Selling your bed & breakfast could be the perfect opportunity to finally wind down, or move on to a new venture. Follow our top tips of selling a B&B to help you get the most out of your decision.
Selling a bed & breakfast business might seem like a daunting one. After all, it probably feels a little bit like home to you! However, when the time comes to sell, it’s important to know how you can get the most of out the sale. With Bizdaq, you can ensure a fast and hassle-free sale.
Here’s our top tips to help you prepare yourself for selling your B&B. In this guide, we’ll talk you through:
- What might impact the sale of your B&B
- How to maximise the sale
- How to make sure your B&B is presented well
- Tips for getting help to sell your B&B
What will impact the sale of your bed & breakfast?
Many business owners will want to sell their business because they’re hoping to wind down, or perhaps even move on to something new. It’s not surprising that if you’ve decided to sell your bed & breakfast, you might start losing some of that willpower to keep the business going.
Running a B&B can be hard but rewarding work. If you’ve decided to sell up, don’t give up on maintaining those high standards. It could be tempting to open for shorter periods or just during your high season, but this could result in a declining trade for your bed & breakfast.
Many buyers will make a decision based on historic trade, but they will also probably look at projections too. With this in mind, it’s in your best interest to keep your business in a good position right until the end.
If you start to ease off, you could be at risk of damaging the value and sale of your bed & breakfast. After all, your business can only be valued off its financial performance.
Understanding this, and knowing when the right time is to sell your B&B, could help you avoid any mistakes. Putting your business up for sale during its peak might be a great idea, so keep it in mind.
Tips to maximise the sale of your B&B
Selling your bed & breakfast requires ample planning and organisation, especially if you want a profitable deal. If you’ve decided you want to sell, get the wheels in motion straight away.
Organise your financial accounts into a system that is easily understood and interpreted, as buyers will be most interested in this. If you aren’t already, then start running your business even more efficiently than ever.
Selling your bed & breakfast business should look appealing to buyers from a financial perspective but also a personal one. If you’re simply just ready to move on, or you’re retiring, let the buyer know. They’ll trust you more for knowing the full story, and be more inclined to feel positive about the sale.
Present your B&B perfectly
Buyers might want to know everything is in order from a financial perspective, but your bed & breakfast needs to be a in fit state physically too. Presentation is everything; after all, you’re hosting guests and trying to make a great impression!
When you’re getting ready to sell your bed & breakfast, it would benefit you to improve or refresh areas of the property that are looking tired. Similarly, you should look to fix anything that is broke. You might have grown fond of that dodgy door-handle, but a buyer may not look at it the same way.
Consider updating your website with up-to-date pictures, and encourage current guests to leave reviews. This can ensure everything gives off a great first impression to prospective buyers.
You should also look at improving the curb appeal ahead of selling your bed & breakfast, including the garden area and car park if your property has them.
You don’t need to do it alone!
You’ll no doubt feel very protective of your friendly B&B, but there is expert help on hand from Bizdaq to make sure the sale of your bed & breakfast goes off without a hitch. With that in mind, you don’t need to try and do it all on your own.
With Bizdaq, you have access to a variety of benefits that can make it easy to sell your B&B. With our online business agents, you can find thousands of active buyers, receive professional advertisements on popular websites, and work with experts who know your industry.
To find out more about how to sell a business, you can arrange a free phone consultation with us today!
Posted on April 26, 2019 | selling, sell a business, guest house, bed and breakfast, sell a business fast, how to sell a business, how to