Most business sellers are interested in disposing of their businesses as quickly as possible. But that's not how an off sale liquor business sale works.
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At Gaebler, we think that's a mistake because with adequate preparation and the right sale strategy, this might be the best time to put your off sale liquor business on the market.
Broker vs. No Broker
The decision of whether or not to hire a business broker should never be taken lightly. Business brokers typically charge a 10% "success fee" when they sell a business, but they also handle many of the hassles that are associated with selling an off sale liquor business. If you're on the fence, do your research before you make a final decision. BizBuySell.com and other websites offer detailed information about brokers and the process of performing a brokered off sale liquor business sale.
Selling an Off Sale Liquor Business to an Employee
Employee sales have pros and cons. A faithful employee may have the motivation and ability to continue to operate the business. Since the worker already knows the ins and outs of the business, due diligence should be a breeze, not to mention the fact that you won't have to wait months or years for the right buyer to emerge on the open marketplace. Yet most employees lack the means to buy their employer's business at or near the asking price. A seller-financed deal may be necessary unless the employee has significant assets or investor backing.
Preparing for What's Next
What will happen if your off sale liquor business is a success? If you aren't sure what's next, you could be in trouble because future plans and selling strategy are inextricably connected. In today's market, many buyers expect seller financing - a concession that might not be a possibility for sellers whose next step requires the entire proceeds at the time of the sale.
Given your interest in exit planning and in off sale liquor businesses, you might find these additional resources to be of interest.
If you plan on opening an off sale liquor business, these guides will help you get started:
If you consider off sale liquor businesses to be sales prospects, there's more applicable information for you elsewhere on our site. These helpful guides are more appropriate for you:
If you are eager to get business succession tips for a different industry, try our alphabetical list exit planning guides below.