Case Studies

	CHALLENGE: A national gasoline retailer is beginning a re-branding campaign for its stores. They have identified 63 properties in 11 states that no longer meet their new brand specifications. It is determined that traditional marketing will take 18-24 months to sell the surplus properties. Management wishes to dispose of all of their surplus properties in 6 months in order to eliminate the high holding costs of these properties and use the funds to continue their re-branding strategy. SOLUTION: The properties are arranged into two phases, with the first auction in September and the second in December. They are marketed both locally and nationally using a multi-faceted campaign that includes Internet, print media and direct mail marketing. The properties are researched, photographed and cataloged in advance of the auction. In this case, the majority of the properties are sold on site with the remaining properties being sold in ballrooms nearby. Higgenbotham travels to all of the sale sites and conducts the auctions.
	CHALLENGE: A regional supermarket chain wishes to liquidate 27 surplus properties, most of which are in the same state. All of the properties need to be sold and closed before the end of the calendar year in order to fund multiple renovation projects in the next year. SOLUTION: The properties are marketed with a national advertising campaign focusing on Internet, print media and direct mail. In advance of the auction, the properties were researched, photographed and cataloged. All of the properties were sold in a hotel ballroom in mid November and closed before the end of the year.
	CHALLENGE: A Florida based agricultural corporation decides to sell their 2,500 acre cattle ranch in the Texas Panhandle. They review several different sales methods and determine that an absolute auction is the most effective way to sell the asset. However, they request that the property be offered in individual tracts and as a whole. SOLUTION: Higgenbotham divides the property into 11 separate tracts ranging in size from 160 to 320 acres. At the auction, the property is initially offered in the 11 tracts and then is later offered as a whole, utilizing an auction process known as multi-parcel bidding. The property will be sold in whatever configuration it brings the most value. At this sale, the property is sold as a whole to one bidder.