Liquor sales have increased exponentially during the pandemic. Consumers are drinking more and more at home instead of in bars. This means that if you have a liquor store that you want to sell, now is a perfect time. NJ Broker Plus has extensive experience in selling liquor stores throughout the area.
As a liquor store, you have to set yourself apart from your competitors and find ways to grow your relationships with current customers. Now that you have spent the time and money to grow your business, we can help you increase your chances of a sale. Keep reading to learn some tips to help sell your liquor store.
Review Your Operations:
First, you need to review your company’s operations and document all routine tasks in a procedures manual. An SOP document is a great way to help train new employees and is handy if you need a refresher on how things operate. One major issue in the liquor store industry is theft. We recommend that you include a review of your security operations as well. A secure operation will entice more buyers.
Review Your Financials:
Take a close look at your accounting system. Be sure to upgrade your system to the latest technology so that your buyers will be able to save time and produce accurate financial statements.
Complete a Full Inventory:
Take the time to complete a physical inventory count to confirm that the dollar amount of inventory on hand matches the physical item counts in the store. Double-check all of your physical equipment. Create an asset listing of your refrigerators, furniture, and other assets are posted to the accounting records. We can advise you on how to accomplish this.
Review Your Business Contracts:
Your contracts with partners, employees, and vendors need to be reviewed and secured. Many of these agreements must be changed if you sell your business. Find out where your contracts stand now, so you can make plans for an eventual sale. We have extensive experience in planning and advising liquor stores that are wanting to sell their business.
Let NJ Broker Plus be your trusted advisor. We will guide you through the process from start to finish. Contact us today to see how we can help.