that have value to them. They’re not something you’re just going to throw away and they have enough value that maybe you’re not going to donate them. And it sounds like these are items that these individuals aren’t necessarily going to pass on to their family heirs. And that’s part of what I wanted to talk to you about.

01:10:48:10 – 01:11:02:02
Speaker 2
Well, you know, there’s kind of this generational thing. So I always make the illusion that the comedian George Carlin has this, this, this shtick about a place for your stuff. Right. And it seems like there’s a certain generation that took that a little seriously.

01:11:02:02 – 01:11:09:07
Speaker 2
is it an antique or is it just a piece of old furniture? And is it an heirloom, or is it just something that’s sentimental?

01:11:09:07 – 01:11:26:04
Speaker 2
the younger generations aren’t necessarily, wanting those items. They’re more concerned with the sale of the house. Right. And so, you know, they’re calling us to kind of come in and, and, and, help liquidate those items.

01:11:26:06 – 01:11:32:13
Speaker 2
and it becomes a little emotional. And so Gleason and I had a lot of fun talking about that and sharing some stories.

01:11:32:13 – 01:11:37:22
Speaker 2
And so we invite you to dive in and join in with us. Thank you.

01:11:39:04 – 01:11:42:07
Speaker 2
I’m tired of talking.

01:11:42:14 – 01:11:53:13
Speaker 1
The financial flash is created by the experts at Styles Financial Services, creating customized portfolios that fit your unique lifestyle and goals.

01:12:04:09 – 01:12:09:12
Speaker 2
first home, second home, cabin Lake home, home in Florida.

01:12:09:14 – 01:12:11:10
Speaker 2
And what’s interesting is,

01:12:29:08 – 01:12:40:16
Speaker 3
we talked about kind of this generational, chasm between, those generations, collected and accumulated a lot of stuff and the upcoming generation that wants none of it.

01:12:40:17 – 01:12:47:22
Speaker 2
is it an antique or is it just a piece of old furniture? And is it an heirloom, or is it just something that’s sentimental?

01:12:57:16 – 01:13:01:06
Speaker 2
do you have, like a theme. So that comes up. Oh, yeah. He does. What, what what’s your music?

01:13:01:10 – 01:13:03:18
Speaker 1
Oh yeah. Don’t. To turn that off

01:13:03:18 – 01:13:06:08
Speaker 2
like I had like the New

01:13:06:08 – 01:13:07:01
Speaker 2
He’s Bob the.

01:13:07:02 – 01:13:08:06
Speaker 2
Oh, cool.

01:13:33:08 – 01:13:42:19
Speaker 1
and if you don’t take the time to start moving out your tangible assets, you’re going to leave a lot for your kids.

01:13:42:19 – 01:13:45:15
Speaker 1
That’s what that happened to me with both my parents.

01:16:51:19 – 01:17:22:08
Speaker 2
So, you know, when we work with our clients around estate planning, downsizing, retirement planning, we don’t really talk about their stuff so much. We’re talking more about income replacement, passing, assets to, the next generation, how that looks like, how that, that gets done. We talk about, planning for the future. We talk about more of their assets, but not those tangible assets.

01:17:22:13 – 01:17:46:15
Speaker 2
And so you’re more involved with those tangible assets. And for a lot of people, as you go through life and you accumulate things, some of them can be valuable, like artwork, you know, I guess, you know, Asian Oriental rugs that are beautiful, handmade. We’ve got one right? An antique right here in our office because this was something that nobody wanted anymore.

02:13:51:15 – 02:14:07:17
Speaker 1
Hi. Welcome to this week’s Financial Flash. I’m Susan Stiles, and for this week, I decided to invite my dear friend Gleason Glover, who’s sitting here with me today to talk about the kind of work that he does and how it ties into some of the work that we

02:14:07:17 – 02:14:10:22
Speaker 1
styles financial do for our clients as well.

02:14:10:22 – 02:14:16:16
Speaker 1
And it’s specifically around estate planning, asset management and retirement planning.

02:14:16:22 – 02:14:19:06
Speaker 1
So Gleason, thanks for joining me today.

02:14:19:08 – 02:14:21:00
Speaker 2
Thanks for having me, Susan.

02:14:21:00 – 02:14:25:14
Speaker 1
So so Gleason, let’s start by you sharing,

02:14:25:14 – 02:14:30:12
Speaker 1
with that elevator speech. I’m sure you’ve got a really good elevator speech about

02:14:30:12 – 02:14:32:20
Speaker 1
what you’re doing these days.

02:14:32:22 – 02:15:01:20
Speaker 2
So thanks very much, Susan. Not so much an elevator speech, but, basically what we do is, we, help, people who are looking to liquidate the assets that are in their homes either, you know, sometimes after the death of a loved one or sometimes if they’re just downsizing, and, you know, the impediment to getting the house on the market is a lot of cases, you know, the things in the house.

02:15:01:22 – 02:15:28:03
Speaker 2
So we come in, we kind of stage it like a store. So we look up the, the values of, you know, most of the things, you know, we’re really trying to price it to move, right? We’re not trying to, you know, we we’re not necessarily going to get the top dollar. We want the assets moved because that’s the impediment to selling home.

02:15:28:03 – 02:15:52:10
Speaker 1
So these are items that, aren’t that have value to them. They’re not something you’re just going to throw away and they have enough value that maybe you’re not going to donate them. And it sounds like these are items that these individuals aren’t necessarily going to pass on to their family heirs. And that’s part of what I wanted to talk to you about.

02:15:52:10 – 02:16:12:15
Speaker 2
Well, you know, there’s kind of this generational thing. So I always make the illusion that the comedian George Carlin has this, this, this shtick about a place for your stuff. Right. And it seems like there’s a certain generation that took that a little seriously. And so you know, first home, second home, cabin Lake home, home in Florida.

02:16:12:17 – 02:16:31:10
Speaker 2
And what’s interesting is, the younger generations aren’t necessarily, wanting those items. They’re more concerned with the sale of the house. Right. And so, you know, they’re calling us to kind of come in and, and, and, help liquidate those items.

02:16:31:12 – 02:16:36:11
Speaker 1
And we, we in our lifetime can accumulate a lot of stuff.

02:16:36:13 – 02:16:47:22
Speaker 2
A lot. I have seen, I’ve seen some, very, very full houses. And you almost wonder how people live there, right?

02:16:48:02 – 02:17:18:13
Speaker 1
So, you know, when we work with our clients around estate planning, downsizing, retirement planning, we don’t really talk about their stuff so much. We’re talking more about income replacement, passing, assets to the next generation, how that looks like, how that that gets done. We talk about, planning for the future. We talk about more of their assets, but not those tangible assets.

02:17:18:18 – 02:17:42:20
Speaker 1
And so you’re more involved with those tangible assets. And for a lot of people, as you go through life and you accumulate things, some of them can be valuable, like artwork. You know, I guess, you know, Asian, Oriental rugs that are beautiful, handmade. We’ve got one, right? An antique right here in our office, because this was something that nobody wanted anymore.

02:17:42:22 – 02:18:08:20
Speaker 1
So I was able to get it because I wanted it. But, but it’s a big rug. It’s not going to fit in a lot of houses these days either. And even when I look at some of the things I’ve accumulated over my life that were given to me by my parents, I can tell you, my children don’t want that antique single bed that my great great grandmother was born in in 1898.

02:18:08:23 – 02:18:12:00
Speaker 1
I know, so what do you do with it?

02:18:12:02 – 02:18:33:23
Speaker 2
So, you know, that’s a good question. And, but what’s funny is in the past, people would try and donate some of those items to a goodwill or maybe a Salvation Army, but even they’re getting particular about what they’ll take. I think one of the funniest comments I got from some of the goodwill is, yeah, we really don’t want garage sale stuff.

