The primary thing we have found when dealing with this type of equipment appraisal is focusing on the larger equipment. Another key thing is working very closely with your Attorney and CPA to establish exactly which items you want to hold in the company for flexibility through the transition.
We have seen that an average equipment value of $2,500 and up needs to have its own line item on the appraisal. Smaller items such as hand tools, furniture, and electronics can usually be lumped into general categories to save both time and cost on the equipment appraisal.
We also find that having the CPA or Attorney hire us helps establish an arms-length transaction in case there is ever any future disputes about the equipment appraisal.
In Retirement / Succession, an Equipment Appraisal is many times Required or Needed.
Here are some primary things you need to consider: