Asset management specialists are liquidators who take physical possession of company assets, such as business equipment, in order to sell them at a discount to consumers and business owners. Bankruptcy courts, mortgage lenders and banks, and lease companies are the primary sources of assets for the specialists to sell. Computer equipment, mobile equipment, and furnishings are some of the assets that are frequently liquidated. Their responsibilities include asset valuation, physical recovery, and resale of company assets to the general public. Companies that want to liquidate their own assets or the assets of others in which they have legal interests can also consult with specialists.
Appraisals are an important part of asset management specialists’ duties and responsibilities. To determine the market value of the assets they will own, they must use business valuation processes and procedures. Individuals who want to work in the industry often have a background in finance and business, which makes them more marketable to clients and companies looking to hire specialists.
When a lease expires, leasing companies frequently require assistance in removing assets from their premises. Failed businesses may be forced to leave their assets with leasing companies. A company may, for example, sign a lease agreement stating that the lease company has collateral rights in the company’s assets and may seize them if the company defaults on the lease. Large corporations or leasing companies with a large number of tenants may not have the time, equipment, or tools to recover and dispose of the property. These businesses frequently hire asset management specialists to help them with everything from asset pricing to cash flow from liquidated sales.
Asset management specialists are also used by bankruptcy courts to recover and sell company assets on behalf of creditors. Due to the debtor’s default, many creditors do not want to take possession of the collateralized property or company assets in which they have an interest. Courts aren’t in the business of selling business equipment, so they rely on professionals to guide them through the process and collect the funds. Clients may also receive bankruptcy asset protection advice from specialists. Companies contemplating bankruptcy, for example, may seek advice from asset management experts on the best way to protect company assets during the bankruptcy proceedings and avoid them being liquidated.