PHASE 2 - Acquire

You have now reached the stage of due diligence!

Every step now is most important. It through this process you and your team will decide that you will spend your money to buy a business.

Organize your purchase by having the Coach write your business plan.

HERE WE ARE:

We've conducted our search thoroughly, built our purchase team, asked all the right questions, processed the answers, and pulled together our financing. Now is the time to complete the purchase. Are you a serious buyer? Now is not the time to get cold feet!

1. Develop your purchase strategy
   1. How to build your purchase team of pros.
   2. Your first store visit
   3. How to respectfully interview the seller
   4. How not to waste time with the seller.
   5. How to develop your own valuation of the business
   6. A list of forms you will need
   7. What will the seller want from you to release his financials
   8. What are the correct documents you need from the seller
   9. Use a proforma liquor store template
   10. Why the asking price is the starting price
2. Purchase Negotiations
   1. How to establish direct negotiations with the seller.
   2. The first meeting: preparation, strategy
   3. Techniques the Liquor Store Coach uses to get confidential information prior to the meeting.
   4. How to sell yourself as a polished buyer
   5. The full list of all necessary questions a buyer must ask a seller
   6. The second meeting preparation, strategy and agenda.
   7. Use the coach to negotiate from his experience his analysis of the financials
   8. Inventory at purchase
   9. Do you know how much inventory to accept from the seller?
   10. Do you know how to refuse buying inventory from the seller?
   11. Do you know what formula to use when buying the seller's inventory?
   12. How to determine the condition & effectiveness of the equipment
   13. Is the seller’s POS system the right system for you?
   14. What POS reports you need to review
   15. How to learn more about the competition
   16. How to evaluate the competition.
   17. Importance of the seller
   18. Understand the seller's motive to sell
   19. How to find out if the seller has other same-industry ownership
   20. Define the seller’s good will
   21. What to ask for in a non-compete clause
   22. Determining whether or not the seller should stay after closing.
   23. Using the seller's training period in your sale negotiation.
   24. How can you improve the seller's way of doing business
   25. The need for a business plan
   26. Setting a timeline
   27. When is the best time to buy a liquor store?
3. Due Diligence - How to really conduct Due Diligence as if you are an industry insider
   1. Do you know how to read between the lines to get the truth from your broker?
   2. Do you know the tricks a seller will use to hide the real story of his business?
   3. What are the industry norms of expense to gross sales?
   4. What value is put onto promotion sales?
   5. What are the real financials?
   6. All there is to know about financing: seller, bank & other.
4. Licenses/Permits/Applications
   1. I help the owners of restaurants, grocery stores, wine shops, convenience stores, pharmacies, clubs, pubs, bars and wholesalers with all aspects of beverage alcohol licensing in New Jersey and six other markets nationally. From locating, buying and selling liquor licenses and permits to expert investigation and courtroom testimony when there are liquor license related problems.
   2. Red flags & what to beware!
   3. Are there past license liabilities and if so what to do
   4. Are there any changes in municipal & state regulations
   5. Can you qualify to own a license/permit