A Beautiful Virginia Bed and Breakfast is Yours for $150 and an Essay

[Copperhead]

Raises an interesting side issue for all us innkeepers: How can we expect to sell our businesses down the road if the current banking market stays the same?
We managed to waggle financing for the purchase of our B&B two years ago, but it was a nightmarish labyrinth that took 10 months from contract to closing.
I suspect we'll see more of these B&B lotteries as more and more owners want to "cash out" and find that even qualified people can't get business financing to purchase..

Raises an interesting side issue for all us innkeepers: How can we expect to sell our businesses down the road if the current banking market stays the same?
We managed to waggle financing for the purchase of our B&B two years ago, but it was a nightmarish labyrinth that took 10 months from contract to closing.

An interesting blog post by one of the brokers/consultants in the field Our B&B financing came through a local bank, and although it was not easy, our local banker made extra efforts for us because he knew us and our business. Innkeep's ideas are fascinating though - we had thought about turning our B&B into two or four condos, and selling three of them, or renting them as apartments. We had some mild interest from a nonprofit, and the University talked a big story about a hospitality program but never got it off the ground.
http://www.innpartners.com/taming-bb-bogeymen/
.

 

[happykeeper]

When we bought our B&B two years ago, we made a commitment that at year 10 we would begin discussing our exit strategy, even if we wanted to keep doing what we were doing for another decade. We knew that planning for how to sell your B&B was just as important as planning to buy it.
We're now 8 years away from that moment, but it's clear that if the financial environment doesn't change, creative means are going to be required..

We are about 6 months into our five year plan, which we had ready in year ten. Our new business plan includes three exit strategies that we find would work. Looking back at it now, the one thing that I am grateful we did not do was sit tight with what we had. We have continually focused on how to take the business to the next level each year. The cumulative effect has made us an attractive consideration at a price I would not have imagined at the onset. I really think the continual focus on being like nobody else will help us tremendously when buyers are looking at comps.

 

[Copperhead]

Please continue to share this contest in anyway possible. I read a FB post that they are not getting the media coverage they had hoped.
If you do know someone in the media world, I am sure they would appreciate you passing the info on to them as well.

 

[Breakfast Diva]

A wonderful tv segment on the essay contest. PLEASE share on your FB pages and anywhere else you can think of! Just copy and paste the link into a FB post.
Virginia Bed & Breakfast Up For Grabs

 

[gillumhouse]

A wonderful tv segment on the essay contest. PLEASE share on your FB pages and anywhere else you can think of! Just copy and paste the link into a FB post.
Virginia Bed & Breakfast Up For Grabs.

I posted it with a request that each of those who blessed my B & B FB page with a LIKE share it and also posted it to my personal page with the same request of all my Friends. I do hope it works for them.
I also pointed out the odds are better than the Lottery.

 

[Joey Camb]

A wonderful tv segment on the essay contest. PLEASE share on your FB pages and anywhere else you can think of! Just copy and paste the link into a FB post.
Virginia Bed & Breakfast Up For Grabs.

I posted it with a request that each of those who blessed my B & B FB page with a LIKE share it and also posted it to my personal page with the same request of all my Friends. I do hope it works for them.
I also pointed out the odds are better than the Lottery.
.

I put it on all the linked in groups and asked them to share - hoping some aspirings will see it.

 

[EmptyNest]

A wonderful tv segment on the essay contest. PLEASE share on your FB pages and anywhere else you can think of! Just copy and paste the link into a FB post.
Virginia Bed & Breakfast Up For Grabs.

Great segment. Looks like the letters are piling up. How many do they need to make it a success? I forget if it was mentioned anywhere.

 

[Arks]

A wonderful tv segment on the essay contest. PLEASE share on your FB pages and anywhere else you can think of! Just copy and paste the link into a FB post.
Virginia Bed & Breakfast Up For Grabs.

Great segment. Looks like the letters are piling up. How many do they need to make it a success? I forget if it was mentioned anywhere.
.

How many do they need to make it a success? I forget if it was mentioned anywhere.

I don't think they've revealed the minimum they're willing to take, but if it were $500,000, that would take about 3,333 entries of $150.

 

[Flower]

When we bought our B&B two years ago, we made a commitment that at year 10 we would begin discussing our exit strategy, even if we wanted to keep doing what we were doing for another decade. We knew that planning for how to sell your B&B was just as important as planning to buy it.
We're now 8 years away from that moment, but it's clear that if the financial environment doesn't change, creative means are going to be required..

