Liquidating your business assets? How to do it in 5 easy steps

By Steven Myers

When it comes to selling your business and liquidating your assets, it’s safe to say that time isn’t always going to be on your side, and you’re going to need strategies in place to make sure you’re selling your assets in the quickest yet most beneficial way possible.

With all this mind, today we’re going to explore the five most effective ways you can liquidate your assets to get the money you need in as few steps as possible. In fact, we’ve streamlined it down to just five. Let’s get right into it.

Step 1 – Take inventory

The first and most important, thing you’ll want to do is make sure you’re taking inventory of all the assets you have and make sure you’re absolutely clear on everything you have to liquidate.

With this information clear in your mind, you’ll be able to take the appropriate steps forward, and you’ll understand the foundations in which the liquidation process will take place.

Step 2 – Identify buyers

The next step you’ll want to take is identifying the buyers you want to sell your assets too. Think what kind of industry you’re in and what kind of places or investors would be interested. You may have opportunities in your social circles, or you may have ideas on where to sell online.

Ideally, you’re going to want to sell as much as possible to as few people as possible, because this way you’ll be able to shift things quickly, thus saving you time. However, in some cases, you may just be able to get rid of the equipment.

Step 3 – Sell your business to your employees

If you’re a small business, you may have the opportunity to sell to your business to the employees who work in it. This can be a great idea, especially if these people have an idea on how they want the company to be or have a passion for the idea and want to try it themselves.

If you have a business partner, you might want to sell to them, or you might want to get people together. Of course, this will depend on the nature of your business, but it’s always worth looking into.

Step 4 – Sort out legal aspects

Another paramount consideration you need to think about is the legal aspects of your business. Are there debts you need to pay off with other business or creditors? If so, you need to list them up and make sure they get paid with the money you’re making through liquidation.

Otherwise, this could cause a lot of problems.

Step 5 – Sell remaining stock and assets

Now you’re near the end of the liquidation process; you’ll want to wrap up the loose ends. This means selling off the last of your physical assets, for example; on auction sites like https://equifyauctions.com, and paying off the last debts. That’s it!

Summary

As you can see, when it comes to selling off your business and liquidating your assets, the most important thing to remember is to make sure you’re organized and to consider all approaches to assuring that you’re getting the best results out of the process.

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Steven Myers is a freelance writer and entrepreneur who specialises in the financial industry and helping startups make the most of their assets and resources. Having worked as a consultant for 15 years, Steven now helps others through writing articles and hosting webinars.

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