How to Become an Auctioneer

Professional auctioneers work hard at their craft and the job involves hours of practice and training.  To find more information on the profession, the National Auctioneers Association (NAA) is a great resource.  Founded in 1949, they are the world’s largest association dedicated to professional auctioneers and represent individual auctioneers servicing a wide range of industries.

The NAA recommends that anyone interested in becoming an auctioneer starts attending auctions to get an idea of the profession, and if still interested, to find an auctioneer school.  Their website publishes a comprehensive list of schools throughout the U.S., Canada and across the globe.

An auction school teaches students the art of bid calling as well as provides training on how to start and operate an auction business.  They show students the best ways to market their services along with sale’s techniques.  Many auction schools have websites so you can take a look at the requirements and curriculum for schools in your area.

Looking at a website for one school in New England, they state that all of their instructors are professional auctioneers.  Their program consists of 80 hours of coursework that meets or exceeds the New England States’ educational requirement as well as many other state’s requirements.  The curriculum focuses on auction law and professional ethics along with personalized bid calling and coaching.

To give an example of the requirements for the New England States, you need 80 hours of certified course work that includes 50 hours of core curriculum and 30 hours of optional curriculum. Core curriculum subjects are Auction Law and the Uniform Commercial Code, Ethics, Contracts and Legal Matters, Accounting Procedures, Advertising, and Bid Calling. Their licensing requirements meet or exceed the requirements of most of the 50 states for certification, and they also have reciprocal licensing agreements with many states.

Also the NAA offers its members continuing educational programs and resources to help them advance in the profession.  The organization’s other benefits include access to the Online Networking and Mentoring Forum and an opportunity to attend conferences and shows.  All members of the NAA abide by a strict Code of Ethics.

Sources:

auctioneers.org/schools

For over 60 years, Rabin Worldwide has been assisting companies with creating liquidity through innovative solutions. We specialize in complex manufacturing facilities with idle or marginally productive assets. Rabin’s operations include selling surplus individual items, entire plants, or multiple plant locations by auction or liquidation and much more. When you need to sell assets, realize your maximum value by using the services of highly experienced commercial liquidators.

Take a Try at Selling or Buying at Auction

If you are looking to sell surplus equipment or would love to buy someone else’s, why not try an auction.  Auctions present a great opportunity for companies to quickly obtain needed capital and are an excellent way to purchase additional equipment.  It is prudent to use the services of a reputable auction house and Rabin Worldwide is just such a firm with a history of over 60 years in the industry.

Our longevity means we have experience in nearly every facet of industrial equipment.  Rabin provides services that are tailored for large companies as well as expertly handle sales for smaller businesses.  One example of an auction we recently completed was for the Jones Brothers Construction Company, under our construction and mining division.

For the Jones Brothers’ auction, Rabin provided our buyers all the needed information along with a selection of high-quality photos for each item listed.  Their auction as well as all Rabin auctions listed details on the equipment that included model and serial numbers, manufacturer, and age of the equipment.  When it was useful, numerous pieces of equipment had videos showing them in operation.  Furthermore we gave potential buyers the information on where the equipment was located and the amount of operational hours the piece had logged.

For our buyers, we make it easy to get started.  Rabin’s online site lists the opening bid and reserve amount along with details on when the live bidding opens and when the proxy bidding opens.  There is a link on each auction page that takes you directly to our easy registration process.  We do caution that you allow at least one business day for your bidding registration to be approved.  For any further questions, please contact your Ad Representative or call Auction Customer Support at 800-334-7443 or 402-479-2119.

 

What is the Best Type of Sale for Liquidating Assets?

If you are in the process of closing a business or need to sell surplus equipment or machinery, you may want to know what is the best way to sell assets in order to get maximize value. The answer depends a lot on your particular circumstances but generally there are several options available and sometimes a combination of methods may be used. Often a decision is based on the amount of time a company has in which to obtain the funds. Two commonly used methods are liquidation sales and auction sales.

