What To Prepare When Liquidating Your Assets
There comes a time in our lives when we have to sell something we own of value because we need the money. The reasons for doing so may vary. Some are about to retire, there is an inevitable recession in the company you work for, a medical condition that requires some time off work, or there simply is a need to move for familial reasons. If there’s little money to fund the transfer, liquidating assets may be one of the few options left to address the matter.
Liquidation of assets may be a stressful process. But it’s important to take a methodical approach to ensure a less-bumpy ride.
How To Organize A Well-Planned Asset Liquidation
1. Prepare A List Of Inventory
Making a list of every single item, from the smallest to the greatest in value, can you give a general idea of how you much will want to get out of the things you have to sell; or if there is any value at all in selling them in the first place. It can help you narrow down which items have sufficient value to justify the energy and time spent on selling them.
2. Secure Appraisals Of All Property Assets
If you’re not sure of your properties’ values, have them appraised by a professional. Secure a written appraisal from an appraiser to support your claim on the value of these assets. This can help you get the most you can out of them when you are negotiating. Also consider the costs of the selling process and see if it has monetary benefit for you. Having a written appraisal supports your claim on the value of your assets.
3. Figure Out The Logistics Of Your Sale
How to sell your items will mostly depend on the the nature of the items involved. You may need the help of a liquidation professional to determine the best way to coordinate the sale process. There are several sales method available, such as:
- Handing over the assets to a dealer to sell in consignment
- Directing negotiating with buyers
- Through auction
- Or consider staging a garage sale
When and where the sale would take place plays a vital part in the success of your plans, but will likely be dependent on the items you are going to sell. Make sure that the time and location are convenient for both your potential buyers and the nature of the items to be sold off.
Learn more about asset liquidation.
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