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How To Sell Your Motel

Don't underestimate this task. You will need to draw on the skills and talents of others to achieve the best result when selling your motel.

Listed below are the skills, talents and resources to help you.

At first the task of selling a motel may appear to be easy. You simply establish what you want, list your motel on a business-for-sale website, attend to the enquiries from prospective buyers, reach an agreement on the sale price and complete the deal.

The fact is, motel sales are complex undertakings that require the skills, experience and expertise of specialists.

Perhaps the most significant advantage of engaging expertise is being insulated and removed from the emotional aspects associated with dealing with your assets and buyers who are trying to acquire them for less than you expect.

The emotional toll associated with selling a business can be significant, an experienced specialist will create and manages emotional distance, and brings much-needed negotiation expertise to table, significantly reducing the time frame of the sale and achieving a better sale outcome.

The List

The mix of support specialists and intermediaries you require will be determined by the specific needs and circumstances of your sale. The following resources will improve your ability to achieve your goals during the sale of your motel.

1. Business/Motel Brokers

The availability of web-based business for sale sites has seen an increase in DIY business for sale sites. While some very small business owners have successfully sold their business on their own, many have not sold and eventually listed with an experienced business broker.

The good broker prepares, manages and coordinates the vast amount of documentation associated with the sale of your motel. In conjunction with you and your accountant a good broker will prepare the presentation of your motel the historical performance and the projected performance supported with the financial data provided by your accountant.

An experienced broker specialises in the confidential identification of prospective buyers, will manage the release of confidential information and negotiate favorable terms for their clients.

2. Accountants

Your accountant is usually the first resources you engage to prepare your financial statements and perform other finance functions including when required a Section 52 Statement as in the case of certain business sales in Victoria. This timely preparation eliminates the speed humps in the sale process. Your accountant will also provide you with tax advice and the best method of structuring the contract of sale or for taxation purposes.

3. Motel Valuation

Motel valuations and motel appraisals require a very specific skill set that most sellers and most brokers simply don't possess. In some cases your broker may recommend a valuation by a qualified valuer who regularly values motels, in other cases an appraisal by the broker will be all that is required.

There are good reasons to engage a qualified valuer, buyers will naturally want to buy your motel for less than the asking price. The valuation limits the reduction in offers as the value is documented evidence that qualifies the asking price.

The majority of motel sales depend upon finance. Banks in turn depend upon the report of a professional valuer.

In summary therefore, the best approach to selling many motels is to establish the value by either engaging a valuer or a business broker who uses the same methods as a professional valuer to determine the sale price of your motel.

4. Business-for-Sale Websites

In the motel for sale industry the Internet is now the most effective tools for connecting buyers and sellers in the motel-for-sale market. By listing a motel online, marketing reaches larger and more geographically diverse prospective buyers.

Not all motel-for-sale websites are equal; in fact there are huge differences in the enquiry results. Advertising on the lowest cost sites in many cases is equivalent to buying a tool that can’t do the job.

Most motel brokers place advertising on larger third party business-for-sale sites to increase the opportunity of reaching more potential buyers however some motel brokers who focus on constant search engine optimisation (SEO) development achieve Google page 1 search results for their listings, either way the selection of good motel-for-sale web sites is essential.

5. Solicitors

You need a solicitor when selling a motel. The legal details related to a motel sale are substantial, the risk of not protecting the seller from liability by not using a solicitor far outweighs the solicitors fees, so it's imperative for you to use a solicitor with relevant experience. You may use your regular solicitor to create the contract of sale, manage and finalise the transaction however we recommend you appoint a solicitor who specialises in business and motel-for-sale transactions. If you use a motel broker, they can usually help you find an appropriate solicitor to assist with the transaction.

Finally, it's important to thoroughly research and check all motel-for-sale specialists before you enter into contractual commitments. In addition to relevant industry experience, look for proven background experience. It may seem time-consuming but put the time in and make sure you have the best possible resources helping to sell your motel, that leads to the highest selling price in the shortest amount of time.