Liquor license transfer

Definition

The approval that moves a license to a new owner, on the state's timetable, not the deal's.

Why It Matters

Where liquor is a meaningful share of sales, the license is not a document that comes with the keys. Transfers run through a state or county board with its own hearing calendar, its own investigation of the buyer, and in some places a quota that makes the license an asset worth more than the equipment. Establish the process, the timeline, and whether the license transfers or must be bought, before agreeing a closing date, and expect to operate under a management agreement if the calendar and the closing do not line up.