How do you know which B&B to buy?
What is a reasonable price to pay for your B&B?
If you don't know the answer to both of those questions now, you will after working with me. Those
are the questions I answer with everyone wanting to buy a bed and breakfast. I can help you with them too.
Learn what it takes to buy an inn. Understand how your wants, needs, and financial abilities impact
your purchase decision. "The B&B Lady" assists in evaluating an inn for sale that suits your situation.
Guiding your education so you can purchase a B&B that's right for you is what I do -- and I have 19 years
of experience helping hundreds of people just like you.
I can consult with you or your agent anywhere in the country as you look for that ideal B&B Inn for
sale.
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"We hired Kit as we searched for our New England B&B. As we weighed the pros and cons of
various properties, wrote up offers, and progressed through our due diligence, her advice was very
helpful." --Gary and Sharon Coquillette, Former Innkeepers, Fitch Hill Inn B&B, Hyde Park,
Vermont
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A common B&B myth that will cost you a fortune:
Myth: Buying a B&B is as easy as buying a house.
If buying a B&B was easy it wouldn't take so many aspiring innkeepers years to accomplish. It's not easy
because you aren't buying just a house, not just a business, and not just a lifestyle -- you are buying
all three at the same time. Each aspect of your decision about what bed and breakfast to buy needs to be
independently evaluated.
It is my goal to help you make your acquisition as positive an experience as possible. I will evaluate
with you:
- how much you have to invest for the purchase and what you can expect for that investment
- how many guestrooms you want and what that means to your profit margin
- where you want to locate yourself and how that affects your business model
This evaluation is just one step I will guide you through as you decide on the B&B that's right for you.
Most inn buyers don't know what they want.
Analyze what you need in your B&B purchase. Are you seeking a lifestyle that earns some money
or are you seeking a viable business with a lifestyle attached? Do you want year-round business or do
you want a seasonal business? Have you defined what "success" means to you?
There are so many conflicting opinions from the various B&B consultants and brokers about what makes
for a good bed and breakfast purchase that buyers often accept whatever they hear first -- without
exploring their own needs and style. Exploring the various rules-of-thumb is part of the service I
offer in my real estate counselling.
You need someone with industry experience to help guide you. My experience spans B&B innkeeping in three
different style inns, B&B brokering backed by a commercial real estate designation to support my
business valuations, and inspecting B&B where I saw all shapes and sizes and styles of bed and breakfast.
Use my broad and deep background. Build a solid foundation for your B&B dream to create a
successful and profitable bed and breakfast business. My experience benefits you by helping you
determine what you want in your B&B so you can experience success as you define it.
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"Many of today's real estate agents do not have a clue about how to sell a B&B. It is
very reassuring to know there is still someone out there who remains grounded as to what is
going on in our industry and can remain fair and objective to the current values of various
inns. As an innkeeper for almost a decade, I have begun to appreciate the true "worth" of my
property. The question we to ask is: "Is it truly a lifestyle that allows you to live and work
in a wonderful home in a great part of the country, or is it a valuable and thriving business
that has great value and can be sold?" Kit's information, knowledge and experience allowed me to
understand that either situation can and does exist, and that either situation can be viable.
--Jon and Terre Terrell, The Tudor
Rose, Salida, Colorado
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Every buying situation is different. I can help you determine the situation that works best for you.
Learn how to price a B&B inn. Determine your B&B purchase allocation of business, real estate,
and reputation. Understand the pros and cons of each B&B option. I have the knowledge and experience you
need to make your B&B purchase smooth and satisfying.
How large does a B&B need to be for it to be profitable? What does the zoning allow in a specific B&B?
Are the current operating expenses for the inn you are considering reasonable? Can you increase
occupancy rates of the inn you buy to make it more profitable?
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"Throughout our entire due diligence process we came back to your ebooks again and again...and
what impressed me the most is that every time we had to make an educated guess on something (pro
forma balance sheets, appraisal info, etc.) we used the formulas and info provided in your books and
we (and you) were right every time! It gave us such a sense of confidence in talking
with bankers, realtors, lawyers, accountants...we felt very fully prepared and knowledgable going
into all of our negotiations. Your ebooks gave us that and I am so grateful, that was the best
investment we ever made. plus we got so many compliments on our business plan, people on every
level said it was well put together and very thorough...we also owe that to your outlines and your
suggestions." -- Christine and Todd Thomas, The
Doubleday Inn, Gettysburg, Pennsylvania.
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Evaluate other forms of income you can derive from your B&B. Understand how location impacts your
B&B business. Discover how zoning affects your B&B. Learn how many guestrooms you need for your ideal
B&B operation.
With my intimate knowledge of B&B brokerage and bed and breakfast operations, I can help guide you in
ways few real estate agents can. Use my real estate counselling services to gain a strong edge in your
B&B success.
You could pay too much -- most do.
Valuing a B&B's selling price is one of the biggest challenges in your bed and breakfast
purchase. The seller wants compensation for all their hard work in establishing the B&B and growing its
business. The buyer wants to make money to cover their mortgage, have a positive cash flow, and be
compensated for growing the business further. The two positions can be very far apart! How do you know
what is reasonable?
Your success depends on balancing your emotional and business reactions to any given B&B you evaluate.
Price is more than real estate value, furniture/fixtures/equipment (FF&E), and cash flow. Price includes
the value of extra land, reputation, extra amenities, maintenance, location, and potential. Some B&Bs
are worth more as a house than as a turnkey B&B. Some bed and breakfasts are worth more than the real
estate, FF&E and cash flow indicate. How do you know? I'll help you figure it out.
One secret of buying a B&B successfully lies in knowing how to price a bed and breakfast. And that's
one big part of my services -- helping you do just that.
Study all aspects of the B&B inn. Determine what aspects of a bed and breakfast work for you and what
don't. Learn what questions to ask. Build a strong foundation for your B&B purchase with my real estate
counselling services.
Looking for a B&B Broker?
These experienced B&B Brokers have a solid track record. For B&B Brokerage in:
Colorado contact Roxanne Kolbe and Becky Goldsmith the
Inn Matchmakers.com, Inn Brokers,
in Denver, CO. Or call them at 303-916-8660 (Roxanne) or 720-979-3184 (Becky).
Virginia, West Virginia, North Carolina, Maryland and Maine contact Peter Scherman
The B&B Team, Inc, Inn Consultants and Brokers,
in Scottsville, VA. Or call him at 434-286-4600.
Or, contact Rick Wolf in Kennebunk, ME, at 207-967-1995.
Tell them I sent you!
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