Obsolete Equipment: Sell vs. Store
I recently came across an old photograph taken at an office where I worked. I had to chuckle at all of the office products that are missing from my business today. Times have changed! We no longer need a Rolodex, land line, 10-key calculator, stapler, CRT monitor, binders, photocopier, or bookshelves. Out with the old, and in with the new. This quaint saying isn’t just for spring cleaning. It also refers to obsolete equipment. Letting obsolete items pile up in a storage room, closet, or warehouse takes up valuable space. Additionally, the items potentially diminish in value the longer they’re held.
If it’s been several months or years since you used a particular piece of equipment, it is time to act. Essentially, selling obsolete equipment is one step on the path to more profitability. Smart business owners find ways to get rid of their excess, instead of writing it off.
Earn Money for Obsolete Equipment
Obsolete equipment can be sold in a variety of ways:
- Hire an auctioneer or liquidation company for big-ticket items
- Sell on internet-selling sites like Facebook Marketplace, eBay, Handshake, and Etsy
- Trade in the item and purchase a newer model
- Place the item up for public or private sale
Get Rid of Obsolete Office Equipment
In contrast to selling obsolete equipment, owners have additional options:
- Donate the item to a charitable organization, and potentially earn a tax deduction
- Deem the item worthless and demolish, recycle, or junk it. Write-offs are a common business practice. This strategy should be used if all else fails or if the item isn’t worth the trouble of selling. (A guide to recycling electronics in Wisconsin.)
Learn More Profitability Tips
Getting rid of excess equipment is a challenge facing many businesses. Liquidating goods while they still retain value is a proven technique to maintain profitability. For more solutions to your obsolete equipment challenges, contact us today. Prosperity Bookkeeping provides a variety of financial services, including bookkeeping/payroll solutions, cash flow advisory services and answers to DIY bookkeeping questions. We’ve worked on thousands of problems for hundreds of companies. I’m sure we can find a way to help you, too! Schedule a no-obligation consultation today.