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The
Hearthside
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Hospitality business brokerage

Hospitality Properties For Sale

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Selling Your Hospitality Business

The professionals at The Hearthside Group recognize the need for specialized brokerage services to Vermont's hospitality industry. Understanding the unique challenge involved with selling hospitality properties, these brokers have the expertise to market them successfully.

There are hundreds of country inns, bed and breakfasts, hotels, motels, and restaurants throughout Vermont, and every year many of these properties change hands. When the owners of a hospitality property call The Hearthside Group about selling their business, their inquiry is handled in the strictest confidence, promptly and professionally by a unique sales staff. Each member has had direct experience in owning or operating a hospitality property.

Before listing any property, financial statements are analyzed in detail, the property is visited, and in-depth discussions are held with owners. The property is given careful consideration to determine a proper selling price, taking into consideration how that price will fit into the current hospitality market.

Innkeepers who are planning on selling their property or are even considering the notion, should be thinking about following these ten steps in preparation for putting their inn on the market:

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

2. Get your financial information in order and be prepared to provide three years of financial statements or tax returns. In addition, you will need to provide a breakdown of gross revenue and expenses by month for the most recent 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 unique aspects of the property, how it should be marketed, and what the upside potential may be. The more information you provide to your agents, the better they will be able to market your property and the quicker it will sell.

Hospitality business brokerage

The Hearthside Group 30 Main Street, Burlington, Vermont 05401
(802) 863-2150	Fax: (802) 863-2453
Email: gg@hearthsidegroup.com	Email: wb@hearthsidegroup.com

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