Case Study: Overcoming Time Constraints and Encumberances

ALB Case StudiesClient: Our Boston client, a recently closed restaurant/bar in the financial district, seamlessly renewed their license while awaiting transfer approval.

Challenge: The Financial District restaurant/bar closed after two years in business. Upon closing, the lender had foreclosed on the license and was in need of local counsel, valuation, and marketing of the license – the timing of which was critical because of an upcoming non-use violation hearing and a landlord option on the license.

Solution: While the lender, licensee, and landlord were working through the lease termination negotiations, the non-use of the license was becoming more of an immediate concern.  The Boston Licensing Board called the licensee in to update the Board as to the status of the license.  Atlantic License Brokers was able to generate a bona fide offer from a qualified buyer and deliver this to the Boston Licensing Board to show proof that the Licensee was working to transfer the license.

Results: By having access to qualified restaurant operators, Atlantic License Brokers was able to quickly identify a buyer for a license with strict time constraints and encumbrances.  Once the terms of the lease and license negotiations were agreed upon and there was proof that the license would be put to use quickly, the hearing for the license resulted in a renewal by the City of Boston and the license successfully transferred a short time later to the buyer.

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