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

Comments & Replies: 2 Views: 5745 Posted By: Joe Ranieri

Contributor: Joe Ranieri, Business Broker: LA, Orange Counties

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.

Contributor: Shalonda Chappel, Escrow, Bulk Sale Services

This is very true. I had an escrow close and the Seller owned the business for over 20 years. When he purchases the business there were no requirements of having a grease trap in the kitchen and the burners on the commercial stove did not work . The New Buyer has to install and repair, prior to getting a health permit. This delayed the escrow closing for about 3 month. Due to the unexpected expense.

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.

William F. Ziprick, Attorney: Legal Services For Buyers And Sellers

Through creative problem solving, attention to detail, accessibility, & understanding that unnecessary delay is often a deal killer, I work closely with my clients and other professionals to consistently achieve a high rate of closings. Office: 909-255-8353, Cell: 509-951-7230.

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.

Shalonda Chappel: 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.

Larry Larsen: Laundry Consulting, Brokerage, Insurance

I have over forty years of experience in the sales, ownership, management, and construction of coin laundries. He is a licensed broker active in the sale of coin laundries, a licensed insurance agent specializing in coin laundry insurance. Phone me at 714-630-9274 or 714-630-Wash.

Chuck Post: Laundry Buyer Representation, Consulting, Due Diligence

32 years experience in the laundry industry, specializing in assisting laundry buyers with buying or starting up, re-tooling, laundries in Southern CA. Laundry buyer representation, consulting, due-diligence, lease negotiations, laundry valuations. Call 619-227-5711 (Cell).

William Park, Business Broker: Southern California

Highest Volume Broker in California, Simply Check our HUNDREDS of Listings! Over 25 Associates, Speaking Dozen Languages, Helping Buyers and Sellers of Small Business since 1982, Centrally Located between Los Angeles and Orange Counties, while Riverside & San Bernardino Counties are Very Accessible.

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

Founder Of BizBen.com (since 1994). I am the Lead Advisor for the ProSell, ProBuy, & ProIntermediary Programs. I consult daily with buyers, sellers, and brokers daily about buying and selling California small to mid-sized businesses. Call 925-785-3118.

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