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Liquor Stores

The 3 anchors. Don't leave the meeting without them.

1THE PRICE
2.90x–3.68x
Typical deal: $650K
2THE LEVER
License transferability
Push this up, multiple goes up
3THE LANDMINE
Non-quota state with non-transferable license
Surface this in the first 15 min
SDE multiple
2.90x–3.68x
EBITDA multiple
3.5x–5.0x
Deal size range
$150K – $3M+
OPEN

Open the meeting

Three things to nail in the first 10 minutes.

  1. 1

    Liquor stores trade at 2.90x–3.68x SDE — one of the stronger multiples in food retail.

  2. 2

    EBITDA multiples of 3.5x–5.0x; revenue multiples of 0.35x–0.52x.

  3. 3

    In quota states (NJ, PA, FL, AZ), the license itself is worth $250K–$1M+ separately from the business.

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