4 Steps to Make Business Asset Liquidation a Breeze

4 Steps to Make Business Asset Liquidation a Breeze

How to get started with a liquidation

Okay okay, we know what you’re thinking – “liquidations, a breeze? Who are they kidding?” We know that an asset liquidation can be an extremely trying and stressful time, but we wanted to share a few things you can do to make the process easier. We know the process is difficult, closing your company legally is enough of a hassle, but we want to make sure that you recover the most money possible from your assets in order to pay back yourself and your creditors. The tips below will help you get a handle over all that you have to do and will give you a good place to start – which can sometimes be the hardest part.

1.Know what you want to sell

Depending on your industry it might be hard for you to determine exactly what you want to try and liquidate. There are three main types of assets that you will want to consider:

First, take a look at any inventory you have. Inventory refers to any finished goods that would be able to be directly sold to your customers. For example, a clothing store would consider inventory any shirts, pants, dresses and jackets on the rack or sitting in the back inventory.

Second, assess assets that are used in the production of inventory or other goods. This would include most machinery and heavy equipment that is used during the specific production process. An example would be the machines in a tool and die shop, or construction equipment used on a job site.

Third, consider assets that are valuable to your business but aren’t necessarily used in the production of final goods or services. For pretty much every company this will be your office furniture. Your furniture isn’t actually used to produce profits like other assets do. After all, your employees are much more productive sitting at desks, but your company would probably still profit if all your employees sat on the floor. You just wouldn’t have very happy employees.

After categorizing your items go through and make a comprehensive list of everything you plan on liquidating. Organize your list by types of equipment, rooms of your building, or whatever other way makes sense for your company.

2.Create descriptions and assign values

Once you’ve decided what you will be liquidating, write out descriptions for each asset and assign a dollar value to it. Including descriptions of each item with its past use and maintenance will give a buyer a better understanding of the working condition of each item and the care it received. You will also want to assign each item a dollar value. This can be done by consulting depreciation amounts on your balance sheet, ballparking estimates, or by hiring a professional appraiser. An appraiser will be able to tell you exactly what you should receive for each of your assets and will especially help with any heavy machinery and equipment.

asset liquidation

3.Consider who you want to sell to

Heading into a liquidation you will want to make sure that you know who would be interested in purchasing your items. Again, this will vary depending on your industry. If you are in retail, your normal customers would probably love to buy up your inventory for a marked down price. If you are a tool and die shop, consider other shops in the area that may be interested in purchasing your equipment. Contact others who are in your relative area and industry to see if they would want to buy your assets.

4.Decide how you want to sell your assets

Again, this will depend on your industry. If you are in retail, your current customers would probably love to buy up your inventory in a mark down sale. Simply drop your prices and open your doors and people are sure to come flooding in. If you have larger items to sell that the general public most likely won’t be interested in, consider contacting an auction house or asset management company (like us) to help you sell off your property. Not only will it make your life easier, but the professionals will have their own experience to help make your sale the most successful it can be. Whether you choose a mark down sale, a general open house sale, or an auction, make sure that you inform the proper people. You want to make sure the people who would be willing to pay the most for your items know about your sale!

All in all, we hope that these tips have helped you get started in your business liquidation process. If we could emphasize anything else, we would highly recommend using a professional liquidation or asset management service. They will know what they are doing and will be able to guide you through everything. Afterall, they do this every day and will be able to bring you the most money possible from your liquidation.

Have further questions about liquidating your business?

What Should Your Company Consider an Asset?

what is an asset

What Should Your Company Consider an Asset?

Navigating the world of tangible assets

When you step back and take a look at your company (whether for a business liquidation or simply to gain a better understanding of your company’s worth) it can be difficult to determine exactly what you should consider an asset. Depending on how long you have had some of your inventory, property, equipment and machinery it can be hard to determine how much it is still worth. We want to make sure that your company is being valued for what it is truly worth, as well as help you determine assets that you might not have considered before! Whether you’re asking yourself “what is an asset?” or “how do I know how much my depreciated assets are worth?” we hope to be able to help.

So What is an Asset?

According to Investopedia:

"An Asset is anything of value or a resource of value that can be converted into cash"

You most likely already knew that. However, there is much more to it than just that. Assets can be broken up into multiple categories in order to better determine their worth, liquidation capabilities and depreciation after initial purchase. Check out our info graphic to compare the two types of tangible assets:

what is an asset

How do I know what my assets are worth?

After you have determined what assets you have, you will want to know what they are worth. It may be hard for you to determine the value of one of your assets especially if it is currently in use. You may have bought it a while ago and it’s still working great but on the other hand it could have been sitting in storage for the past five years after being upgraded. Appraisers are great for helping you fully understand the value and worth behind your property – regardless if you plan on selling or not. Our sister company Miedema Appraisals provides professional appraisals in order to make sure you know the full value of your items (feel free to contact them here). You should also be able to determine the current value based off of the price you originally paid and the depreciation rate for the item. If you do not have that information available, you can shop around to see what similar pieces of used equipment are selling for and make a judgement call off of that. Having a proper estimate for what your assets are worth is extremely important when trying to expand or liquidate your business.

We want to make sure that you treat everything that your company owns as an asset so that you can profit the most from what you already have! Now that we’ve answered the question “what is an asset” and given you a few ideas in order to determine the value of your assets you should be good to go! If you need more help evaluating your assets or would like to sell through one of our auctions, please let us know! We would be more than happy to set up a time to talk with you – just contact us here!

Check our our Sealed-Bid auctions!

sealed bid auction

Check our our Sealed-Bid auctions!

 

We have many great Sealed-Bid auctions for sale right now on 1800asset.com. You can view the Sealed-Bid sales by clicking here or by clicking one of these upcoming sales:

Select Propane & Fuel, Inc. All Assets  

 

 

Complete Malt House Equipment Package

 

Joe Louis Arena Interior Metals and Infrastructure assets

15 Million $ Kitchen Cabinet Inventory Sealed Bid Auction

We will have more sealed bid auctions coming up in the future, but for now it would be in your best interest to look at our general upcoming auctions on our sister auction company’s site here. Are you interested in selling your own assets through a sealed bid auction? Contact us today! We would love to talk with you about the advantages of selling your unneeded inventory, machinery and equipment in an auction.

Looking to hold a standard live or online auction for your assets? We can work with you on that as well! Auctions are a fantastic was for you to sell your unwanted assets. The main advantage that most sellers are aware of when selling their assets in an auction is that they will most likely be able to receive higher funds than in a traditional sale. This is mainly because our loyal bidders (who will see your auction and will jump at the chance to participate) will bid against each other, pushing the bidding higher and higher, bringing you a better sale. Contact us today for more information.

Interested in buying equipment or heavy machinery through one of our auctions? Click here to browse a few of our upcoming online auctions! Buying equipment at an auction is often the best way to upgrade your assets. You pay less than you would buying the equipment new from a dealership, and often can get a great deal because you are the one dictating the price that you are willing to pay! Happy bidding!

RECORD PRICE: 2017 John Deere S680 Combine with 4 Sep. Hours Sold $360K on Wayland, MI Auction

Miedema Auctioneering, Inc. recently sold a 2017 John Deere S680 4WD combine with 4 sep. hours, never been in the field. It sold for record price of $360,000 on a Wayland, MI auction. Highest auction price ever for a combine sold without heads. Nice Work Team!

You can view the auction details here

 

Machinery Pete Article on the Event

We love having the opportunity to sell fantastic items such as this combine. And – it doesn’t hurt when they bring in as amazing as a price as this! If you have assets that you want to sell off, consider partnering with us here at Miedema Asset Management Group. Auctions are a fantastic way for you to sell off unneeded property and they can often bring in a higher selling price than a traditional sale. We take care to sell your assets in the most effective way possible – we even have separate sister companies that specialize in different industries. From construction equipment and agricultural equipment to boats, cars, semi trucks and guns, we have a way to sell your items. An additional great thing about our sister companies is that they all have loyal bidder pools that are always on the lookout for assets in that particular industry – so you know you will have a lot of interested buyers looking at your items. We do all the work for you in the auction process. You simply give us your assets and all of the information you have about them (including maintenance reports, titles and documentation, any manuals or handbooks you might have etc.) and we take it from there. You won’t have to deal with negotiating prices with a buyer – you won’t even have to talk with a buyer at all! We do a lot with auctions, however we also offer direct sales as well. You can check them out here.

Looking to buy? You’ve come to the right place! Auctions are a fun way to purchase new equipment, and because you dictate the bidding process, you get to negotiate the price you want! You won’t have to deal with a buyer and if you are participating in one of our online auctions you can purchase equipment right from your couch! Contact us if you have any questions, and click here to view some of our upcoming auctions.

Buy Iconic Joe Louis Arena Seats

joe louis arena

Buy Iconic Joe Louis Arena Seats

Purchase your historic Joe Louis Arena seats TODAY! Detroit Fans have the opportunity to own a piece of history starting today!

Tuesday, May 1st:
Season Ticket holders get first opportunity to purchase seats.

