We are independent & ad-supported. We may earn a commission for purchases made through our links.
Advertiser Disclosure
Our website is an independent, advertising-supported platform. We provide our content free of charge to our readers, and to keep it that way, we rely on revenue generated through advertisements and affiliate partnerships. This means that when you click on certain links on our site and make a purchase, we may earn a commission. Learn more.
How We Make Money
We sustain our operations through affiliate commissions and advertising. If you click on an affiliate link and make a purchase, we may receive a commission from the merchant at no additional cost to you. We also display advertisements on our website, which help generate revenue to support our work and keep our content free for readers. Our editorial team operates independently of our advertising and affiliate partnerships to ensure that our content remains unbiased and focused on providing you with the best information and recommendations based on thorough research and honest evaluations. To remain transparent, we’ve provided a list of our current affiliate partners here.
Finance

Our Promise to you

Founded in 2002, our company has been a trusted resource for readers seeking informative and engaging content. Our dedication to quality remains unwavering—and will never change. We follow a strict editorial policy, ensuring that our content is authored by highly qualified professionals and edited by subject matter experts. This guarantees that everything we publish is objective, accurate, and trustworthy.

Over the years, we've refined our approach to cover a wide range of topics, providing readers with reliable and practical advice to enhance their knowledge and skills. That's why millions of readers turn to us each year. Join us in celebrating the joy of learning, guided by standards you can trust.

What are Asset Management Specialists?

By Daphne Mallory
Updated: May 17, 2024
Views: 5,535
Share

Asset management specialists are liquidators who take physical possession of company assets, such as business equipment, in order to sell it to consumers and business owners at discounted prices. The specialists get the assets to sell primarily from bankruptcy courts, mortgage lenders and banks, and lease companies. Some examples of assets up for liquidation often include computer equipment, mobile equipment, and furnishings. Their jobs consist of valuation of the assets, physical recovery of the company assets, and reselling them to the public. Specialists also provide consulting to companies that want to liquidate their own assets or the assets that belong to others that they have legal interests in.

Doing appraisals is a major aspect of the duties and responsibilities of asset management specialists. They must use business valuation processes and procedures to determine the market value of the assets they will possess. A background in finance and business often makes individuals who want to work in the industry more marketable to clients and companies looking to hire specialists.

Leasing companies often need assistance with removing assets from their premises when a lease expires. Failed companies may be obligated to leave their possessions with lease companies. For example, a business may sign a lease agreement stating that the lease company has collateral rights in the company assets and may take possession of it if the business defaults on the lease. Large companies or a lease company with many tenants may not have the time or equipment and tools necessary to recover and dispose of the property. These companies often hire asset management specialists to do the work for them, beginning with pricing the assets and ending with getting the cash from liquidated sales.

Bankruptcy courts also utilize asset management specialists to recover and sell company assets on behalf of creditors. Many creditors do not want to take possession of the collateralized property or the company assets that they have an interest in due to the debtor’s default. Courts are not in the business of selling business equipment, and they rely on the specialists to go through the process and obtain the monies. Specialists may also provide counseling to clients on bankruptcy asset protection. For example, companies that contemplate filing for bankruptcy may seek advice from asset management specialists on the best way to protect company assets during the proceedings and prevent them from being liquidated.

Share
WiseGeek is dedicated to providing accurate and trustworthy information. We carefully select reputable sources and employ a rigorous fact-checking process to maintain the highest standards. To learn more about our commitment to accuracy, read our editorial process.

Editors' Picks

Discussion Comments
Share
https://www.wisegeek.net/what-are-asset-management-specialists.htm
Copy this link
WiseGeek, in your inbox

Our latest articles, guides, and more, delivered daily.

WiseGeek, in your inbox

Our latest articles, guides, and more, delivered daily.