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Opportunities ForIndependent OperatorsA Look Back At The KeyIndustry DatesT H E N A T I O N ' S L E A D I N G L I Q U O RS T O R E & L I C E N S E R E S O U R C EADVISORADVISORI S S U E # 1 1 • J A N U A R Y 2 0 2 2Opportunity For BostonRestaurant & Bar OwnersWhat's Coming To The Shelves

The holiday season was a welcomed time for most business owners to takea much-needed breath. After the big rush comes some downtime to evaluatethe year and where the opportunities lie in 2022.With the unpredictability of the past few years, ahead seems to be thegreatest opportunity for independent operators who are nearing the end oftheir careers.Legislation and potential changes to the industry have well-run operations inhigher demand than ever and for top dollar.Here's to much prosperity for you and yours in 2022!Page 4 - What HappenedTo 2021? A Look Back AtThe Key Industry DatesPage 7- What (Alcohol)Is In Store For 2022?Page 8 - 2022 Predictions:Opportunities ForIndependent OperatorsPage 11 - License SwapPlus CashThe New Year brings new hope and new opportunities. What willwe do with them?Looking ForFeatured LiquorStore Listings?www.LiquorLicenseAdvisor.comTHE ADVISOR MAGAZINE  | 2Founder, CEOLiquor License AdvisorD A N N E W C O M BLiquor License Advisor has beena trusted resource in the liquorstore and license industry since2002.

byDan NewcombMassPack and its members have pushed back on the unlimited liquorlicense cap with their own modified version and have gathered the requiredsignatures to keep it in motion. For operators wanting to expand theirreach, should the legislation pass, they will be able to accumulate morelicenses. Having said that, there's no increase in the number of licensesavailable via the state which means demand is only going to grow in theshort term. For the small independent or the owner who's ending their career, it wouldbe wise to properly set the business up for a quick sale as to not miss theopportunity. Those who stay in business will be forced to compete witheven more "big businesses" as corporate and expanding brands come toplay.The liquor industry is at an interestingcrossroads some would say - where does theopportunity lie?THE ADVISOR MAGAZINE  | 3www.LiquorLicenseAdvisor.comAs brands expand, opportunisticowners have to be ready to get into thegame. Proper positioning of abusiness requires strategy, planningand having all of the numbers tomaximize the value demonstrated tothe potential buyer.If you need support in positioning yourstore, we're here for you. OTHER NEWS: We are pleased tocongratulate Ralph Sacramone onreceiving the Massachusetts MunicipalLawyers Association (MMLA)President's Award in November. Ralphis the Executive Director of theMassachusetts Alcoholic BeveragesControl Commission (ABCC) who isknown for his admirable service andguidance to the state ofMassachusetts. From the team atLiquor License Advisor, congratulationsRalph! There has never beenmore demand than there istoday.- Dan Newcomb, LLA

by Dan Newcombwww.LiquorLicenseAdvisor.comTHE ADVISOR MAGAZINE  | 4Dan Newcomb is Founder & CEO ofLiquor License Advisor & has been in theindustry for more than 20 years.A Look Back At The Key Industry Dates

WHAT HAPPENED IN ON OFF PREMISE IN 2021 As we look ahead to 2022 it s nearly impossible not to reflect on the many twists and turns that 2021 took for business owners and operators and customers with the various fluctuating restrictions and rules surrounding COVID The multiple phases that laid out when certain restrictions would loosen up and by how much certainly dictated business outcomes for restaurants and bars in particular and the on premise world became a very uncertain place In addition to COVID restrictions impacting the on premise the off premise world was simultaneously experiencing some developments in its own right with ballot questions proposing to change the off premise system as we know it in Massachusetts Let s take a look back on a year that s leaving many of us wondering what s next Start of 2021 JAN March 22 2021 Indoor outdoor stadiums arenas and ballparks permitted to open at a 12 capacity MAR APR May 10 2021 Indoor and outdoor arenas stadiums and ballparks allowed to increase capacity from 12 to 25 Indoor singing performances were also allowed to resume at venues restaurants and other businesses April 19 2021 Full availability of the vaccine in Massachusetts MAY MAY THE ADVISOR MAGAZINE 5 January 25 2021 Massachusetts lifted the curfew that mandated restaurants to close by 9 30 pm each night The closure order was effective November 2020 May 29 2021 All industries were permitted to open Bars beer gardens breweries wineries and distilleries were subject to restaurant rules with seated service only a 90 minute time limit and no dance floors permitted The restaurant guidance was updated to eliminate the requirement that food be served with alcohol and to increase the maximum table size to 10

