We love to write consignment checks...

I know of at least a few local auctioneers and consignment stores where paying customers for their sold items seems to be low on their priority list. Just the other day, I spoke with a local auction house we deal with and I learned that I was still owed money from items that were sold last year! Who gets away with doing business like that? The problem is, many of these establishments have cash-flow problems and make it a regular habit of robbing Peter to pay Paul. Don't get me wrong, we face the same issue and on rare occasion will do the same when an unusual situation arises. But this is the exception and not the rule. In fact, our accounting practice only allows us to recognize income when sold items are paid out so come the end of the month, checks are flying off the printer. So here you have just another reason to bring us your high-end items for sale and know that you will be paid in a timely manner post sale.

 

Submitted by Mike on May 28, 2014

Facebook Comments