Sometimes, life just doesn’t work out the way we want it to. The same can be said for business. After closing up a business, you will likely want to start selling business assets. Things like furniture, office equipment, tools, appliances, etc. can be sold in order to pay off any creditors you may have or even better, make one last payday.
Identify the Assets to Be Sold
Create a balance of assets owned by the business as well as any debts, such as rent, security deposits, and bills. Assets you might include are:
- Office equipment, computers, phones, cash registers, tools
- Furniture, supplies, art
- Company vehicles
- Real estate
- Insurance premiums you can get refunded to you
Debts may include:
- Company credit card bills
- Unpaid bills
Find Buyers for Sellable Business Assets
Use industry contacts to find buyers for any assets you have that have been fully paid off and have not been offered as collateral on any loans. Former competitors are also good places to look for buyers if you want to sell intellectual property or customer lists.
Make sure you are not cheating your creditors during this stage. Selling your assets for too little could be construed as fraud since business owners generally carry a responsibility to their creditors to at least try to get fair market value for their assets.
Getting Help When Selling Company Assets
Many former business owners do not have the time or skill to get the most out of selling business property. Hiring a professional to help with every aspect of the sale can be a huge weight off your shoulders. Business attorneys, for example, can help to run a business sale smoothly and ensure that creditors and all owners are all being paid fairly.