Dan Cote on what you should look out for when buying a B&B for sale...
"I would go to as many bed and breakfasts as you possibly can before you buy one and learn about the finances first. Find a partner that can help identify businesses that are already succeeding financially.
I would go to as many bed and breakfasts as you possibly can before you buy one and learn about the finances first
"Look at the numbers first rather then falling in love with a physical piece of property, because the property itself means nothing if the numbers don't work."
On using a business broker...
"We used a broker who focuses on bed and breakfasts because it is a unique type of business.
"It's important that the broker we used knew the business well and knew the attorneys and the accountants who can support that business. I would recommend using a broker."
On lessons learnt...
"It's been a very steep learning curve. One thing that really helped us early on is when we came into this business we knew what we wanted for bedding.
"We've stayed at so many bed and breakfasts around the world and we realised that our bedding had to be better than everyone else's because when a person comes to a bed and breakfast they want the perfect bed!"
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