Setting up your manufacturing floor with the right industrial machinery is a significant financial investment, one you hope to recoup over time. While much of your return on this investment will come from the goods and services you’ll be able to provide to clients, the most profitable operations take into account the standard life cycle of the machinery deployed throughout the operation and plan to offset initial costs through strategic resale.
There are a number of factors that affect the resale value of any piece of industrial equipment. Those related to supply and demand and the state of the market are out of your control. However, you can have a significant impact on maximizing your return when it is time to sell machinery by ensuring that you are keeping your unit in great condition throughout its operational life. Let’s dig into some strategies for keeping your used machinery in top shape so you can get the most for it when you’re ready to sell machinery on the Equipment Hub’s marketplace.
Start With Proper Training
Nothing will cause machinery to break down faster than persistent improper use. Because large industrial machinery can be complicated and require complex steps to operate, training for all personnel who will be using the equipment is generally performed at the time of installation. However, personnel turnover and development both play a role in who might end up using that machinery in the long-term. Managers should be utilizing tools such as operational checklists and spot inspections to ensure proper procedures are being followed and prioritize any training concerns that might come up on an ongoing basis.
A Clean Working Environment Goes a Long Way
Before we delve into maintenance schedules and best practices, it’s important to call out the need for your plant to be clean and well-maintained. Clean air filters and proper airflow will go a long way in ensuring the working environment is kept dust and debris free, a major contributor to machinery remaining functional over time.
The mechanical and electrical components of your used machinery are built for long-term constant wear and tear, but that doesn’t mean they’re built to do so without some effort on your part. Every piece of equipment should have a manufacturer’s suggested preventative maintenance schedule unique to that machine, but there are some general best practices you should be ready to execute.
Machines are full of small motors, gears, belts, and an endless array of other moving parts, all of which require some form of oil, grease or lubricant to continue to run smoothly. Over time, these lubricants become dirty and break down, and you’ll have to keep to set schedule in order to assess, clean, and replenish each type. Testing lubricants can also provide insight and help diagnose issues with large machinery.
Signs of Wear
With all of the moving parts in play, and the machine running at full capacity during production, the cumulative impact of vibration, heat, and friction can cause any number of issues throughout the machine. Gears and belts can fall out of alignment or warp over time. Seals will eventually dry out and crack, even if you’re following a lubrication schedule. Mindful assessments can prevent these issues from leading to major repairs.
Take Advantage of the Additional Resources
As part of most preventative maintenance programs you should have access to a number of additional services and resources beyond scheduled maintenance visits. Monitoring equipment, diagnostic tools, management software, additional training materials geared towards ongoing maintenance best practices, and other components that make up a total maintenance and repair agreement.
Don’t Void Your Warranty
Keeping to the manufacturer’s recommended maintenance schedule is more than just a best practice to make sure your equipment stays in working condition – it’s necessary to maintain the factory warranty on most pieces of equipment. A voided warranty will make it harder and more expensive for you to maintain your used machinery, and could over time reduce the unit’s overall value.
Don’t Defer Repairs
While preventative maintenance will minimize the need of repairs, you should be ready to deal with the occasional breakdown. Aside from the obvious financial impact and reduced efficiency associated with a machine not working at full capacity, allowing a machine to continue to operate that is in need of a repair could lead to further damage, and possibly irreparable damage. Your managers and supervisors should be performing spot checks and equipment assessments regularly, and be trained to bring any irregularities to the attention of leadership so that an irregularity doesn’t become an expensive repair and lower the overall value of the unit in the long-run.
Well Maintained Records
Documentation is a crucial component in establishing used machinery’s value when it’s time to sell a piece of equipment. Showing potential buyers that you’ve followed the manufacturer’s suggested maintenance schedule, and that all repairs are well documented, shows that the machine isn’t coming with any potential surprises. Even if a machine has undergone extensive repairs and could potentially continue to give new owners issues, the fact that you’ve been up-front about the condition of the machine going into the sale ensures you’ll be able to secure a fair price and maintain your reputation for future sales.
Get the Best Price When It’s Time To Sell Machinery
In a perfect world, your equipment will last through its intended lifespan and you’ll send it out to auction or find a buyer quickly, and everything will go smoothly. In reality, in order to get the most return out of your investment, you’ll have to put in a lot of work on your end to ensure maintenance schedules are being followed, repairs are being made in a timely manner, and that you’re keeping a well-documented record of your used machinery’s repair history. For our clients based in the Greater Atlanta metropolitan area, the Equipment Hub can help simplify this process with our repair and maintenance services.
Regardless of its condition, if you’re ready to sell used machinery, send it to an online auction or reach out to our acquisitions team so we can broker the sale. In the world of machinery, there will always be a buyer who either needs what you have to sell, or needs it for spare parts or scrap. In either case, selling off the used machinery allows you to reinvest the cash back into your operation somewhere where it will have an impact.
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