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Tips On Buying a Liquor Store For Sale
At first thought, buying a liquor store sounds like a brilliant idea. There is undoubtedly a lot of money to be made in this particular business. At the same time, buying a liquor store can be somewhat of a complicated experience. It may be wise to hire a business attorney to give you advice on the purchasing process. It would helpful if the attorney has experience in liquor store purchases in the area that you are interested in. The attorney should know the basics on how to adhere to certain rules and standards set forth by certain organizations such as zoning and underage drinking laws.
You need to figure out the rules and requirements for the county or parish and state where you are considering the purchase of the liquor store. Different agencies control the rules and regulations in each state. Many states and counties have this information on the Internet, so doing a quick search could give you some answers. More specifically, you need to do background research about the ordinance that you are purchasing the liquor store in. There might be specific zoning laws for that area that you need to know about before making the purchase.
Aside from the legal issues involved in the purchase of a liquor store business, you also need to consider the business issues. For instance, if you buy a liquor store in an area with many existing liquor stores, there may already be a lot of competition for business. On the other hand, if there are not many liquor stores in the area, you could be walking into a gold mine. You should research the cost of insurance for a liquor store in the area by consulting with the business seller and by contacting insurance agents - insurance on a liquor store can be somewhat expensive. Another important issue to consider is the demographics of the neighborhood. Ideally your business should be located in a safe neighborhood with a low crime rate.