Selling, Buying Used Restaurant Equipment Tips: When Selling Or Buying A Restaurant

Comments & Replies: 1 Views: 4010 Posted By: Joe Ranieri

Contributor: Joe Ranieri, Business Broker: LA, Orange County Areas

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.

Helpful Resources To Assist In Selling And Buying California Businesses

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.

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.

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.

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.

Mike Brewer: Liquor License Broker, ABC Consulting Service

Liquor license brokerage and consulting services. We provide: Alcohol License Transfers Application Consulting & Processing, Liquor License Purchases & Sales, City Zoning Permits & Land Use Entitlements, Public Convenience or Necessity Findings and Letters. Phone Mike Brewer direct at 800-437-1100.

Steve Zimmerman: Restaurant Broker Specialist, California

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.

Peter Siegel, MBA, BizBen Founder, ProBuy, ProSell Programs

Founder & President Of BizBen.com (since 1994) & BizBenNetwork.com. I am the Lead Facilitator for the ProSell & ProBuy Programs on both websites. I consult daily with buyers, sellers, and intermediaries daily about buying and selling businesses. Call 925-785-3118.

Elizabeth McGovern: Escrow Services - San Francisco Bay Area

McGovern Escrow Services, Inc., is a leading independent escrow company. We are a trusted partner with our clients, assisting them through the tangled bulk sale & liquor license transfer process. We provide attentive, quality & innovative customer service. Phone Elizabeth McGovern at 415-735-3645.

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