schmidtjas
Recycles dryer sheets
I came across an ad over the weekend for a small hotel/bar/restaurant located in a small town about 3 hours from where I live and an hour from where some of my family live. The town has about 300 people and is in the middle of a farming area. From what I can figure out there is one more small restaurant in town, but no other bar or hotel. The hotel has a suite where the current owners live. The price appears right, though I would definitely have to look into it more to come up with my own valuation.
My wife and I were kind of just joking around about it, but I started thinking that maybe it would be worth thinking a little harder about it. The current owner has been running it for 25 years (allegedly), so it would appear that a person can make a mediocre living running the place. Of course if they're putting in 80 hour weeks to keep the place afloat no thanks. On the other hand if the place is pretty easy to run and laid back, sign me up.
Has anyone ever operated (or worked in) a small town hotel or bar? I do worry about the environment of the place in the evening. I know of some small town bars which are laid back and safe, whereas others I wouldn't set foot in.
What documents / proof would you ask for to evaluate the business? I would want to see at least 3 years of audited financial statements.
My wife and I were kind of just joking around about it, but I started thinking that maybe it would be worth thinking a little harder about it. The current owner has been running it for 25 years (allegedly), so it would appear that a person can make a mediocre living running the place. Of course if they're putting in 80 hour weeks to keep the place afloat no thanks. On the other hand if the place is pretty easy to run and laid back, sign me up.
Has anyone ever operated (or worked in) a small town hotel or bar? I do worry about the environment of the place in the evening. I know of some small town bars which are laid back and safe, whereas others I wouldn't set foot in.
What documents / proof would you ask for to evaluate the business? I would want to see at least 3 years of audited financial statements.