In either case, ensure you confirm policy costs with your broker. There are two main ways to sell your used kitchen equipment. First, you can sell it yourself, or you can sell to a dealer. If you plan to sell it yourself, you will have to advertise the items or post them on a buy/sell page like Kijiji or Craigslist.
Because the owners declined to provide a listing of Subject Assets, I took my lovely and clever wife along as “clipboard” assistant. She wrote while I measured, called out manufacturer names and model numbers, took pictures with my faithful Casio Exilim. If you find an item isn’t selling, try lowering the price or accepting some bartered offers. Some equipment manufacturers will give cash or credit for used items.
And, in fact, a recent NRA survey showed 48% of restaurant operators planning capital expenditures for equipment, expansion or remodeling during the summer or fall. They’re often a great place to find people who want high-quality restaurant equipment without buying it brand-new. You might even be lucky enough to find a customer who wants to renovate their house with your used appliances and tools, allowing you to sell in bulk. Property insurance will cover your used kitchen equipment, furniture, building, and property. While policy costs vary based on factors like location, sales and level of coverage you want, expect to pay annual premiums anywhere from $1,000 to $2,500.
Benefits Of Leasing Restaurant Equipment
Nowadays almost everything is done on the internet. With Gator Chef you can buy the used restaurant equipment you need right from your own computer and mobile devices. In addition, we make sure your items ship out as quickly as possible so you can get right to work. This is important so that you can go check the equipment by yourself and don’t need to pay for the shipping. Find an auction professional in your area to sell your restaurant equipment. If they are ‘out of business’ and it’s sell to you, or sell to a restaurant supply house, it’s about 15 to 20 cents on the dollar. Restaurant Ninjas exists as a one-stop-shop for Restaurateurs looking for information about running a restaurant.
Not all lenders cover financing for used equipment, with some limiting it to only specific brands. They usually state these limitations in their terms and conditions which also specify extra fees, penalties, late charges, unexpected taxes, and various other unwanted clauses. Read these terms and conditions to make sure you’re happy with your financing arrangement before proceeding. Selling used kitchen equipment is now a legitimate market, and there are many places to buy.
What To Keep In Mind Before Buying Used Equipment
You can’t bake a cake without an oven, right? Purchasing used restaurant equipment can also be a great way to save while still pushing your business ahead. Leasing commercial equipment is another option when outfitting a new restaurant. Certain pieces of restaurant equipment are better suited to leasing, because of their short life span. They wouldn’t be worth the investment to buy new. These items include ice machines, dishwashers, coffeemakers, and coolers. Often times the latter two – coffeemakers and coolers- will be provided free by your beverage distributor.
There are two ways to go about selling your equipment. The first is to sell it by yourself and target your market.
And when they do, the owners have to get rid of equipment – lots of it. Selling used restaurant equipment is a great way to help recover losses, and buying used equipment at a decent price is one way to keep more money in your business.
- Find an auction professional in your area to sell your restaurant equipment.
- Don’t rush the process, but focus on maximizing the people that you can sell to by opening ads online and in local newspapers.
- Over the 2010 Memorial Day weekend, I had the priviledge of inspecting a series of restaurants for a machinery and equipment appraisal.
- They can come to you, or you bring the equipment to them.
- A large portion of their stock is made of up refurbished items, which means you can sell them your equipment for a high profit.
- They wouldn’t be worth the investment to buy new.
- In either case, ensure you confirm policy costs with your broker.
You can check out the sale and clearance section on the Central Restaurant Products website to find some scratch and dent deals. These are brand new products that were returned because they were damaged during shipping.
Essential Restaurant Kitchen Equipment: The Ultimate Checklist
But, it never hurts to err on the side of caution—ask the seller to provide a certificate that confirms working order. Read on to learn some tips on buying and selling used restaurant equipment. Another point to remember about buying used equipment is that prices are not always set in stone. You can often haggle the prices with dealers. So don’t be afraid to ask for a lesser price when looking at used equipment. Most new restaurants and homeowners who are going through a renovation period want to buy multiple appliances. If you pair them together, you could shave off some of the price and sell your equipment much faster.