02:18:33:23 – 02:18:59:03
Speaker 2
And I’m like, isn’t that your whole model? Right. So it is, there’s a variety of ways to do it. Some of the companies like me actually get involved in the logistics and we’ll do shipping, for example. So, I personally don’t want to do that. The reason that we’re doing the estate sale for the most part, in the home is so that people come into the home and take the items away, right?

02:18:59:04 – 02:19:08:13
Speaker 2
And that’s what happens. We do get a lot of things left over, and I usually ask them if they want to, I’ll ask my clients if they want to dump, donate or designate.

02:19:08:15 – 02:19:11:23
Speaker 1
So I like that. Yeah. Donate or designate.

02:19:11:23 – 02:19:30:18
Speaker 2
Yeah. Yeah. So do they, do they have a church or maybe a Rotary Club or some sort of organization or a cause that they really want? Or do they, you know, are they just willing to, to part with it? Right. One of the challenges is that people do do talk about.

02:19:30:18 – 02:19:35:05
Speaker 2
Yes, people accumulate a lot of things, and a lot of times they’re emotional reasons for that.

02:19:35:05 – 02:19:58:04
Speaker 2
Right? So there is this thing called dispose of phobia. The fear of getting rid of items because you have an emotional attachment to you. And that’s one of the things that in this business, I don’t think anyone realizes. I think we just kind of come in, right? And are just glorified, kind of like junk people, right? No, there’s a lot of, you know, particularly in the case of if you’re dealing with someone whose loved ones just died, right.

02:19:58:04 – 02:20:01:11
Speaker 2
There’s a lot of sensitivity. Right? You know, surrounding that there’s a.

02:20:01:11 – 02:20:18:19
Speaker 1
Lot that has sentimental value. I mean, you know, may not be really worth a lot, but it it’s got that sentimental value. And what are you going to do with it? I mean, especially when you pass it may have sentimental value to you, but not necessarily to your heirs.

02:20:18:19 – 02:20:44:16
Speaker 2
Right. You know, personally, my wife’s parents have 22 rental properties that they’ve been managing themselves. And, you know, and multiple properties that they own themselves. Yeah. So one of the things that our family is talking about right now is at some point in the future, right? What happens to the Saints holiday was designated,

02:20:44:16 – 02:20:58:06
Speaker 2
I think one of the most important things that people can do is really I know it’s a touchy subject, but, and this goes, you know, I’m sure you see this in your, field as well, is planning.

02:20:58:08 – 02:21:01:18
Speaker 1
Yeah. No, with us, we’re all about planning,

02:21:01:18 – 02:21:28:21
Speaker 1
but, you know, going through your stuff, especially if you’ve lived in the same home for a very long time. It’s really it’s it’s hard. It’s first of all, you got to have a lot of time set aside just to physically do the work. And it’s a very hard job to delegate to somebody else, because they may not know the sentimental value or where something came from and why.

02:21:28:23 – 02:21:52:17
Speaker 1
So years ago, when, when my mom, when my dad passed away, I had the big dumpster at, at my father’s house, and I’m cleaning out the barn with all this stuff, and I’m throwing the stuff in the dumpster. And then I suddenly realized that my one of my brothers is in the dumpster saying, well, I remember this.

02:21:52:17 – 02:22:17:22
Speaker 1
We can’t throw this away. Let’s hold on to this. So as soon as I’m putting it in, he’s pulling it out. Then I have the other brother in the back of the barn, reading through the old books and looking at all the inscriptions of all the books, and I’m thinking I’m getting nowhere with these two guys. So I didn’t I didn’t invite them back to the next cleaning session.

02:22:18:00 – 02:22:49:17
Speaker 2
Yeah, it’s it’s hard. I actually had a client who, we were, you know, we were helping kids kind of end up decluttering, right? As you’re going as well, right? Because you have to. The house has to be staged, right? Right. So ideally, what you want is for the client to have done the decluttering. Right? So in some cases they’re just not able to but I had a client and I know this is kind of funny, but I had a client and I would, had tossed the northwest Bank.

02:22:49:19 – 02:23:08:18
Speaker 2
Okay. Like books. Okay. And they were going out to the dumpster and getting them and saying like, no, you can’t throw these away. What if I get audited? And I had to kind of, you know, educate them that if you get audited, it’s more like ten years, not like four decades. Yeah. And then, you know, it hasn’t been North’s bank since it turned into Wells Fargo.

02:23:08:18 – 02:23:33:07
Speaker 2
Right. So that’s kind of a funny anecdote. Another situation I had, a young, young family, and the mother died suddenly, in her, in her early 50s. Wow. Unexpectedly. But they really wanted to sell the house, and it was kind of, it was kind of stressful to be there because, they collected these, like, nutcrackers.

02:23:33:07 – 02:23:54:07
Speaker 2
Yeah. From Europe. And the mom would leave notes in them, like. Sure. Remember when we got these in Germany? Yeah. And you’re trying to price them. So that’s the other kind of balancing act. Sure. What someone thinks their things are worth. You know, their intrinsic value is not always what the market value is. And we kind of have to make a determination of,

02:23:54:07 – 02:23:56:19
Speaker 2
if you want this and keep it right.

02:23:57:01 – 02:24:02:21
Speaker 2
If you want us to sell it, then you kind of have to allow us to price it to move.

02:24:02:21 – 02:24:17:07
Speaker 2
So like for this rug, you know, or for art, I actually I have a client that I’ll be meeting with, next Tuesday who has, you know, weapons. Right. He has gone. It’s got a bunch of guns and he’s got artwork.

02:24:17:09 – 02:24:35:06
Speaker 2
So I’m actually bringing in an expert to do an assessment. Okay. It’s going to turn. I think that’s going to be more of a consignment deal. Right. So I’ll probably take possession of it and then. Okay, you know, try and sell it. That’s not the ideal. Yeah. Because I really my I really don’t want to be a storage right.

02:24:35:06 – 02:24:37:14
Speaker 2
Or a store, but there are those situations where you have to.

02:24:37:14 – 02:24:40:10
Speaker 1
But then what happens in consignment? If it doesn’t.

02:24:40:10 – 02:24:46:08
Speaker 2
Sell? Well, then you have to have an agreement that you can donate it. Right? You know, that’s where the donation.

02:24:46:08 – 02:24:47:11
Speaker 1
Can you donate guns?

02:24:47:11 – 02:25:09:15
Speaker 2
Yeah. I that’s the part. I mean, I know what I will find out and like, it’s, I don’t know, I, I potentially have some buyers I think for the weapons because it’s there. You wouldn’t believe it, but it’s pretty big right now. But I think there’s some special, in order to sell guns, I think there’s some special, designations I need to have.

02:25:09:20 – 02:25:13:00
Speaker 2
And I have people that are in that world. So just so.

02:25:13:03 – 02:25:34:13
Speaker 1
Gleason, this this reminds me I was at, somebody’s home last week, and, he had two rooms in his house with collections. Okay? And being a collector of something, and, you know, my husband’s the collector of Billy Joel, and it’s kind of that junk stuff. I said, what is all this stuff in the basement?

02:25:34:13 – 02:25:37:18
Speaker 1
Or do we still have collection or is a younger generation?

02:25:37:18 – 02:25:38:04
Speaker 1
Are they?

02:25:38:06 – 02:25:39:11
Speaker 2
Yes. Two. Oh, yeah. Yeah.

02:25:39:12 – 02:25:40:11
Speaker 1
Collecting different things.

02:25:40:11 – 02:26:00:13
Speaker 2
Yeah. No, it’s still the same. And there’s that nostalgia. Right, right. And you do. What’s interesting is you have a secondary market too. So there are people that are resellers that are selling that stuff that use sales like money, okay, to, to get their materials. Right. So their purpose is coming there to get a deal. Right? Right. And they’re going to resell and we’re kind of aware of them.

02:26:00:13 – 02:26:19:16
Speaker 2
Sure. What’s interesting about so there’s kind of three main designators or designations I would say are collectors and collectors are like what you’re talking about. What? You sure? Yeah. Where they’re displayed. That’s just like, oh, you can tell, right? Display proudly. There’s cases and all of those sorts of things and they’re.

