Services You Didn’t Know a Hospitality Consultant ProvidesNovember 29, 2021
Summary of ABLE BC Annual LRS Survey Results 2021December 16, 2021
If you have a liquor store for sale in BC, the longer you have it up for sale, the more it will cost you in time and money. If you’ve watched home sales or house flip shows on TV, you’ll be familiar with term “staging”. In the housing or apartment real estate market, “staging” refers to styling or otherwise presenting a property in such a way that its appeal is maximized to potential buyers. Staging is just as important for an LRS license and store sale as it is for a home.
If you follow the simple steps outlined below, you’ll not only increase the chances that your liquor store sells, but also that it sells as quickly as possible.
Selling a Liquor Store vs. Selling a Liquor Store License
When selling a liquor store in BC, in all cases that means selling the liquor store license. While some buyers will consider a new store build after buying the license, most will be looking to purchase a turnkey operation, which includes the liquor store license (called an “LRS license” in BC), the building or its lease, and the store contents including inventory.
Steps to Staging the Liquor Store
While there are some obvious differences between selling a liquor store and selling a home, the end goal is the same. Present the store in such a way that a potential buyer can imagine themselves owning it. The following are some key items required, in order to put your best foot forward when staging your liquor store, prior to putting it up for sale.
Clean Your Liquor Store
It goes without saying that all properties look more appealing when they’re clean. A quick liquor store sale depends on this one basic staging step. If you only do one thing on this list, let it be a thorough cleaning.
Clean the following:
- Floors and walls
- Cash desks
- Back offices
- Storage rooms
- Receiving areas
- Lunchrooms, staff lounges
When cleaning the liquor store, make a note of anything that’s in disrepair and move on to the next step.
Fix or Replace Broken Equipment and Furnishings
When someone buys a liquor store, the last thing they’ll want to do is deal with broken or failing equipment and furnishings. Fix things that are broken or nearing the end of their useful life, including:
- Refrigeration units
- Sliding fridge doors if sticking or off their rails
- Shelving and displays
- Cash registers, desks, chairs
- Floor and ceiling tiles
- Walls (dents, cracks, old nail and hanger holes)
- Security equipment (alarms, CCTV equipment)
Get Your Liquor Store Financials in Order
Always have the latest financial records available for a potential buyer, including:
- Balance sheet
- Income statement
- Cash flow statement
- Quarterly sales and profits reports
- Assets including inventory
Hire Thrive Liquor Store Consultants.
We Make Selling a BC Liquor Store Easier than You Think!
Preparing your private BC liquor store for sale may seem like a daunting task, particularly if you don’t have the time, as is often the case with store owners/managers. Hiring experienced liquor store consultants, such as Thrive Liquor & Cannabis Advisors, makes the job much easier and will increase your confidence that nothing has been left to chance.