For people who work at large corporations, retirement is easily accomplished. Often, there’s a pension plan in place, and when this is combined with their retirement fund, it’s easy to see a way forward. But what about small business owners, contractors, and farmers? If you are someone who has worked for yourself or in a family business for most or all your professional life, how do you go about retiring?
You may have a retirement fund, but there is so much more to retirement than that. What happens to your business? What becomes of your inventory? One way to effectively begin the next chapter of your life is to liquidate your business, selling your equipment and inventory, and using the proceeds to fund your retirement. This may seem like an overwhelming task, but we’ll explain how to begin.
One way to liquidate your assets is to see your entire business. This may be the best option if you want to keep the business afloat, particularly if you have employees you don’t want to leave jobless or there is someone in the business who can take over.
If you have a family business, for instance, you may want to pass the business to a family member. In many cases, however, it is a better option to sell the individual items involved in your business. If you are not interested in selling your business or you are a one-person operation, this kind of liquidation is a viable option.
If you own a building, you can sell it. If you have inventory or equipment, that can also be sold to increase your retirement fund. One of the best ways to manage this is through an auction.
At an auction, you can sell not only equipment and inventory, but even vehicles and real estate. Once the auction is complete, you can take the proceeds from your business liquidation to a financial advisor, who can guide you into the best way to invest your nest egg and enjoy your retirement.
You could sell your own property, of course, by listing it in the newspaper, holding a sale at your property, or auctioning it on a site like eBay. However, using an auction service is much more effective and efficient.
An auction team has experience in selling a wide variety of goods, and auction companies have simplified the process of selling so that your property will be marketed to qualified buyers, in order to get you the best possible value in a timely manner. You won’t have to go through long, drawn-out negotiations, and your business assets will be sold quickly, for a good price.
Because of the competitive nature of auctions, prices of goods are often driven to their highest market value. Further, auction companies are experts in marketing, and they have a variety of tools at their disposal to promote your auction items. At Dakil Auctioneers, for example, we use tactics that include:
Because the marketing used by auction services is targeted, you can be sure of reaching a wealth of users who understand the value of what you are selling. Implementing marketing on a regional, national, and even worldwide scale, the campaigns used will be customized to best serve your needs.
It begins with contacting an auction agency. Then, there will need to be a presale evaluation, to determine the seller’s needs and expectations. In some cases, clients decide to set up a charitable remainder trust, which can minimize the tax burden while also creating income for charities.
The auctioneers work to get a sense of which type of auction will best meet the needs of the seller, and they photograph the items that will go up for sale. The location, date, and time of the auction will be established, and at Dakil Auctioneers, we can hold auctions at your property, online, or at our 28,000 square foot state-of-the-art auction facility. Located just south of Edmond, Oklahoma, this facility houses the corporate office as well as a 7,000 square foot auction gallery and customer service center, an 8.5 acre fenced equipment yard, and a 15,000 square foot warehouse.
Our auction gallery seats up to 500 people in a climate controlled environment, and the warehouse allows safe storage of upcoming auction items as well as display space for current inventory. Not only does this allow for on-site storage and sale of weather-sensitive items, but it is also the perfect place for secure pre-auction inspections.
Closing a business is not the only reason to participate in an auction. Auctions are also helpful if you are moving or dealing with the estate of a loved one who has passed away. No matter why you need to move a number of items, Dakil Auctioneers, Inc. is here to offer a seamless auction experience. Oklahoma’s premier, full-service auction company, we have led the Oklahoma auction industry since 1982.
Our auctioneers have over 200 years combined experience, and our 28,000 square foot, state of the art facility in Oklahoma City sets us apart from other sales options, not just locally but also nationally.
If you need to auction property, we are capable of providing comprehensive administration of a business liquidation, including industrial and business equipment, oil and gas properties, or estate property, offering complete liquidation or cash purchase. Additionally, we provide expert promotion for your auction, designed to reach the largest number of potential purchasers, for maximum results.
A Dakil auction is a clear, efficient, and above-board process, which is why so many people choose us over other auctioneers. If you would like more information or to subscribe to our newsletter, contact us through our website.