Saturday, May 12th:
General Public gets to purchase remaining seats.

*All seats must be purchased through www.TheJoeSeats.com*

 

Seats will be sold in minimum sets of 2 or more – and will start at $150 per seat. Please check the website for pricing, availability and terms.

 

*Have questions? Contact Brennen Lubbers at 313.733.0304 or brennen@1800lastbid.com

joe louis arena

We love having the opportunity to auction off interesting items like this! We have sold a lot of interesting items over the course of our time in the auction industry. Check out this blog from our sister company that highlights some of our favorites!

Do you have an interesting or famous item that you would like to sell? Or really, any assets that you would like to sell? Consider partnering with us and selling them in an auction! Auctions are a great way to get a higher price for your items than you would likely be able to receive in a typical sale. As bidders go back and forth for the chance to win your items, they push the price higher and higher – making your payoff even greater! Contact us today to see how we will be able to manage your assets to bring you the highest profits possible.

Looking to buy other interesting items? Check out the upcoming live and online auctions on our sister sites. Auctions are a great way to invest in quality used items, as you are able to dictate the prices yourselves! Because of this, you can be sure that you are getting assets for a fair value. Contact us if you have any questions about our company or concerning our bidding process!

Thank you Miedema Auctioneering, Inc.

Thank you Miedema Auctioneering, Inc.

Thank you Miedema“Thank you, Sid Miedema and all of the Miedema Auctioneering, Inc. team. Thank you for your help on all the problems we faced on my property. The ones we knew about and those we did not. Your ability to solve these issues promptly and to advertise to the right people made this auction a success. I had a lot of doubt about how I should sell my property, and I’m very grateful that you’re the ones that handled this. I can’t thank you enough for all the work you and every one put into my auction, the professional manner in which the auction was held, and above all getting me the best price for my land.”

Thank you.
Brian K. Payne

View this auction’s details

We are always so happy when our clients are fully satisfied with the work that they have received from us. We want to do our job well to serve others to the best of our abilities. That is a big part of our mission as a company and we love knowing that our customers think we are doing a good job.

Are you interested in working with us? We specialize in managing physical assets such as equipment and machinery but do a lot more than that! Check out our full services page to learn about what we do. Looking to hold an auction? The majority of our other sister companies are live and online auction companies. Auctions are a fantastic way to sell your equipment because they allow you to quickly and easily liquidate unneeded assets. Auctions have a specific deadline so you know exactly when your machinery will be sold, and you will get a fantastic price for your assets. Your equipment is exposed to our loyal pool of bidders who are ready to compete to buy your property. The competitive nature of an auction is exactly what drives the price up higher than what you would receive from a more traditional sale. Not to mention you won’t have to go through the hassle of negotiating with your buyer! You can just sit back and let us do the work – from the initial cataloging process to all the marketing for your auction we will take care of everything! 

Have you checked out 1800lastbid.com mobile site recently?

We would like to encourage customers who downloaded the 1800lastbid app (from Apple or Google store) to check out our mobile site instead.  1800lastbid mobile app will be phased out and retired within the next 90 days.  The app will be removed from the Apple and Google stores. Retiring the app will not affect the full or mobile sites for 1800lastbid.com.

1800lastbid.com is a complete listing of all upcoming auctions hosted on Online-AuctionSoftware.com, Inc. (OAS) auction system.   The mobile site offers features and functions that are not available from the app such as account preferences, online payments, credit card management, etc.

 

1800lastbid.com is still your one stop auction source.

1800lastbid.com full & mobile site will continue to be supported and enhanced!

 

For quick access, add your favorite auction sites to the home screen of your device by following the steps below:

Apple

  1. Open Safari (default internet browser on Apple products)
  2. Launch website (such as 1800lastbid.com, bid.repocast.com, etc.)
  3. Click the “share” button (on the bottom, just above the home button, square with up arrow)
  4. Scroll through options and select “Add to Home Screen”
  5. The icon will appear on devices home screen (it may not be on the first page, user may need to check other pages)

 

Android

  1. Open Google Chrome (typical default browser on Android)
  2. Launch website (such as 1800lastbid.com, bid.repocast.com, etc.)
  3. Click the “settings or overflow” option in upper right corner (represented by 3 dots or a gear, depending on version)
  4. Select Add to Home Screen

 

*Note:  there are many different versions of Android devices and alternate browsers installed.   Add to Home Screen option would be within the settings of the browser.

