Do you know of a bankrupt restaurant? here is a detailed guide on how to buy restaurant equipment and the best places to sell it fast.
When it comes to businesses, especially those related to food, there is no guarantee that the business will still be fully operational within the next three years. Indeed, according to a study of entrepreneurs, 90% of restaurants went bankrupt before reaching their 5th birthday. This is due to many factors, but all of them will be covered in the next article.
When the restaurant business is faced with neglect, one of the ways the restaurateur can recoup some of the invested capital is to sell the equipment used in the restaurant. Again, even if a restaurant isn’t closing a store anytime soon, restaurants still need to change their basic equipment every now and then, and one way to do this is to sell old equipment and buy new ones. new.
Selling old restaurant equipment can help put money back in your pocket or business, and if you are considering putting your old stock on the market, here are some ways and methods to sell old restaurant equipment. restaurant, as well as tips to help you make your sales fairly quickly.
Actions for the sale of used catering equipment
- List the equipment you want to buy and sell
If you decide to sell equipment in your restaurant, the first thing you should do is make a list of the equipment you want to purchase. sell. Of course, you might not want to sell everything in your kitchen, so you need to make a list. This list will also be useful when communicating with dealers and establishing contacts.
2. Put your equipment in good commercial condition
Once you have compiled a list of the equipment you need, you now need to provide that equipment in good condition for sale. You should know that no one will buy your dirty stove if you don’t sell it dirty for a low price. You should not only clean the restaurant equipment, but also make repairs if necessary. Note that any broken part will result in a deduction from the income you receive from the equipment.
3. Determine a fair market price for your equipment
Another way to prepare for the sale of your restaurant equipment is to price it at a fair market price. Consider the age and wear of the equipment before pricing. According to the Small Business Association (SBA), a liquidated item typically costs 20% of its retail value. You can consult an equipment appraiser to get a recommended price for your equipment.
4. Start mass advertising
Once you have decided on a good price for your material, it is time to start mass advertising for it. Now is the time to post classifieds online, contact resellers, post ads, contact restaurants, and whatever else you need to do to ensure a quick sale of items at a reasonable price.
5. Contact dealers for used catering equipment
If you are looking to use resellers, now is the time to reach out to dealers who specialize in purchasing used catering equipment for sale. You should contact as many resellers as possible in order to select the ones that offer you a reasonable price.
6. Determine the best shipping methods
If you sell your restaurant equipment individually, you need to find the best ways to get it to your customers. You need to determine if you will be primarily responsible for the shipping or if the buyer will have to pay for it. Once your equipment was shipped, the transaction was completed.
The 8 best places to sell your restaurant equipment
- Restaurant equipment or supply stores
One of the best places to look when looking to sell your used restaurant equipment is restaurant equipment or supply stores. These stores usually have used equipment in their warehouses, so you should contact them and tell them you have restaurant equipment for sale.
If they want to do business with you, they will ask you for a list of the equipment you have. Next, you will need to negotiate the prices you want for the different equipment you want to sell. Dealers may buy equipment from you, while others may ask you to wait until the sale is complete.
2. Catering equipment dealers
Restaurant equipment dealers are another popular way to sell the restaurant business with their equipment. There are many retailers that sell used catering equipment. Pierce Food Service Equipment, World Restaurant Equipment, ACityDiscount and ABC Restaurant are some examples of such resellers. Selling your equipment to resellers reduces the time and effort required to sell or advertise online.
To sell used restaurant equipment to a dealer or retailer, you must first contact the seller and describe the product, model, and operating conditions. You can deliver your equipment directly to the dealer’s warehouse or visit an on-site representative.
A representative will evaluate your equipment and negotiate a price. You may need to contact multiple resellers and choose the one that offers the best price for your hardware. Use phone directories, online search engines, or consult with friends and food service colleagues for reliable dealer contacts. Be sure to ask dealers for their experience in this area and ask for customer feedback.
