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Discussions > Selling, Buying Used Restaurant Equipment Tips: When Selling Or Buying A Restaurant
Selling, Buying Used Restaurant Equipment Tips: When Selling Or Buying A Restaurant
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Posted By: Joe Ranieri 
The restaurant business is a tough business to be in, no one can dispute that, and so it's imperative that an owner's equipment is in good working condition. A new owner should make sure that the restaurant's equipment is in good working order before they close escrow. We discuss this topic.
Topics: Buying A Business, Selling A Business Tags: buying a business, deal structures, selling a business
The restaurant business is a tough business to be in, no one can dispute that, and so it's imperative that an owner's equipment is in good working condition. A new owner should make sure that the restaurant's equipment is in good working order before they close escrow. We discuss this topic.
Topics: Buying A Business, Selling A Business Tags: buying a business, deal structures, selling a business
The restaurant business is a tough business to be in, no one can dispute that, and so it's imperative that an owner's equipment is in good working condition.
A new owner should make sure that the restaurant's equipment is in good working order before they close escrow, because after escrow is closed, dilapidated equipment and costly repairs will come out of their pocket.
A new owner may take possession of the business and later decide to do upgrades to their equipment.
Tips For Selling:
1. Have equipment manuals and warranties (if applicable).
2. Clean the equipment, remove grime and grease as best as possible.
3. Call a restaurant equipment dealer, and especially inquire about their shipping fees.
4. Consider selling it yourself, possibly on craigslist, an ad in a restaurant equipment magazine, putting an ad on a bulletin board at a restaurant supply store.
5. Be realistic about pricing, because restaurants are constantly changing hands or going out of business, and so there could be a lot of equipment on the market at any given time.
Tips For Buying:
1. Contact a local restaurant equipment dealer.
2. Make sure that the equipment is in good working condition before buying.
3. Inquire with the health department to make sure that model of equipment has not recently been flagged and will be okay to put in your store.
4. Receive equipment, if from a dealer, that has at least some limited warranty, like 60-90 days.
A new owner should make sure that the restaurant's equipment is in good working order before they close escrow, because after escrow is closed, dilapidated equipment and costly repairs will come out of their pocket.
A new owner may take possession of the business and later decide to do upgrades to their equipment.
Tips For Selling:
1. Have equipment manuals and warranties (if applicable).
2. Clean the equipment, remove grime and grease as best as possible.
3. Call a restaurant equipment dealer, and especially inquire about their shipping fees.
4. Consider selling it yourself, possibly on craigslist, an ad in a restaurant equipment magazine, putting an ad on a bulletin board at a restaurant supply store.
5. Be realistic about pricing, because restaurants are constantly changing hands or going out of business, and so there could be a lot of equipment on the market at any given time.
Tips For Buying:
1. Contact a local restaurant equipment dealer.
2. Make sure that the equipment is in good working condition before buying.
3. Inquire with the health department to make sure that model of equipment has not recently been flagged and will be okay to put in your store.
4. Receive equipment, if from a dealer, that has at least some limited warranty, like 60-90 days.
| Helpful Resources To Assist In Selling And Buying California Businesses |
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Peter Siegel, MBA, BizBen Founder, Lead Facilitator - ProBuy, ProSell Founder & President Of BizBen.com (since 1994) & BizBenNetwork.com. I am the Lead Facilitator for the ProSell & ProBuy Programs on both platforms. I consult daily with business buyers, owner/sellers, and intermediaries daily about buying and selling businesses. Reach me direct at 925-785-3118. |
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Shalonda Chappel-Pilgram: Escrow & Bulk Sale Services - Southern California Escrow services to brokers/agents, sellers, & buyers. Established 43 years. Extraordinary service. Experienced with handling difficult transactions. One stop for all your escrow needs: Bulk sales, lien searches, UCC searches, liquor license transfers, publishing & recording services. 951-808-3972. |
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Willard Michlin, CPA, Certified Fraud Examiner, Due Diligence Willard Michlin, CPA #106752, offers buyers step by step training & assistance in doing Due Diligence Services when they are thinking of making an offer, or are in process of investigating a business purchase. He helps to determine the actual net profit even when there is cash. Call 805-428-2063. |
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Diane Boudreau-Tschetter: Escrow & Bulk Sale Services - CA California Business Escrow, Inc. is a full service independent escrow company serving all of California and has expertise in a wide range of escrows. Our team prides itself on providing an exceptional escrow experience. For more info phone Diane Boudreau-Tschetter at 888-383-3331 or 209-838-1100. |
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Helen Yoo, New Century Escrow - Escrow Services In Southern California New Century Escrow, Inc. is a fully licensed & bonded independent escrow company. Over 20 years combined experience in handling bulk escrow transactions. Multi-lingual staff that speaks your language, including Korean, Chinese, Vietnamese. Call Helen Yoo direct at 626-890-1151. |
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Rick Carlson, Business Broker - Southern California You Will Never Feel Lost In The Shuffle. Many Brokers Simply Send Out An NDA And That's The End Of Communication. All Buyers Receive A Personal Meeting With An Ace Acquisition Specialist So They Can Recommend The Perfect Business For You. Phone Rick direct at 800-985-4939. |
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Steve Zimmerman: Restaurant Broker Specialist Steve founded Restaurant Realty in 1996. He has personally sold/leased over 900 restaurants, bars & clubs, & completed over 3000 valuations. The author of "Restaurant Dealmaker - An Insider's Trade Secrets For Buying a Restaurant, Bar or Club" available on Amazon. Reach Steve direct at 415-945-9701. |
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Brad Steinberg, Broker - Laundromat Specialists PWS is the leading laundromat broker in California. Since 1968 PWS has brokered over 2,500 laundromat sales. With over 90 employees dedicated to the coin laundry industry, PWS has 18 licensed agents, a 3 person in-house finance department, 10 service technicians and a 20 person parts department. |
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