Should You Delay Closing If You Can’t Get Permits?
David Barnett
I help you buy or sell a business anywhere with appraisal, consulting , coaching and training services.
Should You Delay Closing If You Can’t Get Permits?
Today, I’m addressing a question from a viewer about whether to delay closing on a business purchase if you can't get the necessary liquor or food service permits in time. This is an important topic with many nuances, especially for businesses like bars and restaurants. https://youtu.be/M8UH6Y2LrBM??
Why Permits and Licenses Matter
When buying a business, securing the right permits and licenses is crucial. These can include food handling permits, liquor licenses, and other regulatory approvals. Here’s why:
Variations by Jurisdiction
Regulations vary widely by location. For example, some areas require public posting of license transfers, which can affect confidentiality and potentially delay the process. Here are a few steps to navigate these challenges:
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Real-World Examples
Practical Advice
Conclusion
If you can’t get the necessary permits in time, it’s wise to delay closing until all regulatory requirements are met. For more detailed strategies and tips, check out my course, Business Buyer Advantage : Online Training, and join my email list for exclusive insights.
Thanks for tuning in! If you have any questions or need further advice, feel free to reach out. Have a great day!