How to sell a Bed & Breakfast business in Scotland?

How to sell a Bed & Breakfast business in Scotland?

Author
Discussion

Griff Boy

Original Poster:

1,563 posts

230 months

Monday 21st May 2018
quotequote all
HI All,

Im looking into selling my Bed & Breakfast business/property based in NE Scotland, and i wondered if anyone had any good recommendations on who to go to for the sale?
I have been looking at Bruce & Co. in edinburgh, but im very concerned about their reviews online, so im trying to see who else is the best agent for selling a commercial property like this? Im looking for national coverage, and someone effective who offers a complete package of advertising, photography, marketing etc, not just a cheap online £299 for 6 months type company. Equally if anyone has any actul experience of Bruce & Co then i would very much like to hear from you.

Does anyone have any suggestions, experiences that could help?

Thanks in advance

Posted in the Scotland forum as well!

48k

12,980 posts

147 months

Monday 21st May 2018
quotequote all
Griff Boy said:
Does anyone have any suggestions, experiences that could help?
Post some details on here or by PM cos you never know if there is a PH'er looking for an opportunity in Scotland and it might save you advertising the business. whistle

singlecoil

33,313 posts

245 months

Monday 21st May 2018
quotequote all
While consdering the business transfer agent aspect, you could just advertise it yourself on

https://uk.businessesforsale.com/

where anyone looking seriously for a business to buy will be looking. You'll need to give details of what you are offering, the turnover and the price you want, and provide some decent pictures.

If you get an acceptable offer then you'll need an appropriately experienced solicitor (which you would anyway) but you might not need an agent at all.

Uppity

58 posts

79 months

Tuesday 22nd May 2018
quotequote all
Have a look at Scottish Licensed Trade News - few agents/businesses advertise in that and it is pretty widely read in the licensed/catering trade, Imagine there will be similar versions in England/RoI/Wales

Think creatively and you might have a story for them to feature, e.g. Trials and Tribulations of Selling Your B&B (bound to be other B&B owners who read it and would be interested - they are always looking for relevant copy)


Griff Boy

Original Poster:

1,563 posts

230 months

Tuesday 22nd May 2018
quotequote all
48k said:
Post some details on here or by PM cos you never know if there is a PH'er looking for an opportunity in Scotland and it might save you advertising the business. whistle
Hi 48k, I don't want to upset the advertising rules on here, but I'll put a link to my build blog of the house refurbishment which was done in the Homes and Garden section, which may be of interest....
I'll also message you directly with some more info.

Cheers
GB

Griff Boy

Original Poster:

1,563 posts

230 months

Tuesday 22nd May 2018
quotequote all
The build thread of the house, for anyone who may be interested.

https://www.pistonheads.com/gassing/topic.asp?h=0&...






Griff Boy

Original Poster:

1,563 posts

230 months

Tuesday 22nd May 2018
quotequote all
singlecoil said:
While consdering the business transfer agent aspect, you could just advertise it yourself on

https://uk.businessesforsale.com/

where anyone looking seriously for a business to buy will be looking. You'll need to give details of what you are offering, the turnover and the price you want, and provide some decent pictures.

If you get an acceptable offer then you'll need an appropriately experienced solicitor (which you would anyway) but you might not need an agent at all.
Hi Singlecoil,

I've looked at this site, but the reviews are not overly complimentary to say the least! Being honest, none of these sites seem to get good reviews! I have a solicitor ready, so no issues there. I can certainly provide all relevant information for them, but I'm just not sure they'll give me the professional package that I'm looking for. More investigation required! Thanks for the reply though.

singlecoil

33,313 posts

245 months

Tuesday 22nd May 2018
quotequote all
Griff Boy said:
singlecoil said:
While consdering the business transfer agent aspect, you could just advertise it yourself on

https://uk.businessesforsale.com/

where anyone looking seriously for a business to buy will be looking. You'll need to give details of what you are offering, the turnover and the price you want, and provide some decent pictures.

If you get an acceptable offer then you'll need an appropriately experienced solicitor (which you would anyway) but you might not need an agent at all.
Hi Singlecoil,

I've looked at this site, but the reviews are not overly complimentary to say the least! Being honest, none of these sites seem to get good reviews! I have a solicitor ready, so no issues there. I can certainly provide all relevant information for them, but I'm just not sure they'll give me the professional package that I'm looking for. More investigation required! Thanks for the reply though.
I've never looked at the reviews, and can't see their relevance TBH. I can't believe that anybody looking to buy a business wouldn't be checking it and most of the big business transfer agents list on it.

If it was me then I would put the package together myself. Some good photos (not the ones from your website) and a description including some financials, prepared with assistance from your accountant if need be, and then it's up to interested parties to phone and/or visit you. I can't really see what else an agent would be doing, apart from making suggestions about value.



