If you have a business to sell in Washington State, chances are it might relate to Marijuana. Over the past year, many such businesses have opened up. Under the law, both retailers and medical marijuana businesses are part of the change in the state’s economic future. This is to say little about the acres now devoted to growing high-quality product. As with many entrepreneurial start-ups, some decide it is better to sell when they are ahead. Others find this is not what they want. Many other marijuana businesses for sale are on the market to cash in as part of a well thought out exit plan.
No matter what the business, it is critical the potential owner and seller understand one main thing. They must know their business at every level. They have to be aware of every penny it takes to keep it afloat. They have to be aware of every action they can take to make it successful.
Marijuana Businesses for Sale and the Law
If you plan to purchase one of the marijuana businesses for sale, make certain you are aware of its designation. In Washington State, there are two basic types of marijuana licenses. These are:
- Marijuana Retailer License: This business has a licensed retail outlet. It can only sell marijuana and related paraphernalia at the designated location or locations.
- Medical Marijuana License: This business operator must also have a Marijuana Retailer license. He or she can provide medical grade marijuana to patients who qualify for it. He or she can have and operate one or more marijuana retail sites.
This does not take into consideration those marijuana businesses for sale that fall under grower or agricultural production.
When Selling your Marijuana Business
Financial advisers always advise you to understand totally your business. You need to be able to describe your expenses and income, including add backs, down to the very last penny. Whether you plan to sell now or later, it is imperative you recognize what the business will demand of you to make it successful. This includes the non-tangible items that can make or break a business. The same applies for those who are interested in purchasing any business.
It is imperative to analyze carefully what does or can make the business successful. This includes that characteristic called, “experience.” This is something no form of business valuation can quantify. However, documentation of the advantages and disadvantages of the various marijuana businesses for sale as well as a complete pre-evaluation can help put matters into context when making that final decision to either sell or buy into the current financial situation in Washington State.