How To: Source Items for Corporate Auctions
PHOTO COURTESY OF DAVID BARKOFF
A big part of David Barkoff’s job is sourcing items to sell in auctions. And not just a few things here and there – his company produces around 200 auctions every year. Here are his top 4 tips to keep that pace going.
Pay attention: “You'll watch tv or read a news article or hear something on the radio or a friend may say something–whatever I'm hearing will make me think about how I can apply it [to my job]. It’s things that you see and hear about in your everyday life.”
Listen for closings: “[Often, it’s that] somebody's getting laid off from their job. Or do you hear something on the news that XYZ company is closing or XYZ company is acquiring another company. You wouldn't really think about it other than, wow, that sucks that they're losing their job, or, wow, that's unfortunate. I sound like a vulture [and] it's almost cynical, but we didn't make those decisions. We didn't put those companies in that position. We're simply there as a conduit.”
Contact the company directly: “I will call both of those companies or I'll send an article to one of our guys to reach out. [We] generally [contact] the CFO's office or a controller or a plant manager or the head of manufacturing or the head of R&D or engineering. It's anybody in a role in finance, facilities, or manufacturing. The [contact] information is on their websites, all you really need is what their email address prefix is and what their name is and it's easy to find.”
Show up as a helpful partner: “We help sell assets to [either] pay employees [or] to pay creditors, somebody [who] needs liquidity immediately. That's what we're here for. We can help solve a problem as part of what is going on. It's very simple, but it's complex in the same regards. You hear something is closing or you learn about somebody restructuring something. You find out what their information is, you contact them. You try and buy their stuff or you try and sell their stuff.”
Thank you for these helpful tips, David! For auctioneers and budding auctioneers everywhere, start by keeping your eyes peeled and ears open.