auction systems: out of business auction - partnering with the right auctioneer
DESCRIPTION
A going out of business auction usually takes place when you’re unable to merge or sell your company. In this case, you may have no choice but to liquidate your assets. It’s important to completely analyze this exit strategy before you pull the trigger. The first thing to do when you realize you may not be able to stay afloat is talk to your attorney and accountant. For more information about Out of Business Auctions, please visit us at http://www.auctionANDappraise.com/.TRANSCRIPT
Out of Business AuctionPartnering With the Right Auctioneer
Out of Business Auction
What is a Going Out of Business Auction?• Unable to merge or sell a company• No choice but to liquidate
It’s an exit strategy that must be analyzed before you pull the trigger.
Your attorney and accountant can help you through the liquidation process and how you can legally do it.
Out of Business Auction
Why Use a Going Out of Business Auction?•Struggling companies usually have a retail sale to dispose of inventory.
•Inventory is hugely discounted in order to liquidate.
•Remaining assets and inventory auctioned to public.
Out of Business Auction
Hiring an Expert to Conduct Your Going Out of Business Auctions•Working with an experienced auctioneer will get you the highest return.
•Must have expertise in the type of assets you will sell.
•Develop a short list of auction companies and request proposals to determine the best fit.
Out of Business Auction
Hiring an Expert to Conduct Your Going Out of Business Auctions•The following criteria will help you narrow choices:
– Experience. As noted above, you want an auctioneer with applicable and proven experience in conducting auctions with your assets.
– Reputation. You need to carefully research an auctioneer’s reputation in the industry.
Out of Business Auction
Hiring an Expert to Conduct Your Going Out of Business Auctions•The following criteria will help you narrow choices:
– Facilities. If you’re conducting the going out of business auction at the auctioneer’s location, are their facilities adequate and convenient for participants to access?
– Insurance and Licenses. You need to make sure your assets are adequately covered while at the auctioneer’s location.
Out of Business Auction
Closing your business and liquidating your assets can be difficult and overwhelming.
But, partnering with a well-qualified auctioneer can help you streamline the process and get the most money for your assets.
Out of Business Auction
About the AuthorDeb Weidenhamer is President of Auctions Systems Auctioneers & Appraisers, Inc., based in Phoenix, Arizona. They specialize in auctions and professional appraisals.
For more information about Out of Business Auctions, please visit us at http://www.auctionANDappraise.com/.