Closing your business and getting rid of equipment and inventory can seem a little overwhelming. There are a few ways to go about selling off everything, depending on how much time and effort you want to put into it. Whatever you do, we understand that you want to maximize your return and recoup as much money as you can.
Here are five tips to help you successfully liquidate business assets so that you can ride off into the sunset and enjoy your next venture (or retire from the business world altogether)…
Consider donating some assets for tax benefits. Before you do this, talk to a tax attorney or accountant about your options. If there are items that may not be worth much in the secondary retail market, then it could be in your best interest to donate them for tax benefits.
Clean up or repair any items to maximize sale prices. If you have equipment that needs minor repair, it might help to get them fixed so that the values of these items increase. Even a paint job or clean up could work wonders for the final selling price.
Determine the total value of all assets you would like to liquidate. Keep in mind that the higher the recovery you expect, the longer it may take to get rid of all the inventory if you’re selling items piece by piece. However, if you sell it all in an auction event, you will be able to sell it all off at once. Either way, it’s good to have a ballpark figure of how much you would like to profit from the sale of everything. Whatever you do, the most important thing to do is to create a plan and conduct a detailed inventory of all the assets you want to liquidate.
Select a trusted liquidation company as a partner. You could try to sell everything yourself, which means that it would take much longer and would require a great deal of effort on your part. If you work with a liquidation company, you don’t have to deal with all that hassle. They will be your partner in marketing, selling, and getting as much money for all the excess inventory and business equipment.
Try not to get too emotionally involved in the process. We understand that you have worked really hard to build your business, plus you have invested a great deal of money in all the inventory and equipment. The more emotionally invested you are in this process, the harder it will be to let go. Just remember you’re starting a new chapter, so the quicker you can move on, the better.
Have any questions about how we can help you liquidate business assets? Feel free to contact us.