News and Society

Many baby boomers are reaching retirement age. They are ready to move on to another phase in their life and perhaps move to another home. Years of accumulation of childrens toys, furniture, outdated furniture, old electronics, china, crystal and more, won't be needed in their next move.

For many years, families passed down furniture,crystal and china to their children and grandchildren. Children today, for the most part just do not want that style furniture, and other family heirlooms. Maybe because we now have dishwashers and microwaves and other high tech appliances. Perhaps we as "baby boomers" would not want the china and crystal either, if we had the choice. After all, who really enjoys the hand washing of china and polishing of silver.

Furniture of choice for the vast majority of baby boomers have been traditional and some modern furniture. Those individuals reaching adult age in the 1970's enjoyed the traditional and modern style. The "danish modern" and mid century furniture is becoming more and more popular and is selling well. However, there is still a lot of furniture left with no demand from adult children.

As baby boomers make the decision to move, they now have the opportunity to make money on what they do not want to keep. Of course they can always have a garage sale or donate to charity. But, many people have accumulated items of value over the years, a typical garage sale, does not bring out the "higher purchase" buyers. The business of liquidation of personal property has grown tremendously the last few years.

When you hear the word "estate sale" you probably think someone has died and has hired a company to dispose of their belongings. This is still true but now there is such a thing as a "living estate sale". These sales are also handled by estate sale companies. In fact, nearly half of all estate sales today, are of people who are very much alive. Baby boomers downsizing, families forced to downsize due to foreclosure, and also business liquidations are now being handled by liquidation companies.

Why not sell it yourself? Pricing is critical to a successful and a money making sale. The average person does not know how to price a piece of used furniture or an antique figurine. Overpricing by only a few dollars can make the difference between obtaining a "fair price" or selling below market value at the end of the sale.

Estate sale companies charge a percentage of the total proceeds of the sale. This percentage varies from state to state and company. But, we have seen 25% to 35% here in Georgia. You can find a local estate or liquidation company by conducting an internet search using the search term "estate sale". There are many new companies getting into this profitable business. Be search you check references and interview more than one company.

Thinking of "downsizing" or need to move? Consider contacting a local estate sale company.

We welcome any comments about our article. My name is Ann Roberts and I am the marketing director of Georgia Estate Sale Network. Our website is http://www.gaestatesalenetwork.com/. We are here to promote the ever growing liquidation and estate sale business. Our goal is to make the public aware of this valuable resource, the use of a liquidation company. We will also be writing about current resale market value in Georgia and the greater Atlanta area.

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Bank of America Merrill Lynch has looked into filling trucks with cash and sending them over the Greek border so clients can continue to pay local employees and suppliers in the event money is unavailable. Ford has configured its computer systems so they will be able to immediately handle a new Greek currency.

No one knows just how broad the shock waves from a Greek exit would be, but big American banks and consulting firms have also been doing a brisk business advising their corporate clients on how to prepare for a splintering of the euro zone.

That is a striking contrast to the assurances from European politicians that the crisis is manageable and that the currency union can be held together. On Thursday, the European Central Bank will consider measures that would ease pressure on Europe’s cash-starved countries.

JPMorgan Chase, though, is taking no chances. It has already created new accounts for a handful of American giants that are reserved for a new drachma in Greece or whatever currency might succeed the euro in other countries.

Stock markets around the world have rallied this summer on hopes that European leaders will solve the Continent’s debt problems, but the quickening tempo of preparations by big business for a potential Greek exit this summer suggests that investors may be unduly optimistic. Many executives are deeply skeptical that Greece will accede to the austere fiscal policies being demanded by Europe in return for financial assistance.

Greece’s abandonment of the euro would most likely create turmoil in global markets, which have experienced periodic sell-offs whenever Europe’s debt problems have flared up over the last two and a half years. It would also increase the pressure on Italy and Spain, much larger economic powers that are struggling with debt problems of their own.

“It’s safe to say most companies are preparing,” said Paul Dennis, a program manager with Corporate Executive Board, a private advisory firm.

In a survey this summer, the firm found that 80 percent of clients polled expected Greece to leave the euro zone, and a fifth of those expected more countries to follow.

“Fifteen months ago when we started looking at this, we said it was unthinkable,” said Heiner Leisten, a partner with the Boston Consulting Group in Cologne, Germany, who heads up its global insurance practice. “It’s not impossible or unthinkable now.”

Mr. Leisten’s firm, as well as PricewaterhouseCoopers, has already considered the timing of a Greek withdrawal — for example, the news might hit on a Friday night, when global markets are closed.

A bank holiday could quickly follow, with the stock market and most local financial institutions shutting down, while new capital controls make it hard to move money in and out of the country.

“We’ve had conversations with several dozen companies and we’re doing work for a number of these,” said Peter Frank, who advises corporate treasurers as a principal at Pricewaterhouse. “Almost all of that has come in over the transom in the last 90 days.”

He added: “Companies are asking some very granular questions, like ‘If a news release comes out on a Friday night announcing that Greece has pulled out of the euro, what do we do?’ In some cases, companies have contingency plans in place, such as having someone take a train to Athens with 50,000 euros to pay employees.”

The recent wave of preparations by American companies for a Greek exit from the euro signals a stark switch from their stance in the past, said Carole Berndt, head of global transaction services in Europe, the Middle East and Africa for Bank of America Merrill Lynch.

“When we started giving advice, they came for the free sandwiches and chocolate cookies,” she said jokingly. “Now that has changed, and contingency planning is focused on three primary scenarios — a single-country exit, a multicountry exit and a breakup of the euro zone in its entirety.”

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