Liquidate means to convert assets into cash by selling them in an open market. A business needs to liquidate its assets if an unexpected situation occurs or if the business is going bankrupt. In some cases, by selling assets quickly you are likely to get less money. The liquidation time is determined by the type of asset being sold. If you are in a situation where you need to liquidate assets fast, then given below are some tips that will help you liquidate your assets, resulting in more cash:
An auction sale is a fastest and easiest way to liquidate your assets. You only need to set the minimum bid for the asset, write a description, and set them up for auction. Sell your assets to the party that offers the highest bid. By doing so, you can get more than the desired cash immediately and can quickly liquidate your assets.
Contact Landlords and Companies
Landlords and companies are always ready to purchase assets, especially land and cars. Landlords mostly are interested in buying a running business at a high cost, so contacting landlords in order to liquidate land is a great idea. To convert your cars and other means of transportation into cash, you can contact any renowned companies like done deal Australia. Selling your cars to leading companies will provide you with more than expected money in a very short time period.
Sell your assets to competitors
Business owners always have an eye on their competitors, they try their best to intimate and provide better products and services than their competitors. Competitors are always willing to expand the business by acquiring the assets of competing businesses. A small business owner that wants to liquidate assets can contact its competitors. The owner that is liquidating assets can charge the competitors huge money for the assets.
Find potential buyers
The easiest way to liquidate your assets is to find potential buyers. You can sell your assets to a single buyer or to multiple buyers. Mostly, buyers are ready to pay the desired amount in a very short time. In fact, buyers are likely to pay more than their competitors.
Sell account receivables
If a customer acquires your goods or services but does not pay for it till the agreed time, then they are called account receivables. Many financial institutions and companies are ready to purchase the account receivables. The owners are advised to sell account receivables only when they are in dire need for cash as the financial companies pay a little less than the actual amount of receivables.
Stocks and Bonds
The last way to liquidate assets is to sell your stocks and bonds if you have them. Stock and bonds are easiest as well as the fastest asset to liquidate. You can convert them into cash quickly by selling them in the already existing open markets.