Whether you have chosen to retire from the restaurant industry or have succumbed to economic changes, you are in the position to sell your restaurant equipment. Now what?
- Move it all out to the parking lot ‘yard sale’ style?
- Trust a used equipment buyer to ‘make you an offer’?
- Search for someone who is opening their own place?
- OR worse, hold on to it until you find the ‘right’ buyer?
Industry averages place used restaurant equipment at a minimum on return when compared with the original cost or purchase. Why? There is an abundance of product on the market, and people are looking for the best value for their dollar. When you consider that opening a restaurant can cost you anywhere from $13,000 to more than a million dollars, based on the location and type, it is easy to see why there is a diverse clientele for used restaurant equipment.
A recent article lists equipment as #2 in a list of 11 top costs for start-up, and also says that many rental spaces now come pre-equipped for the restaurant. All of these factors will influence how and for how much your equipment will sell…where will you start?
A used restaurant equipment auction is a great resource for saving time and aggravation, and also is a good option for increasing your return. Here are some basic tips on what to look for in an auction company to handle your restaurant liquidation needs:
- Licensure– Don’t use an auction source that is not able to provide documentation of their licensure. Good business practices keep your assets protected during the sales process.
- Prior results– What can you expect? Look at previous sales results and references. If you cannot verify through testimonials, beware.
- Location– Does the company understand your local and regional market opportunities? Will they be able to handle viewing, marketing, and sales?
- Resources– Do they sell internationally? Do they offer online and land-based sales opportunities? What is their reputation in the industry? Will they treat you with respect?
The Ft. Lauderdale area is fortunate to have an auction and used equipment company that has service the industry for more than 20 years. Offering both live and telephone bidding opportunities for buyers provides the best opportunity for a higher return on your equipment sale. Lauro Auctioneers is also proud to provide a total of 50K square feet of Auction House / Showroom located in Fort Lauderdale, FL where we conduct live public auctions of many different types of merchandise. We are also open to the public Monday-Friday from 9am-5pm for new and used restaurant equipment sales. We would be happy to assist you in the process of selling your used restaurant equipment and look forward to speaking with you when you contact us.