Welcome to Direct Sales

direct sales

Welcome to Direct Sales

Did you know that we offer private sales for entire companies, groups of assets, and or specific individual assets? Ranging from construction, industrial and trucks and trailers, we have an array of items to choose from through our Direct Sales platform.

 

One of the groupings we currently have within our direct sales is a grouping of (5) 2009 Kenworth W 900’s located at our Wayland, Michigan facility. To find out more about this group of trucks visit our website at 1800asset.com or follow this link: 2009 Kenworth W 900

Direct sales with Miedema Asset Management Group

The majority of our direct sales occur through sealed bid and turn-key auctions. These auctions are slightly different than the traditional auction that you would read about. A turn-key auction symbolizes that you can essentially turn the key to the front door of the company and find it fully operational. This is a great way to both buy or sell a company. It’s attractive to sellers because they don’t have to go through the hassle of selling off individual items to different buyers. Buyers like it because they can start operations right off the bat without having to deal with setting up the company and replacing parts. 

Direct Sales

A sealed bid auction means that all interested parties must submit their bid and then the seller will pick the highest offer. Unlike a traditional auction, bidders aren’t able to see what their peers are bidding, nor do they have the opportunity to counter bid. This forces a buyer to truly decide how much they value the property – not just base their bid off of what they think someone else values it at. If you are interested in working with us to sell off your assets, please contact us here.

Looking to buy? Check out some of our upcoming direct sales by clicking here.

Are you Missing Opportunities?

auction opportunities

Are you Missing Opportunities?

In today’s AUCTION climate many sellers and creditors prefer either cash or a guarantee up front. Miedema is experienced in negotiating and handling such transactions across the USA.

Every year we devote millions of dollars to such transactions.  We pay hundreds of thousands in shared commissions annually.

We partner with Auctioneers across the country, and provide all the financial basis in these transactions.  From $ 50,000 to $ 50 million we are ready to assist you. Call us today at 1-800-527-8243 for more information about your auction opportunities!

Interested in holding your own auction with us? We have several sister companies that are under our company umbrella that would be able to help you sell of your assets in a live or online auction. Miedema Auctioneering, Inc. is our main live auction company, while our other companies such as Repocast.com and Orbitbid.com handle online auctions. We sell everything from commercial and industrial machinery to agricultural equipment and autos. Contact us today to get in touch about holding your own auction. If you have enough assets of your own to sell, we can set up a whole auction just highlighting your items. If you only have a few assets you are looking to sell, our companies hold multiple consignment auctions throughout the year that bring together items from multiple consignors.

Looking to buy an item in an auction? Often times you will get a great deal on equipment and machinery that you would pay much more for buying new at a dealership – and the equipment sold in our auctions are in great condition! Because you are the one dictating the price based off of your bids, you will be paying exactly what you value the asset at. What could be better than that! Click here to see some of our upcoming auctions on our sister company Miedema Auctioneering’s auction site. Happy bidding!

 

opportunity

Miedema Asset Management Group Owners Presented with Distinct Honor

honor sid and scott

Miedema Asset Management Group Owners Presented with Distinct Honor

Yesterday at our 3rd Annual Swing For Your Cause Annual Charity Golf Outing, Sid & Scott Miedema were presented with a Special Tribute from MI State Representative Sheldon Neeley for their years of charitable support. Congrats Sid & Scott!

“Let it be known, that this is a distinct honor to present Sid and Scott Miedema with this Special Tribute for their years of charitable support through the Swing For Your Cause invitational charity golf outing.

It is through this support that multiple organizations and communities have been blessed with the opportunity to further their cause and humanitarian efforts

Your generous contributions have helped men, women, children and even animals from all walk of life through these tough times. Cancer patients and survivors, the homeless, hungry and all who love them have been touch in some way, shape or form through your efforts.

In special tribute, therefore, this document is signed and dedicated to Sid and Scott Miedema and Miedema Asset Management Group, along with, Miedema Auctioneering, Orbitbid, Repocast, OASinternational, Lastbidrealestate, Miedema Appraisals, Rangerbid, and SSL Firearms for their charitable work within several communities in the great State of Michigan.”  

We are honored to have received such an award. We love serving our community and giving back in whatever way we can. We can’t wait to see what else our community will achieve when we come together.

Are you interested in partnering with our company for a charity auction? We love participating in our community and would love to be able to attend your event. Auctions are a fantastic way to raise money for a cause, as people often get swept up in the excitement and find themselves bidding a lot more than they may have been planning on giving. Plus, they are fun events for your donors to attend!  Check out some of our upcoming charity actions by clicking the button below. We can’t wait to see what you will be able to do in your charity auction!

sid scott award
Honor Scott and Sid