December 8th, 2023

I am thrilled to announce the celebration of our 10-year anniversary since our inaugural auction held in Holdrege on December 8th, 2013. The growth of our company over this decade-long journey has been both rewarding and inspiring. As we commemorate this milestone, we are eager to propel further in the auction industry, aiming to assist as many individuals as possible in the buying and selling of real estate, equipment, and firearms.

To embark on this remarkable journey, I must rewind to 2011 when I was a graduate student at UNK. During the school year, while working for the college and lacking a summer job, my grandfather, Robin, a seasoned auctioneer, invited me to assist in setting up an estate farm equipment auction. This experience, including a day of filming with Machinery Pete, ignited my interest in the auction business. When I expressed my desire to my grandfather, he advised me to enroll in auction school. Fortunately, a session was starting in two weeks. Prior to attending, I assisted with a significant shop equipment auction near Lexington.

A nine-day stint at auction school in Mason City marked the beginning of my journey. Upon returning, I continued honing my auctioneer skills while completing a Master’s Degree in Business, working as a new lender trainee at a bank, and farming with my father near Elm Creek. In October 2013, my grandfather suggested I start my own business, setting the stage for what would become a transformative venture.

The inaugural auction in Holdrege on December 8th, 2013, was a modest affair. With minimal resources, a handful of dedicated individuals, and sheer determination, we managed to organize a successful auction. The commission of $2,000 was a testament to our hard work, and after expenses, we netted around $1,200. This marked the beginning of a series of auctions, including our first equipment consignment auction in Holdrege.

From December 2013 to July 2020, we conducted auctions at various locations, earning the trust of our clients. Balancing full-time jobs as a farmer and banker with auctioneering, I dedicated countless hours to building the foundation of our business.

The transition to online auctions in 2017 was pivotal. Embracing this shift, we found our niche, attracting more buyers and achieving better prices. In 2019, a fortuitous series of events, including becoming a real estate broker and securing commissions from land sales, paved the way for my dream to own a facility.

In 2019, I had become my own real estate brokerage. I have to chuckle about how things come about and know the Good Lord was watching and pulling a few strings. I had the opportunity to list a tract of land for sale for a family member and their family. This person had ties to my great-grandfather, Warren Marshall, who actually got the Marshall family into the auction business. After some time on the market, the land eventually sold for the asking price. I put that commission money in the savings account.

A couple of months went by, and I received a strange email in my spam folder (always check your spam) from a gentleman in Taiwan. The email was already two days old by the time I read it. He said he owned some ground in Franklin County, Nebraska, and was looking for a value and possibly selling it. As much funny business is in the world, I had to get the complete story of how he acquired this land and such. Well, they finally decided to auction this land, which was two pivot quarters. I met the owners of the land about 15 minutes ahead of the auction for the first time, and I was nervous. What if this was all a scam and all the buyers were there to buy this land, and it was all fake? But nonetheless, we sold the land, adding that money to our savings account.

Those two crazy land sales created my opportunity. I know someone above was helping me to create my dream.

Back to the second auction I helped my grandfather with north of Lexington. In September 2023, we were hired by a family to auction their farm land and home site where this auction took place. I vividly remember driving into that farm yard in 2011. In 2023, I was able to help that family successfully sell their land at auction. They were absolutely wonderful to work with. The story comes full circle.

Also, Monty, our first consignor, is still selling items with us. He was our first consignor in our toy auction in 2013, and he has items on our December 12th auction coming up.

The journey to our current facility involved setbacks and heartbreaks, but these challenges fueled my determination. With the support of the bank and strategic planning, we overcame obstacles and built our facility. Today, with 11 full-time employees and several part-time staff, we sell equipment and firearms across North America. Our commitment to growth, quality service, and continuous improvement is unwavering.

As I reflect on this journey, I am grateful for the unwavering support of my family, especially my wife Jennifer, the guidance of my grandfather Robin, and the hard work of our dedicated staff. My parents, with their love and free labor over the years, have played a crucial role in the success of our company. Here’s to celebrating 10 years and looking forward to many more decades of successful auctions. SOLD!

Tax-deferred 1031 exchanges are great for the land market. By deferring capital gains taxes on the swap of one investment property for another, they provideboth the buyer and the seller multiple incentives to complete the transaction, helping create more activity in the market.

Firstly, when they’re doing a 1031, the buyer or seller is deferring their capital gains tax on a real estate transaction. In contrast, capital gains in stock market transaction, or another buy/sell transaction of an asset will incur a capital gain and therefore a capital gain tax. This frees up cash that they can reinvest into the land to increase its market value for any future sale.

Secondly,while most exchanges must be of “like-kind,” the rules are surprisingly liberal. This means you can exchange a strip mall or even an apartment building for raw land, or vice versa. You can even exchange a former property residence for the land, albeit under certain conditions.

Thirdly, even if both parties profit from the transaction, they still won’t have to pay any tax on the profit until they sell the land for cash many years later. Even then, they’ll have to pay only one tax, at the long-term capital gains rate (which is currently 0% for some lower-income taxpayers).

On top of everything else, there’s no limit on the number of times you can do a 1031. There’s also nothing in the law that bars you from doing it every few months. This means that as long as you qualify for a tax-deferred 1031 exchange, you can do it as frequently and as many times as you want.

All these factors help explain how 1031 exchanges could increase the buying/selling in the land market. They give both the buyer and the seller the option to save money on tax, which they could then reinvest in the land to increase its market value for any future sale.

At the same time, 1031 exchanges allow both parties to enjoy a deferment of taxes from the transaction, giving them the incentive to complete more transactions for more profit. This, as one might guess creates increased activity in the market and might also lead to an increase in land prices.

Talk with one of our agents about a 1031 exchange and how it can benefit you.