How Do I Sell 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.
Summer is coming up, which means an increase in alcohol sales across the Sunshine State. With so many people relocating or vacationing here, alcohol with restaurant sales in Florida are looking to increase over the next few months.
This increase in business might not be enough of a push for most business owners, unfortunately. 2020 was a challenging year, with many companies and restaurants going into the red.
Since restaurants and bars were closed or operating with limited capacity, many business owners have had a hard time bouncing back.
Selling a Liquor License
If a liquor license payment has been a burden, instead of a boost, it may be best to sell the liquor license to make a profit or help turn your business around.
We recommend selling the liquor license if:
- Liquor sales have significantly decreased over the months
- The expense is eating into the restaurant or bar profits
- Profits have turned into the red rather than in the black
At Liquor License Professionals, we understand that a liquor license might be bringing a business down more than it is helping. A Liquor license is an expensive investment, so it may be best to sell them off if they are significantly draining revenue.
Since liquor licenses are in limited supply in Florida, selling can be a massive benefit to any business especially with values at an all time high. Selling the liquor license can give a company the extra money it needs to make ends meet, making it easier for profits to go into the black allowing business to continue.
Because liquor licenses are in such short supply, selling can be easier with the right help. During most months of the year, there may be a wait for liquor licenses, which means you can profit from the sale in no time.
The Mediation Process
By selling with Liquor License Professionals, a business owner ensures that they get the money they need quickly. Many people assume that they can do the liquor license transfer without assistance. This assumption is incorrect, as there are many different facets to transferring a license that many business owners don’t know about when they start the process.
To ensure a smooth, straightforward transfer, business owners should work with liquor license professionals. Not only does liquor license professionals know the ins and outs of the liquor license process, but they are also aware of all of the nuances involved in the liquor license transfer and placement to a location.
At liquor license professionals we can mediate between both parties, ensuring that both business owners get what they have negotiated, with the new business owner starting in the right direction.
Mediation is necessary because it ensures that:
- A qualified third party is overseeing the agreement and transfer process
- Both parties get what they are requesting in the Purchase and Sale Agreement
- The transfer process is legal, efficient and quickly completed
- Participants follow all Florida laws and regulations
- The liquor license transfers correctly, fully and properly to a new owner
A Purchase Agreement
Purchase agreements detail all of the specifics of the liquor license cost to the transfer of the liquor license to any legalities involved.
A purchase agreement should include
- Location of the seller’s establishment or were the liquor license is transferred to
- Details of the Purchase and Sale
- Purchaser’s warranty
- Bill of Sale outlining the purchase
- Specific legalities involved and qualifications
- The total purchase price to be paid by the purchaser
- Settlements statement
- Time, Date and location of Closing
Once business owners provide all of this documentation, a successful sale with transfer of the liquor license can occur. Liquor License Professionals can ensure that both parties pay all fees and all documentation is correctly completed. After all documentation will be submitted to the Division of Alcoholic Beverages & Tobacco for processing.
Involved in the Sale of a Liquor License
Many laws and regulations govern liquor licenses. These laws and regulations exist to prevent unlawful or unfair liquor license transfers. Since there are many laws and regulations in place, a business must know the various rules that may impact their sale or the transfer.
If business owners do not correctly follow regulations, it could cause costly mistakes for all owners involved. These mistakes are avoidable with the aid of Liquor License Professionals in the liquor license transfer.
Some of these common mistakes may include;
- Business licensing errors
- Lack of Building Permitting
- Lack Regulatory compliance verification
To provide an example, the sale of liquor in the post-closing process by the new license owner could violate Florida regulations. This violation could lead to potential enforcement issues,leading to unnecessary expenses, fees, and legal issues or even revocation of the liquor license.
Why Consult with Liquor License Professionals ?
Florida rules and regulations make it difficult for people to navigate the liquor license transfer process. At liquor license professionals we can help the two businesses properly conduct the transfer.
Liquor License Professionals’ expert team is highly knowledgeable about the liquor license transfer process. We can assist both business owners in the liquor license transfer completing the process fast and efficiently.
We know the ins and outs of Florida Beverage laws and regulations to help any business navigate the many laws in play for Florida. Our team of professionals is here to help any business conduct their transfer of a liquor license legally.
Our knowledgeable team helps prevent enforcement issues and keeps both parties moving forward. We make sure they are aware of the various conditions of the license transfer agreement and how to complete them.
The team at Liquor License Professionals will make sure both businesses have the paperwork in proper order, needed to ensure a smooth liquor license transfer.
Contact Liquor License Professionals
Whether you’re gearing up for summer by refinancing your liquor license or planning on selling your liquor license to turn a profit, Liquor License Professionals 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 and the hospitality industry.
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 firstname.lastname@example.org.
We are always available in person, by phone or email. Cheers.