Asset Liquidation

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.
Getting out of business successfully requires a well-thought-out plan from start to finish. If you have chosen asset liquidation as your exit strategy, increase your chances for success by incorporating these ten steps in your plan:

1. Talk to your lawyer and accountant.
2. Scrutinize your assets.
3. Secure your merchandise.
4. Establish the liquidation value of your assets.
5. Make certain that a sale is worthwhile.
6. Choose the best type of sale for your merchandise.
7. Select the best time for your sale.
8. Arrange to hold your sale at the most appropriate location.
9. Hire an expert to conduct your sale.
10. Use a non-recourse bill of sale.

Understanding these steps will not only help you recover as much money as possible, they will also help you achieve the freedom you need to pursue new endeavors.