02:26:19:16 – 02:26:42:13
Speaker 1
Not always displayed. Most of Jeff’s stuff is not. In fact, one year, many years ago, it was his birthday, and I went and went through all these boxes and found this really cool original poster of Billy Joel, I think was the stranger that he had signed. So I went, I got it framed. I gave it to him for for his birthday.

02:26:42:14 – 02:26:50:07
Speaker 1
He was like in awe. Oh my gosh, where did you find this? You know how unique this piece is. This is so special.

02:26:50:09 – 02:26:55:14
Speaker 2
So that you wrote that he had no clue. Oh, right. Right. But he owned it. He saw it.

02:26:55:14 – 02:27:03:08
Speaker 1
I had gone and and bought it like on eBay or something. And he couldn’t even believe that I was able to track down. And I.

02:27:03:10 – 02:27:04:15
Speaker 2
There is a I let.

02:27:04:15 – 02:27:05:23
Speaker 1
Him believe it for a while.

02:27:06:00 – 02:27:12:21
Speaker 2
There. It’s okay. So I said disposer phobia. It’s also amnesia. The floor.

02:27:12:23 – 02:27:13:22
Speaker 1
Doesn’t even know what he.

02:27:13:22 – 02:27:34:06
Speaker 2
Owns. And that’s, you know, that’s that’s typical amongst a lot of collectors. I’m a comic book collector. Are you? I and my wife is like, how soon? How can we value them? How soon can we sell them? Right, right. But I know, I don’t know everything I have. Yeah, right. And that changes, right. And Covid really brought a lot of, those hobbies right back.

02:27:34:06 – 02:27:53:11
Speaker 2
So people started. Oh, they still doing it? Oh yeah. For sure. They are hardware, old cars, collectibles, toys. There’s there’s a whole cottage industry. There are websites that are dedicated to almost like people having their own, CBS channels where they’re selling just books and pallets full of items.

02:27:53:14 – 02:27:55:20
Speaker 1
So what one person thinks is.

02:27:55:20 – 02:27:59:19
Speaker 2
Junk, right? Somebody else thinks now is valuable.

02:27:59:21 – 02:28:03:19
Speaker 1
So what have you think? Something’s junk and it’s really worth something.

02:28:03:19 – 02:28:04:08
Speaker 2
Well, you’ve.

02:28:04:08 – 02:28:14:15
Speaker 1
Heard the stories. Oh, yeah. Goodwill. Oh, they bought this beautiful, I don’t know, Dynasty China vase. And then, you know, it’s worth all sorts of money or.

02:28:14:17 – 02:28:35:01
Speaker 2
And I always wonder how they found that out. My guess is they had it appraised. Right. So they must have had a sense. And I think most, most of the people that are kind of buying those types of things are we call them treasure hunt. Yeah. Right. So yeah, you have people that are literally going to every single Goodwill and Salvation garage sale, right?

02:28:35:01 – 02:28:53:14
Speaker 2
There’s not time enough in the day, right, to go through every single item that you’re looking at, donating it, looking up its value. Yeah, right. A lot of people will go to eBay or they’ll we use something called Worth Point that shows kind of transactions that have actually been done historically, and it’s kind of an aggregator, sure, of all those sites.

02:28:53:19 – 02:29:15:16
Speaker 2
But one of the problems with like an eBay is you look and you’ll see, like maybe this set, right, you’ll see something like this set and you’ll notice it. Hey, someone sold out for $3,000, right? Yeah. But you look at everyone else and they’re also in it for about 100 to $200, right? So what? You know, the 3000 is an outlier, right?

02:29:15:16 – 02:29:35:13
Speaker 2
Right. And there are people that are trying to kind of game the system. Yeah. Right. Hoping that someone won’t realize that and give them $3,000. Right. So, you know, there is a certain amount of research that goes into it. But again, at the end of the day, our company name is moving on asset liquidation. Okay. So the the emphasis is on the liquidation.

02:29:35:13 – 02:29:38:08
Speaker 2
Right. And again, there’s a strategy involved in

02:29:38:08 – 02:29:56:16
Speaker 2
almost 90% of the cases. The reason that we’re being hired is because there’s either a move, a downsizing or a death. But in all the cases, pretty much it’s all to get the house ready to go in the market, because that’s where the real money is in the real estate.

02:29:56:23 – 02:30:02:20
Speaker 1
Okay. But it’s, it’s it’s getting rid of that stuff you’ve been accumulating. It’s a car that

02:30:02:20 – 02:30:03:15
Speaker 1
nobody wants.

02:30:03:16 – 02:30:25:02
Speaker 2
It’s hard. What do you how do you how do you tell someone that’s something that they hold really valuable is stuff. Right. So that’s why asset right. It’s an asset that you’re looking to move on either to a more deserving person. Right. Some of them are precious. Right. Or there are people are just like, I just want to go.

02:30:25:04 – 02:30:44:10
Speaker 1
You know, as people, as people go through life and, you know, you’re at this peak of accumulation and this is also true with your portfolios. And now there’s that cumulation period of time where you’re spending down your assets and,

02:30:44:10 – 02:30:53:21
Speaker 1
and if you don’t take the time to start moving out your tangible assets, you’re going to leave a lot for your kids.

02:30:53:21 – 02:30:56:17
Speaker 1
That’s what that happened to me with both my parents.

02:30:56:17 – 02:31:07:15
Speaker 1
They they left me with a lot to do, because. And then you already heard about my brothers. So it’s a lot of work.

02:31:07:20 – 02:31:12:23
Speaker 2
Did they? Did your parents have any sort of written well or anything?

02:31:13:01 – 02:31:31:23
Speaker 1
Yeah, they both did. It was just a basic, simple, simple. Well, really just basic. Simple. But it wasn’t that so much. It’s like, okay, here’s the houses, here’s the sofas, here’s the antiques, you know, that kind of thing. What do we, you know, how do you even put a value on them? They’re antiques. Are they really antiques?

02:31:31:23 – 02:31:42:13
Speaker 1
Because there’s valuable antiques and there’s antiques they call antiques. It’s just old furniture that’s been around in the family, you know? So what’s the difference between an antique and a piece of old furniture?

02:31:42:15 – 02:32:06:19
Speaker 2
Right. Seriously, it’s kind of in the eye of the beholder, right? And one of the things that’s also kind of interesting, particularly with families, is, death has a way of kind of bringing out some of our, let’s not say, our better natures. That’s true. I’ve heard, actually, is it, who is, the guy that is in rotary with you?

02:32:06:19 – 02:32:13:12
Speaker 2
That’s the, estate lawyer, is it Carlyn? Caden?

02:32:13:13 – 02:32:14:05
Speaker 1
Which club?

02:32:14:11 – 02:32:15:01
Speaker 2
You don’t.

02:32:15:03 – 02:32:17:22
Speaker 1
Oh, is it my Mike?

02:32:18:00 – 02:32:22:16
Speaker 2
Carlyn, I think, is his name. Oh.

02:32:22:18 – 02:32:24:01
Speaker 1
No, I’m. I’m not. Remember?

02:32:24:01 – 02:32:25:15
Speaker 2
Okay, okay. But there’s a guy in your class.

02:32:25:15 – 02:32:26:17
Speaker 1
I know who you mean.

02:32:26:18 – 02:32:49:08
Speaker 2
He told a story about, I think it was two brothers. Yeah, they were arguing over. I think was a $4,000 item that had been left that they both wanted. Right? So one guy went and got, $100,000 lawyer. Yeah. When the brother found out that he got $100,000 lawyer, he went out and hired $110,000 lawyer. Right. So it can get very contentious.

02:32:49:08 – 02:33:03:03
Speaker 2
Yes. On our website, we actually have something that was recommended by an estate lawyer, called, Who Gets grandma’s yellow pie Plate. And it’s got some kind of tips and hints on how to kind of prepare for that. Some people will do things.

