Liquidation For Retirees

If you’re ready to retire or simply call it quits from your small business but can’t find anyone to buy your business, walking away can be challenging. You may be physically, mentally, and emotionally ready to close up shop, but if the decision doesn’t seem to work financially, it’s time to review your options. If selling the business isn’t going as planned you can always consider working with a professional liquidation company.

Here’s are some key points to remember when considering liquidation:

1. Look over your assets and excess inventory. Decide what you can part with and make a list of these items, their condition, and make note if any of them need any type of repairs.

2. Work with an accountant or lawyer to go over your finances. This will help you to determine what your best course of action should be. If they are of the opinion that you should move ahead with liquidation, then you can begin researching liquidation companies.

3. Work with your liquidation company’s appraiser to determine the total liquidation value of your business. This could include everything from excess inventory and equipment to furniture and fixtures.

4. If you rent the building you do business from, take great care in removing art and fixtures from the walls as any damage to the building could result in a lost deposit and therefore, take a chunk out of the liquidation profit.

5. Remember that liquidation value, in general, is less than retail value. For this reason you should manage your expectations and know that you most likely won’t make 100% of what you would have made selling your excess inventory in the retail setting.

6. Shop your business around to a few different liquidation companies to ensure you’re getting the best value and that you feel comfortable with the company you’ve selected.

7. Once a liquidation value is agreed upon the liquidation company will pay for the items in one lump sum and come to remove the items at your earliest convenience.

8. Before accepting the offer, though, touch base with your lawyer or accountant once more to be sure that the amount your being offered works financially.

By working with a professional appraiser and liquidation company, like Ideal Trading, you can rest easy knowing that it’s their goal to get you the highest possible return on your initial investment.

For more information on liquidation services offered by Ideal Trading please visit our website here. Or to contact us please fill out the quick contact form to the left hand side of your screen.