Before launching into the business you need to sit yourself down and plan things very carefully, especially the finances. On top of the large initial capital investment, it is expensive to keep a B&B in business. For example, you’ll have to find the money to pay staff, huge utility bills, and all those daily full English breakfasts. You’ll need to work closely with an accountant who’s familiar with the area, to make sure the budget stays afloat. You will also need a solicitor to advise on the purchase of your bed and breakfast business.
If you’ve found a B&B you want to buy then you’re probably feeling quite impatient to get started. Unfortunately, you really do need to take the time to get some advice from a solicitor. You’re risking too much by simply sign on the dotted line. The good news is we’ll make the process quick and painless. Because I’m a solicitor expert at buying and bed and breakfasts, I stick to the essentials.
Case Study: How I Helped With The Purchase Of A B&B
Good legal advice on the law relating to bed and breakfasts will save you time and money. To give you a flavour of the challenges I will help you with, here are some typical important issues that always need to be considered.
B&B buyers often need to sell their home to raise the funds to buy the B&B. If the idea is to live in the B&B then this usually makes sense. We know how to synchronise the sale of your house and the purchase of the B&B so it all goes smoothly and quickly.
Unless you’re buying a fully functional B&B, the chances are that you will need to apply for and secure various permissions and licences before your complete the purchase. A common list of permissions may be: planning permission for works, planning consent for change of use, a licence for a House in Multiple Occupation, a licence for the sale of alcohol, an entertainment licence (eg if renting DVDs) etc. We’ll make sure that these are secured as a condition of purchasing the building. Otherwise you may find you’ve parted with your hard earned for a building you can’t use as a B&B.
Due to the nature of the job, it’s common to offer some staff accommodation as part of the terms of their employment. If so, you’ll need an occupancy agreement that carefully details important matters such as what parts of the Property they can use and stay in, rental payments, termination of the agreement etc.
IT plays an increasingly important role in marketing, securing reservations and generally running the B&B. If you’re buying an existing B&B we’ll make sure that all the relevant IT equipment, website content, hosting addresses, software etc is correctly transferred to you. So, from day one ,you’ll be able to use and develop the IT with no hiccups.