Restaurants thrive or fail based on timing. Everything needs to be choreographed perfectly to serve up an excellent customer experience. But what happens when time stops?
One of our restaurant clients was in the same boat as countless other businesses at the start of the pandemic. Faced with downsizing from COVID, the restaurant was experiencing cash flow issues. They were hemorrhaging money, stemming partly from storage costs on surplus equipment. To keep operations afloat, they needed someone to come in and stop the bleeding.
We worked with the client’s bank to coordinate a timely auction, meant to reduce an outstanding bank loan, as well as the amount of money running out the door. We arranged an online auction, got the equipment professionally moved, and worked to sell all the assets for the bank.
During an unpredictable period, the auction came just in time. The client eliminated both their storage costs and their rental payments by auctioning off all surplus equipment. Plus, the assets were cashed in to repay the bank loan.
With our help, time was back on the client’s side. If you find yourself needing to make a quick pivot, learn more about our auction services and reach out: Loeb Auction Process