When it comes to business assets with strong resale value, you have plenty of options that you’ll be able to resell. However, you need to choose the right ones to get the highest value possible. Fortunately, businesses across industries work with many of the same assets, just in different ways.
The processes and stages of reselling, though, may vary depending on the asset itself. For instance, reselling a vehicle differs from reselling stocks or intangible investments. Regardless, if now is the right time for you to sell your business for any reason, assets can be the best place to generate money quickly.
Driving Factors
Whether you’re new or have experience with reselling assets, the markets have shifted in the last year. The COVID-19 pandemic changed the way people go about their business operations. Since online shopping grew exponentially, those channels will be ideal places for selling. Moreover, digital assets may become your priority, depending on your field.
Unfortunately, the pandemic permanently put some out of business, while others are still recovering and trying to make it through the harsh conditions. If the pandemic isn’t your main concern, you may be seeking to change industries, cut back on work, or simply generate a new source of profit.
The first step will be the same no matter the driving factor. Identify the assets that are currently available to you. If you’re completely closing the business, almost everything that’s functional and valuable can become a salable asset — from bookshelves to technology. List everything out, then use the following categories to properly resell it all.
Business Assets With Strong Resale Value
Once you have an idea of what you can sell from your business, it’s time to find the best ways to do so.
These six categories represent the highest-value assets that any business owner can work with, now or in the future. In other words, assets can become money at any time with the right approach.
1. Business Equipment
Business equipment is a vast topic, but everything within this category is typically a viable and valuable asset. Here, your assets will depend on your industry. If you’re in manufacturing, for example, machinery may be your biggest asset. If you’re a bookstore owner, the books themselves will hold high value.
Equipment and resources include any form of technology, including payment tools. From cash registers to credit card readers, everything holds potential value. Old or new, you’re likely to find buyers for computers and phones. Include any smart tech, too. Light sensors and smart thermostats can sell well.
When it comes to selling these assets, finding a buyer may seem intimidating. Luckily, online resources provide the help you need. On a site like OfferUp, you can enter your location and use the business equipment filter to list or buy items. There are other categories as well.
One thing to keep in mind with business equipment is the taxes. Typically, you’ll owe taxes for these assets when you sell for a gain or if there’s a depreciation loss deduction. Otherwise, you’re all set.
2. Vehicles
Though you can consider vehicles under the broader category of business equipment, they require their own unique form of consideration and selling. Across industries, vehicles are invaluable due to their versatility. Your vehicle assets could include something as straightforward as a car or something smaller like drones.
The resale value of vehicles is often higher in industries like manufacturing, construction, weather, and any form of transportation. No matter your industry, find the vehicles you own and use them as primary assets.
With each individual vehicle that’s under your ownership, you’ll need to figure out a few numbers. The initial cost of the vehicle, how much you purchased it for, remaining warranty, fuel efficiency, and mileage will be some of the biggest factors. They’ll help you understand the current value and how much of an asset the vehicle will be.
If you find that the vehicle’s value isn’t enough, you can try to repair it. Of course, if a vehicle is too far gone, it may be wiser to sell it to a scrap yard or sell the parts individually. This can be one of your strongest business assets with strong resale value.
3. Tangible Property
You can break property ownership down into two different categories — tangible and intangible. On the tangible side of things, your property may include plots of land and buildings. Your property may include smaller things like public works, though, so make sure you account for it all.
When you work with real estate agents or contractors to sell these properties, you’ll need to have some information ready beforehand.
Similar to vehicle assets, you’ll need to know how much you purchased the property for initially as well as any funded changes you’ve put into it over time. Then, you’ll be better able to calculate how much to sell it for.
If you don’t solely own the property, you’ll have to discuss a compromise with the other owner or owners. Some solutions include selling your shares, having everyone sell, or keeping your ownership.
Remember that leases and purchases will warrant different valuations and sales tactics. Consulting professionals is an ideal step, but have an idea of the asset’s value ahead of time.
4. Intangible Property
On the other side of property ownership, you may have intangible assets. These assets have some sort of value that you can relinquish, obtain immediately, or sell. Leases, contracts, client lists, patents, accounts receivable, and copyrights or trademarks — these are the main areas for this category.
Another intriguing subcategory here is intellectual property. Anything from project designs to company plans will fall under this topic. These are the assets to which you’d apply copyrights and trademarks. Essentially, whatever you have created on your own belongs to you and can be an asset that you keep or sell.
It may be in your best interest to sell off intellectual property if you’re switching industries or retiring. However, with intellectual and intangible property, it’s critical to know where to draw the line. If you can take your concept with you when you transition, it’s best to keep it to yourself — it could bring more financial prosperity over time.
5. Investments
Investments are similar to intangible assets in that you might not always be able to initiate a physical transfer of the asset. However, investment-based assets are more long-term than the above intangible ones. These assets should accrue value over time. Your stock investments are perhaps the most prominent example in this category.
Investments differ from every other asset on this list because you can take them in a few directions. Although you’re looking to sell, putting more money into any relevant assets could bring about future success. Remember that stocks can nonetheless be volatile at times, especially depending on the industry.
Cryptocurrencies like Bitcoin are notoriously volatile, sometimes drastically changing in value by the second. You may want to research the stocks specific to your business before you sell or invest.
Other investments include exchange-traded funds (ETFs) and employee stock ownership plans (ESOPs). These two each bring in impressive value and, sometimes, tax benefits as well.
6. Miscellaneous
You’ll likely have some miscellaneous assets left over after you work your way through the above categories. They might include supplies, furniture, art, unique tools, and everything else that you can sell. Every bit adds up, and if these items would go to waste anyway, it’s best to sell them off if you can.
How you sell these assets will depend on what they are. If it’s something like tech supplies, you may be able to use reselling websites like OfferUp. Other times, you can partner with local businesses to support one another.
Tips to Keep in Mind
While delving into the realm of asset reselling, it’s important to keep a few things in mind.
First and foremost, you must know when you’ll owe taxes. Business equipment of any kind is the most likely area where you’ll owe taxes. On top of those taxes, though, you’ll want to take some proactive steps.
Assets have a tendency to depreciate. Your stocks can lose value, and physical property can become run-down. In these instances, you’ll want to repair the asset as best you can before selling. Stocks and intangible assets may be more difficult to increase the value of, so focus on what you can actively accomplish.
Keep thorough records of all your assets, too. From start to finish of the business — or while owning specific assets — you should know exactly what is in your possession and how much it’s worth. From these records, you can then sell them for a fair market price and continue on your way to profitability using your assets.
Progressive Entrepreneurship
These six categories represent the best areas to receive high values from your assets. Though you may not own assets in each one, it’s critical to focus on the areas in which your business excels. If you have plenty of project plans and concepts lingering around, then that might be the direction you start in. Otherwise, equipment is always a safe place to begin.
The time is now to turn regular business ownership into separate assets — and then into profits.
