Whether the business is being closed down or needs extra cash, restaurant owners should consider all of their options before deciding on how to liquidate restaurant equipment.
Tips to Getting Your Equipment Ready
Before selling equipment, restaurant owners need to:
– Clean and shine every inch of it as best they can. A good first impression can make a big difference in getting the best price.
– Find equipment manuals and warranties — the next owner will need them!
– Find an equipment appraiser to recommend a price and understand why the equipment is worth that amount.
Once the equipment is prepared, it’s time to consider selling options.
Option 1: Sell on eBay or Craigslist
All three of these platforms can help sell restaurant equipment fast. To justify the asking price, restaurant owners should be sure to create a detailed description that includes:
– Product features and benefits
– Explanation of where/how it was used
– Warranty information
– A strong call-to-action
Also, make an effort to take good quality pictures that put the equipment in the best possible lighting and setting. Quality pictures will attract buyers willing to pay for quality.
Cons: As with any peer-to-peer selling platform, be prepared for low-ballers and know how to defend your asking price.
Option 2: Approach startup restaurants.
Startup restaurants need basic restaurant equipment. These founders are looking for efficiency, durability, and price. If they’re low on funding they will most likely be looking to purchase used equipment. If they’re new to the industry, they may also need some educating on what exactly they need to buy. Consider this an opportunity to reach an eager audience.
Cons: The biggest drawback here is price. Expect startup founders to shop around for the best price and take a while to make a final decision.
Option 3: Approach restaurant chains.
Restaurant chain owners purchase and update their equipment on a fairly regular basis. This is an audience that is not as sticky on price and is much more clear on what they’re looking for.
Cons: You may have to do quite a bit of research to find the person responsible for purchasing restaurant equipment. Large restaurant chains typically have specific expectations and brands they’re willing to use and your restaurant equipment may not be what they are looking for.
Option 4: Reach out to KMC.
If selling the equipment yourself is not something you want to consider, then we recommend reaching out to our restaurant equipment specialists. We have over 100 years experience and hold auctions every other Wednesday. Our auctions are attended by a wide range of industry professionals, from mom-and-pop restaurant owners to buyers representing national restaurant chains. Every piece of equipment we sell is tested and inspected. We guarantee our customers will receive quality restaurant equipment at unbeatable prices.
Check out this video to learn more about KMC auctions: https://www.youtube.com/watch?v=TEZwZBqQPhs