Where to Start? Understand the Financials, Inn Financing, Tax Benefits and More
It’s easy to understand the lifestyle of owning a bed and breakfast. And to understand the attention to detail that goes into providing a wonderful experience for your guests. I’ve mentioned briefly what the ‘job’ of innkeeping entails. And it’s easy to get caught up in the dream state as you start your search.
But it’s important to understand the financials and everything that ties to the financial side of the business. You want to be an educated buyer, and sellers need to understand what buyers go through when it comes to the financing. Its not nearly as glamorous as what the guests experience, but it’s essential for the success of your business. And the best way to increase the value of your business is to increase your revenue, control expenses, and increase the cash flow, or the bottom line.
But you don’t know what you don’t know. That’s what I am here for, to anticipate your questions and answer them before you knew what to ask.
I’ve written countless posts on my blog on the topic of financing since it is the territory where most buyers are unfamiliar. And a thorough broker is one who educates the buyer. I know the operations, I know the brokerage, I know the tourism industry, and I know the financials. I’m a well rounded, full service lodging/hospitality specialist.
Browse the full blog if you’d like, but below are some of the most helpful topics:
1. General Inn Financing/Valuation
2. Using a 401k as a source for downpayment
3. How do I qualify for the loan?
4. How long has it been on the market?
6. Residential vs. Commercial Real Estate
7. Common Buyer Questions
“What’s the primary reason an inn fails to succeed?”
“How did the seller come up with the price?”
“What about doing a startup property?”
8. For sellers: your exit strategy and finances
10. Feasible vs. Viable
11. Disclosed Dual Agency and Agency Relationships
Read some client reviews with whom I had a Disclosed Dual Agency Relationship
12. Tax Benefits of Inn Ownership
Feel free to contact me with any questions at all, I’m happy to help.