Every year, more than half a million American businesses shut down for good. Some of these businesses make the decision to close down their operations, while others are forced to go out of business due to a lack of sales.
If you’re facing a business closure, you might be wondering what you should do with everything your business owns. This will be especially true for those who own restaurants, grocery stores, convenience stores, and other businesses that will have a lot of leftover equipment and inventory.
In this case, holding outsourced auctions during business closures might be the best move to make. There will be so many benefits you’ll enjoy when you bring in another company to hold an outsourced auction for you while you’re closing your business.
Would you like to learn about the biggest benefits of holding an outsourced auction when closing a restaurant, a grocery store, a convenience store, or a similar business? Find out more about them below.
Clears Out a Business ASAP
When you decide you’re going to close a business for one reason or another, you usually won’t wait very long to do it. Many business closures will play out over the course of just a few weeks, if not even sooner than that.
With this in mind, you’ll need to work on clearing your business out as quickly as you can once you close it. This is the first thing that an outsourced auction will be able to help you do.
The company holding an outsourced auction for you will be able to clear out your business as soon as possible. The second you bring them on board to hold an outsourced auction, they’ll begin working on clearing out all your equipment, inventory, etc. You won’t have to worry about doing any of the manual labor associated with it on your own.
Gets Items Up for Sale Fast
A company that specializes in holding outsourced auctions during business closures will do more than just move items out of your place of business. They’ll also work on getting these items up for sale fast.
Once upon a time, companies like this would have to hold in-person auctions to auction off equipment, inventory, etc. during business closures. But these days, they can stage live auctions right online.
The quicker a company is able to get items up for sale, the faster they’ll be able to sell them and provide you with profits. You’ll appreciate having a company like this on your side so that you don’t have to take the time to figure out how to sell these items yourself.
Provides Marketing for Auctions
When a company starts selling items for your business during an outsourced auction, they won’t just throw the auction up online and hope people see it. They’ll aim to market your auction to the best of their ability so that plenty of people hear about it.
Oftentimes, this company will have connections within your industry that’ll work to your benefit. They’ll be able to spread the news about your outsourced auction and help bring in way more bids than you would be able to generate on your own.
Takes Care of Customer Questions
While people are poking around on your live auction and looking at what your business has to offer, they’ll no doubt have some questions along the way. They’ll want to know how old a certain piece of equipment is or what kind of condition some of your inventory is in.
Under normal circumstances, it would be up to you to field these questions and answer them as promptly as you can. But this will be yet another thing that the company holding your outsourced auction will handle.
You’ll essentially be able to take a hands-off approach to unloading all your equipment, inventory, etc. during a business closure. You’ll be able to focus on other aspects of it as opposed to constantly responding to calls and emails from those interested in buying your things.
Maximizes Profits From Sales
Your goal when you’re liquidating everything that belonged to your business will be to make the biggest profits possible. You’ll need to use these profits to pay off any debts your business might have and to hopefully walk away from your business with something in your pocket.
But you may discover that it’ll be challenging to turn a consistent profit if you attempt to sell your company’s items on your own. You may find that many customers will try to lowball you and take advantage of the fact that you don’t have much time to sell your stuff.
They won’t always try to do this when you make the decision to hold an outsourced auction through another company. In many cases, people won’t know that these auctions are directly tied to business closures. They’ll be a lot less likely to throw out lowball offers when this is the case.
Guarantees Timely Payments on Sales
It’s one thing to agree to sell equipment, inventory, etc. while closing a business. But collecting payments on the sales you make will be a much different story.
If you try selling items yourself, some of the people who agree to buy them might string you along and then back out of the deals they made with you. This will set you all the way back to square one and put you in a position where you might need to start selling items for less than you’d like.
You won’t need to worry about collecting payments from customers when you auction things off through a third-party liquidation company. They’ll handle collecting payments from customers quickly so that they can get them right over to you.
Coordinates the Removal of Sold Items
The last thing you’ll need to do after selling equipment, inventory, etc. on behalf of your business and getting paid for it is work with buyers to get them the items they purchased. This can be a tall task in and of itself, especially if you end up selling things to those who aren’t situated in your specific area.
Once again, the company you hire to hold an outsourced auction for you will come through in the clutch. They’ll find the best ways to remove sold items from your business and get them to the people who purchased them.
You’ll be so happy that you don’t have to deal with this headache. It can be a logistical nightmare in some instances, so you’ll be glad to let someone else take care of it.
Reduces the Stress Associated With Business Closures
While you were running your business, you likely endured your fair share of stress. You also probably figured out different ways to manage this stress to stop it from getting the best of you.
But there is a different kind of stress that’ll accompany closing a business. Business closures can put a ton of pressure on those who own companies, and it can sometimes lead to them making silly mistakes they wouldn’t make otherwise.
Wouldn’t it be nice to not have to deal with so much stress while you’re closing a business? You can do it by enlisting the services of an auction liquidation company and asking them to help you.
Liquidating your equipment, inventory, etc. is often going to be one of the most stressful parts of all when you’re closing a business. There will be so much uncertainty surrounding what you can sell, how much you can get for it, what you can do to drive up the prices on items, and so on and so forth.
By tossing the keys to the car to a company that routinely holds outsourced auctions, you’ll be able to eliminate so much stress from the equation. This company will be in charge of doing all the things that would normally stress you out. You’ll feel so relieved to have them auctioning off your items rather than you having to stress out about it.
Let Us Set Up an Outsourced Auction for Your Business
Business closures are never fun. Even if you’re closing a business under the best of circumstances, it’s going to be stressful and will keep you on the edge of your seat at all times.
If you know that closing your business is going to be a challenge, consider calling on TAGeX Brands to help. We can make a business closure a more seamless process by extending our facility closure services to you.
Would you like to learn more about the many benefits of outsourced auctions during business closures? Contact us to speak with someone about how it all works.