If your business has closed, one of the steps that you need to go through to wrap up the process of owning a business is getting rid of all of your business assets. You don't need all of your assets once your business closes, and liquidating your assets can help you pay off your bills or get started on a new project.
Clean Up Your Items
If you want to generate a lot of money from the sale of your business assets, then invest some time in making them look nice. Oftentimes when businesses close, they just sell their assets as-is, without cleaning them up. Many businesses just let sellers come in during liquidation sales and buy things straight off the floor.
Although this model works, it works better if you take some time to fix and clean up your equipment. You should go through whatever the cleaning process is for cleaning up your equipment. For example, an industrial oven with dirty food on it and crumbs inside is not going to fetch as high a price as a gleaming over that looks shiny and new.
If you have any equipment that needs minor repairs to be in great operating condition, you may want to look into doing the repairs. If the repairs are easy and something you can do on your own, or don't cost that much, they could be worth it if they allow you to grab a higher rate for the items on the market.
Determine What You Want for Your Assets
Next, you need to determine what you want for your assets. Some business owners just want or need to get rid of everything as quickly as possible, and are not concerned about price. Other business owners have an overall goal they want to raise from their assets but are willing to compromise the sales price on some items as long as they reach their overall goal. Still, other owners will only sell equipment at a certain price point.
Determining how much money you want to get out of your assets and your selling strategy will help the asset liquation service you hire to help you liquidate your assets come up with an appropriate sales strategy that will help you meet your financial goals.
Donate Some Assets
Although liquidating your assets is usually the way to go so that you get the cash you can use to pay off bills or even start a new business, there are advantages to donating some of your assets as well. Donating assets can provide you with tax benefits. Talk to your accountant to see if your taxes could benefit from donating some of your assets. You may need to donate a certain dollar amount for donating your assets to make sense.
Some of the best items to donate are items that have a large value that you can write off on your taxes, but not a large demand on the secondary retail market.
Before you start liquidating your assets, clean them up and fix them, then determine your selling strategy. Finally, consider the tax benefits of donating some of your assets to charity. For more information, contact your local asset liquidation services.
Share26 February 2018
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