Possibly buying an existing Liquor Package Store in Connecticut. What do I need to know or ask, any advice?!


Question: Possibly buying an existing Liquor Package Store in Connecticut. What do I need to know or ask, any advice?
Hi me and my dad are interested in buying an existing Liquor store in Connecticut. We are ready to speak to the owner. What are some important questions we should ask? Has anyone bought a liquor store before, what is the whole process. I know package stores have many restrictions and regulations and I'm going to have to get attorneys and accountants involved, but I'm mainly looking for some advice from someone who has gone through this before and is possibly running their own liquor store.

Answers:

Best Answer - Chosen by Voters

You need to review the "books" for the past three years at minimum. The books will indicated the inventory kept and sold. You will have an idea on what sells best and what current alcohol related trends are followed in the the shops local area. You may do well to have a survey done on the local liquor market and we advised if any local or state laws are going to be a hindrance to your managing the business. You also need an independent evaluation conducted on the business to know its value. Finally you need plenty of capital to run the business for the next two to three years, a lawyer, and perhaps an accountant. It would also do you well to know the industry, the alcohol beverages, and procurement strategies/ tactics.

nah


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