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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.
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.
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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Helen Yoo: Escrow & Bulk Sale Services - 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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Diane Boudreau-Tschetter: Escrow And Bulk Sale Services 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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Willard Michlin, CPA, Certified Fraud Examiner, Due Diligence Services 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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Mark Chatow, Esq.: Legal Services For Buying, Selling Businesses Mark has a broad range of small business purchase & sale experience from analyzing potential acquisition targets to successfully guiding buyers and sellers through the purchase & sale of small businesses. Mark can assist with contracts, negotiations, legal matters, etc. Reach Mark at 949-478-8393. |
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Joe Sandbank, Esq. - Legal Services I have provided legal counsel to business buyers, sellers and brokers for over 17 years. With prior experience as a business broker and SBA loan officer, Joe brings both a practical and legal approach to all aspects of the business acquisition process. |
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Michael Davidson, Business Broker - Southern California Los Angeles Business Broker providing M&A quality services for Small Business Owners. We leverage our technology and expertise to Simplify & Expedite the Business Sales Process. Matching the right buyer with the right business is how we define success. |
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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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Chuck Post: Laundry Buyer Representation, Consulting, Due Diligence Chuck Post has 32 years experience in the laundry industry, specializing in assisting laundry buyers (and entrepreneurs) with buying or starting up, building, re-tooling, laundries throughout California. Laundry buyer representation, consulting, due-diligence, lease negotiations, laundry valuations. |
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