Selling a Hotel - Four Vital Steps in Communicating With Prospects
By Mike Handelsman Group General Manager, BizBuySell.com | October 28, 2008
When the time has come to sell your hotel and you have listed it for sale online, it is a great feeling to receive interest from potential buyers. Let's face it - selling a business independently can be a lot of hard work and a major time commitment, and when people show interest in what you are selling it can translate into a quick, painless sale.
Unfortunately, for a variety of reasons communication between a buyer and a seller is not always simple. Hotel owners who list their establishment for sale on the Internet often have to deal with many inquiries from browsers who enter into a conversation without any serious interest in purchasing a business. If hotel sellers are not savvy in how to address this type of situation, they might find the selling process to be longer and more frustrating than necessary.
By following some simple communication guidelines when selling your hotel online, you can ensure you don't get caught up in a communication trap.
Step 1: Be Knowledgeable About Your Business
It is essential to know your business before you put it up for sale. It sounds simple, but the fact remains that many business owners list their establishment for sale online without having a clear grasp on how much their business is worth and what facts to communicate to potential buyers.
The first step is to get all the financial information of your hotel in order, including cash flow and revenue numbers that span from the time you first owned the business to the current day. After you list your hotel for sale, you'll undoubtedly have to field legit financial questions from potential buyers, and you won't want to come off looking irresponsible or uninformed about your own business.
The Hotel Business Review articles are free to read on a weekly basis, but you must purchase a subscription to access
our library archives. We have more than 5000 best practice articles on hotel management and operations, so our
knowledge bank is an excellent investment! Subscribe today and access the articles in our archives.