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A Seller's Dilema

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Breakfast Diva

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This is a hypothetical:
You've worked for years building up your B&B, put your sweat & love into creating your special place. It's time to sell for whatever reason. You really want to see your dream continue to be a B&B. What would you do under these different circumstances. Would you still sell? Would you stay longer in hope of finding the "right" person?
  • Someone wants to buy it to make it into their home
  • Some wants to buy it to turn it into a vacation rental
  • you can't stand the person/people who want to buy it, but they have the money
  • You just "know" that the people buying it shouldn't
 

Breakfast Diva

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To answer my own question, it would terribly sadden me, but I probably would still sell. I would be selling because I needed to get on with my life for whatever reason.
 

JBloggs

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Try having it listed for a year or two and then answer the questions. The answers might shock you. :)
 

Breakfast Diva

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Try having it listed for a year or two and then answer the questions. The answers might shock you. :).
Joe Bloggs said:
Try having it listed for a year or two and then answer the questions. The answers might shock you. :)
Do you think I would change my previous answer? Unfortunately, my answer is the way it is because I know that it takes a long time to sell and so I probably would never refuse a sale "in hopes" of another offer.
 

EmptyNest

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I would sell it. Not my problem what the next owner is like or wants to do. I just want my money.
 

swirt

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It would sadden me if someone didn't want to continue the business as we started it, but if they had the right amount of money, I'd accept the offer. The real estate market is just too goofy right now to go turning away buyers because their dream is not the same as mine.
 

wendydk

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If someone has cash for the deal, or can obtain full financing, I would have to let it go and move on. Someone with the intention of making any kind of an offer that involves seller financing would be an entirely different story for most sellers.
 

Morticia

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My opinion on this is I would love to see 'my baby' continue being what we've made it. However, economically speaking, take the money and don't look back. And I'm serious about the don't look back part. Don't check TA, don't contact previous guests (except in a general emailing to let them know you've sold), don't look at the rez calendar, nothing!
 

The Farmers Daughter

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My opinion on this is I would love to see 'my baby' continue being what we've made it. However, economically speaking, take the money and don't look back. And I'm serious about the don't look back part. Don't check TA, don't contact previous guests (except in a general emailing to let them know you've sold), don't look at the rez calendar, nothing!.
Bree said:
My opinion on this is I would love to see 'my baby' continue being what we've made it. However, economically speaking, take the money and don't look back. And I'm serious about the don't look back part. Don't check TA, don't contact previous guests (except in a general emailing to let them know you've sold), don't look at the rez calendar, nothing!
I am inclinded to agree with that completely. I have seen many B & B's in my area get sold for single family homes, so that would be ok with me too.
 

JBloggs

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Try having it listed for a year or two and then answer the questions. The answers might shock you. :).
Joe Bloggs said:
Try having it listed for a year or two and then answer the questions. The answers might shock you. :)
Do you think I would change my previous answer? Unfortunately, my answer is the way it is because I know that it takes a long time to sell and so I probably would never refuse a sale "in hopes" of another offer.
.
Your question was (below) and the answer would be after time has passed = SELL TO ANYONE WHO HANDS YOU THE MONEY. You are done and you move on...That was the answer, after I replied you added another answer, I was replying to YOUR question with possible choice answers.
What would you do under these different circumstances. Would you still sell? Would you stay longer in hope of finding the "right" person?
  • Someone wants to buy it to make it into their home
  • Some wants to buy it to turn it into a vacation rental
  • you can't stand the person/people who want to buy it, but they have the money
  • You just "know" that the people buying it shouldn't

 

seashanty

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wow! do you know how hard it is NOT to check the availability of where i used to work? to NOT look at what they've done to the website? to NOT wonder why they dropped the listings with the two biggest referrers?
it hurts and i didn't even own it.
when you sell, you can hope the business will continue but, unless you maintain a share in it, you can't control it. i agree, you'd have to just do your best to walk away.
did anyone ever see that show where they brought in former owners of houses after new owners remodeled? a lot of times they'd cry. i can't stand to see what my nephew is doing to my parents' home, even though it's his now. even if what he's doing makes sense. it's too personal. too many memories. maybe later on down the road.
 

JBloggs

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When the times comes, it will kill most of us to say goodbye to our inns. It will not be easy. Especially when buyers come in and say "We can take that wall down right there...it's not load bearing is it?" In a historic home, changing the whole layout of the original structure? EEEK!
 

wendydk

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OK, I think we've established that anyone can cash with cash cam buy the place and bend it to their wills. What about a great offer that involves seller financing of some kind...are you in a position to offer it?
It's often the only way an Inn gets sold....and I would imagine the longer the place sits on the market, the more often the subject comes up.
 

Breakfast Diva

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OK, I think we've established that anyone can cash with cash cam buy the place and bend it to their wills. What about a great offer that involves seller financing of some kind...are you in a position to offer it?
It's often the only way an Inn gets sold....and I would imagine the longer the place sits on the market, the more often the subject comes up..
I don't think I would carry anything. If I did any seller financing, I don't think I'd be able to just sit back and not have input in the business. I would need to make a clean break.
 

birdwatcher

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I would take the money and hope that if they make it their home, vac place whatever that they truly love the house. But I would make a clean break however hard it is.
 

gillumhouse

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I am planning to put my place on the market in 2 years because I want it to remain a B & B. My city NEEDS a B & B. That is why I plan to sell it for probably a lot less than it is worth - lock, stock, and barrel. I will take only my personal items or whatever the new owners do not want. The 2 years will allow me to get my debts paid down some more so I do not need as much. DH is not looking forward to doing another move and anything can happen in 2 years...... I am also aware that it may take a long time to sell and that is OK too. The ONLY reason I plan to sell is to attempt to control at least the next round of its life. I beat my head against the wall creating this - I birthed it, nurtured it, and to do otherwise would make the last 13 years a waste.
Edited to add: I plan to walk away once it is sold to another as a B & B and open my mouth only when asked.
 

swirt

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I think once you start to accept that someone that buys the place may not run it as a B&B, then you start to think differently...like that it takes roughly 2 months to close, and so you don't want to take reservations more than two months out because the new owner may not want guests. Booking only two months out is a good way to completely screw up your occupancy numbers for the year. ;(
This is where we are right now....the state of Limbo.
 

The Farmers Daughter

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I think some sellers unconsciously botch their sale from the get go.
I have a innkeeper friend with an absolutely gorgeous Inn on the market.
Its in a country setting, historic and a big rambling Plantation style building with perfect manicured grounds.
She has it on the market for 1.5 WITHOUT FURNITURE!
Seriously. Who is buying a B & B without furniture? Consequently she has had 4 showings on it in the year its been on the market.
 
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