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Auctioneers Selling Restaurant Equipment

July 7, 2011
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With the International Auctioneers Conference and Show right around the corner, we’d like to highlight an example of an auction taking place in a couple of weeks. There’s a restaurant in California that closed due to slow business, and all of its equipment is going to auction. Up for auction will be furniture, food preparation tools, and a walk-in cooler, among other things.

When items like these are available for auction, they must first be appraised so that the value of each piece of equipment is known. If a bank is lending a purchaser money to buy this large equipment, it will likely require the appraisal to be USPAP-compliant. Often, auctioneers use their past experience to place a value on an auction item, but these values aren’t USPAP-compliant, so purchases likely can’t be backed by a bank. Because of this, appraisers who can’t make USPAP-compliant appraisals because they aren’t certified are losing business.

If you’re interested in receiving the Certified Machinery and Equipment (CMEA) designation from the NEBB Institute, come visit us at the conference or check out our website.

The NEBB Institute endorses and strives to observe the highest standards of professional ethics to preserve the public trust inherent in the professional appraisal practice. The Institute provides initial and monthly comprehensive education, ongoing support, and a dynamic international network, and certifies professionals in the art of machinery/equipment appraisal and brokerage.

By: NEBB Institute

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