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Sell Your Bed & Breakfast Business Quickly

May 6, 2008
You may have decided for one reason or another to sell your bed & breakfast business. For some individuals it wasn't what they thought it was going to be. As a result they spent too much of their time trying to make it work for them. Others just didn't turn a profit and have decided to throw in the towel. The last category involves those that are ready to retire from a business they really loved.

Buying this type of business may be the perfect opportunity for you. Since it the home is already set up to offer the business you won't have to invest too much time or money getting it ready. You may want to take care of some modifications or repairs but the basic elements should already be in place for you.

If you are serious about selling this type of business you are really going to have to promote the positive aspects of it. Incorporate the help of a good real estate agent as well. Too many businesses sit on the market for a very long time due to private selling. Even though you will need to pay a percentage of the selling price to the agent, it is going to help you get out from underneath it much faster.

It can be helpful to offer some information with the listing as well. People are going to want to know why you are selling the business. Be very honest about the circumstances even if you are a private individual. If you don't share this information it will appear that you are hiding something. This can cause potential buyers to run instead of making an offer on your bed & breakfast.

Try to point out the very positive aspects of the business though that they can benefit from. For example if it is a prime location let them know that. If you have information on customers that come back on a regular basis make sure they are aware of it. This can be very encouraging as they will know they don't have to get out there and gather all of their customers from scratch.

Have the property inspected and appraised while you are in the early works with the real estate agent. If you find it won't be worth what you need to cover the loans on it then you are going to have to look at something else besides selling it. You may be able to get more if the contents of the bed & breakfast are staying in there as well. The asking price needs to be very reasonable if you are serious about getting yourself out from underneath it.

If your asking price is too much you will find your business does nothing but sit on the market. Too many owners of this type of business refuse decent offers and hold out for more. All that happens though is that it continues to be on the market without any serious commitment from a buyer. Make sure you know what it will appraise for before you set the asking price.

Selling your bed & breakfast business likely isn't going to be an easy decision. If it is one you make though you want the transaction to go as smoothly as possible. Be very open to ideas for the realtor. You should also be open to realistic offers that are presented even if they are below your asking price.
About the Author
Patti Rob writes about the ups and downs of starting and 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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