AB

16,969 posts

194 months

Tuesday 22nd May 2018
quotequote all
Just daydreamed for a few minutes about selling everything and running a B&B in Scotland.

I'd never get it past the wife.

Griff Boy

Original Poster:

1,563 posts

230 months

Tuesday 22nd May 2018
quotequote all
singlecoil said:
I've never looked at the reviews, and can't see their relevance TBH. I can't believe that anybody looking to buy a business wouldn't be checking it and most of the big business transfer agents list on it.

If it was me then I would put the package together myself. Some good photos (not the ones from your website) and a description including some financials, prepared with assistance from your accountant if need be, and then it's up to interested parties to phone and/or visit you. I can't really see what else an agent would be doing, apart from making suggestions about value.
I'll re-look at them again and maybe try contacting a few similar ones and see what kind of response they are getting from the site. It's a niche property so I want to make sure I can approach the niche market, but all tips are appreciated! Thanks

Griff Boy

Original Poster:

1,563 posts

230 months

Tuesday 22nd May 2018
quotequote all
AB said:
Just daydreamed for a few minutes about selling everything and running a B&B in Scotland.

I'd never get it past the wife.
Ok, I'm biased.... but go for it, I say! We did.. the commute to work is great, lol

singlecoil

33,313 posts

245 months

Tuesday 22nd May 2018
quotequote all
Griff Boy said:
I'll re-look at them again and maybe try contacting a few similar ones and see what kind of response they are getting from the site. It's a niche property so I want to make sure I can approach the niche market, but all tips are appreciated! Thanks
Are you selling it as a property or a business? Which is another way of asking whether the business plus the property is worth more than the property alone? If it is worth more then AFAICS it's a business and you need to be selling it as such.

Look at it from the POV of someone wanting to buy a business. Are they going to look on all the sites such as the one I mentioned and Daltons etc, or aren't they? I've been looking for something in my area and you can bet your sweet bippy I've been looking on all of them

Griff Boy

Original Poster:

1,563 posts

230 months

Tuesday 22nd May 2018
quotequote all
singlecoil said:
Are you selling it as a property or a business? Which is another way of asking whether the business plus the property is worth more than the property alone? If it is worth more then AFAICS it's a business and you need to be selling it as such.

Look at it from the POV of someone wanting to buy a business. Are they going to look on all the sites such as the one I mentioned and Daltons etc, or aren't they? I've been looking for something in my area and you can bet your sweet bippy I've been looking on all of them
All good points! Its a business property, (im not being sarcastic! lol) its approx 35% business (approx 300m2) with a completely separate owners accommodation of 560m2 it is worth more as a combined property and business, which is why we are selling it as a commercial business and not as a residential property, also the issue of having two kitchens and a business incorporated in it would make it hard to get a domestic residential mortgage on it, so I believe it best sold as a business / commercial property.

loafer123

15,404 posts

214 months

Tuesday 22nd May 2018
quotequote all

These guys are very professional;

https://www.christie.com/

Even if it is not for them, they should point you in the right direction.

Griff Boy

Original Poster:

1,563 posts

230 months

Tuesday 22nd May 2018
quotequote all
loafer123 said:
These guys are very professional;

https://www.christie.com/

Even if it is not for them, they should point you in the right direction.
Cheers loafer,

I range them yesterday, they are coming out to see us next week. Do you have any first hand experience with them?

Cheers for the reply

GB

loafer123

15,404 posts

214 months

Tuesday 22nd May 2018
quotequote all
Griff Boy said:
Cheers loafer,

I range them yesterday, they are coming out to see us next week. Do you have any first hand experience with them?

Cheers for the reply

GB
Yes, I have used them professionally and know one of the managing partners, and they are a good firm.



Griff Boy

Original Poster:

1,563 posts

230 months

Tuesday 22nd May 2018
quotequote all
loafer123 said:
Yes, I have used them professionally and know one of the managing partners, and they are a good firm.
excellent, many thanks for the info, its much appreciated

Frimley111R

15,537 posts

233 months

Wednesday 23rd May 2018
quotequote all
businessforsale is the big one, the Autotrader of sites if you like. Also consider Daltons which is big too.

These are just places to advertise your sale, they are not advisors so treat them as you would Autotrader you'll be fine.

As SC said, reviews are completely pointless on these sites

TCS1

595 posts

134 months

Wednesday 23rd May 2018
quotequote all
Griff Boy said:
loafer123 said:
Yes, I have used them professionally and know one of the managing partners, and they are a good firm.
excellent, many thanks for the info, its much appreciated
+1 - have bought and sold through them albeit different sector.

Peanut Gallery

2,418 posts

109 months

Wednesday 23rd May 2018
quotequote all
As a customer of this B&B I can confirm it is a brilliant place! Really well repaired from your wonderful previous owners, and a mighty good breakfast! You have my one and only trip advisor review as well. Sad to see you sell, hope all is well!