Have you recently closed your restaurant? If so, you’re not alone in making this difficult decision. Each year, there are thousands of businesses across the country that close due to rough economic conditions or other factors. Closing a restaurant, however, is different because you have the ability to sell off the various types of equipment and supplies that come with such an establishment through a service that provides restaurant auctions.

Restaurant auctions, similar to other types of business liquidation auctions, let business owners sell off their various assets. The process for a restaurant auction is much like any other business auction, too, and is especially easy when managed by a qualified auction company. Here are a few things that you can expect from restaurant auctioneer services:

1. Machinery and Equipment Appraisal: Before your business goes up for sale, you will need an appraiser to determine the value of your restaurant’s equipment. This can include cooking and food storage appliances, tables and chairs, and even the decor and signs. Having an appraisal gives you an idea of how much your business could earn and where the bidding will start.

2. Collateral Recovery Services: If your business has gone bankrupt or if you owe a considerable amount of money to creditors, you may need to do more than simply hold an auction. Fortunately, many auction companies offer additional services that help with asset management, collateral, and even bankruptcy proceedings. Find out how your auction company can help with the financial aspects of your business’s closing.

3. Online Auction Services: Holding an online auction gives your business the opportunity to sell to buyers all over the globe, and online restaurant auctions are no different. Businesses and private sellers alike will be able to view the items up for bid and have the opportunity to purchase them, too. Online restaurant auctioneers will manage the process for you, so there’s no confusion over the sales.

Have more questions about holding a restaurant auction? Be sure to get in touch with a commercial auction service for more information. You can also leave a comment below with general inquiries or suggestions.