There are times when some pretty tough decisions need to be made when it comes to our business. No matter how hard you try, there may come a time when you need to get out of the business and do so without merging, selling, or passing it on to another person or entity. When the time comes to get out of the business, you will need to develop an exit strategy that is well thought out and followed along with a plan that will benefit you the most. One part of that plan may be to sell some of its assets through liquidation auctions. Why is it a good idea to do this?

Before we begin discussing the benefits of selling your assets through a liquidation auction, it’s important to understand that there may be other options available. It is always a good idea to discuss any exit strategies with your attorney and accountant before making this type of move. There may be legal ramifications associated with closing your business that you have not considered. Your accountant will be able to help you with any financial issues or questions you may have so you can get out of business with the least financial impact on your personal lifestyle.

It’s also a good idea to take a good look at your assets and the inventory you have on hand. While it is true that using a liquidation auction will be the easiest way to sell your assets, there may also be some items available that would be better sold elsewhere. This is also something you can discuss with your accountant to determine if there will be any financial or other benefit to you from selling those items.

Among the specific benefits of using a liquidation auction, one that will certainly be considered is the convenience of doing so. You are probably dealing with a very stressful situation while closing your business and the last thing you would want to do is add a lot of stress along with it. Using an auction allows you to put most or even all of your assets into the auction block and have them taken care of that way. There will still be some sorting required on your part, but if you don’t have to worry about the stress of selling those items individually, you’ll be much better off.

There are also additional benefits to consider because they can help take some of the stress out of the situation and allow you to fully liquidate your assets. Those benefits include the marketing that is available to enable you to reach a much larger audience. There’s also the certainty that items will sell, and many full-service auctions have regular fans who may be looking for exactly what you’re offering. So if the time has come to close your business, consider using an auction to liquidate your assets for the financial and stress management benefits that are available.