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There are some decisions that you can make about buying a liquor store business before you immerse yourself fully in the due diligence process. While you’re likely going to have to do a great deal of number crunching and leg work as you press on ahead, is there anything at this point which you have come to understand about the industry, about this business in particular, its owners or its location so far that has given you pause, causing you to second guess yourself? If for instance, you’ve already seen that the financial documents are incomplete for reasons stated by the seller, or the general condition of the store or its assets aren’t to the standard you had been led to believe, inventories are not complete, certificates, inspections or licenses are compromised for whatever reason – all are very good reasons for you to move on and start looking for a better investment elsewhere.

For a process of due diligence to be complete, you will need to concentrate on seven different areas:

1. The Premises.

We’ve already covered the crucial importance of allocating not less than four weeks to this endeavour, and you should reach an agreement with the seller for this set period of time so that you can personally observe the day-to-day operations of the business. Firstly you will need to assess the inside and outside of the facility and work out what you may need to spend to repair, replace or upgrade. Remember that the attitude of the staff is very important in the retail business and you should immediately assess how the existing staff interact with clients. Are they generally friendly, attentive, and prompt as well? Personal issues or conversations should not be apparent. Ask yourself whether the store looks good, has a good ambience, appears fresh and clean, has well-maintained restrooms and break areas and is generally spick and span.

You must also ensure that you are happy with the general location of the business, the surrounding stores, the type of people who frequent the area, the accessibility and especially beware of any pending major road construction in the area as this often has a significant bearing.

2. The Financials.

As a minimum, you will need to review the profit and loss statements, the balance sheets and tax returns. You would do well to employ the services of an accountant who is experienced in the liquor business to help you here. Look at all the supplier invoices and reconcile them to revenues. This may be a time intensive process but you will be able to determine your margins this way. Be very aware of any transactions that involve cash, especially if it involves your suppliers. You will need to get written confirmation from the suppliers of their ongoing terms.

Remember some of these industry benchmarks:

• gross margin should be between 24 and 28%.

• rent should be 7% of revenue maximum.

• product mix should be up to 70% liquor or up to 40% wine.

• labor should represent 5 to 7% of revenue.

• net profit should be 8 to 12% of revenue.

• inventory should be turned over between eight and 10 times per year.

3. The Equipment.

All equipment and furnishings should be in adequate working order and not in immediate need of repair or replacement. As such you should review all the maintenance and service records and look for yourself to see if all refrigeration cases are clean and well-maintained and all other equipment is well looked after.

4. Vendor Agreements.

Your wholesalers and suppliers are absolutely essential when you purchase liquor store business assets and you must get to know them well during your due diligence. Can arrangements be transferred to you or will you have to make new ones? You do not have to be prepared to settle with the existing suppliers or vendors and you should really investigate as many options or opportunities as you can. You may, for example, see better terms elsewhere and this knowledge will be great ammunition when you come to negotiations and peace of mind.

5. Lease Contracts.

Always be sure the lease is transferable or that there are no obstacles ahead of you. You must be able to assume or acquire a long-term lease before proceeding.

6. Operations.

It is likely that you will need a number of licenses and this should be a particular area of concern when it comes to a liquor license. Sometimes these may not be assigned or transferred or other onerous terms may be set by jurisdictions.

Go through the daily procedures from opening time to closing time; who has access to keys and alarm settings? Does the business have a procedure for emergencies of any kind? Ask the seller to provide you with an optimal inventory level. Ensure that you review all insurance certificates and be adequately covered for all eventualities. You will need to talk with credit card processors and merchant banks and be prepared to move to access better rates if necessary.

7. The Employees.

As this can be a significant cost and liability area, be focused here. Check each member’s compensation, especially if there’s any possibility of cash being paid “under the table.” If you see that there is a high turnover of employees, ask yourself why. Is there a procedure in place for training? While the seller will often be wary about letting his employees know that the sale is in process, you nevertheless need to analyze each employee individually, assess their loyalty and competence and adjust your plans accordingly. Understand that certain procedures may be quite traditional to them and you should ask yourself how you feel they will react if you need to make significant changes. If one or more employees are absolutely critical to your success, you will need to meet with them prior to consummating a contract.

When you find a liquor store for sale, if you conduct your due diligence correctly you will have the opportunity to see exactly how the business ticks, and you won’t be in for any surprises when you take over.

Richard Parker is the President and founder of the prestigious Diomo Corporation – The Business Buyer Resource Center. His celebrated materials, seminars and consulting have encouraged thousands of aspiring business buyers from around the World to pursue their dream to buy a business.

