How to Sell Equipment
In a dynamic business environment, every company looks to make the best use of its existing pieces of equipment. However, one aspect that is often overlooked is the process of removing or selling pieces of equipment that are obsolete or not relevant for the business anymore. The advantage with selling these unwanted pieces of equipment is that the seller gets additional revenue, and at the same time, helps another user to use it effectively. Thus, selling an equipment is a part of recycling where the seller makes way for new products while the buyer looks to make the most of a piece of equipment without investing a lot. Though selling is beneficial for both the buyer and seller, it is not as easy as it sounds.
Evaluate Existing Equipment to Determine What Should Stay and What Should Go
The first is to take a stock of your inventory to understand what you need for your business. Consider the current and expected future needs of your business while making this decision. Once you have decided what pieces of equipment should stay and what should go, you are ready for the next step.
TIPS: Do an industry analysis to get an idea of what the future would be like for your business, so that you can make appropriate selling choices.
This is an important step, so do not rush through it. Take some time to evaluate and discuss it with your team before deciding what pieces of equipment should go. If a piece of equipment is a part of a lease, then you have no right to sell it.
Checklists: Equipment Inventory List.
Before selling your equipment, prepare it for the sale. Do a thorough cleaning, service the equipment, repair leaks, replace any parts if needed and upholster the seats if applicable.
This step is essential if you want to attract the right buyers who would be willing to pay a good price for your equipment. The time and resources that you spend on repairs is an investment that can fetch you higher returns and can make the product more usable for the buyer.
TIPS: Hire a professional service company if you do not have the time and resources to make these repairs. Do not start the marketing or advertising process before the equipment is fully ready for sale.
Forms: Request for Repair of Enclosed Merchandise.
Agreements: Equipment Maintenance Agreement.
Determine the Mode of Sale
Once the equipment is ready, determine how it should be sold. Traditional auctions, online auctions are private sell are some options. While traditional auctions and private sell work well for a wider audience, online auctions are more convenient when you are dealing with a younger tech-savvy generation. So, understand your audience and their demographics before deciding the method of sale. Choose the one that best fits your preferences.
TIPS: Another good option is to self-finance the early steps and seek funding half-way through the process – after you have incorporated and done all the research and are looking to start production and/or launch your services.
Correspondence: Letter of Intent for Purchase of Computer Equipment.
Agreements: Equipment Sales, Equipment Purchase, Agreement of Movable Hypothec Without Delivery, Bill of Sale, Bill of Sale with Encumbrances, Bill of Sale for a Motor Vehicle, Bulk Sale Agreement, Contract for the Sale of Goods.
Create an effective advertising campaign to let your potential buyers know about the pieces of equipment you are selling. Use a combination of Internet advertising, brochures, local advertising, social media, and listings to get the maximum visibility. Give an accurate description of your equipment to avoid hassles in the future.
Agreements: Look at similar advertisements to get a better idea of how you should go about it. Hire a professional advertising agency if that works better for you. Never overstate the capabilities of your equipment.
Most buyers would like to see the equipment before they buy. So, choose a convenient location, date and time for inspections if requested by potential buyers. These inspections would give them a better idea of the equipment, and they will be able to evaluate it better. Though these inspections may be a little inconvenient for you, it is nevertheless important to impress upon your buyers that you are serious about this sale.
TIP: Try to schedule many buyers on the same day if possible, to save time for you. Ensure that your pieces of equipment are ready for inspections.
If you have decided to go with traditional auctions, arrive at the auction or place of sale with your equipment. Find a good spot for your equipment that will be visible to everyone to increase your chances of bringing in more buyers. In case of online auctions, make sure you post accurate pictures of your equipment. Also, prepare for potential questions from buyers so that you can impress them with your answers.
TIP: In the case of online auctions, take a picture of your equipment after you are done with the cleaning and restoration process. A smiling face and friendly gestures from your company's representative can go a long way in increasing your sale prospects.
When you get an offer from one or more buyers, ask detailed questions about what they can offer that include mode of payment and transportation. Gather all the details, evaluate each offer when you get more than one, and then decide which one is better for you.
Even if you get just a single offer, evaluate its terms to ensure that it is not a loss for you. Negotiate on the terms of payment and transportation. In the case of auction houses, these aspects are fixed, so you need to know about it. After negotiations, enter into a sale agreement between you and the buyer.
TIP: Understand the specific rules and guidelines of auction houses as it would prepare you better for the auction day. Think through and evaluate each offer without any personal bias.
Resolutions: Board Resolution to Negotiate a Specific Contract.
After you have done all the hard work, the final step is to ship the equipment as agreed by you and the buyer. If you have agreed to a full payment before shipping, check if the payment has come through before shipping.
TIPS: Use the most efficient and safest transportation mechanism to ship your equipment. It is a good idea not to agree to ship your equipment without a full or upfront payment.
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