subject: Video Production Business Tips - Sell Old Equipment and Software to Improve Cash Flow [print this page] Video Production Business Tips - Sell Old Equipment and Software to Improve Cash Flow
This may seem like a no brainer to most video business owners but I'm going to assume there are enough of you out there who are just like me. When it comes to video production equipment and software, once I buy it, I tend to keep it....FOREVER! The problem with this is that I only use about 10% of the stuff I own and the rest collects dust while depreciating more and more each day.
In the middle of looking for ways to cut costs around my studio and figuring out that my wife is making a killing on eBay selling her old clothes, jewelery, etc. the "DUH" moment hit me. Sell everything I don't use on a daily, weekly or at least monthly basis and sell it immediately!
Why?
For starters, the assets lose value every day they sit on the shelf. If I had sold my computers last year instead of this year, I probably would have been able to get $300 to $500 more than I can get for them now. I have cameras, edit software, video/audio cables, mixers, server racks, speakers, blah blah blah. Basically, I have enough crap (although good quality crap) to start 3 or 4 more full blown studios.
So, if you are looking for ways to generate some cash when no one is buying video productions, look around your studio to see what you absolutely can't live without...and sell the rest. Furniture, cameras, the 10,000 cardboard VHS tape cases you've kept for 5 years because you can't bring yourself to let them go, etc.
I figure I can put about $30,000 in my pocket once I get rid of all my junk. Now finding the time to get everything cleaned up and listed on eBay or Craigslist is another story. Perhaps a great job for an intern.
A word of caution though: Be careful not to sell anything that you are currently using as collateral against a bank loan. That can get you in a lot of trouble. If you aren't sure, ask your accountant or banker. They'll let you know what options you have. Also, if you sell things that have already been depreciated in your accounting records, you'll have to pay some type of tax for what is made on the sell. Your accountant will know so give them a call.
Now Pay Close Attention --
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