Before you begin the ABC process of transferring a license, make sure your LLC or Corp is already set up. You will need minutes, resolutions and your ABC application must match the entity exactly. The i's must be properly dotted and the t's must be crossed. I've seen deals fall apart only to start all over because buyers change the entity in the middle of the process and/or leave out small amounts of information.
Don't use "&" if your entity uses the word "and".
Make sure the application matches the existing License exactly and that your entity or name is also exact.
You need a Lease or a Lease Assignment before you can have a license transfer. This means it has to be signed by the landlord and also executed by the buyer or person/entity who is the intended transferee.
No DUI or alcohol related offenses are allowed for applicants unless the offenses are very old. How old? I hear 20 years, but this is our State Agency, so rules may change. If you have an offense or are late on Child Support lets discuss before you begin the process.
A spouse will also be required to go thru the background process with you if you are married. This includes fingerprinting. Our Sovereign State wants to make sure husbands are not being set up as a "straw person" by their wives, or the other way around. The Mafia is responsible for this rule.
You will be required to show the ABC where your money came from. This means it needs to be in a bank or some legit place where the IRS and the State of Calif can trace it to make sure you have paid taxes, or filed legit tax returns. No cash under the bed. It will not work.
If this sounds like it could be a nightmare, you are absolutely right. I suggest you use a consultant to help you. The money you spend will be a fraction of what you can lose because of delays.
Mel Jones is one of the premier restaurant brokers in the nation having published hundreds of articles on buying and selling a restaurant and bar business, selling thousands of restaurants in CA., WA and AZ and building one of the most copied business models in the brokerage industry. Mel started SellingRestaurants in 2004 with the one simple concept, give the buyers the information they need to make intelligent buying decisions without being pestered by a broker or hiding information, prepare the business for market by researching key details that make or break deals and educate the buyer on the buying process to create an intelligent buyer. Prior to SellingRestaurants, Mel was a Chief Financial Officer for Universal Music Group, the largest music company in the world. There he participated in more than $11.5 billion of merger and acquisition transactions. He also work for top companies such as Nestle Foods, USA. He hold a Bachelors in Business Administration Finance as well as attened Law School at Gonzaga University. Give Mel a call at 480.274.7000 or e-mail him at [email protected] if you have any questions.
