Florida Liquor License Broker

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In November 10, 2020
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Florida Liquor License Broker

Liquor License AdvisorThe process involved with and during a transfer transaction involving a Florida Quota Liquor License can be challenging. It may include many potential drawbacks of unforeseen
obstacles for either the buyer or the seller. We have heard scores of horror stories from both purchasers and sellers who found themselves involved in transactions that did not go as planned. And most such problems have occurred because buyers or
sellers have opted to go it alone without a Liquor License broker ~ or ~ they have opted to go with the wrong Florida liquor license broker.

1. You need to be working with the right type of Purchase Agreement. This is typically a by-product of tremendous experience. Such an agreement requires to accurately and timely protect
both parties: the seller and the shopper. Every party should be getting exactly what they are entitled to, and the agreement itself should precisely detail the necessary steps, timeline, and closing procedures.

2. The seller must know that he or she is not just having the license listed for some extended or indefinite time. The seller needs to know that a qualified and motivated customer’s execution is imminent before executing any paperwork, and a seller should
demand a timely response to be free to work with another prospective buyer.

3. The buyer likewise wishes to know that he or she has actually and officially “locked-in” a license that will be available and secured by the promised closing date.

4. The seller wants to know that they are only working with a motivated and capable buyer. The buyer’s posting of an Earnest Money Deposit works to make sure that the buyer is committed to the process and is at risk – should he or she fail to close as
required by the contract.

5. The buyer will also know that the license was REALLY “taken off the market” and is ready and available at closing.

6. As the parties approach closing, the buyer needs to know that the seller’s accurate and complete paperwork is ready and available at the closure of the contract. This step can be very involved and present many obstacles if not appropriately handled.

  • The shopper needs the assurance that a Bill of Sale of the proper style and format is being finished.
  • The buyer needs the assurance that the correct Transfer Affidavit is being completed as per the requirements.
  • The buyer wants the assurance that the proper Florida Department of Revenue Clearance paperwork is being completed per AB&T requirements.
  • The buyer needs the assurance that the proper Transfer Fee is being computed and verified with the necessary supporting documentation as per AB&T requirements.
  • The buyer needs the assurance that any other essential Affidavits that become part of the AB&T Transfer Application packet are being generated as necessary. This should comprise a “No Liens Affidavit,” among other possible items.
  • The buyer needs assurances that all of this has been prepared and is accessible and ready at closing.

Liquor License Agents7. To protect the seller, the prorated license fee (annual license fee to AB&T) must also be computed and made payable by the buyer to the seller at closing as reimbursement for fees already paid to AB&T for the balance of the current license year.

8. At closing, the buyer needs the assurance that in exchange for the balance due to the seller that the buyer is, in fact, getting 100% of the items necessary through the seller to properly document ownership and affect a transfer via AB&T.

9. After closing, the purchaser then needs to know that he or she will have the experience on their side necessary to correctly assist the buyer in submitting the Transfer Application packet to AB&T as required. The buyer needs to know that they have
experienced liquor license agents working for them to complete the transfer process and beyond as needed or necessary.

These are just main Examples as to why a liquor license broker in Florida is warranted… And what can or could go wrong…

References and Resources

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