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 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/.