Asset recovery of industrial machinery is a critical process that businesses use to maximize the value of equipment that is no longer needed or has become obsolete. Properly managing asset recovery entails several important steps, and in this blog post, we will discuss three best practices that businesses can use to ensure a successful asset recovery process.
Maintain accurate records and invoices for all equipment.
Keeping accurate records and invoices of the equipment is one of the most important things businesses can do when it comes to asset recovery. Having detailed records of the equipment’s purchase date, warranty information, and maintenance history can help the new owner understand the equipment’s history, increasing the likelihood of a successful sale.
Furthermore, providing accurate invoices with itemized details of the equipment’s features, specifications, and condition can assist prospective buyers in making informed decisions. These records can also be used as evidence in the event of a dispute over the sale of the equipment, ensuring that the seller’s interests are protected.