Business Auction: 7 Tips For Success

After the difficult task of declaring business bankruptcy and deciding what to do with all of your assets and excess inventory, the last thing you want is for there to be complications with the liquidation of all of these items. A business auction is a great way to sell off these items as long as it’s done right. There are several things that every business auction needs in order to be a success.

Here are 7 things you’ll need to build the foundation for a successful business auction.

  1. A professional liquidator – A professional liquidator like Ideal Trading, will be know the ins and outs of holding a business auction and all of the facets that need to be considered. They will also have established relationships with groups of buyers.

  2. auction paddle 490x386 Business Auction: 7 Tips For SuccessA professional appraiser – A good liquidation company will have an experienced appraiser on staff to review the value of the assets and excess inventory. They will have a vast knowledge of the market place and can determine the demand for certain items.

  3. Strong price positioning – Using his or her knowledge of the market, your appraiser, will price the items so that they are in the best possible position to sell and retrieve the highest value possible at auction.

  4. Strong Promotion – Your liquidator will use their experience, network of buyers, and overall knowledge of the market to promote the auction to the public. This can include email blasts, mailers, flyers, internet advertisements, etc. Proper promotion ensures that on the day of the auction you have a full house of excited buyers looking for a deal.

  5. Convenient date & location – Holding the auction on a day that is inconvenient for most people, such as a weekday during normal business hours will cut the attendance of the auction significantly. Making the location easy to find and get to only helps to draw more people in.

  6. Clear displays – Buyers need to be able to see what they’re bidding on. Having the items clearly displayed and staged allows buyers to see the quality of the items. Being able to visualize the items in the way they intend to use them makes buyers more confident in bidding.

  7. Gavel Sold 490x276 Business Auction: 7 Tips For SuccessExperienced Caller – A good caller will be able to read the room and know how to work the crowd in order to get individuals to bid on items and get into bidding wars. This ultimately drives the bid up resulting in a higher yield for you, the customer.

For more information on the services offered by Ideal Trading please visit our website here. Or to contact us please fill out the Quick Contact form to the left hand side of your screen.