The decision to place your bed & breakfast for sale likely isn’t an easy one. People do it all the time though for a variety of reasons. Since you don’t want to see that For Sale sign sitting there six months from now you need to do your part to ensure it will sell. While you need to be honest about everything, you also want to show things in their very best light. That way potential buyers will get a positive image of the location and the business.
You will find that you get asked often about why you are selling the business. From a buyers perspective this is very important. They want to find out if it is because it wasn’t making money. If you have personal issues such as health, a divorce, or you simply don’t want the responsibility anymore then let them know it. You can keep the specifics to yourself about the details if you wish.
Be prepared to offer financial information about the bed & breakfast for sale as well. Buyers want to see what you have been bringing out as well as the overhead that has been taking place. They will incur many of the same bills as you with some variations but they deserve to get a basic idea of the cost to operate such a business.
Always welcome potential buyers the opportunity to come in and see what is going on with the bed and breakfast for sale. They may be more comfortable if they can see you interact with guests for a couple of days. Buying such a business isn’t a decision you make on a whim. So you need to be understanding of what they are looking at. Don’t take it too personal if they are evaluating every aspect of your business.
Make sure you are offering the bed & breakfast for sale at a reasonable price. This can be difficult to do when you are emotionally attached to the place. Yet it can prevent you from getting any real offers on it. There is a difference though between emotional pricing and having to get a certain amount of money to cover what you owe on it.
Get an appraisal from an outside source and that will help you to set a fair market price for the business. If you get offers on the bed & breakfast for sale you need to evaluate them. It may be reasonable for you to take a lower price than to continue paying the commitment to it each month while you wait for other offers to come in. That is a personal decision you will have to make though.
It is a good idea to allow a professional real estate agent to help you develop all of the paperwork when you do get a buyer commitment. That way you can be sure all of the aspects of it are covered. You don’t want to end up missing out on important details that can prevent the sale from taking place. If you aren’t familiar with the real estate business it can be tricky to know what all you should have in a contract.
Patti Rob writes about the ups and downs of starting and http://www.bedandbreakfastprofits.com/forsale.htm>running a B&B. You can avoid the common rookie mistakes and take the B&B Owners Quiz at BedandBreakfastProfits.com
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