The IAA asked me to write an article for the Podium. I have been sitting here staring at the suggested topics for an hour. I do know a little bit about each one and was about to pick one when something inside helped me find ...
Posted by: kdove
1. National Auctioneers Association (NAA): As far as industrial machinery auctions go, what are you doing to survive and thrive?
Kirk Dove (KD): There seems to be no shortage of asset sale opportunities—lots of plant closings, downsizings, etc. Plus the successful companies that re-tool still need a disposition process for the equipment they are replacing. You just need to remain diligent and work the industries of interest to you.
2. NAA: What role does the auctioneer play today?
KD: The auctioneer’s role should ...Continue Reading →
Posted by: admin
We always try to advise our clients on the likelihood of success and use solid fundamental business acumen to operate in the realm of probability, not the realm of small possibilities. Lessons learned over time have taught Heritage Global Partners that the probability of selling closed facilities intact are usually low percentage endeavors and often time consuming missteps.
Over the years, there have been a thousand occasions where I have called on plant closings and heard, “Thanks for the inquiry, but ...Continue Reading →
Since China joined the world trade association nearly a decade ago, manufacturers in the United States have been the largest supporters of both outsourced manufacturing and plant relocation.
China has invested over a trillion dollars in U.S. debt, and its manufacturing success is directly tied to a vibrant North American economy and confident consumer spending. It’s not surprising that with the U.S. now acquiring over one-third of all export assets manufactured in China that the out growth is dual reliance.
When an ...Continue Reading →
We all know the volume of commercial property auctions swing with the macro real estate economy. When the market is hot, real estate auctioneers often are put on the sidelines. We look at the great listings on Loop Net and Co Star and say, “If we only had those properties in this market….” However, our business does not work that way. When brokers are receiving competitive multiple offers, and buyers are eagerly trading up, auctions rightfully take a back seat. ...Continue Reading →
It’s been twenty five years since we put my dad and grandfathers auction pushcart to rest. Although we pride ourselves on decades of advancement in auction methods, our first advance was an accidental good fortune.
In 1983 our legacy firm, Ross-Dove Company, was awarded the historic sale of Osborne Computers from the United States Federal Bankruptcy Court. When my father and I showed up early on auction day, the parking lot was over capacity. The crowd already exceeded a thousand people, ...Continue Reading →
Posted by: rdove
The lessons learned over the years, along with the miles traveled, have taught us at Heritage Global Partners that no two companies are alike. Each firm’s unique internal processes dictate their BPO agenda, strategy, and execution. We have seen very large multinational firms perform all asset functions from used equipment procurement to redeployment to disposition, and get excellent results from a completely in-house staff. We have also witnessed huge improvements in execution and cost savings by others using a totally ...Continue Reading →
Everyone in our industry has heard countless auctioneers get off the podium and utter the unsatisfying proclamation, “It’s worth what it’s worth,” or when they say, “That’s all they would pay,” or even worse, “I got every dollar in the room .”
Great auctioneers have one charter: get all the money into the room. Of course with technology advances, the room has expanded through the Internet and across our planet. Often the asset class is better suited for online events, and ...Continue Reading →
Although no two plants or projects are ever exactly alike, there are certain fundamental principles and procedures that always must be precisely executed to obtain optimal asset value. The purpose of this paper is to give future sellers of capital assets used in manufacturing straight forward and simple guidelines about how to proceed. These are procedures that govern vendors and are the battle-tested best practices of adopting practical guidelines that apply in every capital asset auction or asset brokerage.
Step One: ...Continue Reading →