In situations where speed is not a requirement and a sale can be held over a longer period of time such as weeks, months and sometimes even years, liquidation sales are effective. Without the need to rush, assets can often be sold for a higher amount. The process can provide both the buyers and sellers a chance to negotiate on the price.

An auction sale is done over a much quicker timeframe. Typically an auction can be completed in about 90 days. Commercial and industrial auctioneers have integrated the convenience and technology available on the Internet to allow auctions to be open to bidders from around the world. Many traditional auction companies offer their customers simultaneous in-person and online bidding opportunities. While auctions sales may not get as high of a price for assets as liquidation sales, they do have the advantage of getting capital into the hands of a business much quicker.

Before you proceed on your own, you may want to consider using the services of a professional asset recovery and disposition firm. Enlisting the assistance of experts can be invaluable in your efforts to obtain maximum value for your assets. They can help you to decide on the best course of action for your business and fully explain the process. Be sure to use a reputable firm and chose one that has experience with your industry.

Rabin Worldwide is an international company that specializes in creating liquidity for complex manufacturing facilities with idle or marginally productive assets. Rabin’s operations include selling entire plants, multiple plant locations, or surplus individual items by auction or liquidation and much more. Past auctions include names such as Hostess, Braniff Airlines, Montgomery Ward, and the Railway Express Agency. Please contact us to discover how we may assist with your asset liquidation process. Rabin is headquartered in San Francisco with a European subsidiary office in Manchester, United Kingdom.

Rabin Live Auctions

Rabin Worldwide onsite auctions offer bidders an opportunity to participate from wherever they have a computer.   We generally use one of the following two platforms for online bidding and will indicate on the auction announcement page which system is being utilized for a particular auction.  It will be either our proprietary online system, RabinLive, or Bidspotter, a third party online bidding system.  We supply all the information on how to bid and what the requirements are for your computer.

A RabinLive auction is both a live auction and an online auction.  It takes place simultaneously in real time between bidders on the floor at the live auction and bidders online using our bidder’s console.  In order to participate, you must be registered for that sale and can register either online or in person at the auction site.  A credit card is required to register and a form of deposit.  You will then be given a bidder number.

Even if you registered for the live auction site, you can still register to become an online bidder if your situation changes and you cannot attend the live auction.  The process is easy and you will only need your e-mail address and credit card information during the registration process.  Once completed, go to rabin.com and click on “Buy” at the top of the screen. Look for the auction and click “Register to Bid”.  It will walk you through the registration process.  Once you have successfully completed the process, you will see a “Bid Now” button. Click on the button to get to the bidder’s console.

For more information regarding Rabin auctions, see our website or talk to one of our sales representatives.  We make our auctions both easy and fun to participate in.

For over 60 years, Rabin Worldwide has been assisting companies with creating liquidity through innovative solutions. We specialize in complex manufacturing facilities with idle or marginally productive assets. Rabin’s operations include selling surplus individual items, entire plants, or multiple plant locations by auction or liquidation and much more. When you need to sell assets, realize your maximum value by using the services of highly experienced commercial liquidators.

 

History of Auctions

According to Wikipedia, the term “auction” comes from the Latin word augeō which means “I increase” or “I augment.” Although auctions were not all that common historically, they do date back to 500 B.C. Early records from the Greeks indicate that auctions were used to sell women for the purpose of marriage.

Later the Romans used auctions as a method to sell off the goods and property confiscated in battle or to sell prisoners of war into slavery. The Romans were also one of the earliest liquidators and commonly used the practice to sell off the assets of debtors.

By the seventeenth century auctions were becoming a common practice. The Stockholm Auction House (Stockholms Auktionsverk) was the first auction house to open in 1674 in Sweden. The renowned Sotheby’s, presently the world’s second-largest auction house was founded in London in 1744 and held their first auction for a collection of rare books. Today’s largest auction house in the world is Christie’s, located in London, who published their first catalog in 1766.

In America, the Pilgrims began the tradition of selling crops, imports, livestock, and property during the early colonization period back in the 1600’s. It was an efficient method of converting assets into capital. Fur was also auctioned off and Europeans traveled specifically to take part in the sale. Later, auctions were common during the Civil War to sell confiscated goods.

The 1950’s saw a rebound in auctions throughout the world. The demand for goods was high and auctions produced quick results. Today auctions have come a long way. With the advancement of technologies on the Internet, auctions now have the ability to reach a far greater network of buyers throughout the world.

Sources:
auctioneers.org/education
en.wikipedia.org/wiki/Auction

Rabin Worldwide is an international company that specializes in creating liquidity for complex manufacturing facilities with idle or marginally productive assets. Rabin’s operations include selling entire plants, multiple plant locations, or surplus individual items by auction or liquidation and much more. Past auctions include names such as Hostess, Braniff Airlines, Montgomery Ward, and the Railway Express Agency. Please contact us to discover how we may assist with your asset liquidation process.

When a Business Closes, Steps to Liquidating the Assets

Once the decision is reached to close a business, there are some steps to take as an owner of the company. Even if the decision to close is voluntary and not a forced liquidation, you will most likely want to sell off the company’s assets. It is recommended that before you do anything, have a plan in place and consult with your tax advisor and attorney. Also keep in mind; in many cases you will need the consent of your creditors before you proceed.

One of the first things you can do to get started is to make a list of all the property the business owns along with the equipment and machinery, office furniture, technical devices, and vehicles. While doing so, take photos, note the condition of the asset, age, maintenance history and repairs, and warranty information. Any of your assets that are worn out or obsolete should be donated and used as a tax deduction or recycled if possible. On leased equipment, inquire as to the amount still owned and consider buying it outright if you know it can be sold for a higher amount.

Add to your list any intangibles assets you may have that are of value such as trademarks or patents. Also your competitors may be interested in any favorable contracts you have with suppliers as well as your list of customers and business contacts.

At this point, a company that specializes in asset recovery and disposition services can be beneficial as you may not have the time or the expertise to efficiently handle this part of the process. Look for a company that has a proven track record. They will be able to provide you with professional appraisals of your assets, and if you wish, also assist with the actual liquidation process. Furthermore talking to professionals can help you to determine what type of sale makes the most sense for your business.

Rabin Worldwide is an international company that specializes in creating liquidity for complex manufacturing facilities with idle or marginally productive assets. Rabin’s operations include selling entire plants, multiple plant locations, or surplus individual items by auction or liquidation and much more. Past auctions include names such as Hostess, Braniff Airlines, Montgomery Ward, and the Railway Express Agency. Please contact us to discover how we may assist with your asset liquidation process.

Why So Many New Businesses Fail

While there may be some debate as to the frequency and length of time it takes, the fact is that many new businesses fail. There are a variety of reasons for this and even well-established companies struggle to stay relevant. According to an article in Analytics Magazine, “Of the original Standard and Poor’s (S&P) 500 List created in 1957, just 74, or only 15 percent are on the list today.” Furthermore of the 74 that remain, only 12 have outperformed the S&P index average.

So why do new businesses have such a high risk of failure? Experts point to the fact that many new companies do not start out with a solid business plan. Before turning an idea into a business, a considerable amount of research needs to be done. The data should include information on the product’s target audience and current market demand as well as the projected potential for growth in the future. Additionally an efficient delivery system must be developed in the early planning stage that gets the product easily into the hands of the consumer.

Upfront there needs to be an honest evaluation of the kind of competition the business will face and a realistic assessment of start-up costs along with any legal requirements that must be met. To save money, future business owners should determine if equipment can best be purchased through liquidation sales, at auction, or leased. Also most new companies require technology so remember to include that into the start-up costs.

Once the business is started, be aware of overreaching by expanding too early or too large and always have a cash reserve on hand in the event of an emergency. Keep operational cost low and do not make the mistake of paying out more than you can afford on rent and labor. Lastly, keep in mind that some types of businesses do have an even higher rate of failure such as independently owned restaurants or tech companies.

