Challenge
While preparing to host the summer 2012 Games, the London Organising Committee of the Olympic and Paralympic Games (LOCOG) sought a partner to develop a strategy for managing assets that would no longer be required after the event. LOCOG wanted to manage the assets strategically by minimizing waste and maximizing recovery value. With a wide range of assets from consumables to technological hardware all purchased with differing methods, LOCOG didn’t have an accurate view of which assets were on its assets register versus which were on the ground. Furthermore, with a short timeframe to clear city grounds post-Games, it needed all assets accounted for prior to the start of the Games.
Solution
LOCOG engaged Liquidity Services to develop an asset valuation and disposition strategy that would enable it to achieve its recovery and sustainability objectives. Liquidity Services crafted and launched a comprehensive program, consisting of three service components:
- Asset Discovery: Liquidity Services conducted thorough desktop research, site visits and face-to-face interviews to identify all assets on the ground and deliver an accurate asset register. This enabled LOCOG to correctly identify assets likely to be available for sale after the Games.
- Valuation: Tapping its extensive market data and asset expertise, Liquidity Services delivered a precise valuation of all items. This allowed LOCOG to decide the best routes for disposing of these assets.
- Disposition Strategy: By reviewing LOCOG’s current disposition plan, from supplier buyback arrangements to required pre-disposition asset preparation, Liquidity Services was able to recommend the optimal disposition channels and provide expert guidance to mitigate risk and maximize revenue for asset preselling activities.
Results
Liquidity Services successfully completed a strategic valuation and disposition plan in just one month, meeting LOCOG’s requirement for a quick turnaround. Liquidity Services’ expert guidance provided LOCOG with the information needed to make key decisions on the best ways to limit waste and maximize return on its assets once the Games concluded. LOCOG was so pleased with the project’s results that it engaged Liquidity Services to manage the post-event asset disposition project.