What to Expect After Selling Your Liquor Store

Once your store has officially changed hands, there are a few final steps that can help make the transition as smooth and complete as possible. Some of these may be required, depending on your location or agreements, but many are simply recommended based on experience to help ensure everything is wrapped up cleanly and both sides move forward with clarity and confidence.

This checklist, featured in The Advisor – Issue #48, outlines post-sale steps that can help sellers close out remaining responsibilities and hand off the business with peace of mind.

1. Transfer or Terminate Contracts, Utilities, & Services

Sharing copies of contracts — like your POS system, security, or payment processing agreements — gives the buyer a clear view of what’s currently in place. It’s also a good time to reach out to your utility providers (electric, gas, water, internet, phone) to cancel or transfer accounts and to wrap up any services like snow removal or cleaning services, so everything is squared away on your end.

2. Share Vendor & Supplier Information

Most stores work with a range of regular suppliers — like beer, wine, spirits, grocery, and ice. Providing the buyer with a vendor list makes it easier for them to get up and running. You may also need to notify vendors of the ownership change and close out any accounts or end contracts that won’t be continuing after the sale.

3. Leased Equipment

If you have any leased equipment (like ATMs, draft systems, or coolers), make sure to check the terms of each agreement and coordinate with the provider or buyer on next steps. This helps ensure the lease is properly transferred, returned, or closed out — so you’re not responsible for it after the sale.

4. Staffing & Payroll

Coordinate with your payroll provider to close out payroll and issue final checks to any employees under your business. You’ll also need to cancel your workers’ compensation insurance and, if you’re formally closing your employer account, notify the appropriate state agencies.

5. Close Financials

Close business bank accounts, cancel credit card processing, and terminate insurance policies (general liability, liquor liability, etc.). If your store had a lottery license, notify the appropriate authority to cancel or transfer it.

We know how much time and energy goes into selling a business — and we’re here as a resource to help you finish strong, stay organized, and step away knowing everything has been handled properly.

Click here to read April’s newsletter: The Advisor – Issue #48