7 Mistakes to Avoid When Closing a Restaurant
So, you’ve decided to close down your restaurant. We understand this isn’t always a fun position to be in, but whatever the situation may be, if you are closing and exiting a facility, there are a number of ways to make sure you’re handling the situation cost-effectively. Here’s a list of mistakes you should avoid to come out of this situation on top.
1. Don’t leave your equipment behind.
First and foremost, do not pass up on the opportunity to sell your hard-earned restaurant equipment! Used restaurant equipment can generate thousands of dollars for you; don’t let it go to waste. Online auctions at www.RestaurantEquipment.bid frequently generate $10,000 - $20,000 in returns for closing restaurants. In addition to handling all aspects of facility closures, we are also specialists in used restaurant equipment auctions. If your want to make some money off your equipment during the facility closure process, we can make that happen.
2. Don’t wait until the last minute to schedule an auction or equipment removal team.
In addition to maintaining your sanity, there are plenty of logical reasons to plan ahead. The closer you get to your exit date, the more expensive it will be to set up a removal team and you might lose the ability to auction your equipment off on-site. Give yourself as much time as you can to prepare a graceful and efficient exit.
3. Document your auction items yourself.
TAGeX Brands can document your inventory to auction for a modest fee, but if you
want to keep all that money in your pocket, use our app to take pictures and record information about your equipment. By doing this yourself, you will have little to no out of pocket expenses to run an auction. Additionally, winning bidders are responsible for removing the equipment themselves so you don’t have to! Save time, money and effort by using our app.
4. Take lots of pictures.
In our 30 years of business, we have learned that more pictures of your equipment leads to increased bidder confidence and a higher return on your equipment. Take pictures that show the condition of your equipment as well as the serial tag if possible.
5. Clean your equipment and facility.
Before you document your equipment and schedule a pickup date for winning bidders, clean your equipment and facility. It doesn't have to be perfect; people who buy used restaurant equipment generally know what they're getting into, but clean equipment always sells for more. Also, trucking companies will sometimes refuse to take items that are caked in grease or residue like fryers and ovens, so it's best to take care of any excessive build up. Cleaning your equipment and facility takes some extra work, but makes a huge difference in the success of your auction
6.Don’t forget the smallwares!
Little items like food pans, silverware, chairs and racking/shelving can quickly add up in value. Document everything and anything you need to get rid of and don’t underestimate the small stuff!
7. Communicate with your landlord or management company.
If the location is a rented space, be sure to have a clear understanding of ex
actly what condition your rented space needs to be in after you exit. Do fixed structures like sinks, and exhaust hoods need to be left in placed? Make sure all parties involved are on the same page to avoid any surprises or conflict.
After 30 years of business, TAGeX Brands has become known to restaurant and facility operators nationwide to be the ultimate solution for all aspects of restaurant closures and equipment liquidation. If you have any questions about your own situation, visit our Contact page to get in touch with an expert.
We understand each situation is unique and highly personal. All information is kept confidential.
Thanks for reading,