Your Guide to a Successful Business Asset Liquidation Auction

Your Guide to a Successful Business Asset Liquidation Auction

If you own a business and are looking into liquidating your assets, this is the article for you. Business asset liquidation generally occurs when a buyer has not been found to purchase a company in its entirety; instead, the company will sell all of the business' individual assets. This means that if your goal is to sell off every item within your company in order to close up shop and retire, this process may be ideal for you.

In order to make this process as easy as possible, we have assembled a list of steps that will help guide you through the business liquidation process from start to finish.

Decide What You Want/Need To Sell

Before a business liquidation auction you need to determine what business assets you would like to sell; decide what you want to keep as well as what might make the most profit. Should everything be sold together or should certain things be sold separately? If they are sold together, how much can each individual item bring in and does this increase the overall value of the entire lot?

For example if your business was a restaurant, items that could attract buyers can include:

• Cooking Equipment (pots and pans, ovens, etc.) 
• Tables 
• Dishes/Glassware/Silverware 
• Lighting Fixtures
• Cash Registers or Point-of-Sale Systems 
• Electronic Equipment (televisions, radio systems, etc.) 

You may also want to sell any signages that were used for promotions. You should consult with an experienced auctioneer about what items can be sold at an auction.

Determine The Value Of The Assets

The second step involves deciding on a valuation for each of your assets. In order to determine what your tools and equipment are worth, it is important to conduct your own research, as well as consult with individuals who are experienced in selling these types of items.

It is always a good idea to get an appraisal from somebody who is experienced in valuing these items. A professional appraiser will create a detailed list of everything within your company's inventory and then provide you with a detailed valuation report at no cost .

Contact The Right Auction House or Seller for Help

As explained above, the goal here is to sell your business assets, as a whole or piece by piece. Therefore, it's important to find an auction house or consultant to determine the best way to liquidate your assets, and provide a valuation of everything within your inventory. Experienced auction houses can provide appraisals, manage the business liquidation event, market the event to a wider audience, and increase the amount of revenue generated!

If you find a buyer for your business as a whole, congratulations! Your business asset liquidation has been successfully completed. However, if you do not manage to find an interested buyer during this process and instead decide that you would like to just go ahead and sell off everything individually, please continue on with the rest of our steps below.

Advertise Your Business Liquidation; Online And Through Local Venues

Advertising/marketing your business liquidation is one of the most important steps of successfully liquidating your assets. In order to do this, you should consider creating detailed flyers (paper & digital) that displays what you are selling and how much each item can be purchased for. If possible, add pictures of the most attractive items on the flyers so that potential buyers can visualize exactly how everything looks in its finished state.

Once an itemized asset list and pictures have been gathered, it's time to advertise the event. Flyers can be posted at local venues, while digital flyers and be advertised on websites such as EstateSales.net and AuctionZip.com. Again, an experienced auctioneer will handle all of the advertising and marketing for you.

Attract The Right Buyers

Finally, attract the right buyers by hosting a professional event. A professional auction event and experienced auctioneer will bring in the right type of buyers, and make selling your business assets much easier. All of this sounds like a lot of work, but if you find the right auction house to work with, it will make the process much more simple. If you have questions give Legacy Auction Group & Realty a call at 816-820-3313 .