How Much Is My Used Restaurant Equipment Worth?
You’ve invested a ton of money, sweat, and tears in your restaurant. When it comes time to sell equipment or your restaurant altogether, you want to make sure you get a fair price.
But do you know how much your restaurant equipment is worth? Let’s look at how to get top dollar for your inventory.
Why sell used equipment?
Opening a restaurant is an excellent way to build a business. The restaurant industry in Australia continues to grow at 5.1% year on year and is valued at $18.5 billion. With this in mind, it is no wonder why new restaurants are always popping up around the country.
With so many businesses opening and closing, there will be a continuous demand for restaurant equipment. And with such high failure rates, it might be more advantageous for entrepreneurs to invest in used equipment.
Suffice it to say, there is a strong market for used restaurant equipment.
With that said, here are a few reasons why businesses sell their old equipment:
- Going out of business: When businesses shut down, the proprietors will sell what they can to cover the outstanding debt.
- Replacing and upgrading: Successful businesses might upgrade their restaurant equipment, especially if they need new devices like kitchen display screens or online ordering devices.
- Selling your business: When you sell your business, the buyer will want to know exactly what they’re getting. Having an accurate valuation of your equipment will be crucial for finding the right asking price.
How to value restaurant equipment
Several factors will influence the market value of your equipment, such as age, condition, and demand. However, most businesses will end up selling used supplies between 10 to 40 percent of the current price in stores.
Can you sell items for more? Certainly! Let’s look at how to find the best prices for your restaurant equipment.
- Speak with wholesalers and auctioneers: Contact restaurant equipment suppliers to find the market rate for used goods. They can also purchase your equipment and resell it for you. While this may not get you top dollar, it can help you liquidate quickly.
- Browse resale websites: Places like eBay, Gumtree, and social media groups and are full of listings for refrigerators, buffet servers, ovens, and more. Visit these sites to help determine the best asking price.
- Hire an equipment appraiser: If you are selling your restaurant altogether or using your assets as collateral, you might need to hire an appraiser to give an accurate valuation. Even if you are simply selling a few items, you can give these appraisers details like model numbers and condition to get a fair market value.
Upgrading your restaurant equipment? Choose Epos Now
Even if you have the best fryers and ovens, you can’t make sales without the latest technology and devices. With online ordering growing in popularity and digital payments becoming the norm, you need a modern point of sale system to keep customers satisfied.
With a restaurant POS, you can:
- Process credit and debit cards
- Customise your floorplan
- Store data safely in the cloud
- Track inventory in real-time
- Offer delivery and pickup
- Take orders tableside with handheld devices
- Connect with 100+ third-party apps
Looking for a restaurant POS? Call today to see what Epos Now has to offer.