We are about 6 months into our five year plan, which we had ready in year ten. Our new business plan includes three exit strategies that we find would work. Looking back at it now, the one thing that I am grateful we did not do was sit tight with what we had. We have continually focused on how to take the business to the next level each year. The cumulative effect has made us an attractive consideration at a price I would not have imagined at the onset. I really think the continual focus on being like nobody else will help us tremendously when buyers are looking at comps.
.

I think we all have tried to bring our business to the next level every year.
Some have made that a top of their list.
But that does not mean the next person wants to take on that which you have worked on to make your self come to the top of your game. They may not want to play in your field. Or they may want to but find out they cannot keep up . Then end up wishing they never bought into it .
There for they are unhappy. To much work and get worn out trying to meet paying bills and mortgage. Or they need help with work load and can't seem to find good help.
I have seen this happen time and time again. with the old inn keepers wondering why you( the new Inn keepers) can't do it If I could do it.
Seeing both sides of it. It has a lot to do with personalities. What works for one does not always work for others.
This field like so many others takes on a life you dreamed of but comes with a price. It is a life style that one takes on longer then one expected.
For us we thought maybe 7 years . But now we are in our 16 year. Will we go on next year.? Not sure at this point as we are getting Old and want to do more traveling but love doing what we are doing. But realize life is short every day is a gift at our age.
But stopping doing some thing you like doing and take on some thing you want to do also because you like doing . The lines get blurred.
Selling the house is going to be easy . As Our market is strong. For that I am thankful. But our life style is a hard one to sell.

 

[Morticia]

When we bought our B&B two years ago, we made a commitment that at year 10 we would begin discussing our exit strategy, even if we wanted to keep doing what we were doing for another decade. We knew that planning for how to sell your B&B was just as important as planning to buy it.
We're now 8 years away from that moment, but it's clear that if the financial environment doesn't change, creative means are going to be required..

We are about 6 months into our five year plan, which we had ready in year ten. Our new business plan includes three exit strategies that we find would work. Looking back at it now, the one thing that I am grateful we did not do was sit tight with what we had. We have continually focused on how to take the business to the next level each year. The cumulative effect has made us an attractive consideration at a price I would not have imagined at the onset. I really think the continual focus on being like nobody else will help us tremendously when buyers are looking at comps.
.

I think we all have tried to bring our business to the next level every year.
Some have made that a top of their list.
But that does not mean the next person wants to take on that which you have worked on to make your self come to the top of your game. They may not want to play in your field. Or they may want to but find out they cannot keep up . Then end up wishing they never bought into it .
There for they are unhappy. To much work and get worn out trying to meet paying bills and mortgage. Or they need help with work load and can't seem to find good help.
I have seen this happen time and time again. with the old inn keepers wondering why you( the new Inn keepers) can't do it If I could do it.
Seeing both sides of it. It has a lot to do with personalities. What works for one does not always work for others.
This field like so many others takes on a life you dreamed of but comes with a price. It is a life style that one takes on longer then one expected.
For us we thought maybe 7 years . But now we are in our 16 year. Will we go on next year.? Not sure at this point as we are getting Old and want to do more traveling but love doing what we are doing. But realize life is short every day is a gift at our age.
But stopping doing some thing you like doing and take on some thing you want to do also because you like doing . The lines get blurred.
Selling the house is going to be easy . As Our market is strong. For that I am thankful. But our life style is a hard one to sell.
.

Flower - all of that is excellent observation! What I want to do may not be the next person's goal. I have a list of things the next person can try that were just too much for us to undertake with the kind of life we want to live.
We're trying to position the business for a reasonably quick sale. But, we've seen other places here take from several months to 6 or more years to sell. We have a good business that has room for improvement which I think is something buyers might want. To take the place in a different direction, put their own stamp on it.
We look back on the business we bought and we're quite satisfied with what it's become. But there's more for someone else to do.

 

[gillumhouse]

When we bought our B&B two years ago, we made a commitment that at year 10 we would begin discussing our exit strategy, even if we wanted to keep doing what we were doing for another decade. We knew that planning for how to sell your B&B was just as important as planning to buy it.
We're now 8 years away from that moment, but it's clear that if the financial environment doesn't change, creative means are going to be required..

We are about 6 months into our five year plan, which we had ready in year ten. Our new business plan includes three exit strategies that we find would work. Looking back at it now, the one thing that I am grateful we did not do was sit tight with what we had. We have continually focused on how to take the business to the next level each year. The cumulative effect has made us an attractive consideration at a price I would not have imagined at the onset. I really think the continual focus on being like nobody else will help us tremendously when buyers are looking at comps.
.

