The restaurant industry is highly competitive, and closure is common. In fact, according to the National Restaurant Association, 17 percent of restaurants fail in their first year, and only about 35 percent make it to the ten year mark.
If your restaurant is reaching the end of its run, a restaurant auction is an effective way to liquidate your assets and bring in some capital for your next venture. On the other hand, a struggling restaurant can sometimes regroup and use an auction to offload underperforming equipment, in order to reinvest in a new strategy. Whatever the reason for selling equipment, a restaurant auction is the best way to handle it. These industry-specific auctions are also a cost-effective way for buyers to pick up items to benefit their restaurants.
Essentially, anything restaurant-related can be sold at a restaurant auction, except for food, of course. No matter what kind of restaurant needs to sell equipment, an auction is a good place to do it. Some restaurant items sold and purchased at auctions include:
The reason for buying at auction is clear: competitive prices and the chance to purchase high quality equipment within your budget. But what is the benefit of selling at a restaurant auction? The advantages are plentiful.
Attention to detail is the name of the game when you are preparing to sell equipment at auction. Start by taking a detailed inventory of all the things you want to list. Group your items into the appropriate categories, and note the condition of each. Gather any and all records and documents related to your equipment, and make note of the age and maintenance history of every appliance. Identify any items that are unique or high value, so that this can be added to their description on the auction website. Pay attention to brands, as well-known brands often warrant higher prices. Research current market values, and make your items as attractive as possible, cleaning and sanitizing them, and making any necessary repairs. Take high quality photos, capturing multiple angles with good lighting and clear focus. Leverage your connections, through social media and industry contacts, to get as many eyes on your auction as possible.
When you work with an auction house, much of the work is done for you. Your items are listed on a dependable platform, with detailed descriptions and clear photos, and features that elevate the experience for both buyer and seller. If your restaurant has closed and you have no place to store the items, it’s not a problem because the auction house will provide storage. Often, auction houses have shipping partners to handle shipping, and after the sale, the auction company will handle communication with the buyers as well as coordinating removal and delivery. Best of all, the auction house will help maximize your returns by utilizing marketing strategies that will bring the right eyes to your auction.
When you need to liquidate restaurant equipment, the auction house you choose is of utmost importance. Look for a company that is reputable and has a good track record for restaurant auctions specifically, as well as auctions in general. As you are researching companies, narrow it down by carefully studying websites, reading reviews, and choosing the auction house with the most transparent policies and highest quality of customer service.
If your restaurant is closing and you want to generate some revenue from your remaining assets, Dakil Auctioneers, Inc can provide you with a seamless auction experience. Oklahoma’s premier full-service auction company, we have led the Oklahoma auction industry since 1982. Our auctioneers have over 200 years combined experience, and our 28,000 square feet, state of the art facility in Oklahoma City sets us apart from other sales options, not just locally but also nationally. If you need to auction property, we are capable of providing comprehensive administration of a business liquidation, including industrial and business equipment, oil and gas properties, and estate property, offering complete liquidation or cash purchase. Additionally, we provide expert promotion for your auction, designed to reach the largest number of potential purchasers, for maximum results. A Dakil auction is a clear, efficient, and above-board process, which is why so many people choose us over other auctioneers. If you would like more information or to subscribe to our newsletter, contact us through our website.
