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Why Liquidate Surplus Inventory?
Any business that manufactures, distributes, or sells physical goods sometimes ends up with excess inventory to dispose of, and may use surplus liquidators. For example:
- Retailers overestimate demand for a product and buy more of it than they can sell, resulting in an overstock situation.
- Customers of manufacturers and distribution companies sometimes cancel orders before the items are shipped.
- Customers of retail or wholesale businesses may return items for a refund or credit.
- There may be excess building materials left over after completion of a construction project.
- While not strictly considered inventory, office furniture and store fixtures may be left behind when businesses move out of commercial rental spaces.
Excess inventory has value and can be converted into cash through liquidation. “Liquidation” simply refers to the process of selling physical items to recapture as much of their cash value as possible, usually through surplus liquidators.
Sounds easy enough, right? Not necessarily. Liquidating surplus inventory can be more difficult than you might think.
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Why Not Do It Yourself?
Sure, it’s possible for businesses to liquidate their own surplus inventory. Cutting prices might increase sales of slow-moving items. Manufacturers and distributors that sell in bulk might contact their best customers and offer them a deal. Businesses can also try to sell off their surplus inventory through an online marketplace like Amazon or Shopify.
The problem is that these liquidation methods are labor-intensive. It takes time and effort to advertise and run liquidation sales, call customers, or create online product listings with photographs and detailed descriptions and to pack and ship goods all over the place. Many businesses lack the resources to undertake such activities on their own, or don’t want the expense.
The alternative is to engage the services of a surplus liquidator.
What Are Surplus Liquidators?
Surplus liquidators sell off the surplus inventory of the companies that hire them to do so. They vary in terms of their approaches and methods, or the kinds of surplus items they handle. So if you decide to use a surplus liquidator, make sure it’s one that has the right kind of experience and uses an approach you’re comfortable with.
Your primary concern should be getting as much value out of your surplus inventory within what is a reasonable timeframe for your particular need for cash. Your timeframe will depend on your purpose in turning your surplus inventory into cash, for example:
- Paying off creditors
- Eliminating storage, handling, and perhaps transportation costs associated with surplus inventory
- Replacing older, slower-selling merchandise with fresh, new items
- Getting rid of surplus items before relocating your business
- Expanding your business in the current location or moving it to another location