How To Liquidate My Business
Making the Business Liquidation Process as Easy as it Can Be For You And Your Company...
If the time has come to close down your business and liquidate your assets, you might feel completely overwhelmed by the task ahead of you. We understand that the process can seem difficult and challenging – and how important it is to know your process before starting into the liquidation. We want to help you make the process as easy as it can be during this time of adjustment and change.
The first thing you need to do is make a list of all the assets you can and will want to liquidate. This is important – think of anything that adds value to your business and write it down, remember you can always revise this list later. This list should include all business equipment such as printers, computers, phones, office furniture like desks, chairs, and tables, any company vehicles, equipment, real estate, and even things like your landlords security deposit, and prepaid insurance premiums. To keep yourself organized as well as make sure that you have each of your assets listed, make lists room by room, property by property, office by office, however you want to break it out. This will help make sure that you don’t miss any valuable items.
After you have your list and are confident that you are not missing any of your assets that could add value to your company, it’s time to assign values to each item. This will just be a ball park of what each thing is worth based on how old it is, the amount of wear and tear that it has as well as the demand. This will help you decipher your potential buyers as well as help you get the most out of your items. Assigning a realistic value to your assets will release the pressure of someone that will try to lowball your items.
Next, it will be time to look into various refund and return options. Although this is can be an unlikely possibility, it’s absolutely possible that certain assets that you have might still have a refund or return option – and it’s 100% worth a look. This does not only apply with your assets, but this would also be the time to check into getting your security deposit back if you rent a building to do business.
Find prospect buyers based on what items you will be selling. This can be challenging for many business owners, but the next step will be to find and contact prospect buyers for your assets. It’s good to be up front about how much you feel your items are worth and what you’d like to get for them. These might be people that you’ve done business with previously or just a connection you might have. Just remember that as a business owner it’s your responsibility to get the most out of your business liquidation items for your creditors.
Lastly, get professional help or advice. We would suggest that you do NOT start any of the above process without at least going through a consultation with a professional who is seasoned in the area of liquidation and closing businesses. If reading this blog stresses you out even more than you were before, you might want to explore the option of handing the entire process over to a trusted local company in exchange for a percent of the profit, this will leave you with the most simple and stress free process possible.
If you are looking for someone to handle the business liquidation process for your company, Ranger Bid is here to help. We have an exceptional staff with tons of experience available to help you from start to finish as you close out your business and liquidate your assets. Contact us today for more information on how the liquidation process works when working with Ranger Bid.