I think we all have tried to bring our business to the next level every year.
Some have made that a top of their list.
But that does not mean the next person wants to take on that which you have worked on to make your self come to the top of your game. They may not want to play in your field. Or they may want to but find out they cannot keep up . Then end up wishing they never bought into it .
There for they are unhappy. To much work and get worn out trying to meet paying bills and mortgage. Or they need help with work load and can't seem to find good help.
I have seen this happen time and time again. with the old inn keepers wondering why you( the new Inn keepers) can't do it If I could do it.
Seeing both sides of it. It has a lot to do with personalities. What works for one does not always work for others.
This field like so many others takes on a life you dreamed of but comes with a price. It is a life style that one takes on longer then one expected.
For us we thought maybe 7 years . But now we are in our 16 year. Will we go on next year.? Not sure at this point as we are getting Old and want to do more traveling but love doing what we are doing. But realize life is short every day is a gift at our age.
But stopping doing some thing you like doing and take on some thing you want to do also because you like doing . The lines get blurred.
Selling the house is going to be easy . As Our market is strong. For that I am thankful. But our life style is a hard one to sell.
.

Flower - all of that is excellent observation! What I want to do may not be the next person's goal. I have a list of things the next person can try that were just too much for us to undertake with the kind of life we want to live.
We're trying to position the business for a reasonably quick sale. But, we've seen other places here take from several months to 6 or more years to sell. We have a good business that has room for improvement which I think is something buyers might want. To take the place in a different direction, put their own stamp on it.
We look back on the business we bought and we're quite satisfied with what it's become. But there's more for someone else to do.
.

We look back on the business we bought and we're quite satisfied with what it's become. But there's more for someone else to do.
I was a start-up and I am satisfied with what I have been able to make it. I am also gratified to have City Hall be concerned with what happens if I close - THEY realize it is an economic factor for the city. And yes, there is plenty of room for improvement. I am in my 20th year and do not move as easily as I used to nor do I have the gumption I used to have.
I also have to do more for Himself plus things he used to do - I am tired. He will be 75 Monday - but he keeps making those darn doctor appointments so I guess he is not (although he is constantly saying it is not worth it) ready to go just yet. So I have to keep on truckin' and keep the reputation of this place intact for the next owners - assuming I will get to SEE the next owners.

 

[happykeeper]

When we bought our B&B two years ago, we made a commitment that at year 10 we would begin discussing our exit strategy, even if we wanted to keep doing what we were doing for another decade. We knew that planning for how to sell your B&B was just as important as planning to buy it.
We're now 8 years away from that moment, but it's clear that if the financial environment doesn't change, creative means are going to be required..

We are about 6 months into our five year plan, which we had ready in year ten. Our new business plan includes three exit strategies that we find would work. Looking back at it now, the one thing that I am grateful we did not do was sit tight with what we had. We have continually focused on how to take the business to the next level each year. The cumulative effect has made us an attractive consideration at a price I would not have imagined at the onset. I really think the continual focus on being like nobody else will help us tremendously when buyers are looking at comps.
.

I think we all have tried to bring our business to the next level every year.
Some have made that a top of their list.
But that does not mean the next person wants to take on that which you have worked on to make your self come to the top of your game. They may not want to play in your field. Or they may want to but find out they cannot keep up . Then end up wishing they never bought into it .
There for they are unhappy. To much work and get worn out trying to meet paying bills and mortgage. Or they need help with work load and can't seem to find good help.
I have seen this happen time and time again. with the old inn keepers wondering why you( the new Inn keepers) can't do it If I could do it.
Seeing both sides of it. It has a lot to do with personalities. What works for one does not always work for others.
This field like so many others takes on a life you dreamed of but comes with a price. It is a life style that one takes on longer then one expected.
For us we thought maybe 7 years . But now we are in our 16 year. Will we go on next year.? Not sure at this point as we are getting Old and want to do more traveling but love doing what we are doing. But realize life is short every day is a gift at our age.
But stopping doing some thing you like doing and take on some thing you want to do also because you like doing . The lines get blurred.
Selling the house is going to be easy . As Our market is strong. For that I am thankful. But our life style is a hard one to sell.
.

Flower - all of that is excellent observation! What I want to do may not be the next person's goal. I have a list of things the next person can try that were just too much for us to undertake with the kind of life we want to live.
We're trying to position the business for a reasonably quick sale. But, we've seen other places here take from several months to 6 or more years to sell. We have a good business that has room for improvement which I think is something buyers might want. To take the place in a different direction, put their own stamp on it.
We look back on the business we bought and we're quite satisfied with what it's become. But there's more for someone else to do.
.

