Maximize Return; Minimize Risk (Important Things To Consider When Closing A Lab)

By Tom Burton, President Liquidity Services’ Capital Asset Group

Whether a small enterprise or large institution, many organizations have and will be faced with the challenge of closing a lab.  No matter what the size or scope of the closure, the person tasked with closing the facility faces a daunting task: millions of dollars in real estate, laboratory equipment and research devices will need to be redeployed, sold or disposed of.  With that comes teams to manage, logistics to sort out and inventory to be accounted for, all the while adhering to a budget, timeline and environmental and safety standards.

In a perfect world, the planning involved to shut down a facility should begin a year or two in advance.  In the real world however, a lab closure is usually a race to the finish and a short, unrealistic timeline combined with lack of operational forethought can have disastrous results.  

So, how do you maximize the value of your assets while minimizing potential risks?  Read on for an overview of what you need to know about closing a lab as well as useable techniques you can implement in order to achieve your goals.