Liquidation Case Study
I recently had an opportunity to sit down with Nick Shattles, one of our youngest buyers and yet a proven veteran, and pick his brain for a few minutes. Nick has been with us for more than 7 years and has been involved in hundreds of pack ups over the years.
Recently, a tornado ripped through Missouri and left a local furniture retailer without a roof. The store was typical, 30,000 sq. ft, and Nick reports that a third of the inventory was damaged, with only a tenth of the 30% being total loss.
Although the situation was nothing spectacular by our standards, the business owner was nevertheless in a tight situation and time was definitely the most crucial element. More than a third of his store was damaged and water and debris had damaged a third of the inventory as well.
Even after the furniture is cleared out and the mess is cleaned up, the carpets and drywall still have to be replaced and the walls have to be painted. It may take several more weeks before the store reopens in working order. In this situation time really is money.
Nick received the call on a Friday, began gathering information, and by Monday morning he was on a flight to Missouri. By Tuesday afternoon, Nick and his crew had already finished the job and were on their way home.
In just six hours, Nick and his crew itemized and verified each individual piece of furniture, individually wrapped each piece, and hand loaded it on the truck.
Because of our background in the salvage industry, we’ve been trained to respond fast, respond strong, and respond with focus and diligence. In the crisis situations that we’re usually presented with, time is of the essence and there is little room for error. This training and preparation gives us a unique advantage over our competitors when we’re called in to pack up an inventory. In a bankruptcy, closeout, or other non-crisis situation we just know how to get the job done right and we know how to get it done fast.
Another difficult challenge that Nick had to overcome was getting familiar with a new location, and in very short order. With every new deal, the logistics, shipping and truck placement has to be coordinated with precision. Underestimating this one simple task could have made the difference between one afternoon and an entire week.
For more information on Nick Shattles or our Buying Team you can go to http://ccmllc.com or you can call 1-877-279-3353 for immediate assistance.