02:33:03:03 – 02:33:11:19
Speaker 2
There are actually families that’ll do, like a football draft. Okay. Really? Yeah. So that you pick numbers when you kind of go through like that.

02:33:11:20 – 02:33:25:12
Speaker 2
But again, preparation and just planning yeah, is the easiest way. If you’re the one that owns the assets and you don’t want your family to have to go through some of the things like you did, just have to have a plan, right?

02:33:25:12 – 02:33:30:18
Speaker 2
I understand that it it’s a sign. I think people don’t like to do it because it’s a sign of their mortality.

02:33:30:18 – 02:33:31:07
Speaker 1
That’s right.

02:33:31:09 – 02:33:38:02
Speaker 2
Right. Oh, absolutely. If I’m planning for my eventual demise. Right. I don’t feel like I’m close to that.

02:33:38:04 – 02:33:51:08
Speaker 1
But, you know, it’s also good to know, what? Your kids and grandchildren, what are your things, right? Because it’s in in order to know that, you got to ask the question, okay? You really do.

02:33:51:08 – 02:33:53:10
Speaker 2
And not too early, though. No, my.

02:33:53:12 – 02:34:15:06
Speaker 1
My husband’s mom, she did a great job. But when she moved out of the family home in Austin, she spent a lot of time going through everything and, you know, invited her two sons down to say, okay, you know, I’m clearing everything out, you know, what is it that you want from this? And, and then figuring it out, selling some of it, giving some away.

02:34:15:12 – 02:34:28:10
Speaker 1
And she did a great job. I really commend how she did it as compared to my parents, my parents. But my parents died unexpectedly. So, you know, that was part of it.

02:34:28:12 – 02:34:52:08
Speaker 2
But at least they had the forethought to have some sort of plan in place in case, so, you know, again, it’s just, it’s it’s we kind of see every scenario. I’ve been fortunate in most cases that a lot I mean, a lot of my, sales have really been downsizing and it’s really been like, if you’ve ever seen, the show Schitt’s Creek.

02:34:52:10 – 02:34:58:04
Speaker 2
Yes. Right, right. It’s literally been we’re moving from a 5000. That’s the guy.

02:34:58:04 – 02:34:59:14
Speaker 1
That everybody says, Jeff looks.

02:34:59:14 – 02:35:19:22
Speaker 2
Like he for sure you do love him. Yes. You know, we’re moving from a 5000 square foot home in Carver, right? To a place we only have one guy. They’re moving to Mexico. Yeah, we literally had someone in Waconia that had a beautiful home, and they were moving to, a town of 2000, in Alaska. Wow. Right.

02:35:19:22 – 02:35:42:14
Speaker 2
So you’re seeing all this stuff, and there’s, this kind of minimal, minimization or minimalistic, thing going on where people are just kind of going, I’ve got a lot of stuff, and I’m not using this anymore, and my kids don’t want it. Me if I can make a few bucks and we get the tax right, you know, the the tax write up on it, you know, I it’s something I need to do.

02:35:42:17 – 02:36:04:23
Speaker 1
I, we have friends that are right now moving to France and selling their home and got rid of stuff and what they wanted to keep is being shipped over in a container, all right, to France. But when they, when their condo that’s being built is finished, they’re going to have to buy to refurbish, right?

02:36:05:01 – 02:36:07:03
Speaker 2
Yeah. Well, and part of that’s probably exciting.

02:36:07:03 – 02:36:07:20
Speaker 1
Is you want to.

02:36:07:21 – 02:36:13:16
Speaker 2
Write code, right. So it’s not and there’s some again. But it’s a lot of work. It is it really I.

02:36:13:16 – 02:36:24:19
Speaker 1
Mean, I’m a Christian later. I just I’m not a procrastinator, really. But with something like that, I just don’t deal with it. And you really have to take the bull by the horns and just do it well.

02:36:24:20 – 02:36:32:06
Speaker 2
And the other thing is, if you’re moving, right, so let’s say that you’re not even transitioning. Just if you’re moving, how much do you actually want to pack.

02:36:32:06 – 02:36:32:17
Speaker 1
Right?

02:36:32:19 – 02:36:37:00
Speaker 2
Right. Do you have a large home? Susan. Well, there’s a lot.

02:36:37:05 – 02:36:41:16
Speaker 1
And I still have boxes that were from my mother and my father.

02:36:41:16 – 02:36:42:11
Speaker 2
That’s right.

02:36:42:14 – 02:36:43:06
Speaker 1
How many years.

02:36:43:06 – 02:36:49:20
Speaker 2
Later? Right. And so at some point, that is going to need to, to be, there’s, there’s going to be a final disposition.

02:36:49:22 – 02:37:00:07
Speaker 1
And we also have boxes from his mom. Right. Then we have boxes from his aunt. Right? I mean, we are the collector of everybody, right?

02:37:00:09 – 02:37:22:10
Speaker 2
You know, one of the biggest, industries in the country right now is storage facility. Yes. Right. And it’s because I know don’t have enough room even in their homes to put everything and a little cottage thing, you know, is, you know, what’s the what’s the TV show? Storage. Storage wars.

02:37:22:13 – 02:37:24:06
Speaker 1
There’s the hoarders, too.

02:37:24:06 – 02:37:30:05
Speaker 2
Right. Well, there’s. Okay, so there’s three kind of distinctions. Hoarders. Yeah. Packrat collectors.

02:37:30:05 – 02:37:30:20
Speaker 1
Oh, okay.

02:37:30:21 – 02:37:31:16
Speaker 2
Right.

02:37:31:18 – 02:37:33:08
Speaker 1
All right. So define all.

02:37:33:08 – 02:37:34:10
Speaker 2
Three. Well, like so.

02:37:34:12 – 02:37:35:19
Speaker 1
I think I know, but you just.

02:37:35:19 – 02:37:53:21
Speaker 2
Like that. So and and, actually hoarding I believe is actually covered under the, eight. Oh really. Right. So that if you have, like, if you had an apartment building and there was someone that was hoarding that I’d like, you can’t evict them for that real hoarder.

02:37:53:21 – 02:37:55:12
Speaker 1
You can’t even get into their.

02:37:55:12 – 02:37:58:04
Speaker 2
Bathroom, right? I mean, a real hoarder, right?

02:37:58:06 – 02:38:03:20
Speaker 1
They can’t even use their kitchen. A real hoarder is sleeping in the lobby, right? I mean, a real.

02:38:03:20 – 02:38:07:05
Speaker 2
Hoarder, right? Yes. Because. Because they can’t get in and.

02:38:07:08 – 02:38:13:06
Speaker 1
Right. And a real hoarder a lot of times they’ve got bags, tags that have never been taken off.

02:38:13:07 – 02:38:45:02
Speaker 2
Right? I mean, so that’s what I’ve got. I’ve got a client that, his mother and grandmother passed, and that’s kind of what we have is all these. She was a a compulsive shopper. Yeah. And she would just buy things. Shoes, clothes. Close, close. Because clothes. Clothes never wore any. Yes. Right. So yeah. And again, so the, the distinction is just kind of, there’s the person that just collects like little grab, like scraps of paper and put them in a drawer somewhere.

02:38:45:05 – 02:38:47:14
Speaker 2
Right. And then there’s a person that actually has like a.

02:38:47:17 – 02:38:50:13
Speaker 1
Okay, so let’s think, oh, so I got the hoarder thing.

02:38:50:14 – 02:38:54:13
Speaker 2
Yeah. Pat Grant is that versus collectors. Is is that.

02:38:54:15 – 02:38:55:11
Speaker 1
You? You just.

02:38:55:12 – 02:38:55:19
Speaker 2
Throw.

02:38:55:19 – 02:38:56:08
Speaker 1
Anything away.

02:38:56:08 – 02:38:58:03
Speaker 2
Yeah. Yeah. They’re just it’s a compulsive.

