If you are based in South Florida, business liquidation can be quite a daunting task. However, there is no need despair when this moment happens. Knowing how to handle the situation carefully will help you get out of it quicker and start a new leaf easier.
Deciding which assets to liquidate
Often, many closing businesses opt to sell all their assets at once in the hopes of getting it done and over with as fast as they can. However, this is not always a great idea. Not all of your assets can be disposed off quickly. And there are also assets that might prove better to maintain than to sell out immediately. For instance, office equipment can simply be reused in a new business instead of buying a new set.
As advised here by the United States Small Businesses Administration, it would be a good idea for you to talk first to your lawyer or accountant. They will be able to go through your list of current assets and determine which of these can be sold and which are to be kept. They will even be able to assess how much these assets can be sold.
Searching for Buyers
Certain physical assets, such as electronic equipment and office supplies can be easily sold off without having to go through complicated processes. Online shopping portals like Ebay and Amazon are some of the most popular means used by closing businesses to sell their physical assets. On the other hand, you can also drop off office furniture, equipment, and fixtures at local second hand shops.
At this point, you might be wondering whether it is a good idea to get an expert to handle the sale for you. Many South Florida business liquidation experts, in fact, advises this a lot, as it would make price assessment easier for you. Nolo Law gives four easy ways to get an expert seller to handle your needs:
- Hire a professional auctioneer and hold a public auction.
- Pay a business broker a fee to sell off your assets.
- File bankruptcy, in which case the bankruptcy trustee will sell your assets and pay off your creditors with the proceeds.
- Assign your assets and debts to a company that specializes in liquidating businesses.
Finalizing the sale
Once the sale is done, finalize all the paperwork, such as transfers of ownerships and deeds of sale. It is always good practice to double-check everything and make sure that all these are filed correctly. It would also be a good idea to declare these sales in your credit record books as soon as possible, so that they can be reported on your next credit report. South Florida business liquidation officers often offer this as a free service to clients to take advantage of this service contact us now.
