If you’ve owned (or own) a restaurant, you know that it’s a tough business! It takes dedication, skill, and thousands of hours of hard work to keep a restaurant operating and successful. We have great respect for those in the food industry from ownership to staff. Unfortunately, restaurants closing due to any number of issues is not uncommon, and in our business of online auctions, we get the ability to assist restaurant owners in selling surplus items or liquidating an entire facility.

At K-BID.com, we specialize in online auctions. We’ve had experience with restaurant auctions for the last 20 years and these tips may make the difficult process of closing a restaurant just a little bit easier:

First, restaurant owners should be aware of the costs associated with restaurant liquidations in the form of commissions and fees. Be sure to research other auctioneers and what they charge for their services before settling on one. That said, the cheapest option is not always the best! Look at previous auctions and ask for comparable sale prices to make sure the auctioneer you choose has the right market.

Second, restaurant equipment can have a long shelf life even after being used in a restaurant setting. It’s important to create an accurate inventory list before you begin the process of selling your restaurant items at auction so that you know exactly what will be offered and can assist in the auction set up process.

Third, restaurant auctions are typically conducted over several days or weeks so make sure you identify who will be available to help throughout the entire process. At the very least, you will need to be available to allow the auction company to get access to the building.

Fourth, talk to your restaurant staff and have them help you create a comprehensive restaurant equipment list. This will help potential buyers get an accurate description of the restaurant items being sold. If you have the staff available, clean the equipment prior to the sale.

Finally, when selling restaurant equipment at auction, be sure to understand the terms of sale. Every auction is different so it’s important to pay attention to all details before signing any contracts or agreements.

At K-BID we strive to make restaurant liquidations as smooth as possible. We are here to answer any questions you may have about the process and provide our expertise in helping you sell restaurant equipment at auction with ease. Contact us today for more information! We look forward to hearing from you soon!