Is your business closing down due to lack of revenue or other circumstances? If so, you’re not alone, though you may be confused when it comes to the resources you need. From hiring a business attorney to holding an auction, there are several resources available for business owners who need assistance with this difficult and sometimes stressful process.
Hiring a bankruptcy attorney is usually one of the first steps that business owners take if they’ve filed for Chapter 7 or Chapter 11. Otherwise, a good business attorney can usually help business owners comply with the law as they shut their doors. Because there are laws regarding property transfer, taxes, bankruptcy, and other aspects of owning a business, it is crucial for business owners to have a qualified attorney on their sides.
Business asset management is a service that is often necessary for businesses that owe money to the bank or another creditor. This process may involve collateral recovery services, which ensure that debt is paid in full and both parties receive fair treatment. Business asset management can also help companies that are struggling to figure out how they can maintain certain assets, such as stocks and bonds, if they sell their businesses.
Finally, whether you’re headed to bankruptcy court or not, you will likely need to sell off your assets in order to pay back creditors or take care of other bills. In these circumstances, many business owners look to auction liquidation services for help. Business liquidation auctions are held to sell off equipment to help business owners pay back their creditors. One important service from the auction company can include machinery and equipment appraisal, which helps business owners determine how much their business assets are worth. From there, an auction is held, with bidding starting at the lowest possible value for the appraised items. Business auctions today aren’t only held in person — they’re also held online to remove time constraints and allow for more, and higher, bids.
Do you have more questions about what it takes to sell off your business? If so, get in touch with an attorney and an auction liquidation service. You can also leave a comment below with any general inquiries. Continue your research here: bclauction.com