Perform due diligence carefully when looking to buy restaurant business, even though your intuition – and your stomach, might be telling you that it’s the right decision for you. This industry is very competitive and there are many elements you want to consider. Designate a set span of time – most professionals in the field recommend a minimum of four weeks, to observe the day-to-day operations of the business. This should enable you to get a good feel and to smooth out any peaks or troughs before you make your final decision.

You have several key areas to investigate including the premises, the financials, the equipment, lease, the operations and the employees. Do not be afraid to bring in experts, including an accountant experienced in the food business to help you, but as you go through your observation period, use your general business sense and a good portion of common sense to observe how everything works, especially from a client point of view.

For your paper and number crunching chores, expect to review the tax returns, profit and loss statements, cash flow worksheets, inventory records, employee records, equipment agreements, maintenance schedules, all necessary licenses, health inspections certificates and a history and copy of the lease.

When reviewing the financial documents, it’s essential to keep in mind that the restaurant business has a large volume of cash sales. Surprisingly often, many business owners decide to siphon off some of this cash for themselves, not reporting it to save on taxes. In the long run this isn’t a good idea, as this money could have been applied toward a marketing budget or buying new business assets, and if siphoning is going on, it can be quite hard to prove income.

When you are inspecting the property, look at it from an overall perspective as well as in detail. Can it be adequately seen from nearby major roads, is signage appropriate, well-maintained and presentable? Are there any other major competitors and are they overbearing? What is your first impression when arriving in the parking lot? Take a look at external dumpsters and trash removal areas to make sure that these are as well-maintained as possible and are unobtrusive.

Moving inside, what is your first impression of the decor. Is the waiting area pleasant and contributory to the overall ambience? Is there adequate signage for bathrooms, emergency exits? Pay close attention to the bathrooms. They should be in perfect working order, comfortable and impeccably clean and well-maintained. In a restaurant, everything, repeat everything should be clean, presentable and in full working order.

Most of the equipment contained in a restaurant and specifically within its kitchen is subject to certification, inspection and permitting. Check to see that this is all up-to-date and timely. While every element of the equipment should be operated according to the letter of the law, you must also ensure that regular maintenance and cleaning schedules are top-notch. For major items and appliances, see whether contractor warranties are available and can be transferred to you.

Very often a lease can be a potential stumbling block when looking at a restaurant for sale. The landlord will want to ensure that the business is being operated as efficiently as possible and may be wary of transferring or issuing a new lease to someone who does not have much experience. Look for terminology within the lease stating that transfers will “not be unreasonably withheld,” and aim to ensure that you get at least as favorable terms during your tenancy. This would be a good time to assess the overall viability of the environment within which the business operates. If in a strip mall of some kind, are the anchor stores in good shape and do the majority of other businesses also appear sound? You do not want to see an anchor store disappear and the overall visitor level to the area decline.

When you analyze the operations of the business, you want to learn how the current owner operates and whether there are any immediate issues or challenges that you will have to take into account. Look closely at any “special arrangements” or unique selling points that involve a particular individual, a style or presentation of food. You want to be sure that these elements are transferable or will be present when you take over.

A restaurant will likely rise and fall on the strength of its employees. While you can expect a high turnover in any kind of restaurant, if you see some loyal staff and a good “team spirit” this can be a definite plus. Check to see how people are hired, the terms and conditions offered to them and exactly how they are paid.

While you should insist on an observation period, before you are involved in formal discussions with the seller why not kill two birds with one stone and visit the restaurant for a few nice dinners or lunches with other companions? You don’t have to show your hand at this stage and can get a really good feeling by observing how the staff come and go, the operation within the kitchen ideally and in general get an opinion of whether everything is orderly and well-structured during the busiest times.

Richard Parker is the President and founder of the Diomo Corporation – The Business Buyer Resource Center. His inspiring materials, seminars and consulting have assisted thousands of business buyers with achieving their life long dream to buy a business.

As an individual looking to buy gas station business, you must be prepared to make certain assumptions and decisions yourself and not to rely on the often partial information supplied by the seller. When all is said and done, it’s up to you to determine what the business is actually worth to you personally, as in most cases, the amount the business owner believes the gas station is worth rarely has anything to do with its real-world value.

Traditionally there are two different ways to look at gas station convenience store valuation, and these are either asset-based, where the income-producing assets are individually valued and totaled to make the purchase price, or cash flow based, which is the most popular. In this scenario, the overall profit is adjusted according to certain expenses, multiplied and used to establish a price. The multiple is essentially the premium placed on the business and can be anything from one, up to five times this figure.

Before you can arrive at a value that you are happy with, you need to have certain fundamental questions answered. For example, if the business is located within a rental property, you’re going to need to have an in-depth conversation with the landlord. Many landlords are not interested in issuing a new lease unless they can be sure that the incoming person has experience running this particular type of business. However, they are almost always willing to negotiate as they do not want to see the property sitting around empty!