02:38:58:07 – 02:39:04:22
Speaker 1
So it’s like you still have your kid’s first grade, you know, spelling test that has three stars on it.

02:39:04:22 – 02:39:16:09
Speaker 2
Which my mom had. Yeah. Right. Right. Okay. Kept like all of your books stuff and all of our stuff from grade school, right? And it’s like, you know, not so much high school and, you know, college.

02:39:16:11 – 02:39:27:14
Speaker 1
But do you remember, like, in grade school, in high school, how you would take the school pictures, the little ones? What were they like, the two by fours or something? And you’d you’d collect them all.

02:39:27:14 – 02:39:29:04
Speaker 2
Yeah. Well, I’m guessing you still.

02:39:29:04 – 02:39:31:22
Speaker 1
Have boxes of those photos from all these.

02:39:32:00 – 02:39:59:18
Speaker 2
Friends, right? Sure. So we’re kind of guilty of that. Yeah. And everyone has varying degrees of that, right? Right. So, like, I’m a collector in some ways, I probably am. I’m not a hoarder, but I definitely, I definitely bring things that are not being displayed, like increases and stuff. And maybe because of the nature of my business, I know at some point, you know, I’ll probably dispose of them and I have a channel to do so.

02:39:59:20 – 02:40:15:10
Speaker 1
And I may I may have a little bit of packrat in me where I don’t I don’t like to throw things away because I’m worried that I might need it or I might miss it or something. And I definitely got that from my mother.

02:40:15:12 – 02:40:38:08
Speaker 2
For sure. And my stepmother was the same exact way. Had everything but and everything was filed neatly according to, you know, was subcategories and all that stuff too. So a lot of that can be, maybe it is hereditary in some cases, but there’s kind of a method to the madness, right? And there was no question that if we needed something, we knew where to find it.

02:40:38:08 – 02:40:39:19
Speaker 2
Right, right.

02:40:39:21 – 02:40:48:20
Speaker 1
Well, and I’ve been that way with my business because, you know, this year, I don’t know if you knew this Gleason, but, we’re celebrating 25 years House financial at August 1st.

02:40:48:20 – 02:40:50:22
Speaker 2
Yeah, wow, I know wow.

02:40:50:22 – 02:41:13:16
Speaker 1
So I still have stuff from way back when, and it’s crazy how once in a while, we’ll get a phone call about something for some reason. And it’s. Do you still have that statement from 2007 and nine times, even more than 99% of the time I can find it.

02:41:13:16 – 02:41:21:01
Speaker 2
That’s awesome though. Yeah. And if I’m that person calling, yeah, right. That just does nothing but enhance your brand even more. Yeah, I know.

02:41:21:03 – 02:41:27:05
Speaker 1
Except now we’ve taken all of that stuff and we’ve been spending a number of years digitizing everything.

02:41:27:09 – 02:41:31:02
Speaker 2
Okay. Is that kind of the trend even in the financials. Absolutely. Okay.

02:41:31:03 – 02:41:47:10
Speaker 1
Oh, and we’re a little ahead of the curve on that stuff because we’ve been doing a lot of paperless. Now we really we committed to full paperless, five years ago. And this is a very paper driven industry.

02:41:47:10 – 02:41:48:17
Speaker 2
Sure.

02:41:48:19 – 02:41:53:01
Speaker 1
But we we went to almost completely paperless.

02:41:53:03 – 02:41:58:13
Speaker 2
Was that an eco friendly decision or was it a was it just a,

02:41:58:15 – 02:42:19:23
Speaker 1
I think it was eco friendly to certain extent, but it was also just efficiencies and storage space. And, you know, we could just see that that was where the future is. And it’s it’s it’s much more efficient just for, you know, onboarding clients. I mean, you’ve seen this in the in the housing industry when you buy and sell a house, it’s all electronic.

02:42:19:23 – 02:42:41:12
Speaker 1
Okay. Because we’re an industry that has a lot of regulation and compliance. A lot of like you have to follow certain rules and guidelines and there’s only certain software programs, filing systems, database systems that are approved by the SEC. So you needed to make sure that you have the right systems in place to be able to do that.

02:42:41:12 – 02:42:48:04
Speaker 1
And so we did that research when we did the research over 6 to 7 years ago and then implemented over five years ago.

02:42:48:06 – 02:43:08:03
Speaker 2
Yeah. So I have a question, because I get asked this a lot because it’s funny, because once you’re kind of in this industry, you get asked all these questions, short questions, just like you’re a financial planner or a real estate agent. Yeah. And I never know. So what is I actually have a couple of estate planners that I work with that help, that are kind of a funnel for me.

02:43:08:05 – 02:43:22:15
Speaker 2
And the real estate, obviously agents. But okay, what is the difference between a revocable and an irrevocable trust? Okay. That’s a question I get, like all the questions and, and and, you know, obviously if I have someone well.

02:43:22:15 – 02:43:25:14
Speaker 1
If they’re revocable means you can’t revoke it.

02:43:25:18 – 02:43:26:17
Speaker 2
Okay.

02:43:26:19 – 02:43:31:20
Speaker 1
Revocable means you can revoke it. So if you do a revocable trust you can change it.

02:43:32:01 – 02:43:32:22
Speaker 2
Okay.

02:43:33:00 – 02:43:35:21
Speaker 1
An irrevocable trust cannot be changed.

02:43:35:21 – 02:43:37:22
Speaker 2
So give it. What does that look like though.

02:43:37:23 – 02:44:00:18
Speaker 1
Well what generally where you’ll see an irrevocable trust used is let’s say we’ve got a husband and wife and you know, they leave money to their children a write in trust, and they want to control the use of that money from the grave.

02:44:00:21 – 02:44:01:04
Speaker 2
Okay.

02:44:01:07 – 02:44:03:13
Speaker 1
Okay. So you would make that irrevocable.

02:44:03:15 – 02:44:03:22
Speaker 2
Okay.

02:44:03:23 – 02:44:06:19
Speaker 1
Because these are the rules can’t be revoked.

02:44:06:20 – 02:44:07:01
Speaker 2
Okay?

02:44:07:05 – 02:44:08:04
Speaker 1
This is the way it is.

02:44:08:05 – 02:44:08:17
Speaker 2
Okay.

02:44:08:19 – 02:44:15:19
Speaker 1
The other reason you would do an irrevocable trust is to get those assets out of your estate. Okay? You don’t own that money.

02:44:15:19 – 02:44:16:03
Speaker 2
Okay.

02:44:16:08 – 02:44:43:08
Speaker 1
So then if you have a taxable estate, you get that out of your state. Okay. So irrevocable trust are often used to fund life insurance okay. So if you’re going to buy a large life insurance policy so that your heirs have the money to pay for the potential inheritance estate taxes, that would be due upon your death, because your estate is that large, you buy a policy.

02:44:43:13 – 02:45:03:01
Speaker 1
But if you own that policy, or your estate owns that policy, that just adds to the value of your estate. So you want the money to be there for your heirs, but you don’t want it in your estate. So you set up an irrevocable life insurance trust so that that money is not part of your state, doesn’t get counted.

02:45:03:03 – 02:45:30:11
Speaker 1
Then your heirs will get that money tax free because it’s life insurance, and now they’ve got the million dollars or whatever to write the IRS, the tax is owed without having to sell or fire sell. Because let’s say that you’re you have a, an estate that’s worth 15, $20 million, but it’s mostly real estate. Well, in order to pay, you’re still going to taxes, but it’s not liquid.

02:45:30:13 – 02:45:50:11
Speaker 1
Well, you don’t want your heirs to be forced to sell. You know, below market to get the cash to owe the IRS because the IRS is not going to wait around. So you think about irrevocable versus most living trust, living trust a generally revocable trust. So if you set up a trust it’s usually a revocable.

