A Vancouver-based biotechnology company that develops ocular products designed to treat inherited retinal diseases. The company’s innovative products are distributed to medical professionals and patients worldwide.
It was decided that the client’s company would need to cut its workforce by 68% due to a steady decline in sales of a top-selling product. Due to the large downsizing the company was undergoing, it was also decided that its Menlo Park, CA facility would be shut down.
In efforts to reduce operating costs as quickly as possible, the client enlisted the aid of EquipNet to dispose of the new surplus equipment coming out of both Menlo Park and Vancouver. Since they needed to clear the assets from both sites and recover expenses as quickly as possible, EquipNet needed to act fast to meet the client’s needs.
Due to the fact that this was a multi-facility project, it added another layer of difficulty from both a resource and budgetary standpoint.
Because there was a limited amount of time EquipNet was given to clear the surplus assets from both facilities, it was decided that consignment would be the best option. EquipNet arranged for the packaging and shipment of the equipment from the Menlo Park site to EquipNet’s warehouse in Canton, MA. Once the equipment arrived in Canton, EquipNet’s team of equipment specialists created listings for the assets and we began promoting the higher valued items on our online MarketPlace; the low valued items filtered through our monthly online lab
In an effort to reduce costs for the client, EquipNet would outsource a warehouse in Canada where the equipment could be sold directly from the Vancouver facility. This was a far less costly option than shipping the equipment over the US border. Once the shipment arrived, EquipNet deployed an equipment specialist to the warehouse to properly inventory each item. Again, the higher valued assets were listed on the MarketPlace, and the lower valued items were filtered through a series of EquipNet’s online lab auctions.
EquipNet was able to clear the Menlo Park, CA facility prior to its shutdown date, and clear the Vancouver site of all its surplus assets in a timely manner to reduce operating costs. After about a year, EquipNet was able to achieve complete sell-through on all equipment from both sites through both Market Place and auction sales.
Upon completion of the project, EquipNet yielded $364,000 in equipment sales for the client, selling over
200 surplus assets.
This company was pleased with the limited amount of work they had to do and the turn-key solution that EquipNet provided to them. When issued a survey at the end of the project, the client stated that they were very likely to recommend EquipNet’s services.