Most businesses and individuals have assets that are surplus to their needs. Such assets were either surplus to the organizations needs to begin with, such as MRO parts and equipment, or, due to changes in production levels and facility upgrades, have become obsolete. Instead of letting your assets remain idle and depreciate, consider selling them on the growing used and surplus equipment market. Doing so yields the protentional to recoup a sizable portion of the initial capital investment.
When you’re ready to sell your surplus and used equipment, read this simple three-step process:
1. Identify Your Surplus, Idle & Used Assets
Before selling your surplus and used equipment, you need to know what your surplus and used inventory consists of. To determine this, we recommend potential Sellers conduct an inventory audit.
When conducting your audit, we suggest you register and record information that your potential Buyers need to know such as asset name, type, specifications, condition and service records (if applicable). You may also want to take photos of the equipment while conducting the audit – this will ease future steps in the selling process. Not only will this make selling your equipment easier, but it will help you or your staff better evaluate what is crucial to your organization’s current and foreseeable needs.
While a small inventory can be recorded in a spreadsheet, a larger inventory may require partnering with a service provider or investing in a cloud-based asset management software.
2. Decide What to Do with Your Surplus, Idle & Used Assets
After auditing with your inventory, you need to decide what to do with your surplus and used equipment. You will need to decide what surplus and used equipment to retain for a potential future use, if an item is too depreciated to sell, and what will best recuperate capital.
If you’re inexperienced with valuing an item’s potential worth on the used market, you may want to work with a third party with valuation experience. An accurate and trusted appraisal will empower you to make better decisions concerning your asset management.
3. Select a Sales Channel & Platform
Once you audit your inventory and decide what to retain and what to sell, you need to pick which channel(s) and platform(s) you want to list on. Below are some of your options:
- Online auctions: Platforms such as Aucto and eBay can be targeted by industry and asset type to maximize interest. The competitive bidding environment of auctions may increases prices and generate higher recovery.
- Buy Now: Give Buyers the ability to purchase directly from your website, ecommerce store or a marketplace such as Amazon.
- Consignment: Partnering with asset management professionals, such as NRI Industrial or Liquidty Services, is another option. These providers are expeirenced liquidation and surplus sellers.