Shopsmith in ‘Precarious Financial Condition’
About 25 years ago, when I was first getting out on my own, I saw a Shopsmith woodworking machine at a woodworking show. I was intrigued that one machine could do so much. And the guy demonstrating it seemed to be able to switch over from table saw to lathe to bandsaw to drill press in no time at all. Pretty impressive.
I liked the idea of a Shopsmith, but wondered about having a “do-all” machine in the shop. But in a period of time when there were limited outlets to buy stationary power tools (think “Sears”), it was one of few woodworking machines around.
Woodworking as a hobby in the last 25 years or so has matured when it comes to tools. There are retail woodworking stores where there once were none. And mail-order resources make almost any tool or supply available with a click of the mouse or just a phone call.
So I wasn’t too surprised when I read this story in the Dayton Daily News. Shopsmith is in trouble, financially. They’ve handed over day-to-day responsibilities to a consulting firm that specializes in financially-troubled companies. When asked about their strategy, they said that they need to increase the value of the company by increasing sales. What does that mean? Lower prices? More options? There wasn’t a clear answer.
If I had the opportunity to lay my hands on a used Shopsmith at a reasonable price, I’d probably grab it…and turn it into a monster lathe.
dusty said,
I’m curious about what has happened as a result of this management decision.
I am still buying parts and supplies from Shopsmith so I know they are still in business but are they recovering.
They have announced the eminent release of a new, more powerful Mark V; the Shopsmith PowerPro and I am waiting anxiously. Can you give us some insight into this.
(posted on April 16th, 2010 at 7:29 am)