Business Liquidations
Since there has been businesses practicing in the United States, there has always been a need to perform sales of inventories, or complete sell outs, the auction method has been a reliable method of selling. There is a wide variety of reasons that businesses use auctions – they range from:
- Retirement
- Lifestyle change
- Health issues
- Trouble with vendors
- Debt
- Burnout
- Low wages
- Decreased sales
- Smaller profits
- Increased competition
There are times when a business cannot successfully overcome various market and resource challenges. When this occurs, it is important to pursue a course of action that protects the clients’ interests and maximizes recoveries for all parties.
What do you need to liquidate your business?
An Attorney, Accountant & Auctioneer.
Why do I need an Attorney?
A professional attorney will explain the legal procedures involved in business liquidation. Their guidance and work is indispensable in document preparation, timely filing of paperwork, calculating debt and proper settlement of the business.
Why do I need an Accountant?
Your accountant can provide past records, tax returns, depreciation schedules, asset information and tax consequences in your business liquidation. They can coordinate and condense all of the financial information for you to use in your decision making process.
Why do I need an Auctioneer?
Figuring the best way to sell a business can be a difficult task. Do you sell the business as a turnkey operation, by divisions, or piecemeal? Will selling off part of the business or equipment reduce the value of the rest? Will I net less dollars and endure months or years of mental anguish in the process? How do I deal with creditors? Where do I find a buyer? Should I offer financing to the buyer or sell it for cash? These and other questions can prove to be overwhelming.
If you have decided to get out of business and are not able to pass your business on, merge or sell it as a going concern, liquidating the assets could be the most appropriate exit strategy. However, before you terminate your lease, sell a key piece of equipment, or disconnect your utilities, make sure you have a well-thought-out plan.
Blue Hound Auctions can answer many of your questions, as well as sit down with you and come up with a plan that will suit your needs.
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5917 Waterworn Court - Fuquay Varina, NC 27526 - NCAFL 8325
(919) 723-1782 or (919) 723-1783
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