July 2021: Lawmakers confirmedrestaurants; and bars’ continued abilityto sell cocktails-to-go through until May2022. Increase in the number of licensesavailable to retailers from thecurrent allotted nine to 18 followingwith specific timeline*. The ban of alcohol sales at self-checkout stations.The allowance of liquor stores toaccept out of state ID’s andallowing these ID’s to be“reasonable defense” againstallegations of selling to a minor.The mandating of fines based upona store’s gross sales, rather thanalcohol sales alone, if a store isfound selling alcohol to a minor.Allowing happy hour again inMassachusetts.September 2021: 21-03 InitiativePetition for a Law Relative to 21stCentury Alcohol Retail Reform includesproposed changes to theMassachusetts liquor laws, including:1.2.3.4.5.*Increase to 12 licenses in 2023,increase to 15 licenses in 2027,increase to 18 licenses in 2031.Under this proposal, all-alcoholicbeverage licenses would be capped atseven, and the remaining licenseswould need to be wine & malt licenses.November 2021: The ballot proposed toincrease the number of licenses didreceive enough signatures to moveforward; however, the happy hourproposal will not make it onto theballot.End of 2021.If it feels like it's been a year, that's because it has.Many changes in mandates and restrictions, as wellas upcoming proposals, mean there very well maybe more to come in 2022.If you're nearing the end of your career, just want tobe done, or want to discuss what options exist foryour license - connect with our Team and we canget your questions answered.Give Us A Call:781.319.9800THE ADVISOR MAGAZINE  | 6

Here's what's coming to the shelves for 2022.BY MICHELLE HANSFORD As we’ve learned over the pastfew years, COVID-19 created avariety of new trends regardingalcohol consumption. Based onreports from cocktail enthusiasts,we’ve been following the forecastregarding drink trends for 2022, andhere’s what we found to be themost noteworthy and our advice onhow to stay competitive.During the pandemic, many peopletook the time to prioritize self-improvement and wellness. It hasbeen reported that this trend willremain, and non-alcoholic and lowalcohol beverages are becomingincreasingly popular. As discussed in our Advisor Issue#6 earlier in the year, younger generations are known to be“conscious alcohol consumers”,with a focus on what ingredientsare going into their beverages. Also noted in this article is theyounger generation’s tendency topay attention to who is creatingtheir beverages of choice. Celebrity owned spiritsales are predicted toreduce due to the backlashon being seen asinauthentic products. Take this declining trend intoconsideration when stocking up onalcohol, as Millennials and Gen Zare not only progressivelyobservant and mindful, butinfluential as well. Prominent flavored drinks arepredicted to be in high demand.Wine Enthusiast reported theirreasoning as, “In the wake ofCOVID-19, a virus notorious forattacking senses of taste andsmell, drinks with prominent,straightforward flavors mayreassure those still recovering orotherwise concerned with changesto their senses.”It has also been reported that RTD(ready-to-drink) cocktails areanticipated to maintain popularity,so we encourage investing in asupply of RTD cocktails with bold,detectable flavors for 2022. THE ADVISOR MAGAZINE  | 7

The key to success in 2022 is going to be preparation and awareness.Support of small businesses was a hot topic during the pandemic wherepeople wanted to help businesses stay afloat, but realisticallysometimes it’s more convenient to make a purchase from the big guy. CEO of LLA, Dan Newcomb, discussed in Advisor Issue #10, the trendin 2021 of consolidation is going to continue with the future ballotquestion, “the bigger stores are going to get bigger, and the small guysare going to be few and far between. There'll be less smaller liquorstores in Massachusetts in 2023 than there was in 2021”. Across alcohol retail sales in Massachusetts, a future ballot questionproposes the number of liquor licenses to increase from 9 to 18, andit’s going to provoke commotion. With a forecast of consolidation inmind, it’s crucial that existing owners are attentive to what’s going onin the industry.If you were presented with the opportunity to execute a quick saletoday, would you be ready? You’re going to want to be prepared tomaximize your return on investment and we can help you create thisplan. It’s no surprise to many that the supply chain issues have had a majorimpact on the alcoholic beverage industry. We advise liquor stores toformulate a plan to ensure consumer demand is met, by always havingtheir best-selling products in stock. The key takeaway here is that yourbest-selling products are highly likely to stay favorable, so stock upnow in order to meet consumer demand. OPPORTUNITIES FOR THE INDEPENDENT OPERATOR

