After devoting several years of your life to running an inn, the time has come to sell it. This might seem like a straightforward process that’s similar to selling a residential property. However, with hundreds of inns for sale, the competition is fierce. Only a small number of properties will transfer. Luckily, we created this step-by-step guide to increase your odds. Read on to discover five things you need to do when preparing to sell your inn.
Of course, if you truly want to put your best foot forward, then we recommend you check out our Inn Transfer Consulting services. Inn Partners will manage all aspects of the transfer process, from marketing plan implementation and management to qualifying prospective buyers to closing.
Tips for Preparing to Sell Your Inn
1. Conduct Maintenance
One aspect that’s often overlooked is the physical condition of your inn. There is a tendency to think that you can let the new owners take care of minor maintenance. However, prospective buyers have a knack for discovering deferred maintenance issues. It is important to correct these before putting the property on the market.
2. Have an Effective Website
Your website often provides the ever-important first impression of your property. That’s why it’s essential to have an effective and enticing website. This means having a readable layout, eye-catching designs, and captivating content that engages audiences. Out-of-date websites can be an immediate turnoff for potential buyers.
3. Get Exposure
It might seem obvious that you need to give your inn as much exposure for sale as possible, but do you know the best way to make that happen? There are some important marketing channels that you should utilize in order to get the word out about your inn for sale.
Make sure you take full advantage of social media platforms, like Facebook, and listing sites to promote your inn. We also recommend that you identify the inn by name whenever possible. Don’t be afraid to share this information with the public if you truly want to sell your property.
4. Know the Value
Many innkeepers seek the best price for their inn without any rational basis or measurement. Even if the potential buyers do not notice this, consultants and bankers will. Offering the inn at a fair and justifiable price might be the most critical factor for a successful sale.
The challenge here is establishing a fair and equitable price. Owners tend to have an emotional attachment to a property, and they allow that to influence the price. It is often difficult for them to view the process rationally. Make sure you get a proper and professional Inn Valuation prior to sale.
5. Seek Help From Experts
One of the most important tips we can give sellers is to work with respected professional advisors who have extensive experience selling inns. Selling and marketing an inn are complex processes, but we’re here to help. Inn Partners has the knowledge and know-how to handle inn sales effectively. We combine business cashflow with offset values and use them in the context of past performance to properly price and package your property for a successful sale.
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. Take advantage of our Inn Transfer Consulting services today to see how easy we can make the process for you!