Are you ready to achieve your goal of owning a bed and breakfast? The buying process can seem overwhelming at first, but don’t worry. We’ll teach you all the ins and outs of how to buy a B&B business so that you can navigate the process with ease. Inn Partners has been working with current and aspiring innkeepers since 1984, and we’ve helped sell over 450 bed and breakfasts in North America, Europe, and beyond. Trust us — we have you covered.
Get an overview of how to buy a bed and breakfast below, and don’t forget to sign up for one of our Seminars for Future Innkeepers. These interactive seminars provide you with all of the essential tools and information you need to be successful in the hospitality industry. Plus, we’ll be there to share our expertise and answer any questions you may have.
Here’s How to Buy a B&B Business
The first step toward owning and running a B&B is to make yourself a sponge, absorbing all of the information you can possibly gather about innkeeping. Some aspiring innkeepers might have a strong business background, but corporate experience does not always translate into hospitality expertise. Here are some steps to immerse yourself in the industry:
- Stay at inns — the more, the better.
- Speak with current innkeepers — learn from their successes and failures.
- Join state, regional, and national innkeeping associations.
- Attend conferences.
- Sign up for one of our seminars.
Also, get to know the “personal side of innkeeping” and understand how the work impacts your personal life. Innkeeping puts you in a unique situation where guests spend time in your home — or at least a portion of it. It’s essential that you find time outside of the inn to nurture your relationship with your spouse and promote self-care, ensuring a healthy work-life balance.
Once you learn everything you can about hospitality, you’re ready to move forward on your journey to B&B ownership. Now is the time to create a bed and breakfast business plan and find the right inn at the right price. You’ll want to consider details such as location, size, style, and personal considerations. Would you like to have a bed and breakfast in a rural, town/village, or urban area? Are you seeking to build an enviable inn collection, or is a smaller B&B and the associated ‘B&B lifestyle’ more important to you? Think about every aspect of your dream inn, then view available listings and find it. Just don’t forget to consider your target market and how to develop your personal interests into profit in your Inn business!
Once you have a property in your sights, work with professionals to complete a valuation, develop your offer, write your letter of intent, negotiate, conduct inspections, and create a Purchase and Sale Agreement. Topics such as bed and breakfast cost analysis and legal requirements can be complicated, but consultants, attorneys, and accountants can help.
Find Your Ideal B&B With Inn Partners
We hope you found this blog helpful on your path to buying a B&B! Here at Inn Partners, we offer more than industry knowledge. One of our primary goals is to unite buyers and sellers of distinctive inns. We’ve been doing this for over 40 years, and you could be our next success story! If you’re ready to take the next step, then go ahead and explore our variety of inns for sale. You’re sure to find one that suits your needs and desires!