Whether you’re moving on to your next adventure as an entrepreneur or liquidation was the next step for your business, the process can be overwhelming. Taking inventory, sorting through paperwork and nailing down the details can be daunting tasks without the right help. We understand wanting to get the most return for your inventory and assets while ensuring a smooth and easy transition. To make this transition an effortless one, here are five steps to get you on track to liquidate your business!
Make a list of all the physical property.
Your list should include descriptions, condition, warranty information and any repair history. This is also a good time to make small repairs to any of the inventory to get the maximum value during liquidation.
Take Inventory of intangible assets.
Think about the value of customer list, accounts, business licenses, patents, and permits. If you’re in a lease, can it be reassigned with your landlord’s permission?
Establish Total Value of the Assets.
This amount can help you ballpark the number you could potentially profit from the sale. No matter if you sell the inventory at one time or piece by piece, it’s great to have a number for reference.
Create a timeline.
You always hear timing is everything and that applies to liquidations as well. Start with the season, and then date and time. Think about the audience you are selling to and what would work best for their schedules to allow availability to attend the sale.
We understand this process can be overwhelming and we’re here to assist and ensure you receive the fair amount your business deserves. With years of experience and specialization in working with business owners, we’re ready to create a personalized plan for your auction.
If you’re feeling overwhelmed let us be your guide. We’ll tailor a plan to you and your liquidation needs, including walking you through the first steps all the way to auction day. Contact us today to get started with your auction.