Last week the court ordered my small business to liquidate. This is after 3 years litigation with my business partner who was going to purchase my shares and could not come up with the funds to due so. Thats the short story.
We are to agree on a liquidator, I have no clue (nor does the person I spoke with at the SBA) who, what or where to find this person. My lawyer told me in court that I should find this person to save on fees. This is a small metal working shop.
Intellectual Property Law Attorney
Just Google "business liquidator chicago" and you will find one nearby.
What: Liquidators basically take your inventory for a lump sum payment and then they try to make money by reselling it at a higher price than they pay you.
Why: To get money faster and sometimes in greater amount.
Who: Do you have a Big Lots store near you - that's a liquidation retailer, probably the country's biggest with 1400+ stores. See http://en.wikipedia.org/wiki/Big_Lots
Here is one for example http://www.chicagoliquidators.com/ They will quote you online (or call if they have questions.)
Look to see what sort of items they primarily handle. Some liquidators specialize in certain types of inventory. For a small metalworking shop, you would do best with a specialty liquidator.
For you, I think PPL Group is likely to be the best choice. Their CEO comes from the metalworking industry. http://www.pplgroupllc.com/Bios.html I think they will end up giving you the highest quote.
Another local choice is Liberty Machining Company , as they are in Chicago (which cuts their transportation costs) and they specialize in metalworking equipment. http://www.libertymachinery.com/
Hilco Trading is yet another. http://www.hilcotrading.com/HoldingCompanySeniorExecutives.asp
Liquidators will give you an estimate. So get a few before choosing.
I am not your lawyer and you are not my client. Free advice here is without recourse and any reliance thereupon is at your sole risk. This is done without compensation as a free public service. I am licensed in IL, MO, TX and I am a Reg. Pat. Atty. so advice in any other jurisdiction is strictly general advice and should be confirmed with an attorney licensed in that jurisdiction.