Selling a Food Truck? Read these 5 Tips First

Updated November 2023

Over the last several years, food trucks have risen in popularity throughout the country. With over 73,000 businesses, you can find them in smaller towns and big cities alike. After seeing a 6.8 percent increase in industry growth over the last five years, now may be a great time to exit this expanding market for top dollar. If you’re thinking about selling a food truck, make sure you’re prepared with the right tips and suggestions.

5 Steps to Take When Selling a Food Truck

Whether your food truck sells traditional menu items, such as hot dogs and ice cream, or more specialty cuisine, the selling process is relatively similar and straightforward. Take the following five steps into consideration as you begin to prep your business for sale.

1. Plan Your Exit

Before you do anything, it’s crucial to create an exit strategy well in advance. No matter what type of food truck business you own, prospective buyers will more than likely want to envision how the operation will run without you in the picture. Consider the following questions:

1. When are you planning on leaving your business?
2. Are your plans dependent upon the sale of your food cart business?
3. Will your current team members stay with the food truck?
4. Does your food truck need any interior or exterior renovations?
5. How will you transfer ownership over to the new food truck owner?

While there may be more points to address initially, these questions will assist you in getting started. Plus, answering them ahead of time can help bring any unforeseen issues to the surface and address them promptly.

2. Improve & Get Your Food Truck Business Ready

When it comes time to buy a food truck, assume that serious food business buyers will weigh their options carefully. With that said, there’s a lot you can do to make sure your business stands out. To start, look for any areas on your food truck that could use an upgrade or repair. Also, try brainstorming ways you can improve sales and reach more customers, such as:

• Adding or improving your social media outreach efforts
• Expanding your menu options
• Adding additional payment options
• Encouraging your customers to write positive online reviews
• Finding additional routes and festivals or events to attend

3. Get your Documents Organized

Next, you’ll want to start preparing your business paperwork for interested food truck buyers. Ensure important financial documents, such as returns, cash flows, income statements, and balance sheets, are in order and ready for review. If you need assistance or have questions, consider getting in touch with a local accountant or business adviser. With proper planning, you’ll be much more prepared and ready to take on potential buyers’ questions.

4. Get an Accurate Valuation

After getting your necessary documents in order, it’s time to determine your mobile food truck’s value. Although there are several ways to go about valuing food industry businesses, we highly recommend hiring a third-party appraiser. With the help of a professional broker or CPA, you’ll offer a more accurate asking price with less room for negotiation.

5. List your Food Truck on the Market

Finally, after all the above preparations are accounted for in your business plan and you’ve settled on a firm sales price, you’re ready to list your food truck for sale. While you can do this yourself, it may be in your best interest to enlist the help of a qualified business broker. With their guidance, you’ll gain more connections to serious buyers. Plus, as a small business owner, you’ll have more time to focus on day-to-day operations and keep your food trailer running well.

Are you set on listing your mobile food business for sale? Consider partnering with Sunbelt Business Brokers. With decades of experience, our brokers know how to market restaurant businesses to the right pool of buyers for the best price possible. Get in touch with your nearest Sunbelt office to get started today!