According to Entrepreneur.com, 90 percent of restaurants go out of business before reaching their five-year anniversary. This high amount of restaurant business turnover results in a market for used restaurant equipment. Selling some of your used restaurant equipment is one of the best ways to help recoup some of your losses. In the same time, you may also consider purchasing some used equipments for restaurant expanding or redecoration.
Tips For Selling
1. Clean equipment so that it is in the best selling condition.
2. Locate equipment manuals and warranties.
3. Keep in mind that some warranties may be transferrable to a new owner.
4. Determine the fair market price for your equipment. Take into consideration the age and ware of the equipment. According to the Small Business Association, (SBA) liquidated merchandise is normally priced at 20 percent of the retail value. Consult with an equipment appraiser for suggested pricing before you consider any offers.
5. Sell it by yourself: Target your market and approach similarly typed restaurants that might use similar equipment. For example, a Mexican restaurant might not need your deep fryer, but they might need extra ovens or refrigerator racks. Some smaller equipment might appeal to any restaurant though. In this case, you might need to do your own advertisings or put it on Craigslist.
7. The SBA warns that some restaurant equipment loses value if moved to another location, so keep your equipment on the premises for as long as possible.
Tips For Purchasing
1. You can sign up to a restaurant equipment dealer’s email list and get the latest used equipment for sell, and even some discount.
2. Carefully check the equipment conditions before you purchase
3. Make sure the used equipment has an appropriate warranty (usually it is between 60 – 90 days), or you may need to pay a lot of money to fix it when it is out of condition.
4. Find a local dealer so that you can go to check the equipment by yourself and probably you don’t need to pay for the shipping.
Gator Chef Inc. locates in Illinois. We buy and sell used equipments. Contact us if you might be interested or have any questions!
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