Friday, June 21, 2024

Machinery and Equipment Appraisal: What You Need to Know:

Getting a professional appraisal of your company’s machinery, equipment, and other assets is highly recommended for several crucial financial, operational, and accounting reasons. Here’s what business owners need to understand about the equipment appraisal process and how it benefits your organization:

• Determines Fair Market Value – A certified appraisal from an accredited machinery and equipment appraiser provides the current fair market and insured replacement value of assets based on careful analysis of the model, age, condition, upgrades, maintenance records, and comparable sales. This helps set accurate asking prices for sales or mergers and acquisitions. It also ensures proper insurance coverage.

• Qualification for Financing – Lending institutions frequently require a formal equipment appraisal report to approve financing for purchasing equipment, machinery, or fleet vehicles. The appraisal confirms the loan amount accurately matches the assets’ worth should repossession occur. For SBA loans, a site inspection and appraisal is mandatory.

• Supports Accounting & Taxes – Knowing the up-to-date value of owned equipment and machines allows more accurate calculation of depreciation costs year-over-year. Equipment appraisals also provide the documentation needed to determine potential tax deductions available for equipment loss due to damage, theft, disaster, or obsolescence.

• Fair Value During Disputes – Appraisals prevent underinsurance and facilitate fair settlement of property loss claims. They also establish value for partnership dissolutions, estate planning, and divorces.

Overall, getting a certified appraisal from a reputable company ensures management and financial stakeholders have quality documentation validating the current fair market value of key machinery, equipment, and other business assets.

For full-service machinery and equipment appraisal from certified experts with over 25 years of experience serving the Northeast, BlueChip Asset Management is highly recommended. Their accredited personnel follow established appraisal standards to deliver comprehensive reports covering all aspects of determining genuine asset value for heavy equipment, machines, tools, vehicles, and manufacturing lines. Visit the BlueChip Asset Management website for details on their complete range of inventory and site inspection offerings across various industries. Allow their machinery and equipment valuation specialists to help you establish confidence in the present-day value of your essential assets. Accurate appraisals help you to make informed decisions. To get more information about them visit their website.

 

 

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