Thinking of buying a scrap metal business.... Any advice?
Hello everyone
Thank you to the many members that created very informative conversations across all aspects of the scrap metal business, I am new to this industry and learnt more from this forum than anywhere else
I am thinking of buying an established scrap metal business and was hoping for some advice or PM support. I absolutely love every aspect of this business and its positive impact to the planet. A few questions I do have right now are....
1. Am buying existing inventory (scrap) at current market value..... any tips how to accurately assess the true value. As it stands today, the scrap wont be re-weighed or sorted (too much work).... so it will be estimated. And with that being said is there a risk of cherry picking the best scrap out of the pile prior to the purchase date?
2.Found many subscription based scrap pricing sites..... any suggestions for free ones or subscription based ones you can recommend?
3. Scrapright software (current software)..... is this the best?
4. Is now the time to buy a scrap business? I have confirmed margins are maintained by passing through price fluctuations. Financials are relatively steady considering the up and down trends over the past 10 years. There was a great thread that outlined the risk and downfall of a few companies holding and waiting for prices to rise.
5. Have you successfully used tradeshows or social media to increase awareness and create a new generation of scrappers? I walked through 3 landfills and saw nothing but opportunity to increase awareness.....there's so much scrap hitting our landfills still.
5. And lastly..... any basic tips from other scrap metal business owners..... Do or Do Not etc.
Feel free to PM me, and thank you in advance for any advice you can share.
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