Agreed- Although we have had success doing things our way, presenting an opportunity to the next owner with lots of ways to expand or change seems like it will be a big selling point.
We ask ourselves, if we were looking at our business, could we see all the ways it could be taken to the next level? We have been working to put those pieces of the puzzle into place even though we haven't gotten around to doing a lot with them.

 

[happykeeper]

A wonderful tv segment on the essay contest. PLEASE share on your FB pages and anywhere else you can think of! Just copy and paste the link into a FB post.
Virginia Bed & Breakfast Up For Grabs.

Great segment. Looks like the letters are piling up. How many do they need to make it a success? I forget if it was mentioned anywhere.
.

How many do they need to make it a success? I forget if it was mentioned anywhere.

I don't think they've revealed the minimum they're willing to take, but if it were $500,000, that would take about 3,333 entries of $150.
.

I thought I saw that number in the article

 

[Flower]

When we bought our B&B two years ago, we made a commitment that at year 10 we would begin discussing our exit strategy, even if we wanted to keep doing what we were doing for another decade. We knew that planning for how to sell your B&B was just as important as planning to buy it.
We're now 8 years away from that moment, but it's clear that if the financial environment doesn't change, creative means are going to be required..

We are about 6 months into our five year plan, which we had ready in year ten. Our new business plan includes three exit strategies that we find would work. Looking back at it now, the one thing that I am grateful we did not do was sit tight with what we had. We have continually focused on how to take the business to the next level each year. The cumulative effect has made us an attractive consideration at a price I would not have imagined at the onset. I really think the continual focus on being like nobody else will help us tremendously when buyers are looking at comps.
.

I think we all have tried to bring our business to the next level every year.
Some have made that a top of their list.
But that does not mean the next person wants to take on that which you have worked on to make your self come to the top of your game. They may not want to play in your field. Or they may want to but find out they cannot keep up . Then end up wishing they never bought into it .
There for they are unhappy. To much work and get worn out trying to meet paying bills and mortgage. Or they need help with work load and can't seem to find good help.
I have seen this happen time and time again. with the old inn keepers wondering why you( the new Inn keepers) can't do it If I could do it.
Seeing both sides of it. It has a lot to do with personalities. What works for one does not always work for others.
This field like so many others takes on a life you dreamed of but comes with a price. It is a life style that one takes on longer then one expected.
For us we thought maybe 7 years . But now we are in our 16 year. Will we go on next year.? Not sure at this point as we are getting Old and want to do more traveling but love doing what we are doing. But realize life is short every day is a gift at our age.
But stopping doing some thing you like doing and take on some thing you want to do also because you like doing . The lines get blurred.
Selling the house is going to be easy . As Our market is strong. For that I am thankful. But our life style is a hard one to sell.
.

Flower - all of that is excellent observation! What I want to do may not be the next person's goal. I have a list of things the next person can try that were just too much for us to undertake with the kind of life we want to live.
We're trying to position the business for a reasonably quick sale. But, we've seen other places here take from several months to 6 or more years to sell. We have a good business that has room for improvement which I think is something buyers might want. To take the place in a different direction, put their own stamp on it.
We look back on the business we bought and we're quite satisfied with what it's become. But there's more for someone else to do.
.

We look back on the business we bought and we're quite satisfied with what it's become. But there's more for someone else to do.
I was a start-up and I am satisfied with what I have been able to make it. I am also gratified to have City Hall be concerned with what happens if I close - THEY realize it is an economic factor for the city. And yes, there is plenty of room for improvement. I am in my 20th year and do not move as easily as I used to nor do I have the gumption I used to have.
I also have to do more for Himself plus things he used to do - I am tired. He will be 75 Monday - but he keeps making those darn doctor appointments so I guess he is not (although he is constantly saying it is not worth it) ready to go just yet. So I have to keep on truckin' and keep the reputation of this place intact for the next owners - assuming I will get to SEE the next owners.
.

I agree with you all. there is always ways you can improve or do things to make it your own stamp. It's kinda neat isn't it . Nothing is written in stone. You can have your dream. At a cost! I am so happy with how we arrived at what we do. I was so surprised to see how many ways you can cook breakie. LOL
In my other life it was dinner parties and luncheons ETC. But breakfast now here is where I so enjoy doing and trying so many ideas. Oh don't kid yourself there were failures Love them as it made me challenge myself to do better. To have people in this town try and beat me at this field has been interesting as well as frustrating.I look at it as I gave them some thing to work at LOL there has never been so many Hot tubs in this town . It has been a given to have a hot tub now hehehe. And now they are trying to increase there places to have suites! We started with 3 bed and breakfast to the highest amount to 28 plus air B&B to compete with. And gourmet breakfasts even the small pub did it for a bit but stopped.