Prepare Yourself To Liquidate Assets | We Buy Houses San Antonio
It is an unfortunate circumstance when a business closes down. The effort the owner has put forth in creating, growing, and managing the business is an example of their hard labor, time management, and monetary investment. Building a business from scratch then failing at retaining consumers is heartbreaking, especially if one has to give up more assets because of the failed enterprise.
Things can go further downhill when along with the company, the owner must sell another asset such as a house or a property to pay off the debt owed and come clean to settle things down. In Texas, we buy houses every day and among the common reason for an immediate sale is to let some assets go.
Steps To Manage The Liquidation Process
If having to sell your business and other possessions is the only exit strategy left, then prepare yourself to manage the process like a pro. The action steps listed below are effective methods to deal with the matter objectively.
Consult Your Lawyer And Accountant
Get professional counseling from a lawyer about the legalities in the process step by step. Whether you’ll hire an agency to handle the selling of the business and properties or settle with auctioning everything in one place, it must be in accordance to legal terms and processes. Find help in auctioning assets here.
Work with an accountant to account for the money needed to pay off debt, every penny that goes out and comes in, and what’s left in the monetary asset after all payables are settled. But remember that this information will not replace the legal and professional advice of lawyer or a CPA.
Take Note Of Every Asset
It’s practical and substantial to list down every single item your company owns, including the personal things found in any residential property that is to be sold as well. The home values of the property may not be affected by the closure of your business right away, but don’t disregard the possibility that it could go down as the process continues.
Start preparing your assets for sale. If needed, wash, repair, or repaint the items intended to be sold off. Keep your company location tidy and clean, and ready for inspection or site visit, especially if the the company assets will be sold in the business location.
The Liquidation Value
Liquidation value is the expected amount to be recovered once there is a forced sale. In general, this amount is more or less 20% less than the retail value of the company or property. To establish the liquidation value, hire a qualified appraiser and get a written appraisal result before considering offers from interested buyers.
And take time to study the documentation generated by the appraiser before making major decisions in selling your items or business or properties.
One Problem Off Your List
After thoroughly studying your asset list and appraisal result, you may want to try a quicker path in selling your personal property to lessen the debt owed to any creditors. Quick Real Estate Liquidation (QREL) can offer interesting alternatives to selling a residential property.
We buy houses from homeowners and property owners wanting an immediate and speedy sale. The transaction often ends with a fair cash offer and can be completed in as fast as 5 days. While you settle the business liquidation, allow us to handle the sale of your estate.
Get in touch with us today to find out the best alternative for your situation.