New Listing! Financially viable, attached owner’s home, great in-town location in Camden, Maine!
The Towne Motel in Camden, Maine, offered at $1,395,000 and the financials support the price. Details are on my website.
Gross Income Should Not Include Lodging Sales Tax When Talking Value!
When our guests pay for their full stay, we include our local state sales tax. How this translates in accounting terms is that the cost of the room is revenue earned and the state lodging sales tax is a liability. The tax is not ours to keep, it’s ours to pay to the state each
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P&L vs. the Corporate Tax Return: the Tax Return Is KING!
COUNTRY INNS BED AND BREAKFASTS HOTELS AND MOTELS COTTAGES AND CABINS the LODGING & HOSPITALITY BUSINESS… Each of these income producing lodging businesses is just that, a business. And let’s face it, when it comes time to prepare the business’s tax returns, we naturally try to deduct as many expenses as we legitimately can to reduce
P&L vs. the Corporate Tax Return: the Tax Return Is KING! Read More »
Using your 401K toward a hospitality purchase?
Are you aware that under the right circumstances you can rollover your 401K into purchasing a new business, such as a bed and breakfast? Check out R.O.B.S. (rollovers as business startups) and Self Directed IRA’s via Guidant Financial. This could make the difference in finding just the right inn and using your cash wisely! Be
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Buyers, do you Google research the inns you’re looking at?
One of the best ways a buyer can learn about the property they’re looking at is to Google the name of the inn and even the name of the innkeeper(s). Once you’ve focused on a property or two, set up Google Alerts for the inn’s name and innkeeper(s) names. Of course you should read reviews
Buyers, do you Google research the inns you’re looking at? Read More »
DCR – Three of the most important letters regarding inn financing
DCR – Debt Coverage Ratio These three letters are one of the most important elements to understand when looking to finance a business (and let’s not forget that an inn IS a business). Simply, can the net operating income cover your debt as new owners? Because although many buyers ask if the sellers have a
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Circumventing the Listing Agent…why??
It’s not unusual for a prospective inn buyer (or residential for that matter) to attempt to contact the seller of a listed property directly. Is it because the buyer thinks they’ll get a better deal if they go directly to the agent? It’s happened a couple times with prospective inn buyers who have found my
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New Listing! Acadia Cottages in Southwest Harbor, Maine
Cottage Deck Looking for a destination location? Looking for spacious and private owner’s quarters? Looking for a seasonal business? Looking for a turnkey business? Looking for a strong business? Love Acadia National Park? I thought so… Cottage interior Cottage interior Cottage interior Acadia Cottages has all of this as well as very little deferred maintenance.
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As I say farewell to active innkeeping…what’s around the corner?
My two year period of immersing myself in the daily operations of being an innkeeper at Pomegranate Inn in Portland, Maine will wrap up April 1st. We have decided not to renew our lease in order to focus 100% my time on hospitality brokerage. I’ll continue to do my cooking classes at Stonewall Kitchen and
As I say farewell to active innkeeping…what’s around the corner? Read More »
Sea Smoke – a View from The Victorian By the Sea Bed and Breakfast
Yes, this could be your view! My client just sent me this beautiful capture of the sea smoke in the Penobscot Bay, taken from the wrap around porch at the Victorian By the Sea…it’s one of the great things we see in the winter. And if you don’t know what sea smoke is, here’s an
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