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/.
2. 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.
3. 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.
4. 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.
5. 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.
6. 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.
7. 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.
8. Out of Business Auction
About the Author
Deb 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/.