Inventory, assess and prepare each item for sale. Begin by preparing a current inventory of your business assets. Try to include photographs, serial numbers and a brief description of the condition of each item. Your inventory will save you considerable time and expense as you move through the sale process and will be invaluable if later you are asked to explain your sale to your creditors or the Internal Revenue Service.
Next, start preparing your assets for sale. Don't risk diminishing the appeal of your marketable items by keeping outdated or worn-out equipment, furniture or inventory. Their primary value is in the form of a tax deduction, so why not donate them to an appropriate charity?
If necessary, wash, paint or repair the items you intend to sell. Make sure your business premises are neat and clean if the sale will be held there.
Be able to demonstrate your equipment. Have the warranties and repair records available for inspection.
Don't scare buyers away. If hazardous waste products, such as used chemicals and batteries, are stored on your business premises, contact your local department of health for a list of companies that purchase these items. If they can't be sold, dispose of them properly.
If you have items that are leased with an option to purchase, don't just turn them back in. Find out how much is owed. You might be able to pay off an item, such as a forklift, for a few hundred dollars and sell it for a few thousand.
If you have attractive items on consignment or with high residual lease balances, you might want to ask the owners to include their items in your sale. It will save them the hassle and expense of moving them; you will have someone to share the costs of the sale with; and their big-ticket items will help you attract more buyers.
If your business premises are leased and you have trade fixtures or other items attached to the real estate, make sure they are worth more than the cost of repairing the damage done by removing them. Inquire about your landlord's plans for the premises. The new tenant or your landlord may be interested in buying your items or including their items in your sale.
Finally, don't overlook your intangible assets. For example, is your lease assignable? Are the business licenses, permits, patents or trademarks that you hold in demand? Can they be transferred? Is there a market for your customer list, contract rights or accounts? You may wish to check with your attorney or accountant.
