The restaurant industry is extremely competitive — innovative dining concepts enter the market frequently and without warning. In a business landscape like this, even a well-established restaurant can fall on hard times. When profitability dips and it becomes necessary to close your restaurant business, it may be time to consider liquidating all assets to recoup losses and begin something new.
There’s no getting around it — liquidating a business is a massive endeavor, but one you don’t have to complete on your own. Many restaurant business owners are tempted to sell their inventory altogether in bulk. This approach might seem like the easiest option, but realistically, selling this way often reduces the amount of money you will make from your sale. Going it alone also means you’re in charge of all the logistics, which tends to eat up time.
If you’re wondering how to sell used restaurant equipment in the most practical and efficient way, online auctions are well-worth considering. Keep reading to learn more about the online auction process and what makes the auction experience so effortless.
A restaurant owner who is looking to liquidate their equipment typically asks themselves one simple question: “Who buys used restaurant equipment near me?” In an ideal world, a buyer would simply come along and make a fair offer for every piece of cooking equipment, utensils, furniture, artwork and lighting without any hassle. Unfortunately, buyers are usually looking for something very specific, not an entire restaurant full of items. If they happen to be a new entrepreneur who actually wants to buy a restaurant full of equipment, they’re not going to pay top dollar for your inventory, which means you can expect to make less than you had hoped.
To avoid a situation like this, the seller is left with a choice. Either:
- Photograph and write descriptions for all of his or her items. Find a large number of qualified buyers. Hope that everything sells for the listed prices. Find storage for the items that do not sell. Handle shipping if necessary.
Hire auction professionals who have handled countless total business liquidations in the past and already have an audience of qualified buyers. Leave the details to these experts who guarantee everything will sell.
- Work with online auction professionals who provide the alternative you’re looking for when time and money are your top priorities. Use an online auction format that reduces the amount of things you need to worry about, so you can focus your time and energy on your next move.
Executing the Auction
Not all online auction platforms are created equal, so it’s important to know what to look for if you decide to take this route for your liquidation. Some online auction services to look out for include:
- Total auction setup (including photography, categorization, etc.)
- Auction marketing
- Item appraisals
- An easy-to-use bidding platform
- Buyer pickup at your location
Providing a wide range of services is one thing, but doing so efficiently is another important factor. At Auction Masters, we understand that your time is valuable, so we work to get your auction up and running as fast as possible.
With online auction platforms, you don’t have to sacrifice sales for speed. Sites, like Auction Masters, host an established network of buyers and a team of experienced auctioneers to help you get the best price possible. An online auction allows you to reach people in a buying mindset, and the auction format itself encourages competition that drives prices up.
Closing a restaurant business is nearly as much work as opening it up in the first place, but you don’t have to shut things down all by yourself. While there are countless reasons to choose an online auction to liquidate your business, the most important may be the peace of mind this selling format provides. When everything must go, you can rest assured that it will.
Learn more about our food service liquidation auctions, and get started with your sale today!