02:45:50:11 – 02:46:02:16
Speaker 2
Trust okay okay. Good to know again. And now I can give at least an somewhat intelligible answer and also direct them to someone that actually knows what they’re talking about.

02:46:02:18 – 02:46:07:16
Speaker 1
Oh that’s good. I’m glad. Please tell me. Remind me, what is your website again?

02:46:07:18 – 02:46:24:19
Speaker 2
It’s moving on. Asset liquidation.com. Just like that. It really is. And I was trying to, you know, more. I tried to find the domain name, and it’s, I like it because from a marketing perspective, it is exactly what we do.

02:46:24:21 – 02:46:25:05
Speaker 1
I get.

02:46:25:05 – 02:46:42:09
Speaker 2
That right. And there’s, you know, there’s, there’s a little tongue in cheek in the name that I won’t go into, but it describes pretty much I mean, because that’s what moving on is, right? Yeah. It might be your shuffling off this mortal coil, or just maybe, that you’re leaving the place that you’ve been for a while.

02:46:42:09 – 02:46:43:22
Speaker 2
You’re moving on to someplace else.

02:46:43:22 – 02:46:45:23
Speaker 1
So is that moving on? Is that the acronym?

02:46:45:23 – 02:46:52:11
Speaker 2
That’s out National radio, which, which, you know, that I.

02:46:52:11 – 02:46:53:09
Speaker 1
Was figuring it.

02:46:53:09 – 02:47:20:13
Speaker 2
Out, does it, but does it doesn’t have any real like, lyrical. No, it does nothing. But, but I like it. I like it. And again, I, you know, I really feel like we’re like, this can be a really difficult thing for people. So I feel like coming alongside. Yeah. And helping them through this transition. Again, you have to have a pretty decent bedside manner.

02:47:20:13 – 02:47:26:16
Speaker 1
I was just going to say that. And you have that. I mean, you do. You’re a nice guy. And you you have that.

02:47:26:18 – 02:47:31:01
Speaker 2
Yeah, I, I try look, there are psychological. Well it is there’s a.

02:47:31:01 – 02:47:32:18
Speaker 1
Huge psychological component.

02:47:32:18 – 02:47:58:11
Speaker 2
But there are some clients that will test you because again, you’re like, okay, you hired me to do this to help you, right? But you’re in my way, right? You’re not allowing me to do what you’re hiring or do. You’re going to hold me accountable. You don’t get the results that you want. And in most cases, there’s a written agreement that says, hey, this is the deal, right?

02:47:58:12 – 02:48:31:20
Speaker 2
Right. And, and that’s how it goes. I, I recently had a client that, took that had something that was really collectible, and I was using that as part of my marketing schema, and I understand that to them, it was really emotional. Sure. But the day before the sale, they decided to remove the items from the property, which left me in a very precarious situation where people had literally come from miles away for those items.

02:48:31:21 – 02:48:42:12
Speaker 2
And you know, when I talked to them, they were just like, you know, I just couldn’t do it. And I of course, I was like, that’s a conversation we should have had. Then, you know? Right. Yeah.

02:48:42:17 – 02:48:45:22
Speaker 1
What are you doing? That’s because now you spent all this money marketing.

02:48:46:01 – 02:48:47:04
Speaker 2
I mean.

02:48:47:04 – 02:48:48:05
Speaker 1
It’s it puts you in a.

02:48:48:06 – 02:49:07:14
Speaker 2
Horrible. But it was a very eclectic sale. There were a lot more, treasures that were there. Yeah. So part of that was. Okay. I talk to the people individually and explained what had happened, and they kind of, I think they said because they kind of met, especially the one of them had come a day early to make sure that they were the first in line.

02:49:07:16 – 02:49:27:20
Speaker 2
Right. And it literally stayed overnight. Oh, boy. And it kind of met us and the owner. So I think they kind of got that, that could, you know, that was beyond the pale right of Orthodoxy. And they got a feel for kind of me and my team. But it was kind of it was really, really, you know, it was embarrassing, I know.

02:49:27:20 – 02:49:50:23
Speaker 2
And I went out before the sale even started and had to make the announcement. And, you know, I heard bait and switch, you know, which just really be cringe. But I’m like, this is not how we do things. I apologize. I’m, you know, being as upfront as I can. There’s other goodies in here. And that’s kind of what I, what I did and what I made sure is moving.

02:49:50:23 – 02:50:12:20
Speaker 2
And that was a great lesson to learn in the future. It will be in writing. I’m sure you were not allowed once we have an agreement you because and it’s actually in our kind of our standard contract is the, the liquidator which is us has the right to price things to move right at our discretion. Right.

02:50:12:20 – 02:50:34:01
Speaker 2
And, and after a certain date, anything that’s not to be sold needs to be removed. Okay. Right. So that’s been that’s been one of the challenges. I’m kind of kind hearted and I’ve allowed people to kind of be there as we were setting up and doing things and they’re like, oh, you’re pricing that at that, right? And all that does is causes, you know, confusion.

02:50:34:03 – 02:50:51:05
Speaker 1
So let’s talk about for, for concepts, for words that we’ve talked about today okay. One is liquidator, one is estate sale, one is garage sale and one is auction.

02:50:51:07 – 02:50:51:21
Speaker 2
Oh okay.

02:50:51:22 – 02:50:57:15
Speaker 1
So how do how do all these differ. And how are they overlapping?

02:50:57:16 – 02:51:21:00
Speaker 2
Okay. So an auction is basically a it’s a bidding process. Right? Right. Usually it is. Oh, I guess in the past, you know, it was kind of done in person at an auction house, right. Like I sell the BS or a Luther Wright is a big, player here. So an auction is, is is bidding. It’s eBay to a certain degree, the way eBay originally started.

02:51:21:02 – 02:51:25:07
Speaker 1
That’s what I did with my dad’s place. I auctioned my father’s house.

02:51:25:08 – 02:51:25:22
Speaker 2
Okay.

02:51:26:00 – 02:51:29:05
Speaker 1
And all the belongings inside we didn’t want.

02:51:29:06 – 02:51:29:14
Speaker 2
Okay.

02:51:29:15 – 02:51:36:13
Speaker 1
And it it was, it was, I think one, 1 or 2 days, and then it was everything was gone. That’s what we.

02:51:36:13 – 02:51:37:05
Speaker 2
Did. So you.

02:51:37:05 – 02:51:44:09
Speaker 1
Auction. We got a lot more for his house by auctioning it than if we had put it on, on for sale with a realtor.

02:51:44:09 – 02:52:06:09
Speaker 2
So one of the things about an estate sale that’s interesting is a lot of people will come to see the home. Yeah, a lot of times you’re having a sale before the house is actually on the market. Okay. Things are still in there, right? So people are coming not necessarily even for the sale, but they’re like, so one of the things I’ll do is I’ll make sure I have the real estate agents, the selling agent or whoever is going to be doing the selling that I have their card there.

02:52:06:10 – 02:52:32:08
Speaker 2
Right, right. So you want to talk about the house, right. And go ahead and and contact them. Sure. The, Okay. So, so an option is, is a bidding thing. And what happens is so there’s just psychology in Oxenham and it’s when people see something, they kind of visualize that it’s theirs. Okay. Like these. Right? Right.

02:52:32:11 – 02:52:48:09
Speaker 2
I have a place for them. I know exactly where it’s going to go and what show up it’s going to be on. And so when you get in this bidding thing, there’s there’s some ego and there’s a level of threshold like, no, no, you’re not getting my, my, you’re not getting my stuff right. And that drives the price higher.

02:52:48:13 – 02:52:50:15
Speaker 2
Right. So there’s a whole psychology behind that.

02:52:50:15 – 02:52:54:01
Speaker 1
And competition and professional auctioneers how to play that.

02:52:54:02 – 02:52:55:02
Speaker 2
Right. Totally.

02:52:55:02 – 02:52:57:10
Speaker 1
And then and then sometimes they’ll have plants.

