Liquidating Assets: Tips and Tricks

Owning a business is a dream that many people have. When starting a new business, many people dream of selling it or passing it down to the next generation. However, there are situations in which the best exit strategy could be to liquidate the business and sell the assets. If you are looking to liquidate your business, there are several tips that you should follow that will help to make sure it goes smoothly and that you and your business are properly protected.

Determine Value

The first thing that you need to do is determine the current value of your assets. If you have real estate, heavy equipment, cars, or other major assets, it may be a good idea to have the asset appraised. You could also have an independent party complete a full audit of your inventory and other assets to determine the current value.

Try Selling on Your Own
If there is a clearly defined market for your asset, you should try to sell it without the assistance of a third-party. This will help to reduce costs associated with the liquidation. If you have a more challenging asset to liquidate, hiring a specialist to handle the liquidation could be beneficial.
Get Legal Advice or Representation from a New Jersey Business Attorney
Wasserman, Jurista & Stolz can help protect you and your business when you are going through a liquidation. Wasserman, Jurista & Stolz will be able to provide you with a free consultation to help you better understand your options. The firm will develop a plan and help you execute the plan.