Mahlkonig grinders are some of the most durable machines and can be refurbished. I sold some heavily used Guatemala and VTA6 models that are still in daily use in their new homes – some still have original motors at 15 to 30 years of service. Switches and discs are worth replacing, but discs are not cheapos. Used equipment rarely sells for more than 50% of new value. Depreciated value is usually decreasing at a rate of 20% of remaining value annually.
Be sure everything is there, looks correct, and that the equipment is in overall good condition for the price you’re going to pay. In addition, be sure the used equipment has an appropriate warranty (usually between days). Beyond nostalgia, restaurant appraisal has other interesting aspects. And that value, these days, whether you’re looking at Orderly Liquidation Value or Fair MarketValue in Continued Use, is remarkably low. Looking to buy or sell used restaurant equipment?
They even have a Bargain Corner where they list their best used equipment deals. These deals can’t be delivered, and must be picked up at their warehouse. They also have multiple brick-and-mortar locations, if you prefer to see equipment in-person before purchasing. Just remember, you’ll see the most options online. CraiglistorFacebook Marketplaceare also useful websites to start. You’ll be dealing with the local community, which means shipping costs won’t be involved.
Finance Your Business
While it would be nice if your restaurant was all sparkly and new, just remember, new doesn’t always equal better. Glassware, linens, baskets, and flatware are all steals when purchased used. Tables and chairs are also good deals but can look dated. It all boils down to what you want to spend and what areas you want to spend it on.
Selling your equipment with everything it originally came with will only increase its value. Get your items as close to original condition as possible. Keep in mind that some warranties may be transferable to a new owner. Sign up to get industry intel, advice, tools, and honest takes from real people tackling their restaurants’ greatest challenges. Estimate a good price based on similar listings and an honest evaluation of your item’s current quality.
Please stand by, while we are checking your browser… While the thought of reconfiguring or updating your operating procedures might seem daunting, start with one focus area at a time and go from there. My very honest reason for a low offer will be that I don’t have a loan just yet and anything I spend on this equipment is coming out of my back pocket. Some types of equipment, furniture and equipment are virtually value-less and worn out or used up at about five years of normal commercial duty. Often a closing ship had less than normal traffic and therefore minimal usage/wear on the capital goods. Jamie Lisse has been writing professionally since 1997.
For example, a Mexican restaurant might not need your deep fryer, but they might need extra ovens or refrigerator racks. Some smaller equipment might appeal to any restaurant. In this case, you might need to do your own advertising or put your items on Craigslist. The second way to sell your equipment is to sell it to a dealer, like Gator Chef. We are capable of buying and selling both large and small items. When the time comes to buy equipment for your new restaurant, you may be wondering if it’s better to buy brand new restaurant equipment or if you should cut costs by buying used. Either way, be sure to do your research and find the best avenue for buying and selling used restaurant equipment.
Purchasing new equipment has an obvious advantage…it’s new. And it most likely comes with a warranty. However, depending on the type of equipment, a bit liking buying a car, the minute it leaves the showroom, its value dramatically decreases. Because new restaurants have kind of a high failure rate you can often find quality used restaurant equipment for pennies on the dollar. Bigger, pricy pieces of restaurant equipment, such as stoves, ovens, refrigeration units are also a good deal when purchased used. The good news in restaurant appraisal these days is that the restaurant business is still growing, despite economic concerns.
Don’t rush the process, but focus on maximizing the people that you can sell to by opening ads online and in local newspapers. Follow the suggestions above to find out if you want to sell online or in a local market. The good news is that you can try both at the same time to increase your chances of finding potential buyers. All in all, this is undeniably the best solution to make your money and get rid of the used equipment. Search for new restaurants and their owners. It’s no secret that starting a business can be costly, which is why you should try to find brand-new restaurants to sell your used equipment to. You’ll make a nice profit while the owner gets the items that they need without going over their budget.
Keep your equipment on restaurant premises for as long as possible before selling, because some equipment loses value if it’s moved to a different location. You want the used restaurant equipment for sale to be in the best selling condition possible. No one wants to buy anything covered in food residue and grime. Wash all equipment so it is clean and shiny. If you can’t do the repairs yourself, check out appliance recycling centers or metal recycling facilities. Some equipment may be in such poor condition that even a recycling center won’t accept it. For this equipment, your best option is to get rid of your equipment at the dump.