02:52:57:10 – 02:53:07:16
Speaker 2
Right. But they’re not supposed to. Then I see in Minnesota what’s called an shell bidding. Yeah. Not is not supposed to be taking place, but and maybe not anywhere.

02:53:07:16 – 02:53:07:22
Speaker 1
I don’t.

02:53:07:22 – 02:53:08:04
Speaker 2
Know.

02:53:08:10 – 02:53:09:07
Speaker 1
I always hear about it.

02:53:09:07 – 02:53:14:21
Speaker 2
I think it’s a state I think it’s a state thing. And there’s ways that the platforms can kind of monitor and.

02:53:14:21 – 02:53:17:10
Speaker 1
And the auction house gets a percentage.

02:53:17:10 – 02:53:18:23
Speaker 2
Yeah. And you have your.

02:53:18:23 – 02:53:19:21
Speaker 1
Total amount that they.

02:53:19:21 – 02:53:37:00
Speaker 2
Were. It’s usually a flat rate plus what they call a buyer’s premium. Right. Which is on top of that short. Right. So I bought this for $10 and a 20% buyer’s premium. Right. That’s the total to the to the buyer. Right. So you need to kind of calculate that. Right.

02:53:37:02 – 02:53:45:00
Speaker 1
And you can have auction. You can go to a live auction. Yep. But there’s also a lot of live auctions that you can do online.

02:53:45:01 – 02:54:07:23
Speaker 2
Oh yeah. Yeah. So there’s this new platform now called whatnot, which is what I was telling you about the CDC things. So I told you I collect comic books. Yeah. So you literally have these kind of many shows. Yeah. Where they’re, they’re branding themselves and they have their collections and they’re out and they’re giving you 20 minutes or 20s to bid on this book, and you can just watch it.

02:54:08:01 – 02:54:29:11
Speaker 2
Yeah, right. There’s competition based on what the value or perceived value is. So that’s an auction. The estate sale again is traditionally in the home. Everything’s priced right. What will normally do is the first day everything’s at the price that we market at. Right. It will kind of make an assessment at the end of the day. What’s left right, right.

02:54:29:11 – 02:54:47:18
Speaker 2
Our goal is to get rid of 100 or at least you know, 90% of the stuff. So we tend to be a little more flexible on day two. So usually we’ll say, you know, 50% off of things up through maybe a value of like 500. Sure. Right. So if you have larger items or things like that that you know that you can sell.

02:54:47:18 – 02:54:58:22
Speaker 2
Yeah. You want to make you still want to make sure that you’re maximizing your, your price because, you know, we get a percentage as well. So typically the way we’re set up is we get a flat, flat fee retainer.

02:54:58:22 – 02:54:59:09
Speaker 1
But you’re a.

02:54:59:09 – 02:55:00:08
Speaker 2
Liquidator, right?

02:55:00:09 – 02:55:01:11
Speaker 1
You consider yourself a.

02:55:01:11 – 02:55:18:05
Speaker 2
Liquidation, right? Okay. So we get a flat fee retainer, okay? And we get a percentage of what is sold. Okay? Right. Traditionally, it’s 40%, but the retainer can be anywhere from 2000 to $5000, depending on what the home is. That covers marketing, my labor, you know, all the stuff that needs to be set up.

02:55:18:06 – 02:55:21:18
Speaker 1
So then how are you different as a liquidator from an estate sale?

02:55:21:20 – 02:55:25:06
Speaker 2
I mean, I it’s pretty similar. I think it’s just a matter of.

02:55:25:08 – 02:55:26:17
Speaker 1
Think it’s marketing and branding.

02:55:26:17 – 02:55:29:11
Speaker 2
I think it’s I there’s no real distinction.

02:55:29:12 – 02:55:34:07
Speaker 1
And a garage sale is kind of the do it yourself for mom and.

02:55:34:07 – 02:55:36:23
Speaker 2
Pop garage sale, and it tends to be.

02:55:37:01 – 02:55:38:08
Speaker 1
Kind of like the Vanguard funds.

02:55:38:11 – 02:55:49:05
Speaker 2
Will it, and it tends to be lower priced items. An estate sale will have art. Yeah, we’ll have furniture. Yeah. And you will have silver. Right? Right. Yeah.

02:55:49:06 – 02:55:49:15
Speaker 1
The tea.

02:55:49:21 – 02:55:50:21
Speaker 2
Right, right.

02:55:50:21 – 02:55:52:02
Speaker 1
The proverbial tea set.

02:55:52:02 – 02:56:17:02
Speaker 2
We are we are the one of the sales. We actually, had made like $6,000 just on the silver. Yeah. Right. So and that stuff again, the kids didn’t want any of it. The, the, the, client just didn’t have room. Right. And, you know, no one’s for entertaining more. So that’s so these are the things that are really normal.

02:56:17:03 – 02:56:18:00
Speaker 1
Tea sets.

02:56:18:00 – 02:56:28:20
Speaker 2
I mean, you so the younger generation they have. Yeah. Yeah. They’re still practical. Does it go into the mike or into the dishwasher? No. China. What about the.

02:56:28:20 – 02:56:29:03
Speaker 1
Bone?

02:56:29:03 – 02:56:57:11
Speaker 2
China? Bones. Bones? People know about bone China for sure. But but but you’re, you’re kind of run of the mill China. Very difficult to, to liquidate. Yeah. And if you can go to Goodwill or Salvation Army and find rows and rows and rows of it, can you? I’ve ended up donating a lot of it. And I’m amazed that when I go to see what they’ve marked it up at, like, like three times what I would have had of that and.

02:56:57:11 – 02:57:14:20
Speaker 2
Oh really? Yeah. So it’s does it sell? I, it probably does. But I, you know, if it doesn’t sell it myself I’m on to the next sale. Right. Yeah. So that’s and so okay. So those so that’s a state sale. Auction. What was the other thing know? Well, we took a garage sale. What was the for it?

02:57:14:21 – 02:57:15:14
Speaker 2
Well.

02:57:15:16 – 02:57:21:00
Speaker 1
We said auction estate sale, liquidator and, and, garage sale.

02:57:21:00 – 02:57:22:03
Speaker 2
Yeah. You know, I, I.

02:57:22:03 – 02:57:24:16
Speaker 1
Don’t see as many garage sales like we used to.

02:57:24:19 – 02:57:43:21
Speaker 2
They, I mean, they still exist. I mean, it of we’re on the neighborhood. Yeah. Right. And they’re still doing that again. It tends to be it’s really the know I think the difference is in the garage sale person’s not necessarily leaving the house. Right. So they’re literally just trying to clear it out. Clear it out. Right. Right. So that we don’t tend to be called in for that.

02:57:44:02 – 02:58:00:23
Speaker 2
I usually that’s a that’s a do it yourself now. And there are some times where let’s say we have a lot of things leftover. We’ll just throw out on Facebook Marketplace and Craigslist. And that, you know what flat fee we need this place cleared out. Come and get it past ten, 20 bucks.

02:58:01:03 – 02:58:04:19
Speaker 1
Well, don’t they do that with with abandoned storage lockers.

02:58:04:19 – 02:58:35:16
Speaker 2
Yeah, they do, but now. But they are they are also realized that there’s a market. And so, there’s a website like Storage treasures.com. Yeah. And so you can go to that particular location. Right. The challenge is you can only see you can see the pictures. You don’t know what’s in it. Sure. Right. And so you’re hoping that in those buckets right, that are closed that there’s treasure and then you’re going to bid on those and then you have so much time to empty.

02:58:35:20 – 02:58:48:23
Speaker 2
Yeah. Right. You own it right. You empty it. What is the is it storage wars. What’s the there’s a show that’s all about that. Yeah. Right. So there’s so that’s kind of. Yeah. That’s kind of where things are.

02:58:49:00 – 02:58:57:10
Speaker 1
I just know we Jeff and I, last, Labor Day, we went to California to clear out and Judy’s storage locker in San Francisco.

