fbpx

An Expert’s View of a Business Liquidation Auction

March 8, 2022
-
4 Min Read

As much as we would like to think that a business will be around for many years, sometimes it just doesn’t happen. As we all know, life changes. Economic changes, or changes in technology can make a business obsolete.

Whatever the cause, many times the result is a business or collection of assets that has been closed and locked up for a period of time, perhaps even years. Sometimes the assets such as supplies, equipment, or inventory have been moved to a storage facility, but often, there are buildings and real estate as part of the business assets.

If you find yourself in the position of being in charge of liquidating a closed business, you may have no idea what needs to be done to get your equipment, buildings, or real estate sold while it still has value. It’s at this point that you should contact us at Bright Star Auctions.

We have many years of experience liquidating businesses. We have a large staff that will handle all the details for you. Besides honoring our heavenly Father in the way we do business, our first priority is looking out for sellers that have placed their trust in us.

What Do I Need to Do?

When you decide to sell a property or collection of business assets, you should give us a call. We would like to meet with you and get the details of the items and property that is to be sold. We also discuss whether you want to have an onsite or virtual online auction. But there are a few things you will want to start getting together even before our meeting.

If there is real estate connected to the business, do you own it, or is it subject to a loan or lease? We would need the paperwork for that, including contact info for lien holders. The same goes for any vehicles or other equipment. If it is not completely paid for, or it is leased, we need to have that information.

We would also need all motor vehicle titles, and titles for anything requiring them, such as trailers. Keys to any vehicles, machinery, and locked facilities are also necessary.

If you have equipment that needs regular maintenance, it is very helpful if we can obtain maintenance histories. Buyers will bid more if they know exactly how well you maintained your assets. We also benefit by speaking with anyone who has a good knowledge of how to operate the equipment, how old it is, what all it is used for, and anything else they can tell us. Informed bidders will bid higher!

What Does Bright Star Do?

Once we have examined all the details of the business and are free and clear to hold an auction, we start working on the details. You can pretty much leave everything to us. If you want to be involved, we can probably find something for you to do, but you certainly don’t have to be there.

Due to the amount of work we need to do to set up and publicize an auction properly, we like to have at least 6 weeks from our first meeting, to the actual auction date.

Once we get started, we have crews that will come in and clean the facilities, equipment, and machinery to get it looking good. We also have people who will catalog everything that is to be sold, so they can then organize, inventory, and create descriptions for the advertising we will do. We also take photos of items to generate interest.

When all the information about the items for sale is complete, we begin our marketing campaign. We have thousand of buyers who have signed up to receive information about future sales, and we also do extensive marketing in various publications where we think your bidders will see it. As people respond, we begin qualifying bidders who are registering to bid either in person or online.

What Happens on Auction Day?

We like to get to the site a day ahead of the auction to make sure everything is set up and ready. In case you were wondering, we also handle the food service for an onsite auction, at no charge to you, and we supply portable restrooms as well.

After the sale, we have rigging and transport companies we work with to make sure your buyers can ship their purchased items to their location, wherever it may be.

If you prefer not to be present for an auction, or to be involved in the setup, that is OK with us. We have a large staff who can handle pretty much anything. We realize that sometimes selling business assets can be an emotional process, and we are here to make it as smooth as possible. Each situation is unique, so we are sure you have more questions.

Contact Us

We would welcome the chance to get you the best outcome for your liquidation auction. Please feel free to call us at Bright Star Auctions and let us help you understand all your options. Explore our website to see how an auction listing is designed and promoted.

Give us a call to discuss your upcoming business liquidation: (574) 825-0704.

Share This Article

Get the inside track on upcoming auctions

Bright Star Logo
11751 CR 12, Middlebury, IN 46540
Phone - (574) 825-0704
NAA Auctioneer LogoBBB Logo
A Licensed Real Estate Company in Indiana and Michigan

Auctioneer Licenses

Indiana
Auctioneer Co. Lic. - Bright Star Realty & Auctions, LLC - AC32100007
Auctioneer Lic. - Loren Beachy - AU10500161
Kentucky
Principal Auctioneer Lic. - Loren D. Beachy - 259651
Wisconsin
Auctioneer Lic. - Loren D. Beachy - 2990-52
Illinois
Auctioneer Lic. - Loren Dale Beachy - #441002283
Tennessee
Auctioneer Lic. - Loren D. Beachy - 7154
West Virginia
Licensed auction house
Ohio
Auctioneer Co. Lic. - Bright Star Realty and Auctions, LLC - 2018000007
Auctioneer Lic. - Eugene Hochstetler - 2018000033
Virginia
Auctioneer Co. Lic. - Bright Star Realty & Auctions, LLC - 2908001059
Auctioneer Lic. - Loren Dale Beachy - 2907004635
North Carolina
Auction Firm Lic. - Bright Star Realty & Auctions, LLC - 10455
Auctioneer Lic. - Loren D. Beachy - 10381
South Carolina
Reciprocal Principal Lic. - Loren Beachy - 4795
Pennsylvania
Auctioneer Lic. - Loren D. Beachy - AU0056900
chevron-down

Insider Information

Get the inside track on upcoming  auctions

Thank You!

Please check your email to confirm your subscription.