Many reasons are behind selling a business – a plateauing in the market, health reasons on the part of the owner, an improved venture, or a change in lifestyle. No matter the reason, selling a business is often more complicated than starting a new one.
To sell your motel or hotel business, brokers recommend asking yourself the following when you put up your QLD hotels for sale:
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Are you sure?
Selling a business, especially at a higher price is quite tempting; however, you must be ready for the transition. Keep in mind that while other hotels similar to yours have fetched a higher price, it does not mean that yours would pick the same figures too. A number of variables are at play here that you need to account for when pricing a business.
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Who will you work with?
Some business owners prefer selling their hotel business on their own. This is the preferred way if you have a wide network of investors who show interest in your hotel. Still, if it is your first time to put up a hotel for sale, consider getting a broker instead. A broker can better match you with those on the lookout for hotels faster than doing it yourself.
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Do you have the complete documentations?
One of the things that your prospective buyer will look at is the proof that your business actually makes money. Good proof in this case are financial documents for the last five years, so either get them beforehand, or practise meticulous and accurate recordkeeping from the outset. Coordinate with your accountant to explain the figures in your financial statement.
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Who are you targeting?
Whether you work with a broker or not, know the market segment your hotel aims for. This gives your prospective buyers an idea about the return on their investment.
Selling hotels are complicated, true. With the help of a broker though this process will be smooth and hassle-free.