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Are you planning to shut the doors of your business? Before you go for a business auction, it is crucial to know how to liquidate the business assets so that you can recover the maximum amount possible. Here are a few steps that you can follow:

Take Professional Advice

If the liquidation involves insolvency formally, you will need the services of an insolvency practitioner (IP) to help with the liquidation plan. The plan has to be accepted by a majority of the remaining creditors before the liquidation process can begin.

Take account of the Inventory

Even before you dispose of any assets, you should carefully document everything that you have. This information is needed to help you keep track of the assets. During the process, ensure that nothing is stolen or is missing. It is essential to satisfy the tax authorities as well as creditors who may want confirmation of the assets before disposing them.

Consider What to Sell and What to Not

Not all the assets may be worth selling. You might be better off donating the furniture which is not in the sellable condition. When you donate the low-value items, you will also get the tax-breaks while filing the returns. If you have items on credit, or lease with an option to buy, you will have to buy them first, and then resell to recover more money.

Assess the Value of Assets

You can get the value of the remaining assets when you attend liquidation auctions or visit business liquidation online sites. Intangible assets have to be dealt with separately as you may need to get in touch with the interested parties for better results. If you have a lot of assets to sell, you’ll need a qualified appraiser or liquidation company to help you with everything.

Choose the Best Type of Sale

Going with the best way to sell the assets will make a big difference in the final worth. Internet auctions have become popular, and they can reduce the costs significantly. Then there are public auctions and ‘closing down sales’ to liquidate the assets. But, the sale must be as short as possible to limit the overhead expenses, and you might have to wait for the proper time as well.

Finally…
When you are organizing a sale, don’t forget to advertise. You should also choose the most suitable day for the buyers to make the most of the sale or auction.

Browse Auctions in

Category: Business & Liquidations Auctions
Williamstown Auction Center  /   10/19/2019 @ 04:00 AM
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Williamstown, WV
Holbert Auction Services  /   10/19/2019 @ 10:00 AM
Living Estate Auction of Robert & Susan LongOctober 19, 2019         10:00 am152 Ginn RdStarr, SC 29684Preview:  3-7:00 pm 10/18/2019                    &                     8:00 am day of auctionView Photo Gallery NowLIVE & ONLINELiveAuctioneers.com – Catalog...
Starr, SC ONLINE
Midas Touch Estate Sales  /   10/19/2019 @ 10:00 AM
Largest coffee mill I have ever seen. It came out of Sutter Store in Eureka, MO16 ft. landscape tandum trailer with iron drive on gate2004 Saturn Vue van with about 152,00 milesLots of quiltsAntiquesFurnitureCollectiblesToys, lots of vintage onesChristmas with vintage ChristmasRefrigerators (4)Washer & dryerFile cabinetsIndoor stand alone barOutdoor wicker bar and 4 stoolsBar stoolsElectronics including complete Kenwood system with speakers3 ton floor jackExercise equipmentSports...
Ballwin, MO
Texmax Auction, LLC  /   10/19/2019 @ 12:00 PM
Complete Liquidation Auction of Charming Charlie’s Distribution Center       ON-LINE ONLYwww.texmax.net13323 S. Gessner Rd.Missouri City, TX 77489This is NOT at our warehouse18% Buyer Premium3% Discount for CashAll major credit cards accepted (no checks please)All Items Sold As Is Where IsWednesday 10/9/19 - Saturday 10/19/19Auction begins closing at 12:00 noon CST.Preview Date: Monday, October 14th from 8:00 am to 4:00 pmOr by appointment by calling...
Houston, TX ONLINE
Creekside Auction Gallery  /   10/20/2019 @ 08:00 PM
Register and Bid NOW at https://creeksideauctiongallery.hibid.comOnline Only Appliance Auction! ALL APPLIANCES COME WITH ONE YEAR LIMITED PARTS & LABOR WARRANTY PAPERWORK. NEW Appliances, Floor Models, Scratch & Dent. DELIVERY AVAILABLE WITHIN 30 MILES OF ZIP CODE 44039LIKE US ON FACEBOOK -https://facebook.com/creeksideauctions and Stay up to date on ALL of our Live and Online Only Auctions.WE NOW SELL PROPERTIES!!!!!!!!!! RESIDENTIAL, COMMERCIAL, FARMS & FARM LAND, VACANT...
North Ridgeville, OH ONLINE
Russell's Auction Firm  /   10/22/2019 @ 07:00 AM
Bringing to Online Bidding a nice selection of Guns, Coins, and Collectibles.  Auctions end every Tuesday night at 7 PM.  You may bid during auction closing.Visit our website at www.RussellsAuctionFirm.com to bid with our...
Lynch Station, VA ONLINE
Capital Online Auctions  /   10/23/2019 @ 01:00 AM
Party and tool rental company has been sold to another business. All excess inventory must go:Forklifttrailers, toolstableschairs concession equipmentlaundry equipmentlinen pressdecor& much moreOnline only auction stats closing at 1pm(Eastern Time) on Wednesday, October 23, 2019For the details, click...
Bethlehem, PA ONLINE
Capital Online Auctions  /   10/24/2019 @ 11:00 AM
We are having a garage sale auction! Most of the items are brand new and still in packages:electronicsappliancesbathroom fixturestoto washlet/bidetsdecorationscameraschandelierscooking tools/accessoriesdesigner shoes& much more.Online only auction starts closing at 11am on Thursday, October 24, 2019For more information, click...
Manassass, VA ONLINE
Capital Online Auctions  /   10/29/2019 @ 11:00 AM
Restaurant equipment distributor is liquidating excess equipment to make room for new arrivals. Pizza ovens, mixers, fryers, refrigeration, cappuccino machine & much more. Online only auction starts closing at 11am on Tuesday, October 29, 2019For the details, click...
Alexandria, AL ONLINE
Blue Ridge Mountain Country Home and Farmland located in Smyth County VA near Hungry Mother State Park. The property has frontage on Blue Grass Trail, State Route # 42. It has 120 acres of land great for farming, hunting, and recreation. The home was built in 1943 having all the charm of a historical home and was renovated in the early 2000’s.ONLINE ONLY AUCTION ENDING THURSDAY, NOVEMBER 14TH @ 2PMTax Assessment is included in Bidder Pack and property is assessed at $453,600. The...
Saltville, VA ONLINE
All Florida Realty & Auction Co.  /   11/09/2019 @ 01:00 PM
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Lake Panasoffkee, FL
All Florida Realty & Auction Co.  /   11/09/2019 @ 01:00 PM
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Lake Panasoffkee, FL
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