In the age of conscious consumption, sustainability and beingenvironmentally cautious is not going to disappear anytime soon.Consumer demand for more transparent products has significantlyincreased in the past few years. Selling and marketing organic alcoholis a simple way to introduce sustainable products into your businessplan. Upcycler’s Lab reported, “Organic Alcohol is produced in a way thatpromotes the sustainability of our planet. Companies producing organicalcohol aim to minimize their impact on the environment by usingalternative energy sources, reducing waste, and recycling”. Preparation and awareness are the keys to success for operators in2022. Don't Have A Plan In Place For 2022?Give us a call to find out what your options are. 781.319.9800OPPORTUNITIES FOR THE INDEPENDENT OPERATORTHE ADVISOR MAGAZINE  | 9

OUR FEATURED LISTINGS by Ben Jerrom FEATURE Listing Wine Malt Package Store Liquor License Advisor offers for your consideration information regarding the sale of a beer wine store located in Middlesex county There is plenty of upside for a new owner as the store is newly renovated and is ideally located in a busy shopping center with an abundance of parking Opportunities for a new owner include taking advantage of new zoning rules and adding apartments atop the building upgrading to a full liquor license and offering convenience items as a new revenue source Middlesex County MA 200 000 This store is perfect for an owner who desires a freshly renovated space in a well established shopping center Call Call For For Details Details Listing Type Location Asking Price Full Alcohol Package Store Middlesex County MA 449 000 Package Store License Wine Malt Westborough MA 85 000 Full Alcohol Package Store Worcester County MA 295 000 Package Store License Wine Malt Somerville MA Call for info Type 44 Plenary Retail Distribution License Teaneck NJ 220 000 Contact Ben Jerrom directly for further details on all of our current listings QUESTIONS ABOUT LISTINGS Call Text Ben Jerrom Partner Buyer Specialist Cell 413 544 4960 THE ADVISOR MAGAZINE 10

Contact us today to find outmore. If you are interested in looking atoptions for your license you mayqualify for a "license swap" inwhich you would exchange yourFull Alcohol License for a Wine &Malt License and receive cash forthe difference in value.We find some Bostonestablishments that hold a FullLicense don't fully utilize it andcould trade it for a profit.Contact us directly to see if youqualify.License Swap Plus Cash

Did you know that for over 2 decades, our Founder, Dan Newcomb, hasbeen in the liquor license industry as the "go-to" for other industryprofessionals and leaders? Every phone call that comes into our office is about a liquor license. Wedon't work in any other industry besides liquor stores and licenses.We provide owners with a "firewall" to protect them from all of the pitfallswe know are out there throughout a transaction because we know how toprepare the deal and navigate the waters. We're here for you.Dan NewcombCEO & FounderBen JerromBuyer SpecialistJennifer MedicoTransaction SpecialistGlenn LawlerSeller SpecialistMichelle HansfordSeller ConciergeNatali WilliamsSpecial ProjectsSherri BeauchampMarketing Specialist

References What Alcohol Is In Store For 2022 Page 7 1 Bar Pros Predict The Top 10 Drinks Trends for 2022 by Kara Newman on Wine Enthusiast December 1 2021 Bar Pros Predict The Top 10 Drinks Trends for 2022 Wine Enthusiast Magazine winemag com 2022 Predictions Opportunities For Independent Operator Page 8 2 Goldberg not taking sides on alcohol license question by Michael P Norton on 22 News December 7 2021 Goldberg not taking sides on alcohol license question WWLP 3 3 Food and Beverage Industry Predictions for 2022 by Sydney Perelmutter MJ on Xtalks December 13 2021 3 Food and Beverage Industry Predictions for 2022 Xtalks 4 Guide To Sustainable Drinking Cheers by Upcycler s Team on Upcycler s Lab November 6 2021 Guide To Sustainable Drinking Cheers Upcycler s Lab upcyclerslab com Special Contributions Acknowledgements Features Editor Editorial Assistant Natali Williams Michelle Hansford Magazine Digital Editor Sherri Beauchamp Liquor License Advisor 2022 All Rights Reserved Unless Otherwise Noted THE ADVISOR MAGAZINE 13

THE ADVISOR MAGAZINE BY LIQUOR LICENSE ADVISOR The Advisor Magazine runs on a monthly basis to keep stakeholders in the liquor store liquor license industry in the loop February 2022 Come back for Issue 12 which will reveal the current state of the industry how trends are shaping up in the first quarter and more Liquor License Advisor Suite 1 2036 Ocean Street Marshfield MA 02050 781 319 9800 www LiquorLicenseAdvisor com