Selling a company to an interested buyer is the method most commonly associated with getting out of a business. But for many small business owners, liquidating assets is often the best or perhaps the only feasible method of exiting their businesses. The longer the inventory is not used the less it is worth. It is amazing to us how companies and or individuals buy inventory that they never use. Business Liquidation is the direct conversion of assets to cash by selling them to a user/consumer. There are generally three categories of business that will liquidate assets:
Businesses with assets used indirectly in the production of income.
This generally includes the furniture, fixtures, and equipment (FFE) of a service business, such as insurance agencies, attorney's offices, etc. The liquidation value is extremely limited and can usually be sold to used office equipment dealers, or through an auction sale.
Businesses with assets used as tools in the direct production of income.
This would include restaurants, manufacturing and construction companies. These assets can be sold to similar types of businesses, sold or consigned to used equipment dealers, or liquidated with the assistance of an industry-specific auction house.
Businesses whose assets directly produce income.
These are retail storefront businesses and, for our discussion, are independently owned and operated. Independent stores, apparel and shoe stores, sporting goods stores and furniture stores are in this category
Liquidating retail inventory is challenging. The inventory may be the entire or majority of the owner's lifetime savings, and converting this inventory to cash is critical to the owner's financial future.
We can help you meet the best results, through liquidation and or auction sale. We have experience in conducting "going out of business" sales for virtually all types of retail stores. The liquidation sales we conduct may come in several cloaks: Quitting Business Sale, Total Liquidation, Going Out of Business Sale, Retirement Sale, Creditor Sale are just some of the titles associated with these sales.
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An auction sale will be as short as possible to limit overhead expenses.
One must conduct the sale during the proper time of the year.
One must calculate markdowns for each class or department in your store. An easy but effective price markdown method is a must. Determining the first markdowns and the timing and amount of later markdowns are critical.
The seller needs to develop a promotion program to support the actual sale and closing of the store. A detailed "A to Z" business plan must be developed for the sale.
Ultimately, there is very little information easily available to help you in conducting a liquidation sale. Each sale is different, and textbook solutions for individual stores do not exist.
We have done hundreds of liquidations throughout the years, Give us a call and let us add you to our list of Satisfied Customers