Your Guide to Selling a Bed and Breakfast in Virginia

Are you ready to begin preparing your Virginia-based bed and breakfast for sale? Set yourself up for success by following Sunbelt Business Brokers’ advice for selling a bed and breakfast in Virginia in optimal time.

Steps for Selling a Bed and Breakfast in Virginia

Preparation is key when it comes to successfully selling a bed and breakfast in Virginia. Prepare your Virginia bed and breakfast for sale by following these steps.

1. Plan your exit.

First and foremost, you must plan your exit from the bed and breakfast business. To do so, consider the following questions.

• When will you exit the bed and breakfast business?
• Will you stay on as an employee after the sale?
• Do your retirement plans rely on the sale of the bed and breakfast?
• What will be included in the sale of the bed and breakfast (i.e., real estate, furnishings, equipment, etc.)?
• How will you transfer the ownership of the bed and breakfast?

Once you’ve answered these questions, you will have a better idea of what needs to happen prior to listing the bed and breakfast for sale.

2. Perform a SWOT analysis.

In addition to planning your exit strategy, you should take a serious look at the business as it is today. Potential buyers will be looking for weaknesses and threats to your bed and breakfast, so perform a SWOT analysis before listing the business.

Once you’ve identified your weaknesses and opportunities, try to address the weaknesses and take advantage of any opportunities.

3. Gather your paperwork.

Potential buyers will want to review everything from tax documents and contracts to utility bills and financial statements. Contact your accountant and lawyer for assistance gathering and organizing your bed and breakfast’s paperwork.

4. Value your business.

Because business owners are often emotionally invested in their businesses, it is best that you hire a third party to value your bed and breakfast and the real estate. With a professional valuation, you will be able to select an asking price that accurately reflects the value of your bed and breakfast.

5. Hire a business broker.

For help selling a bed and breakfast in Virginia, consider hiring a business brokerage service. Business brokers can guide you through the sales process as well as market the business, identify potential buyers, prequalify buyers, help with negotiations, and more. Plus, with a broker working on the sale, you can focus on what’s most important– running your business.

For more information on selling a bed and breakfast in Virginia and for support through the sales process, contact Sunbelt Business Brokers of Roanoke and Lynchburg. As a Virginia-based business brokerage firm with years of experience selling businesses, we have the expertise to assist you with the sale of your bed and breakfast.