How Do I Refinance a Liquor License?
With 2020 being difficult for businesses and restaurants across Florida, 2021 seems to be a much better year. With events starting back up again, business owners are finally on their way to making money again.
Unfortunately, debt or late payments incurred from the previous year may make paying for a liquor license a bit difficult. Even if liquor is a huge source of profit for a business, a license’s cost may be difficult for a company to justify.
Thankfully, there is a way for business owners to hang onto a liquor license and get cash for any necessary business expenses. Refinancing a liquor license might be the best course of action for businesses looking to keep their license and get the money they need to run their businesses.
Refinancing allows a business to:
- Make smaller liquor license payments over an extended time
- Get cash for other necessary expenses
- Recover from a downturn in finances
Why Refinance a Liquor License?
Liquor licenses are a great way to keep income flowing for your business or restaurant. With plenty of sporting events and drinking holidays just around the corner, there has never been a better time to refinance a liquor license.
With May swiftly approaching, there are plenty of holidays and events that can help a business increase its profits. We’ve listed a few of the significant events to look forward to as summer rolls around:
- Kentucky Derby
- Cinco de Mayo
- Summer Holidays
- Nationwide NASCAR Races
- 4th of July
Businesses that see good profit returns from their liquor sales but need a bit of extra cash on hand may want to consider refinancing. Refinancing can be a way to get a business out of debt while allowing a business owner to afford their license.
Liquor licenses can be expensive but sometimes necessary for a business or restaurant. If there are significant returns from alcohol sales but not enough to negate 2020’s debt, it may be best to refinance. If sales are increasing, refinancing can be a vital step to giving a business the little push it needs to profit.
Are There Risks to Refinancing?
Of course, there are some risks to refinancing a liquor license. Owners should be confident that their liquor license is worth its overall cost before proceeding with refinancing. Businesses that are losing too much money to afford liquor license fees might not want to refinance.
If you’re planning on refinancing, you should be aware of the following potential risks:
- Higher interest rates
- Could impact business’ credit score
Was 2020 Too Hard for Your Business?
If 2020 was too hard to justify refinancing your business’s liquor license, there are still other ways for you to make ends meet. There are many solutions to get back up and running for companies that are struggling too much to benefit from their liquor license.
At Liquor License Professional, we offer many routes to turn a liquor license into profit.
If you feel the refinancing risk is too high, we provide additional services that may suit your business’s needs better.
Here are just a few of the services we offer our customers:
- Selling a Liquor License
- Business Consulting
Selling a Liquor License
Liquor licenses are in high demand and short supply in Florida, meaning that it may be best to sell if a business isn’t benefiting from their license. Selling could give a company the extra money it needs to make ends meet.
Liquor licenses are expensive, and if a business isn’t seeing great returns, it is most likely best to sell. Licenses are often challenging to come by, so selling a license might bring a business a higher cash value than expected.
There is also the added benefit of providing another business owner with the ability to sell liquor, allowing both you and the other business to profit off the same liquor license.
Selling a Liquor License With Liquor License Professional
At Liquor License Professional, we can mediate the buying and selling process. We’ll act as a third party between you and another establishment, making the liquor license transfer process simple and efficient.
If you don’t have another establishment in mind, we can still help you. We can purchase liquor licenses from any business, providing a fast, easy way to obtain necessary funds. Since we are liquor license market experts, we can help provide the best value for a liquor license to start to turn a profit.
If we purchase a liquor license, we will hold onto it until another business expresses interest in buying it. Once the company is ready to move forward, we will sell them your old license. This practice ensures that someone is always using a liquor license rather than it sitting unused.
Sometimes, a business may need a complete overhaul and refresh to start turning a profit. This change of pace has become increasingly common in 2021. This year, many companies have either expanded or changed their audiences entirely, completely adjusting their business model in the process.
At Liquor License Professional, we understand that owning a business is a dynamic, fluid process. Whether a company is first starting or has existed for years, it can sometimes be best to adjust a business model to ensure maximum profit.
Hospitality Consulting With Liquor License Professional
We offer comprehensive hospitality consulting that can help your business determine whether a restructure is necessary. Our knowledgeable team will look over a business’s overall structure, pinpointing particular strengths and weaknesses. This service can help any business, as sometimes having a third party evaluate a company can determine where change may be necessary to drive a profit.
Hospitality consulting isn’t just for successful businesses; any company can benefit from it. Hospitality business consultation can help any business adapt to new trends and markets. Consulting is beneficial whether a business wishes to remain relevant or tackle new demands.
Suppose 2020 and any of the hardships associated with it made you rethink your current business model or want to tackle a new industry. In that case, hospitality consultation might be a significant next step for your company.
Contact Liquor License Professional
Whether you’re gearing up for summer by refinancing your liquor license or planning on selling your license to turn a profit, Liquor License Professional can help you every step of the way.
With over 30 years of experience in the liquor license and hospitality industries, it’s safe to say our team knows the ins and outs of Florida liquor licenses.
Our direct experience in the hospitality industry can help your business start turning a profit from your liquor license this year. We always strive to help business owners create the business they’ve envisioned by giving them the tools they need to succeed.
To receive more info about what we offer, contact us by calling (321) 274-7104 or (386) 222-9668. Establishments and their Owners can also reach us by sending an email to email@example.com.