10 Steps To Selling Your Vermont Inn, Bed & Breakfast, Hotel, Motel or Restaurant !!

Innkeepers planning on selling their New England hospitality property, or even considering the notion, should be thinking about doing the following in preparation for putting their inn on the market:

1) Formulate a list of improvements that have been made to the property and note the approximate value of each of these improvements

2) Get your financial information in order and be prepared to provide us with three years worth of financial statements or tax returns. In addition, you will need to provide a breakdown of gross revenue & expenses by month for the most recent complete year. complete year.

3) Put together a folder of promotional pieces on your property to include brochures, rate sheets, any articles that have been written about your inn, and a list of guidebooks in which your inn has been mentioned.

4) If you have a staff, make a list of their names, length of employment, job descriptions, and wages.

5) Make a copy of any appraisals that have been done on the property, and if one has not been done, you might consider meeting with your banker to find out how much a bank would be willing to finance on your property given its financial performance.

6) Develop a list of items to be excluded from the sale such as particular furnishings, pieces of equipment, decorative pieces, etc.

7) Get a copy of a plat plan or survey map that outlines acreage, boundaries, and property lines.

8) Be prepared to provide a floor plan of the inn's interior if one is available.

9) Make copies of current licenses to include lodging licenses, restaurant licenses, and liquor licenses. Also, make copies of the most recent fire inspection and health inspection reports.

10) Finally, think long and hard about the unique aspects of your property, how it should be marketed, and what the upside potential may be. The more information you provide to us, the better we will be able to market your property and the quicker it will sell.

If you have questions about the selling process, never hesitate to contact the professionals at The Hearthside Group.