Updated: 13 January 2020
Many of us have from time to time dreamt of escaping the rat race and moving to the coast or the countryside. The “commute” from the bedroom to the kitchen would also seem very much more appealing than sitting in an endless traffic queue or making your way to the station on a wet winter’s morning.
Becoming the proprietor of your own business might initially appear a daunting prospect, yet the hospitality sector is one we all have some degree of knowledge of, even if that is only as a diner, event attendee or staying guest. I suspect there are times you have thought, “That could have been done a little better” or “The receptionist wasn’t that welcoming”.
The domestic tourism industry is in generally good shape and hoteliers have been reporting positive occupancy levels and improving room rates in recent times. The power and profile of the online booking agents have served to level the playing field for the private owner operator who, providing a more personal service and with a clear focus on their own business model, really can compete with the large corporate groups.
“Should I buy a B&B” is a question you have probably not asked yourself often, if ever
If you should start along this road you will of course be confronted by those who will willingly point out the return does not match the investment. It is true that, given the necessity to have a large building to operate such a business, it can appear that the bottom line profit is not especially impressive next to the purchase price. The term “lifestyle business” can seem overused much as it is a truism. What is invariably overlooked however, is that the business will have paid for all your living costs and expenses before the net profit figure and that no value is placed on the owners accommodation, such as it would be were you to purchase a separate apartment for example. In a B&B or small hotel you will be acquiring a property which, brick for brick, is very likely to be cheaper than an equivalent residential property – notwithstanding it comes fully furnished and equipped.
Although the purchasing process is not unduly complex, the value of a specialist agent cannot be underestimated to guide you through the aspects that are specific to this market sector and which must be addressed in the course of any business purchase. Goadsby has firmly established itself in this field, offering buyer and seller alike the services of a dedicated Hotels and Leisure division.