Asset management specialists are liquidators who take physical possession of company assets, such as business equipment, in order to sell it to consumers and business owners at discounted prices. The specialists get the assets to sell primarily from bankruptcy courts, mortgage lenders and banks, and lease companies. Some examples of assets up for liquidation often include computer equipment, mobile equipment, and furnishings. Their jobs consist of valuation of the assets, physical recovery of the company assets, and reselling them to the public. Specialists also provide consulting to companies that want to liquidate their own assets or the assets that belong to others that they have legal interests in.
Doing appraisals is a major aspect of the duties and responsibilities of asset management specialists. They must use business valuation processes and procedures to determine the market value of the assets they will possess. A background in finance and business often makes individuals who want to work in the industry more marketable to clients and companies looking to hire specialists.
Leasing companies often need assistance with removing assets from their premises when a lease expires. Failed companies may be obligated to leave their possessions with lease companies. For example, a business may sign a lease agreement stating that the lease company has collateral rights in the company assets and may take possession of it if the business defaults on the lease. Large companies or a lease company with many tenants may not have the time or equipment and tools necessary to recover and dispose of the property. These companies often hire asset management specialists to do the work for them, beginning with pricing the assets and ending with getting the cash from liquidated sales.
Bankruptcy courts also utilize asset management specialists to recover and sell company assets on behalf of creditors. Many creditors do not want to take possession of the collateralized property or the company assets that they have an interest in due to the debtor’s default. Courts are not in the business of selling business equipment, and they rely on the specialists to go through the process and obtain the monies. Specialists may also provide counseling to clients on bankruptcy asset protection. For example, companies that contemplate filing for bankruptcy may seek advice from asset management specialists on the best way to protect company assets during the proceedings and prevent them from being liquidated.