Ken, I"ve been doing what you are talking about for about two years now, only I"m doing it on the side and keeping my day job. I"ve had no trouble keeping customers so far, but with the economic climate as it is (whether real or perceived) I would hate to bank on this business as my only income. You will get lots and lots of inquiries about restoring folks tractors, but when they find out how much it is going to cost, many will fall by the wayside. Since you have restored your own tractors, you know as well as I do, that you will put more money into the tractor than what it is worth. Now add in your labor and the cost becomes much higher. You know from experience how much time is involved in restoring a tractor correctly. Most of your customers will not. I always have a serious sit down meeting with any prospective customer and lay it all on the line right then and there. I tell them that it is going to cost much more than they can ever hope to sell the tractor for. I tell them I can wait on my labor, but all parts, machine work, supplies, etc will be paid for in advance. Most customers put down a lump sum to get started and when I need more money, I contact them and work stops until I more money is received. Don"t bankroll anybody"s restoration, or you might get caught holding the bag. I also have them sign a form that states I"m not responsible for any damage or theft to their tractor while it is in my shop. I also have them sign a mechanic"s lien stating that they will not take possession of the tractor until all bills are paid. There"s probably a lot more that I"m forgetting, but you get the general idea. Keep very detailed records of all money spent. I set up an Excel spreadsheet that has columns for vendors, what was purchased, amount, running total, date, invoice number, etc. I keep all invoices together and depending on the customer, I will give those over to them at the end of the restoration after everything is settled, or as they request them. If you give them out on request, make copies for yourself.
I hope that you have great success in whatever you decide to do.
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Today's Featured Article - Restoration Story: 1951 Farmall H - by The Red (John Fritz). I have been a collector of Farmall tractors since 1990 when I first obtained part of the family farm in Eastern Indiana. My current collection includes a 1938 F20, 1945 H, 1946 H, and the recently purchased 1951 H. This article will focus on what I encountered and what I did to bring the 1951 NEAR DEATH Farmall H back to life.
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