Clearing out business vehicles that no longer serve your organization can be a terrible drag on your funds and your energy. To keep things from getting overwhelming, it’s a good idea to change how you display this data. If you’re planning a relocation or an expansion to another area, a professional shipping service may be best.
Selling or Relocating?
If your future includes a relocation, your best bet may be to hire a professional to help you prepare to move. Whether you’re using car shipping companies in Colorado or other states to relocate your stock or fleet, or simply hiring a service to pack your current inventory could be the fastest way to lower your stress levels and allow you to focus on your new market.
Take a hard look at the benefits of establishing your new location early. Renting a new storefront with beefed-up security and changing your delivery schedule to stop bringing in products to your current locale and let your delivery company help you with the move. Don’t put up signage and do be prepared to bring on a skeleton staff to at least load in products for your new facility.
Consider Selling As A Package
If you’re planning to liquidate and sell off your products and tangible assets such as display racks, consider getting your business valued before you split out your assets. Once you have a basic valuation and can demonstrate that your business has growth options, you can consider selling your business as a package.
Do be aware that this may take more time than liquidating. Put together a report that demonstrates the ultimate value of the business and logical projected income so potential buyers can use your data for an SBA or bank loan.
Create Special Sales Events
For those with sticks and bricks locale, consider creating multiple displays of items you need to move. Offer a sale rack at the front and more of the same at the back of the store on hangers or in a different display format.
You can also create a sales event. For example, you can offer a buy one, get one free sale via email. Make it shareable so your happy customers can become part of your advertising team.
Make sure you are marketing end-of-season sales and targeting shoppers at the time they’re normally buying. If your stock includes children’s clothing, you can offer special sales before summer break and at the end of July for back-to-school sales.
Offer Private Financing
If you’re liquidating your entire business, consider offering to finance for the physicals. Sale racks, storage shelving, bins, and other items that can be used by another business could be sold for more if you can offer to finance for the business buyer.
Do make sure that your buyer
- has a business set up already
- can make a decent down payment
- is willing to sign a sale agreement
If the buyer is unable to do any of these, find another buyer. Set up an account that the buyer can contribute to automatically on a regular payment schedule and include late fees and repossession terms in your written agreement. Finally, set a hard date for picking up these items.
Donate What You Can
Discuss potential tax breaks with your accountant before arranging donations. While selling your physical business tools to another buyer may mean flexing your schedule to suit the buyer’s needs, many not for profits who need the items you’re donating will pick them up on your schedule.
For those who plan to donate for the tax break, do go to the trouble to gather up your data for backup. Note what you spent on these items and get a current value on replacement costs so you can get a proper deduction for the items you’re donating. If your business liquidation is a step in your retirement, get your name listed as a donor on the recipient website and try to get a copy of their 990 if your name or business name is listed.
When you make the decision to sell, it’s critical that you get it done as quickly and painlessly as possible. Whether you’re relocating or liquidating, you want to limit the time and energy that goes into the old business.