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Quick Overview and Key Points about Equipment Appraisals

Quick Overview and Key Points about Equipment Appraisals

Intro: The Quick Overview of Equipment Appraisal 101

Short and in Simple Terms - We try to get to the point.

We are going to take a deep dive into each side of the equipment appraisal. We will look at how the appraisal should be handled from the perspective of the business owner. Although sometimes we feel like it, we are NOT Psychologists or Psychiatrists. We will do everything we can to keep the emotion out of this guide and just give you the facts.

Warning: We are going to tell you what you need to hear - NOT what you want to hear.

Notes: Watch for keynotes about that specific topic to avoid traps, litigation issues, and overlooked issues.

We will then share with you best practices on how to proceed with an equipment appraisal. How to hire the appraiser, what questions to ask, and how to prepare for the site visit. We are also including some simple tools and tricks to make the appraisal go smoother.

This guide consolidates years of best practices, external resources, and written section to provide a dynamic learning experience.

At Expert Equipment Appraisal, we understand that business owners, lenders, attorneys, and accountants face incredible challenges, and are pressured by time constraints and compliance issues. It doesn’t matter if this is your first Equipment Appraisal or your 10th, and you are a master at the process – this guide will take you through the step-by-step process of setting up and executing an Equipment Appraisal that will be in perfect compliance, save you time, and cost you less.

KEY POINTS of Equipment Appraisal 101 - on 1 PAGE

For Business Owners:

  1. Use the Proper Value Level - The Situation Changes the Level
  2. Only Certified Equipment Appraisers have the Court Compliance You need
  3. Depreciation Value does not equal Market Value
  4. Choose a Desktop or On-Site Appraisal - they each have benefits
  5. Lenders will generally discount a Fair Market Value to some present number, Sidetrack this by having the appraiser give you all 3 values.
  6. Remember, the equipment is not New, and Equipment prices have fallen nearly 30% since 2007 - Be realistic in your expectations.
  7. In a Court Battle, Arbitration will save both of you lots of money - the only people who make money on extra appraisals are the appraisers and the attorneys who fight over them.
  8. A solidly prepared asset list / equipment list using our forms will save you massive time and costs with appraisers.
  9. Give yourself enough time for the Appraisal - Yes you are probably going to need one - you may as well have the thing done well before you get into heavy negotiation.
  10. Don't forget the Small Tools, Furniture, Fixtures, Electronics, & Support Items
  11. Appraisals are expensive - DO IT RIGHT THE FIRST TIME.

BUSINESS OWNERS - Welcome to Class

We are not going to go deep into the details of why you need an equipment appraisal - your lender, accountants, or lawyer has probably already done that at his normal hourly rate.

You're More Worried about "How much is this going to cost me and will the numbers be right"

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