02:58:57:12 – 02:58:58:09
Speaker 2
This is your Aunt Judy?

02:58:58:09 – 02:58:59:10
Speaker 1
No, this is Jeff.

02:58:59:12 – 02:59:00:19
Speaker 2
Okay.

02:59:00:21 – 02:59:06:09
Speaker 1
And it was there. It’s been there since 1996. Okay, okay, okay.

02:59:06:09 – 02:59:07:07
Speaker 2
What does she have in there?

02:59:07:12 – 02:59:22:02
Speaker 1
It was just fascinating because she had, you know, things like toaster ovens and dustbuster and, vacuum cleaners, but all from the early 90s. And they all worked those.

02:59:22:04 – 02:59:23:22
Speaker 2
And those things were all worked.

02:59:24:03 – 02:59:40:06
Speaker 1
They’d been just there, you know, we. And we gave the stuff away. Okay. A lot of it. And, shipped back a few things that were her kind of more keepsake kinds of things. And then the rest of it went to the dump. It went to the.

02:59:40:06 – 02:59:42:11
Speaker 2
Dump, at our sales appliances.

02:59:42:11 – 02:59:45:08
Speaker 1
So really, because these appliances are old.

02:59:45:09 – 02:59:45:21
Speaker 2
Yeah, but.

02:59:45:22 – 02:59:59:17
Speaker 1
They were like 30 over 30 years old, but they still work because they were being used. So we actually gave that stuff to, there was a young man helping us who was going to college, and he needed stuff for his new apartment.

02:59:59:17 – 03:00:00:03
Speaker 2
Perfect.

03:00:00:03 – 03:00:04:12
Speaker 1
We gave him all her dishes. We gave him all that he was. I needed all this stuff.

03:00:04:12 – 03:00:25:16
Speaker 2
Perfect. Yeah. I mean, that’s so those. So the household, the common goods that we all use every single day. Right? Those things all go okay. Yeah. All right. Plates, dishes, that kind of stuff. Sure. All those everyday things. It’s the more, it’s the more, but, you know, the really well-made furniture. Like the Stickley furniture.

03:00:25:17 – 03:00:26:09
Speaker 1
Henry.

03:00:26:11 – 03:00:33:07
Speaker 2
Right. All right. All the really good. I know, there just seems to be a generational thing.

03:00:33:07 – 03:00:35:17
Speaker 1
Feels like old fashioned. Well.

03:00:35:18 – 03:00:42:01
Speaker 2
Oh, so mid-century modern is still a thing? Yes. Okay. Right. So that’s that’s kind of the exception.

03:00:42:03 – 03:00:47:01
Speaker 1
But the actually mid-century modern, a lot of new.

03:00:47:01 – 03:00:48:13
Speaker 2
Furniture today.

03:00:48:15 – 03:00:58:04
Speaker 1
Is a mid-century modern. Have you noticed some of these sofas and how low. Yeah, yeah. I mean, Gleason, especially for you. I mean, seriously gentle giant.

03:00:58:04 – 03:01:00:09
Speaker 2
Yes. Right. Yeah. I mean, these.

03:01:00:09 – 03:01:02:23
Speaker 1
Sofas, they’re so low, they’re not comfortable.

03:01:02:23 – 03:01:18:05
Speaker 2
But a lot of like the, you know, the grandkids and the kids are like, we don’t have room. Yeah. For this. Right, right. You know, a six foot, you know, Belgian, you know, handcrafted armoire. Sure. You need a house for that, right? Right.

03:01:18:05 – 03:01:23:04
Speaker 1
Like the the used to. Everybody always needed a China closet, a China buffet.

03:01:23:04 – 03:01:23:11
Speaker 2
Right?

03:01:23:12 – 03:01:24:10
Speaker 1
Nobody wants that.

03:01:24:10 – 03:01:30:13
Speaker 2
Anymore. I have one in my house right now and doesn’t get used. I as a display, I.

03:01:30:13 – 03:01:33:14
Speaker 1
Have one, I’ve got it filled with my stuff. And it does get used.

03:01:33:15 – 03:01:42:19
Speaker 2
Okay, well, that it’s just in place. You’re the quintessential entertainer and you have you know, you have clients. You. Yeah. Your, your profession.

03:01:42:19 – 03:01:43:09
Speaker 1
We use our.

03:01:43:09 – 03:02:12:21
Speaker 2
Stuff. Yeah. For sure. But, yeah, the best parties are a styles party. So, yeah, I mean, and what’s so interesting is you’ve got this kind of, this generational thing, right? So the baby boomers are starting to. Yeah. Go bye bye. Yeah. Retire natural. Yes. And then you’ve got this generation coming up. So there has been this kind of funny thing about okay, this generation has all this stuff.

03:02:12:23 – 03:02:14:23
Speaker 2
This generation doesn’t necessarily.

03:02:15:00 – 03:02:22:15
Speaker 1
So the baby boomers are the children of the traditionalists. The traditionalists are the ones that lived through the depression era.

03:02:22:15 – 03:02:23:06
Speaker 2
And therefore.

03:02:23:07 – 03:02:25:19
Speaker 1
You just recycle your time foil.

03:02:25:19 – 03:02:27:08
Speaker 2
And take holes in it. Right?

03:02:27:10 – 03:02:29:19
Speaker 1
I mean, they never throw anything.

03:02:29:23 – 03:02:30:20
Speaker 2
Away, right?

03:02:31:00 – 03:02:32:01
Speaker 1
So then the baby.

03:02:32:01 – 03:02:33:00
Speaker 2
Boomers inherit.

03:02:33:02 – 03:02:34:07
Speaker 1
All their stuff.

03:02:34:07 – 03:02:40:15
Speaker 2
And then grab their own stuff, right? And now this generation is kind of is kind of being asked to.

03:02:40:15 – 03:02:41:18
Speaker 1
And they don’t want anything.

03:02:41:19 – 03:02:43:08
Speaker 2
They don’t what they want.

03:02:43:08 – 03:02:43:22
Speaker 1
None of it.

03:02:43:22 – 03:03:04:01
Speaker 2
They’re like from what I’ve seen, they’re like, what is that valued at? And I’m like, well, you know, I was told that it’s like, yeah, on eBay it looks like it’s 40 bucks. So can you get the 40 bucks or shall we just move on? Like they’re like, we don’t really care. Yeah, but you know, we know how much the house is worth, right?

03:03:04:02 – 03:03:11:10
Speaker 2
Right. And that’s what we’re looking at doing is we want to clean it out. Yeah. So it’s anyway so it’s so.

03:03:11:10 – 03:03:13:23
Speaker 1
That’s why I was able to find.

03:03:14:01 – 03:03:20:10
Speaker 2
Yes for sure. But that’s gorgeous. But you found this rug regardless, right. We know that.

03:03:20:12 – 03:03:27:03
Speaker 1
Anyway. Well, Gleason, this has been a lot of fun. I always have fun chatting with you. Hey, our conversations can always go for it.

03:03:27:03 – 03:03:29:09
Speaker 2
Oh. Did you. Oh, yeah. That’s why we have to have dinner.

03:03:29:11 – 03:03:37:19
Speaker 1
That’s right, that’s right. But I really appreciate you coming in and sharing all your knowledge. I learned a lot today, so I really appreciate that.

03:03:38:00 – 03:03:39:15
Speaker 2
And I did too. Yeah.

03:03:39:17 – 03:03:40:07
Speaker 1
There you go.

03:03:40:07 – 03:03:41:18
Speaker 2
Absolutely sure. Ideas.

03:03:41:18 – 03:03:43:20
Speaker 1
You know it always works that way. Oh it’s a.

03:03:43:20 – 03:03:45:10
Speaker 2
Share. Awesome. Thanks, Susan.

03:03:45:13 – 03:03:46:09
Speaker 1
Yep. Thanks, Gleason.

03:03:46:10 – 03:03:48:00
Speaker 2
All right. Have a great. Yeah.