Liquidating Your Inventory When Winding Up
March 16, 2016
Not every business is meant to successful. It is a hard thing to face but one day down the line your business could end up failing. So you need to be prepared for what is to come. One of the first things that you need to do if you ever have to face the situation of winding up your company or shop you need to talk to your accountant and lawyer and make sure that you have no obligations left to anybody. That is to say if you have creditors you should check with them and make sure that they agree with you plan to wind up otherwise it could cause you a lot of problems.
Once you have completed these things the next thing is to liquidate business inventory. For this purpose you need to have a very good plan. Otherwise you would not end up making the amount of money that you intended to make. One of the first things that you need to once you have announced that you are closing up shop is to ensure that all your stuff is secured and safe. That is to say sometimes when you wind up a company or shop the employees end up taking items home. This would be items you could sell and get some return. So ensure you shut the place down and lock it up properly or store the goods in a secure location.
Moving on to liquidate business inventory properly you going to need a full detailed list of what you have. So make account of everything you own and make sure to tag them with prices that you plan on selling them for future reference. This would make your life much easier. While doing this of course you could take pictures of your goods to use when selling them. Now once that is done and you actually start to sell you can add a description to the pictures and put them on sale. This way people who would be willing to buy from you will have a better idea of the stuff that you have to sell.
There are a couple of ways that you could sell this stuff. The easiest method would be to sell them all to reduce operational costs. Liquidators buy in bulk and pay you upfront. But of course liquidators tend to be sort of picky when they buy inventory in bulk so some items you would end up having to sell them yourself. The other method would be to use sales or the internet and do it yourself. This way you would probably be able to get more money but it will require some time and effort from your part. So it would be up to you to decide what you want to do. It is comfort versus the amount of money you can make.
All in all this is not a hard process you simply need to formulate a good plan and follow through with it and be orderly as possible.