Another great way to sell used catering equipment is through auctions. Auctions are often lucrative and nowadays many auction companies offer online auctions with the option to submit. These companies are often listed on craigslist, Page on Auctionzip, and some of them publish live auction listings for used catering equipment.
If you can’t pass the big auctions, you can run your own mini-auction, but be aware that there is a lot that can be involved, so it would be best to reach out to professionals.
4. Contact the restaurants directly
Another great way to sell second-hand catering equipment and get good prices is to contact restaurants that you think will be interested in what you are selling. One way to do this is by email.
You should make a list of 75 to 100 contacts with restaurants in your area. Send a cold email to these contacts to let them know that you have catering equipment for sale at a very reasonable price. There is a good chance that you will get restaurants ready to take what you need to sell.
5. Promote your used restaurant equipment on sites like eBay, Amazon, or craigslist
These days almost everything is done online, so this is another great place to sell restaurant equipment. You can open accounts on websites like eBay, Amazon, or Craigslist and upload some great pictures of the restaurant equipment you need to sell.
Now you can create great ads for your products and post them on your social media pages. This will present your ad to the widest possible market for your used equipment. The only problem with this method is that you have to schedule the delivery.
6. Contact your regional hotel and restaurant associations
Another good way to sell second-hand catering equipment is to contact your regional hotel and restaurant associations. You should contact your regional associations of hotels and restaurants, restaurants or equipment suppliers, and tell members that you want to sell used catering equipment. In these associations you can find potential buyers.
7. Look for related websites
Another way to sell used catering equipment is through related websites. There are many websites that specialize in buying and selling used catering equipment. You should look for those sites that specialize in selling used catering equipment. Such sites allow you to reach your target audience quickly. Visit sites like Double Take Auctions and Equippers, they can help.
8. Don’t forget about offline ads
While posting your used restaurant equipment online is a great way to get publicity, that doesn’t mean you should ignore offline advertising altogether. You should advertise in magazines and other publications related to the restaurant industry; you can even create flyers and distribute them to the right places.
Advice on selling restaurant equipment
Selling used catering equipment is not easy. and you must strive to get enough money from sales to be enough for other matters. To achieve this, there are a few tips you need to follow to help you get the most out of your sales.
- Keep your equipment clean: you should have a good tip: observing when you want to sell your restaurant equipment is to clean the equipment well. Who wants to buy equipment covered in dirt and food debris? Wash and clean your gear to keep it squeaky clean when you try to sell it.
- Find manuals and material warranties: Selling your equipment with everything it originally provided will only increase its value. One way to do this is to find the warranties that come with the equipment you want to sell.
Please note that some warranties are transferable to a new owner. When you can sell your kitchen equipment with everything that was originally purchased, you can ask for more, especially if it is in excellent condition.
- Find your local restaurant equipment dealer: If you are looking to quickly sell your restaurant equipment, it is in your best interest to contact your local restaurant equipment dealer; if you receive one, you may need to pay less commission. Again, they can take the equipment away from you and close the sale for you.
- Keep things together: If you have restaurant equipment that goes together – say, a matching custom countertop with shelves – try to keep it together. Separating the items will reduce their value. If you are selling a small part, it can also be difficult to sell other parts separately.
- Make the most of your time: The more time and effort you put into selling used restaurant equipment, the more likely you are to get back in return. However, you have to weigh how long it takes to get attention and interest in order to sell it quickly for a lower wholesale price. You have to find the right balance between when to sell and how much money you get from it.
- Consider wholesale: If you need to quickly sell a lot of catering equipment, the best option is to sell it all at once to a buyer or dealer. There are dealers who can buy all of this for a fair price, handle the move, and let you move with minimal disruption.
- Leave your equipment inside: The SBA warns that some restaurant equipment will lose value if it is moved elsewhere, so it’s in your best interest to keep your equipment as long as possible.