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Resort Liquor License $

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SammySammerson

Thread Starter
Freshman Member
Joined
Sep 20, 2006
Professional Status
Appraiser Trainee
State
Michigan
I am working on an appraisal, and the place has a resort liquor license. According to the contact, there is only around 40 in the state, and are grandfathered to each person it is sold to. Has anybody on here valued one of these recently??? Any help would be greatly appreciated.
 

Charley Horse

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Joined
Aug 28, 2004
Professional Status
Certified Residential Appraiser
State
Michigan
... I haven't "valued" one recently, but I've owned a couple; the first license I purchased as part of an on-going concern (1997), if I recall correctly, we allocated $60k to the license (Class C Resort) in the sale.

I purchased the second license (2002) when I started a new restaurant endeavor from stratch, I purchased a license made availible when Pizza Hut shut down a Novi unit (Class C Resort)... including legal fees, I paid $75k at that time. My sources tell me they are getting a little less these days given liability concerns.

There's several attorneys statewide that focus on brokering LL... I do believe there are more than 40 Class C Resort licenses in the state. I haven't checked lately, but previously, you could get a liquor license via a lottery process as well... but statistically, your chances of getting one when you needed/wanted one was pretty slim.

Reality is you just aren't "grandfathered" a license... the approval process can be very time consuming and if you have a blemish (financial/criminal/otherwise) on your record, they deny you... I've seen several sales go south because the license couldn't be transferred and more often than not, the sale is contingent on being able to transfer the license. You have to prove that all the funds to purchase the business/license were aquired "legitimately".

Check out this link...

http://www.michigan.gov/dleg/0,1607,7-154-10570_16941-40899--,00.html#lic

Good Luck!
 
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SammySammerson

Thread Starter
Freshman Member
Joined
Sep 20, 2006
Professional Status
Appraiser Trainee
State
Michigan
Thanks for the response, that gives me a great starting point. It's always interesting to hear what the owner thinks its worth, and what its actually worth... Well, I guess thats the whole appraising profession. Thanks again
 
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