Is It Time?
Are you an inn owner considering selling your property and business? Do you have a B&B for sale in Georgia, North Carolina, South Carolina, or Florida? Is your inn less than 6 guest rooms? This could be the time!
A recent phenomenon is happening as a result of the effects of COVID in the business world, particularly the corporate world. Many people are working from home now and even for those that are not, the realization that this pandemic may be around for quite some time has caused our phone to ring from folks that want to make a career change. B&B Consulting is in need of more inns for sale to accommodate the needs of people looking at making a career change.
We are at work in 4 states: Georgia, Florida, North and South Carolina talking to inn owners that are considering putting their inns on the market. If we have not had a conversation with you, and you are considering selling, please reach out to us by calling or emailing.
In general, the consensus of what we are hearing in our discussion with people considering making a career change is that they feel they would be more in control of their environment as an inn owner. It makes sense. This is how we felt when pursuing a career in innkeeping. Our years of experience as former inn owners come across as a valuable resource when working with “Aspiring Innkeepers” and Inn Owners.
- We look at the effects of the current financial statement.
- Underwriters are not risk-takers.
- If the business is down 20 to 30 percent, seller financing may need to be an option.
- We don’t suggest seller financing often, but COVID 19 is causing us to look at
- Being more creative and thinking outside the box.
Now more than ever before, with the current pandemic, we have been educating both our inn owners and our prospective buyers on how to achieve both party’s goals through creative financing. Check out our recent webinar on Association for Lodging Professionals “Buying and Selling during a Pandemic”.
We are navigating new ways of doing business and achieving buyers’ and sellers’ goals. One of the ways is working with our inn owners to accept that owner financing may be an important component to achieve their goal of selling. On certain transactions, it may be what is necessary.
We keep apprised of the SBA’s programs to assist buyers purchasing businesses during Covid. Our team works with buyers in reviewing Profit & Loss Statements, Tax Returns, and, also, prepares realistic projections that banks will accept. A more conservative, realistic outlook is necessary during this time.
As important as the use of the SBA, the selection of a bank that does hospitality loans is equally important.
Positioning Your Inn to Sell
- Rob Sales is a Licensed Realtor with Berkshire Hathaway a globally recognized company.
- Visit our office websites in Georgia, Florida, South Carolina, and North Carolina.
- We list inns in the residential market & commercial market for optimal exposure.
- Our marketing pieces, to mention a few, consist of state-of-the-art technology, drones, virtual tours, video, & social media.
- Online exposure in B&B websites and Berkshire Hathaway HomeServices Luxury Collection
B&Bs are OUR PASSION
The shortage of residential properties has created a shortage of large private residences. Inns that are 6 rooms or less are filling that void! Your small B&B may have a higher value as a residential sale than as an inn for sale.
Rob Sales is a former inn owner of 2 inns in Savannah, Georgia. Rob has owned inns during periods of challenge in our economy. Our team knows how to market and sell inns. We know how to guide our Aspiring Innkeepers every step of the way from beginning to closing and beyond.
These are challenging times and we can guide and assist B&B inn owners who have been thinking of selling and buyers who want to make a career change and feel this is the right time to do it.
Rob is happy to talk with you if you are considering selling your inn. There are buyers. Interest rates are at an all-time low. The buyers understand that it is a good time to make a career change and make their idea of owning an inn become a reality.
Contact B&B Consulting today!