Business Liquidation and Auction Checklist
Things To Consider As You Begin The Liquidation Process
If the time has come for you to down size or even close your operations, you might be a little overwhelmed with where you can start to get the job done. Since a business liquidation is not something that most people are overly familiar with, we want to help. Miedema Asset Management Group often helps different companies with downsizing or closing down their operations as well as helping them sell some of their assets on auction to make sure that they are closing down in the best possible financial state.
Consider Working With A Professional:
Before you even begin the process, you should first and foremost consider working with a professional. Professional liquidation companies are both familiar with the process and also know how to help you get the most out of your process. They have both experience and knowledge of the entire process and can help you immensely.
Consider Selling Via Auction:
Another thing to think about before you begin the liquidation process, is selling your items in a liquidation auction. Liquidation auctions are super common when it comes to closing down businesses, and it’s known that this is one of the best ways to get the most money out of your business assets. Working with the Miedema Companies is a great way to get both a professional and auction house in the same company.
Gather A List Of All Your Assets:
The first thing once you have settled on a company to work with or the decision to work on your own, is to get together a list of all of your business assets. This will be the list that you work off of as you begin the liquidation process. Once you have all of your assets recorded in one place you can go through and start making the decisions on what you will want to sell on auction. If you are working with a professional liquidation company it’s likely that they will help you evaluate your assets and decide which ones that you should be selling.
Consider Getting An Appraisal:
If you are selling some larger assets such as large equipment or machinery you should consider getting an appraisal. These items could be anything from restaurant equipment to heavy machinery, to construction items, and everything in between. Getting an appraisal will help you determine the market value for some of those larger items which will in turn help you decide what prices you can expect to receive from your liquidation sale.
Moving on to the auction process of your business liquidation, there are many things to consider before you begin, one of the first things that you will have to do when moving forward with your liquidation auction will be to set a date for your auction. A well-chosen date and time can really help you get the most out of your liquidation auction. The first thing you will want to do is to think about whom your auction items are going to appeal to. For example, if you are a restaurant business that is liquidating your company items, you are likely going to want to target other restaurant or bar owners to buy your items, now of course no targeted audience should be exclusive, but you can have an idea of who is going to be interested in your items. The first thing to do is going to be picking a date and time that works for those people. Choose your dates and times wisely based on who is going to be likely interested in participating in your liquidation auction. The second thing that we would encourage you to consider would be to invest in proper marketing for your auction. When it’s time to put on your auction, good marketing can help you immensely in getting the most out of your items – even in the liquidation process. Making a small initial investment will likely help your return be so much larger and greater when the time comes for your items to be sold. If you have chosen to work with a professional liquidation company we would encourage you to first and foremost see if they offer any marketing options for your liquidation sale, if they do, it simplifies the process by using a company that is already involved in this important process. If not, do some research on companies that offer marketing for short-term projects like yours. In the beginning of your marketing efforts be sure to invest some time in capturing good images, as well as writing some good descriptions that describe your items well. Another thing that is smart to do is to spend some time with your team and brainstorm of your marketing goals for the auction, how much do you want to spend, what do you want to do and who do you want to reach. These goals will help point your marketing process in the right direction so that you can get the most out of your auction sale.
We hope that these few tips and things to consider help you in your business liquidation process. Working with the Miedema companies is a great way to liquidate your business items all while providing you options for appraisals, auction services, marketing packages and more. If you are searching for a company that will help you, contact us today, our team is more than happy to help you begin liquidating your business and assets to ensure that the closing or downsizing process is as simple as it can be.
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