We appraise laboratory equipment for accounting, disaster, insurance, M&A, bank inventory evaluation, liquidation.
Don’t rely on the word of an inexperienced person to deliver a value on equipment. Auctioneers and equipment dealers may have a hidden agenda. Most of these individuals are not certified or trained in providing appraisal reports. If the appraisal report you obtain is not from a “qualified” appraisal prepared by a “qualified” appraiser. You will only be opening yourself up to increased costs, liability, risks, and an unsubstantiated equipment appraisal.
Don’t guess at replacement values. Guessing is filled with liability and risk. The loan file will not contain the substantiation needed to support a loan decision. A good laboratory equipment appraiser delivers an independent comprehensive report that is irrefutable and withstands scrutiny because it is based on market research.
Don’t rely on the depreciation schedules
The depreciation schedule is only important to the business owner, CPA, and the IRS. The depreciation schedule will not provide the fair market value, orderly liquidation or forced liquidation value. This method is not the current market value.
Cost of an appraisal
The cost of a laboratory equipment appraisal varies depending on the number of items needed to be appraised. After we have a conversation and receive a depreciation schedule or detailed asset list, we will be able to quote you a fee for the appraisal. It may be either on site or via electronic transmission.
Basic information: Types of appraisals.
Fair Market Value laboratory Equipment Appraisals:
The fair market value of laboratory equipment in appraisals is typically estimated for an asset that is going to be in continued use or installed. The term fair market value reflects the idea that a buyer will pay a reasonable amount for the machine or piece of equipment without any compulsion and with full knowledge of the relevant facts associated with asset. This appraisal amount includes the direct costs associated with the machine as well as the installation costs and other direct and indirect costs to make the equipment fully functional. Machinery appraisers will analyze data from other sales to develop an appraisal value. There is a chance that a machinery and equipment assignment may require that the appraiser estimated the fair market value for the removal for a similar or alternative use. Fair market value can also be estimated for liquidation situations. Liquidation situations can be broken down even further to be orderly liquidation values or forced liquidation values, both of which would typically have different conclusions.
Insurance Value in Machinery and Equipment Appraisals:
Insurance value in laboratory equipment appraisal is dependent on the insurance policy definition. One definition may be insurance cost new which is the replacement cost new minus the cost of excluded items that are outlined in the insurance policy. Another definition may be the insurance value depreciated which is the replacement cost minus any accrued depreciation which is outlined in the policy. Since there are many variations to insurance policies, each policy must be examined to define the method of appraising the value of a machine.
Depreciation in Laboratory Equipment Appraisals:
Depreciation for laboratory equipment appraisers has an entirely different meaning. For these appraisals, depreciation is the estimated loss in value due to its loss in value of an asset. This may be due to economic obsolescence, functional obsolescence, or physical deterioration, or a combination of them all.
An example of this difference could be a centrifuge that is fully functional that is fifteen years old. For accounting purposes, the asset probably has been fully depreciated. On the balance sheet, the press has a book value of zero. However, there may be an active market for centrifuges of a similar age that are fully functional that if the owner decided to sell, the centrifuge would generate a sale greater than zero. A laboratory equipment appraiser would evaluate the machine using the various approaches to value to estimate the fair market value of the machine. The value that the machine has decreased from the initial purchase is the depreciated value in the terms of the equipment appraiser which is different than the depreciated value from the accountant.
GMI Laboratory Equipment Appraisal Services: A division of The MIC Group, Inc.
- Worldwide Headquarters:
- 6511 Bunker Lake Blvd
- Ramsey, MN 55330
Mistake #1: Relying on the word of an “uncertified” person to deliver a value on equipment.
Auctioneers and machinery and equipment dealers may have a hidden agenda. Most of these individuals are not certified or trained in providing USPAP compliant appraisal reports. If the appraisal report you obtain is not USPAP compliant it is not a “qualified” appraisal prepared by a “qualified” appraiser pursuant to the IRS and others. Beware if the individual does not have certification. You will only be opening yourself up to increased costs, liability, risk, and an unsubstantiated equipment appraisal.
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