BREAKING NEWS: Shopsmith, Inc. Has A New Owner

[jpdalton]

So, the biggest reveal of the 75th Anniversary Celebration Event that concluded earlier today in Dayton was that the Folkerth family has opted to pass along the stewardship of Shopsmith, Inc. to a new owner!

Nick Cupps was introduced to the attendees, and gave some very inspirational insights into his plans to improve and grow the organization, bring a new generation of users into the customer base, and continue to engage the avid user community that has been essential to supporting the brand in recent years.

Nick comes from the wealth management industry, and much like John Folkerth did over 50 years ago, he sees continued great business potential in the products, brand, and user base, and looks forward to managing this investment to see its potential.

First order of business in his [only!] two weeks of ownership has been a cleanup of the factory (mission accomplished, based on what we saw in our tour yesterday), and next up is release of the long anticipated new web site in the “next 2-3 weeks”.

Big changes are in store, so stay tuned!
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IMG_2962.jpeg (710.65 KiB) Viewed 44214 times

New Shopsmith, Inc. owner, Nick Cupps, personally guiding factory tours during the 75th Anniversary Celebration event

[Ed in Tampa]

Thank goodness! Maybe he will bring prices to realistic levels and sale a ton of new Shopsmith’s.
I always believed there was a huge untapped market that was priced out of the market.
Welcome to the new owner!

[JPG]

Hopefully he can reverse the obsolescence trend the absence of which was historically a unique major attribute of SS.

There are more than 17 needed old model parts with so many half century old machines still running.

Demand is fer sure teeny tiny, but I think a small inventory can be maintained at a reasonably high selling price.

When ya need it, ya need it. Depending upon scavengers to supply used parts is not IMHO a good business plan.

That always available parts WAS a selling point in the past.

[dusty]

I am excited to hear this. I am especially interested in what the support for older Mark V, Model 505/510 and 520 will be like.

An illustrated parts breakdown complete with part numbers, pictures and prices would be great.

Current available documentation makes me feels as though Shopsmith is not interested in me as a customer unless I am a probable Mark 7 Customer.

That I am not. I'm just a long-time user of my two Mark Vs which I now keep running by watching eBay closely.

[80spiders]

Was anything said at the Users Group meeting about how many new Mark V and 7s are sold? With the number of used machines being sold on Facebook and Ebay, it is difficult for me to see the demand for any new machines other than a new headstock for the Mark 7. Ditto for the SPTs - lots of used ones going with the used machines. The market for this business has to be: (1) replacement parts (2) upgrades and (3) training for new users who want to be in woodworking. I just don't see the market for new Mark Vs.
I was in a Rockler store a few weeks ago and a clerk, who I would guess was 55 years old, asked me what equipment I had. When I told him Shopsmith, his response was,"Is that company still in business?" As anyone here who recognized my screen name will attest that I am new to woodworking based upon the bone headed questions I have asked online. But I can tell a well made piece of equipment when I see it - that is why I purchased my first Shopsmith - a 520 about 3 years ago. After doing some searches online for used woodworking equipment to start with, I found the best bang for my buck was the used Shopsmith - knew nothing about it other than what I could read online and, that searching put me on here, the forum. The point being, Shopsmith is a good stuff but there is no marketing of it to introduce it to new woodworkers and there is no training other than old N.E. videos (all good but not current media). Market it the machine's functionality (go back to some larger state fairs), provide updated training, and keep a good supply of replacement parts. Just my 2 cents worth on how to keep this ship afloat.

[JPG]

+1

[algale]

Hope he can keep the company running and make some improvements.

[Albertt62]

Nick, the new owner, conducted the factory tours. He only purchased the company last week. He expressed his admiration for the group. He made several mentions about knowing our concerns, including shipping…. and told us one of his major endeavors is finding ways to service us, both the resale, and direct consumer!
While I can’t make promises for a man I only briefly shook hands with, I’m filled with the hope, my grand children will one day be able to purchase a brand new Mark, to sit beside my still functional and useful 510! NO, HE DIDN’T announce a new Mark, but the PowerPro 2 headstock, Very nice!

[bainin]

Does he use a Shopsmith?

Might be a good place to start if he's -just a money man-

b

[BigSky]

Does he use a Shopsmith?

Might be a good place to start if he's -just a money man-

b

He might not use one but we do know that he owns one (or two).
I'm waiting for the new web site with expectations of a parts catalog (NOT a Power Pro flier) and someone like Jan to talk to about problems. Those were the days and that was Customer Service.