Oakland bankruptcy equipment appraiser
Bankruptcy Equipment Appraisals: 5 Steps to Saving Money – Part 2
Part 2 of 2: Photographs, Inspection Efficiency & Accredition
Last week, we introduced 5 steps to saving money on an equipment appraisal and investigated the first 2. This week, we’ll finish up the 2-part series by focusing on the final 3 steps of the 5:
- Creating a thorough asset inventory spreadsheet
- Providing complete equipment information
- Taking useful equipment photographs
- Planning for maximum inspection efficiency
- Working with an experienced, qualified appraiser
While Step 3, Photographs, may be optional, Steps 4 & 5 are critical for every single equipment appraisal — whatever the reason for the appraisal!
Bankruptcy Equipment Appraisals: 5 Steps to Saving Money
Part 1 of 2: Investory & Information
Eventually during a bankruptcy process, the Bankruptcy Attorney will advise procuring a Bankruptcy Equipment Appraisal Report. While this may seem like just one more expense, a USPAP equipment appraisal is critical to your bankruptcy process, whether you own an agricultural business, a manufacturing plant, factory, construction or excavating business, or a speciality production shop.
You already know how important it is to get an experienced qualified equipment appraiser to provide an appraisal report, and a previous post suggested how to get an estimate on how much the appraisal will cost.
Choosing a Bankruptcy Equipment Appraiser
When your Bankruptcy Attorney requests an equipment appraisal, it’s usually up to you to find a qualified equipment appraiser. And as you might suspect, not all machinery & equipment appraisals are created equal!
When you need an appraisal for your bankruptcy—or any other reason, for that matter—be sure that the equipment appraisal company you choose meets the four important qualifications of Accreditation, Experience, USPAP Education and Approval of your Bankruptcy Attorney.
Professional Accreditation
A professional equipment appraiser has the expertise, certification and knowledge to conduct an independent, third-party machinery and equipment appraisal. When you work with an equipment appraiser accredited by the American Society of Appraisers, you can be confident that you’ll receive a summary appraisal report with substantiated and realistic values.
Bankruptcy Equipment Appraisals: Get Legal Advice Early
Bankruptcy equipment appraisals in the Sacramento and Northern California area are not my favorite part of the equipment and machinery appraisal business; nevertheless, I regularly find myself on the phone with either a business owner or a bankruptcy attorney, working out the details for a Forced Liquidation Value equipment appraisal for an agricultural business, a manufacturing plant, factory, construction or excavating business, or a speciality production shop.
If you’re a business owner wondering whether it’s time to talk to a equipment appraiser regarding an appraisal of your business assets and equipment–whatever kind of business you may be in–do yourself a favor and call a bankruptcy attorney before you call me.
