[Taken from a conversation in the old forum:]
If you’re buying an existing business, ALWAYS-ALWAYS-ALWAYS check the financial records. Ask to see the books. Ask to see copies of quarterly tax returns as well as the owner’s income tax return.
Getting a Good Deal
Unique Home — Would that be a good B&B property?
From “Ask Kit!”:
Q: My husband and I have recently purchased a home for intentions to rent it out. however this home is so unique we are now discussing other possibilities. one of which is a b&b.The only setback is its size. there could only be 3 bedrooms. my question is: Is that too small? And does someone have to live on site? This house is located in a small town with not a whole lot of traffic or attraction. The house itself would be the biggest attraction. Should I give up any thoughts of turning this into a Bed and Breakfast? Any advice would be appreciated.
Making A Low-ball Offer
From “Ask Kit!”:
Q: A B&B we are looking at that’s for sale, but not listed with a realtor, seems priced high. And the owner has told me that they have not really been trying to market or book the property. How do I present them with an offer at considerably lower price without insulting them?
A Steal of a Deal
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.