Business loan to buy and run a B&B - no idea where to start

System

jonnytekno wrote: »

It's already a successful business so it's really just a case of buying the property and taking it over, although we would probably want to do renovation to it as well in order to put up the rates.

The one question I always ask is that if it is so successful then why is it up for sale?

iolanthe07

Tarambor wrote: »

The one question I always ask is that if it is so successful then why is it up for sale?

Retirement? Want to try something different? Bored with having to get up every day at double O crack to cook breakfast? Lots of genuine reasons for selling a business.

System

iolanthe07 wrote: »

Retirement? Want to try something different? Bored with having to get up every day at double O crack to cook breakfast? Lots of genuine reasons for selling a business.

If it is as successful as claimed they can employ staff to cover those issues and continue with a successful business which can make money to be used to support a new venture. A friend of mine has 5 completely unrelated businesses on the go at the moment, he doesn't just shut down one generating profit because he wants to do something else. When my wife's boss decided he wanted to retire he just left her to run the business, occasionally popping in when he was bored.

Sarastro

I appreciate that I don't know you, but this sounds like a huge risk to me. The margins in this industry are tight and you would be taking on a lot of debt (assuming you can find it in the first place). I think the potential for a near divorce experience is quite high. I suggest long hard think.

tennyalad

Ask the current owner to buy a stake in the business and use the stake as your deposit

jonesMUFCforever

The OP has not been back since the original post.

I think it was a dream to own his own business - a dream ultimately unaffordable.

[Deleted User]

I think as the OP hasn't returned then I will close this thread.