I regularly hear about B&B buyers who are so pleased with their B&B purchase they are almost gloating. I’m all for a buyer getting their B&B for a good price, as long as they don’t make the seller feel as if they are being robbed. A seller who feels robbed will make life and the transaction unpleasant fo the buyer. When that happens the good deal quits being a good deal.
When I was a B&B Broker I believed in a win:win situation for the buyer and seller. I felt if it wasn’t a good deal for both parties, it wasn’t a good deal for either party. After watching numerous transaction go from seemingly good to awful, I feel even more strongly that way.
Usually the “steal” comes in when the seller is desperate to get out of innkeeping and finally takes an offer that’s considerably below what they wanted to get for the property. They try to salvage some value for themselves but often just give up, on the face of it.
How can things go bad? The seller refuses to train the buyer. The seller quits taking reservations. The buyer finds furnishings that were part of the sale disappear. I even heard of one case where the seller sold gift certificates without recording them, much to the buyer’s surprise when the guests arrived. There are lots of examples, but I think you get the drift of how bad things con get.
There are times the seller has to get out of innkeeping and will sell for almost any price they can get, but I believe that doesn’t happen often.
I want to raise your awareness about “getting a steal of a price”; that if a deal is too good to be true. it may be. Buy what you can afford to buy and let the seller feel as if they are willing participants in a mutually beneficial transaction. Have reasonable expectations of the seller’s responsibilities, and of your responsibilities as the buyer.
Buy well and enter your innkeeping career in a good note.