I’m NOT going out of business, but there are balloon businesses who have to liquated and sell-off balloon inventory and equipment because of COVID, government regulations, and the economy.
These balloon entertainment and decorating companies are now facing a new challenge. With that said, I took the liberty to write a blog post showing how to liquated and sell-off balloon inventory and equipment along with how to market your inventory to potential buyers.
Closing Down A Balloon Store/Business
For some, closing a balloon business causes sadness, and for others, it’s the start of a new adventure and career. Now comes the question of how to quickly and efficiently sell-off balloon equipment and inventory?
Here are the 12 things you need to do when selling your balloon business and inventory.
- Gather up all manuals and receipts for balloon equipment purchased. Prospective buyers will ask questions about the equipment, how old, what model, does it use these fitting?
- Present the balloon equipment as best as you can, which means taking well-lite photos. You want the best price possible and considering the buyer does have other purchasing options
- Price balloon equipment and supplies competitively as this is not a garage sale but a liquidation of business assets.
- Write an intelligent sales copy showing discount savings and the value the equipment will bring to a company when liquidating balloon tools. Show the buyer how you have used the device along with an example. For instance, here’s a balloon pump; this balloon inflator inflates X balloons per hour, which generates X profit for my business.
- Create a short video demonstrating how you use the equipment, why you purchased this particular tool, and how it has produced business for your balloon company.
- Catalog balloon inventory as open, closed, new, used, and broken. Buyers have a lot of questions, and it’s best to have all the answers at hand.
- Create a Google spreadsheet to list all information as possible, as this will be the master document that you and buyers will review when they purchase your balloon inventory and equipment.
- The sale price does not include shipping. The buyer will give you shipping instructions or might pick the item up at your location. Liquidation or closeout sales may be international, and the one ship option might not work for all buyers.
- One price vs. individual pricing should be the first thing discussed with industry buyers. Seek out other balloon companies that know the value of your supplies and equipment and negotiate a single buyout strategy.
- Industry vs. retail liquidation has a different price structure. The goal should be to sell all balloon assets off to one buyer, but this might not be easy. Have a going out of business sale, giving the general public a 20 to 30% discount. Industry buyers will be looking for inventory, used equipment, balloon framing, shelving, and other balloon tools that are all listed on your master spreadsheet. Give balloon industry groups your master spreadsheet to review.
- The sale of non-tangible objects like phone numbers, websites, social media sites, and customer data all have a dollar value. To the right buyer, these are excellent business investments.
- Keep all sales receipts as your tax accountant will ask for them, and you might be surprised that after the sale/liquidation of your balloon business, you’ve yielded a profit.
If you are a serious business person, closing/selling/liquidating a business is about getting the best value for your balloon supplies and equipment, unlike a garage sale where you’re planning to discard in the garbage or give to a charity.
Marketing A Balloon Store Closure
Create a liquidation calendar; this is a calendar defining who gets notified about the going out of business sale.
A company looking to buy your entire balloon inventory and equipment might need a week or two to finalize an offer and secure the finances for the purchase.
Whereas a smaller balloon company checks inventory stock may require a day to verify if they need what’s on your master inventory list.
Finally, the general public buys more on impulse and shops for balloons, as they need, and looks to buy one or two individual balloons.
- Call your local business and competitors as they know the value of good equipment and can sell your balloon supplies to the general public.
- Place closeout/liquidation notices in industry groups and links to your master inventory spreadsheet.
- Have a public going out of business sale, send emails to customers, post on social media sites, contact local dollar stores, and place ads in classified business sections.
Developing a successful balloon business wasn’t done overnight, and neither is a successful business closing. Take your time, plan, and document as this will give the best results.