7 Vending Route Sale Mistakes You’re Probably Making
Selling a vending machine route can be a lucrative decision when done correctly, but several common mistakes can hinder the process, affecting both the sale price and how quickly a sale can be finalized. Let’s delve into the seven common missteps sellers make and how to avoid them to ensure a smooth and profitable sale.
1. Not Cleaning Your Machines Before Showing Them to Prospective Buyers
First impressions are crucial. A clean, well-maintained machine speaks volumes about how the business is run. Dirt, dust, and grime can be a major turn-off and may lead the buyer to suspect that the machines haven’t been well cared for, potentially hiding more significant, costly issues.
2. Not Upgrading Your Machines with Cashless Payment Systems
In an increasingly digital world, convenience is king. Machines that only accept cash limit sales opportunities and may not provide accurate sales data. Upgrading to cashless systems, such as card readers or mobile payment options, can make your route more appealing by showing potential buyers that it’s future-proofed, ready to cater to a broader customer base and the sales can be verified.
3. Not Securing Contracts Before the Listing
Contracts for locations where your machines are placed add immense value to your vending route by providing legal assurance of continued placement. Selling without securing these contracts can make the deal riskier for buyers, as they might worry about losing prime locations post-purchase.
4. Not Running Paid Advertisements
Relying solely on word-of-mouth or free listing services can significantly slow down the sale process. Paid advertisements, whether online or in industry publications, can help reach a wider audience of potential buyers specifically interested in vending machine routes.
5. Not Offering Add-Ons to Upsell or Negotiate with the Customer
Add-ons, such as spare parts, a seller’s parts warranty, or mentoring for a set period, can make your offer more attractive. They provide value and can be used as leverage during negotiations to achieve a higher selling price or to clinch the deal.
6. Not Including Enough Information in the Listing
A detailed listing is essential for attracting serious buyers. It should include information on the number of machines, locations, average revenue, and any contracts in place. A lack of information can lead to a lack of trust and interest from potential buyers.
7. Not Using a Broker
While it may seem cost-effective to handle the sale yourself, a broker can add significant value. Experienced in the vending machine business, brokers can help accurately price your route, find qualified buyers, negotiate deals, and navigate the legal intricacies of selling a business. Their commission is often offset by the higher selling price they can command and the time and hassle they save you.
By avoiding these seven mistakes, you can significantly improve your chances of selling your vending machine route quickly and at a desirable price. Taking the time to prepare your route for sale, investing in upgrades, and engaging a professional broker can all contribute to a successful sale.
Thanks for Reading!
Kayin Pepper
Vendture Foods, Founder & CEO