* http://www.analytics-magazine.org/may-june-2012/577
* http://www.moneycrashers.com/reasons-business-failing-companies/

Rabin Worldwide is an international company that specializes in creating liquidity for complex manufacturing facilities with idle or marginally productive assets. Rabin’s operations include selling entire plants, multiple plant locations, or surplus individual items by auction or liquidation and much more. Past auctions include names such as Hostess, Braniff Airlines, and the Railway Express Agency. Please contact us to discover how we may assist with your asset liquidation process.

Need to Sell Surplus Equipment?

If you need to sell surplus equipment and machinery, we suggest you enlist the services of experienced professionals who can help you to realize maximum value for your assets. At Rabin we specialize in assisting companies such as yours with selling idle or unproductive assets which allows you to obtain capital that can be reinvested back into the business or used to pay off creditors.

Keep in mind that unused equipment is money just sitting around. By selling the surplus equipment, you not only bring cash back into the business but it can eliminate the chance of having equipment sit idle only to have it become outdated or obsolete. Also in many cases, the pieces are large and storing them takes up valuable floor space that could be put to better use.

Sure we know that you can try and sell your equipment or machinery on your own but the benefits of using a highly reputable firm are numerous. For one thing, Rabin’s asset valuations are relied on by financial institutions and corporations throughout the world. Our team has experience in nearly every industrial sector and can appraise your machinery to give you a realistic value that is based on our own actual sales or sales in the marketplace.

With our decades of experience in the business, Rabin has assembled an impressive international buyer base and we are experts at getting assets into the hands of buyers who need them. We recover assets through liquidation sales or by auction and our services allow you to stay focused on running your business while we take care of getting you the best value for your idle equipment or machinery. Check out our website to see what the best options are for your company or contact us directly.

Rabin Worldwide is an international company that specializes in creating liquidity for complex manufacturing facilities with idle or marginally productive assets. Rabin’s operations include selling entire plants, multiple plant locations, or surplus individual items by auction or liquidation and much more. Past auctions include names such as Hostess, Braniff Airlines, Montgomery Ward, and the Railway Express Agency. Please contact us to discover how we may assist with your asset liquidation process.

Is It Time to Liquidate?

Forming a business is a significant accomplishment in anyone’s life, which is why it can be traumatic when the business starts to fail. There are situations where a financial collapse happens very quickly but generally there have been warning signs that occur over a period of several months or perhaps over a number of years. That is why experts warn that as an owner or director of a business, you cannot afford to ignore or miss the signs of an approaching financial disaster.

In the event your business has reached the point of no return, it is your responsibility along with the shareholders to do something about it. Educate yourself on the options that are available as the more you understand the process, the easier it will be tackling all of the problems. Every country throughout the world has its own set of rules and regulations regarding insolvency proceedings, but in this blog, we will deal with the U.K.

Once insolvent, a company is better off taking a pro-active, realistic approach and moving toward liquidating the business before creditors can take action against it. This is where a “creditors’ voluntary liquidation process” (CVL) may be your next logical step as the company can no longer meet its financial obligations and is unable to pay creditors. In order to be legal binding, a CVL has to receive the approval of the majority of shareholders. At this point, an authorized liquidator will be appointed and form a plan for the liquidation process to go forward. The company must then follow the plan and disclose all required financial records.

There are many companies that specialize in assisting businesses through bankruptcy, insolvency or corporate restructuring and Rabin Worldwide is a recognized leader in the industry. Since liquidating assets is an essential part of insolvency, using a company that has the resources and expertise to address all of your asset disposition needs is a smart thing to do.

Rabin Worldwide is an international company that specializes in creating liquidity for complex manufacturing facilities with idle or marginally productive assets. Rabin’s operations include selling entire plants, multiple plant locations, or surplus individual items by auction or liquidation and much more. Past auctions include names such as Hostess, Braniff Airlines, and Montgomery Ward. Please contact us for a free, private consultation concerning professional services for asset valuation and liquidation.