How to Sell a Liquor Store in Florida
Selling a liquor store in Florida can be complicated, as you will need to keep many aspects of your business in mind. Here are the basics you will need to consider to sell your liquor store in the sunshine state
How to Value a Liquor Store
Valuing your liquor store can be difficult. There are many aspects to consider, including your location, financial track record, revenue streams, and uniqueness on the market. Location may be a critical aspect of your liquor store’s value. Your business location can affect sales, but that is not the only reason location is so valuable in the liquor industry. In Florida, a limited number of liquor licenses are available in a given county based on population. Potential buyers in counties with limited license sales may be willing to pay more to purchase your license.
Prepare Your Liquor Store for Sale
Having everything you need to be prepared before selling your liquor store is important for ensuring the process is smooth and painless for all parties involved. Some of the key aspects to consider include:
Accounting and Financials
Keep track of your business financials. Consider using software for this purpose if you are not already. Make sure you have all your financial statements in order, including overhead expenses, inventory value, payroll, and tax information. Be ready to present potential buyers with at least three years of financial records.
Perform a physical inventory check to confirm what your inventory is worth and that your recorded inventory numbers match your physical stock. Review the value of assets in the store, such as refrigerators, shelving, and anything else to be included in the sale. Keep track of the value of your inventory and other assets to include in the final purchase price.
Legalities and Liquor Licenses
Before selling your business, it is good to check the status of your liquor store from a legal standpoint. Now is the time to check that you are in compliance with zoning requirements and that any business permits and your liquor license are current. If it is nearing time to renew any permits or licenses, go ahead and do so, or note to potential buyers that they will be responsible for the renewal.
Plan Your Transition Strategy
Consider your current operations and document all the routine tasks you or your employees perform. Create manuals of how tasks are performed to reduce confusion if you have not already.
Be prepared to present your current business strategies to potential buyers. For example, have a plan for how your company minimizes theft. This plan may include security cameras, point-of-sale systems, and accounting controls, all of which can be included in your value assessment of your business.
Create a strategy for how you will sell your business and transition everything to a new owner. Will the sale include your entire inventory? Will employees have the option to stay with the business and transfer their employment to the new owner? Having a plan in place will allow the transition to go more smoothly, saving time and money for you and the new owner.
Review Your Business Contracts
Review the contracts you have with any partners, vendors, and employees. You will need to change most of these agreements when you sell your business. Finding out where your contracts currently stand will allow you to plan for how they will be affected by the sale ahead of time.
Locate a Buyer
Once you have assessed the value of your liquor store and prepared it for sale, it is time to locate a buyer. Having copies of all the supporting documents you prepared earlier can help present information to potential buyers. The more transparent you can be about your business, the faster you may be able to sell it to a potential buyer.
Sell Your Liquor Store Fast with a Business Broker
Selling a liquor store can be difficult, especially with how many aspects there are to consider. As such, selling your liquor store with a business broker can be easier and faster. Business brokers have expertise in selling businesses and may be able to increase the purchase price. A broker will help you value your store and inventory and know all the documentation and steps required to sell your liquor store properly. Not only that, but a business broker may be able to find potential buyers more quickly.
For help & assistance by a professional and reputable Broker, please contact our sister company, RealtyMasters Commercial at (954) 727-9000. Having been in business since 1985, RealtyMasters Commercial prides themselves as having a distinguished reputation for delivering Personalized Service, Experience, and Communication.
Contact the Florida Beverage License Specialists!
In order to obtain a liquor license, you must first meet all local zoning laws, which include restrictions on hours of operation, location, and parking. These rules are enforced by the city officials who oversee each area. Once you’ve met these requirements, you’ll have to go through a lengthy application process.
Our team has handled this process many times before, so we understand the ins and outs of the process. We work closely with our clients throughout the entire process to make sure that everything goes smoothly. Contact us today to learn more about getting a liquor license!
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