How do I document which bays and lifts are owned versus leased at my garage?

Begin by walking the shop with a notepad. Number each bay, then list the lift, alignment rack, compressor, tire machine and other fixed equipment in it. Photograph each item and its plate, and note the age and any repairs. This gives you a clear base before anyone else asks.

Then sort ownership. For each item, find the paper that proves it: a purchase invoice, a lease agreement, a loan or financing contract, or a landlord’s note if the lift came with the building. Watch for anything installed by a previous owner, anything financed that still has a balance, and anything where the supplier keeps a security interest. Ask your lawyer how to deal with those items in the sale.

Next, write down what changes at closing. A leased lift may need the lessor’s consent to transfer, and a financed one may need to be paid off or assumed. List contact names and expiry dates for each lease. Keep everything in one folder, and update it if equipment is replaced during the sale process. Your accountant can confirm how each asset is shown on the books so the table and the financials agree.

Key takeaways

• Number every bay and list each lift and fixed machine with age and condition.
• Attach an invoice, lease or loan paper to every item you call owned.
• Note which leases or loans need consent or payoff when the shop changes hands.