Interview with Bob Fuehr - Michigan's
Inn Broker
Bob Fuehr is The Inn Broker, Inc., specializing in Michigan
Bed and Breakfast sales for over 27 years. Bob has sold many bed
and breakfasts and has instructed and consulted with hundreds of
aspiring innkeepers and bed and breakfast owners.
BBResources sat down for a virtual chat with Bob and asked some questions about the state of the innkeeping industry, and buyer and seller advice.
BBResources.com: My first and most obvious question is; what made you
decide to specialize in Bed and Breakfasts? Did you have an affinity
for the industry or did you just happen to sell one and thought it
would be nice to work these types of properties "full time"?
Bob Feuhr: My wife & I wanted to become innkeepers. We were waiting for
our two sons to 'grow up'. Their idea of 'hospitality' was playing
football in the living room! In the meantime, I educated myself about
the financial functioning of B&Bs. In 1988, Lynda Petty of the Saugatuck
Park House formed "Innkeeping Consultants" and offered the first innkeeping
seminars in the Midwest. I used my vacation time at my real estate mgt.
V.P. to do the seminars.
After giving away a lot of free B&B real estate info, I got my real estate
brokers license and created The Inn Broker, Inc. I was the first inn broker
between the Appalachian's & the Rocky Mtns. After specializing in the sale
Michigan B&Bs for over a dozen years, I feel like I've already vicariously
been an innkeeper! I'm probably more of an innkeeping 'groupie'! I'm an
innkeeping devotee who obtained a brokers license; not a realtor who
discovered that there were inns for sale. I thoroughly enjoy working with
both the neat kinds of people who are in innkeeping and who want to be in
innkeeping.
It's a blessing to be successful at something you love. I don't know what
else I would do for a living.. it wouldn't be selling houses or commercial
buildings.
BBResources.com: In your opinion, are many sellers are unprepared
when they initially contact you? Are they surprised by how extensive
a process selling their bed and breakfast is?
Bob Feuhr: A lot of inn sellers are experts in their own inn; not the
B&B marketplace. My two biggest hurdles with sellers is to obtain all
of their info that I need for a comprehensive sales package and overcoming
preconceived notions of value & how the sale process will proceed.
BBResources.Com: What type of information do you expect a seller to
produce when they call you to place their bed and breakfast on the market?
Bob Fuehr: At a minimum, last year's Profit/Loss statement or tax return.
After that, my typical marketing package includes the following:
Past 3 yrs. Profit/Loss; capital improvements & non-recurring items excluded
Survey
Floor plans
Media articles featuring the inn
Property Disclosure
Lead Paint Disclosure
Inn brochures
Any appraisals
Last Years Tax Bills
Assessor's notes
Local zoning approval letter
Village B&B Ordinance & zoning uses
BBResources.Com: That's a lot of information. Are they usually surprised
by the type of information you want?
Bob Fuehr: Usually. Most sellers didn't ask for or receive that much info when they bought their inn.
Click Here for the rest of the interview with Bob Fuehr.
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