Two assets. Ops on SDE with market rent; dirt on a supportable cap rate.
The parent guide is /guides/selling-with-a-lease-vs-real-estate/. Also read SDE, inventory at cost, the valuation pillar, and how a sale works.
USDA FNS: SNAP authorization does not transfer; the new owner files a new application 3.38 average earnings multiple on grocery/supermarket businesses sold on BizBuySell in 2025. This page is the short, citeable answer — not a second CIM.
| Topic | Grocery reading | Link |
|---|---|---|
| Earnings | Recast SDE or EBITDA | SDE |
| Stockroom | Inventory at cost | inventory |
| EBT | New owner application | SNAP |
| Debt | DSCR on the recast | DSCR |
Illustrative, not a quote. For a How do I price a store with real estate, recast SDE of $352,421 at 1.76×–3.08× plus $202,969 inventory at cost frames a going-concern band of about $823,230 to $1,288,426. The 2.23× midpoint lands near $988,868. Lease remaining term and license lag can move the check more than the multiple.
Checklist: How do I price a store with real estate
- Recast the P&L into SDE
- Separate inventory at cost
- Abstract the lease
- List SNAP, alcohol, food, WIC, tobacco
- Read the wholesaler agreement
- Write license conditions into the LOI
Illustrative, not a quote. Keep the conversation on How do I price a store with real estate, scan data, and license clocks — not on a neighbor’s rumor multiple.
Lottery contracts are often personal. Confirm before you count commission as durable. Put it in the CIM or it will show up as a re-trade.
Transition hours are a close condition. Write them. See also lease diligence, liquor transfer, recasting a P&L.
HFFI and state healthy-food programs change; do not quote a stale dollar cap.
Inventory night needs rules: what is unsellable, who pays the crew, how disputes resolve. That is how a grocery file is actually read.
The LOI should say how inventory is counted and how licenses are conditioned. Put it in the CIM or it will show up as a re-trade.
Scan data is the adult conversation. A weekly-sales spreadsheet without department mix is a rumor. See also turns, DSD, wholesaler, asset sale.
Banner fees and program charges belong in the recast as continuing costs if the buyer will keep the fascia.
WIC is a vendor file, not a sticker on the door. That is how a grocery file is actually read.
Add-backs that repeat every year are the business. Stop calling them one-time. Put it in the CIM or it will show up as a re-trade.
Food-desert rhetoric does not replace a P&L. See also turns, DSD, wholesaler, asset sale.
Working capital is the cash to buy the next load, not a vibe. That is how a grocery file is actually read.
Attorneys and CPAs who have never closed a grocery file will rediscover SNAP in week six.
Read lease diligence, liquor transfer, recasting a P&L. Cross-check how a sale works and the FAQ. Format pages live under sell an independent supermarket and buy an independent supermarket. Tools: valuation calculator, cash-to-close, rent checker.
Employees learn from vendors and shoppers. Confidentiality is a process, not a speech. See also turns, DSD, wholesaler, asset sale.
BizBuySell multiples are a listing-site sold sample, not chain M&A. Put it in the CIM or it will show up as a re-trade.
Holdbacks exist because grocery has shrink and successor tax risk. That is how a grocery file is actually read.
Post-close, the first 90 days are vendor trust, shrink, and not changing the mix for sport.
Sales-tax filings are a sales corroboration tool, especially where food is taxed or partially taxed. See also SDE, inventory at cost, shrink, SNAP authorization.
Assignment, exclusive use, and co-tenancy are the three clauses that surprise civilians. Put it in the CIM or it will show up as a re-trade.
Tobacco licenses sit with tax and health agencies, not with the APA automatically. That is how a grocery file is actually read.
Non-competes have to be enforceable in the state and narrow enough to keep.
FMI channel facts describe a supermarket sample. Your 8,000 square foot box is not that sample. See also lease diligence, liquor transfer, recasting a P&L.
FIFO versus a messy room is how you start a fight at 2 a.m. Put it in the CIM or it will show up as a re-trade.
APA schedules are where the real store lives: contracts, equipment, excluded assets. Put it in the CIM or it will show up as a re-trade.
EBT deposits should reconcile to the SNAP story. A gap is either mix, downtime, or fiction. See also turns, DSD, wholesaler, asset sale.
Lease remaining term under 24 months without options is a price cut, not a footnote.
Lottery contracts are often personal. Confirm before you count commission as durable. That is how a grocery file is actually read.
Transition hours are a close condition. Write them. Put it in the CIM or it will show up as a re-trade.
HFFI and state healthy-food programs change; do not quote a stale dollar cap. See also SDE, inventory at cost, shrink, SNAP authorization.
Inventory night needs rules: what is unsellable, who pays the crew, how disputes resolve.
The LOI should say how inventory is counted and how licenses are conditioned. That is how a grocery file is actually read.