In this trying economy, more and more small businesses are being forced to shutter their doors and cease operation. While no one begins a business thinking that it is going to have to go out of business, the sad fact is that most new businesses fail within the first year. These business owners can be left heavy debts, from unsold retail stock to start-up costs to equipment and retail purchases. These costs can weight on the erstwhile owners and their families, and can cause them significant financial damage if they are not paid off.
Even if you have seen your company go out of business, not all is lost. While your creditors may be getting very anxious to see their money again and you may not have the cash yet, there are several options for you to drum up the funds. One of the quickest ways to make the money you need to pay off a sizeable amount of your debts is to sell your remaining assets. Whether you have unsold fish tanks or unused restaurant space, a warehouse full of tube socks or a storehouse with industrial bread makers, you can use this no-longer-needed property to pay off your debts.
You can go about selling this property in a number of ways. Some of the most popular include:
· Negotiated sale. A negotiated sale is usually a bulk sale to a competitor, landlord, or customer. A landlord might like to buy your equipment because t would allow him or her to rent the property at a higher rate. A competitor might see their business expand with the addition of your stock.
· Consignment sale. In a consignment sale, you turn your property over to an experienced dealer, who will sell them for you and pay you a pre-arranged amount from the sale. If you have portable property to sell and time on your hands, this may be the best option.
· Internet sale. Selling your items over an internet auction site may be an excellent way to take matters into your own hands and be in charge of selling your own property.
· Going-out-of-business sale. One of the most traditionally popular options, a going-out-of-business sale is a good way of getting quick cash and unloading excess retail property.
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