Selling your Bed and Breakfast is going to be a difficult task. Living and working on the same premises will make trying to be objective about the sale difficult.
Keeping a few things in mind, therefore, will help you to get through the process unscathed.
Getting your B&B ready to sell
Your business and personal finances will probably have overlapped due to the fact that your home and your business are on the same property. Before you can sell your business, therefore, you will need to separate these.
Focusing on things that will increase the value of your business before you sell is something to which attention should be paid.
General maintenance such as painting the walls and updating smaller fixtures can make the business more appealing to the buyer for relatively little money.
Keep a detailed record of the number of covers that you have and what time of the year they are there. A bed and breakfast that is able to attract guests out of season
Could you offer special deals in the offseason or team up with other local businesses to offer customers packages that might draw them in?
Increasing the value of your business can also come down to modernising the way that it is marketed. Is your business visible on social media and booking sites? You should also have a website that is attractive and easy to use.
Finding the right buyer
If this is a business that you are emotionally attached to, which is likely with a bed and breakfast, you might want to find the right person to take it over.
It might be important to you that the business continues in the direction that you had been taking it. Alternatively, you might want a guarantee that your employees will be able to continue working once the business has been sold.
If this is the case, it is more than likely that you will be dealing with a first-time buyer which can be a less secure buyer.
If, however, you are hoping to stay on in some capacity after you have sold your bed and breakfast, look for a buyer that is looking for a financial investment. If they're not interested in being involved in the day to day running of the business, you could suggest staying on as management.
Marketing your business
Advertising your business your business online can be a great way of reaching a wide audience. Don’t underestimate the power of advertising locally as well, though.
Using a combined approach when marketing your business will usually give you the best chance of finding the buyer that is right for you.