Delivery takes additional time, especially if the assets are large.
However, placing specific assets on an Internet auction site takes only a few moments.
Also, remember that if you are liquidating assets to satisfy creditors you may need to obtain their consent to do so.
You'll still have to take photos and write a description, but you'll receive funds immediately after the auction ends.
Landlords may be interested in buying your small business's onsite assets if it's a restaurant, bakery or food preparation business.
Setting up an auction for all your assets takes time.
You'll have to determine a minimum bid price for each, write a description, take photos and hire an auction house. You receive a check from the auction house within a week or so, after the items are delivered.
Talk with your accountant about the tax implications of any asset sale. Any asset that has been pledged as collateral for a loan must have the loan paid off before title transfers.
As a general rule, if the asset sells for more than its book value, it's considered a gain. Prepare for the sale by having all titles or documents in place. The Small Business Administration recommends that any bill of sale or transfer of interest should include a statement that all sales are final, as is and where is.Financing an account receivable takes place quickly, within a few days after confirming the creditworthiness of the account.Unfortunately, you won't receive full value for the receivable.Check with your state to see if it has any restrictions.Once the sale takes place, converting assets to cash is quick.Rosehill holds a Master of Business Administration from Arizona State University.