There comes a time in every business when the need to liquidate assets arises. One of those times is when the focus of a business changes directions, eliminating the need for certain equipment. Liquidating assets frees up capital that can be used in other areas of the business, such as purchasing new equipment for the changing needs of the company. If it's time to liquidate assets, you need to make sure the process is as successful as possible. After all, if your asset liquidation falls apart, you're losing out on cash. Here are four steps you can take to ensure the success of your asset liquidation.
Maintain Control of the Process
When it comes to liquidating your assets, you've got to stay in control of the entire process. As a business owner, the last thing you want is to have the liquidation process pulled out from under you. The best way to maintain control is to take the helm from the very beginning, starting with the inventory list. Go through your company and determine what equipment you'll be liquidating. If you're in charge of the inventory list, you'll know exactly what's being sold, and for how much.
Utilize Your Network to Identify Potential Buyers
When you're trying to liquidate assets, finding buyers can be difficult, especially if you don't know where to look. While there are numerous avenues you can explore for potential buyers, the first one you should explore is your own network. Contact business owners in your network to let them know that you'll be liquidating assets. If they're not interested in what you're selling, they may have business owners in their own network who are. This is a great way to set up a list of interested buyers before the liquidation even begins.
Consider Going with a Liquidation Specialist
When it comes to running a liquidation sale, you've got to be on top of the entire process. Unfortunately, if you've never run a liquidation sale, you may miss out on a few vital steps. If you're feeling overwhelmed by the process, it's time to bring in a specialist from one of the local asset liquidation services. Not only will they make sure your liquidation sale goes off without a hitch, they'll also ensure that you get the best price for your assets.
Don't Sell Yourself Short on the Damaged Goods
When it comes to taking advantage of your liquidation sale, don't sell yourself short on your damaged goods. You may be tempted to simply toss out your damaged equipment, but that's the worst thing you can do. Even damaged equipment has value. For instance, you can donate your damaged equipment to a local charity. They'll get equipment that they can repair and get use out of, and you'll get a much-needed tax write-off.