If you like the idea of preparing and selling popular food on the go, then it would be rewarding to invest in the food truck market. It has turned increasingly popular all throughout the US with trucks sprouting like mushrooms in most major cities across the country. Such a venture is an advantage, especially to first-time entrepreneurs who can barely afford the costs of putting up a brick-and-mortar restaurant.

Why? First off, investing in a food truck is affordable. Next, you no longer need an office for your day-to-day operations and most importantly, you already have storage space for your equipment, utensils, and food items. Make sure though, you have all the needed requirements to operate legally and safely, and that you follow all the state regulations covering the business.

Alternatively, you’re also thinking of selling your unit, having been in the industry for a while now. Surely, you’ve got your own reasons but whatever they are, you must have weighed a hundred times the downsides and upsides of disposing of your food truck.

Well, coming up with a decision to sell can be both heartbreaking and frustrating because for one thing, saying goodbye to something close to your heart is hard. For another, you just don’t sell without knowing the right information and steps. Besides, there will be tire kickers along the way, not to mention appointments you’re likely to miss, plus the reality of shady characters who will perhaps be around during the actual selling process.

Although some business insiders say the actual selling process could be easy yet it needs attention to detail and patience. Prospective sellers are advised to get the right information from the right professionals on how to sell a food truck so as to obtain the right value and the best price. Remember, you only sell once so there has to be a good price tag on it. Once the sales documents are signed, it’s over. So, before you pursue your desire, here are suggestions to serve as your guide.

 

Guide to Selling Your Food Truck

 

Set your own pricing and valuation

What counts is, that you know how much your food truck is worth. Most truck owners don’t really have an idea and they end up offering either a high or undervalued price. If it’s unbelievably high, prospective buyers might think you’re into some kind of joke. Of course, you just want to attain the maximum value for your business just like what all sellers want.

How to determine your sales price? There are several ways.

• Check out the newest listings in your area for trucks similar to yours. Browse over the big-time listing websites as well as local Facebook groups.
• Inquire from your trusted professional or a reputable dealership and do a comparison.
• Once you know the price range, if you want a quick sale to skip a few months of waiting, you may lessen your price by 20 to 30 percent so that more buyers will be attracted. Then again, if you get more buyers than expected, you may conduct bidding and have the chance to increase your price.
• Update your books from where to obtain financial statements that are surely accurate. And where possible, keep these documents handy – the previous year’s profit-and-loss statements, balance sheets, and full tax returns.

Further, other documents like insurance policies, supplier contracts, employment agreements, bank statements, equipment rentals, and even copyrighted or trademarked recipes you have used have some relevance. This is because eager buyers will be interested in knowing the profits of their investment. A food truck’s value can be approximated based on its net income, assets, and liabilities. As you know, even without being very lucrative, a food truck can still rake in lots of revenue.

Likewise, to come up with a valuation of equipment, prepare a complete list thereof because the things you own are of great value. Check out all the known retailers selling the same brand as yours to determine the price range. The current market value can be estimated according to the age and condition of your equipment.

Engage the services of a business broker

No doubt, you’re the expert in the kitchen but may not necessarily be in the selling department. That’s why you need a broker to help you out in handling all the ‘dirty work’ like setting up your documents, doing the marketing and promotions, showing potential buyers your business, and settling the deal.

Where to find a reputable one – from referrals, your local chamber of commerce as well as from legal and financial professionals.

Get listed

List your food truck for sale totally free here at Usedvending.com, one of the largest sellers of used trucks online. Besides being in the industry for so long, the company’s tried and tested system has made all the selling aspects easy and hassle-free.

An easy tip for getting listed – provide as many photos as you can with a detailed description and even video footage of your truck. With such tremendous traffic the site is getting daily, you’d be surprised to see your stuff being placed right in front of numerous interested buyers. 

Take time to visit this page for more info on how to sell your food truck through our amazing platform!

But before listing your truck, we recommend that you read this article first: 5 Pro Tips When Selling Your Food Truck