As an owner of a gas station and convenience store you will have many different suppliers and vendors, some of which are absolutely critical to the ongoing success of the business. Never assume anything and make sure that you can enjoy an ongoing good relationship and great trading terms with these entities.

When it comes to cash sales, if the seller cannot prove it then you cannot include it as part of your value assessment. Some gas station owners will pride themselves on the amount of cash sales and put this to you as almost something magical. Remember that they have benefited from not paying taxes on this income, almost always cannot prove that it exists and cannot expect to therefore earn a premium from it.

Most often you will want to consider using the total owner benefit as a base to create a valuation for the business. This is defined as the net income of the business added to the owner salary, any perks, depreciation and interest less any amount that you might have to put aside for capital projects assessed. With regard to average business valuation, gas station or convenience stores that are full service will often command 2 to 3 times whatever the owner benefit figure it is. If it is a smaller establishment and self service, 1 to 2 times. Consider the volume of trade versus the amount of hours that you will have to put in. A 24-hour, seven-day a week establishment takes a lot of management and oversight.

While business financials and owner benefit multiples are primary to your decision-making process, remember to consider a host of other variables:

• During the process of observation, use a period when you actually count the number of patrons coming in and out of the station to enable you to come up with a good average for traffic.

• Remember that you should aim for between 25 and 33% return on your cash investment when purchasing a business such as this, although if you are going to be an absentee owner you should be prepared to accept a lower return.

• Watch out if the owner appears to be working excessive hours or is reliant on a number of his family members to help him staff the operation. Pay attention to employee records and costs and ask yourself whether you are prepared to be as hands-on as he appears to be.

• Consult with local authorities to see if there are any major road construction projects planned. Sometimes these are inevitable but can have major disruptive forces.

To really focus the attention of the seller as you establish a value for the gas station for sale, why not ask him or her to engage in an “earn-out” scenario, where a portion of the sale price is returned to them over a period of time subject to certain conditions. This will ensure that you have their full attention during the disclosure phase!

Richard Parker is the author of the How to Buy a Good Business at a Great Price series. As President and founder of Diomo Corporation – The Business Buyer Resource Center, his materials, seminars and consulting have helped thousands of business buyers realize their dream to buy a business.

In most instances, add backs are included in an effort to present the business from a real world point of view. When compiling traditional accounting reports, it’s essential to adhere to a set of very rigid standards – there may also be additional footnotes to consider, and depending on your point of view, these can be either positive or negative. It is very important when you buy a business to scrutinize each add back as they can often make a considerable difference to your valuation.

When conducting a process of due diligence, it can be a fairly straightforward procedure to check recorded sales and purchases against ledgers and against reconciled bank accounts. Very often however the outgoing owner will be keen to draw your attention to items which may be “one-off” or to additional income which may not necessarily appear on the books at all. Of course, it’s always prudent to remain open to all suggestions, but you should nevertheless maintain a certain degree of skepticism at all times, until such point as you’re able to validate – or invalidate, their claims.

Don’t forget that for an item to be claimed as a “one off,” it must not have occurred during any of the previous years. Seller could argue that a particular expense is much larger than it should be due to a particular incident or requirement, but if you see a pattern of any kind, then the add back must be discounted.

One of the most common add backs, especially when the business can be owner operated, is to suggest the value of a manager’s salary. You need to establish that the outgoing owner was not actively involved in the operation of the business in this case and this figure is only of interest to you if you intend to assume the role of the redundant manager.

Add backs may not be asserted whenever they represent intangibles, such as the prospect of additional revenues due to a new marketing initiative that the outgoing owner has just put in place, for example. Nor should you believe an owner claim that you can reduce a certain category of expenses through renegotiation or other initiatives. After all, if the outgoing owner has not being able to do so to this point it seems reasonable to assume that an incoming “newbie” is likely to have even less ability to affect short-term change in this regard.

Be particularly wary when you are told that a business retains a lot of cash sales. You must essentially discount this notion from a strict valuation perspective, even though such a claim made, after review, may be seen as reasonable. If the owner has not entered the cash sales on the books, he or she will not have accounted for taxes correctly and it’s not fair for them to expect to receive a double benefit in this way, a net tax saving and enhanced business value.

When you have reviewed the complete list of business financials, treat each claim for add back on an individual case basis and never roll them into an inflated value. At this stage you must be particularly diligent to enable you to arrive at a real world price for this prospect.

Richard Parker is the author of the How to Buy a Good Business at a Great Price series. As President and founder of Diomo Corporation – The Business Buyer Resource Center, his materials, seminars and consulting have helped thousands of business buyers realize their dream to buy a business.