We decided to list our inn for sale with the B&B Team, knowing and expecting special properties like Lookout Point could take time to sell. After 2 ½ years on the market we were notified that a couple from the Boston area was interested in coming to visit our inn. Not only were they interested, they were already pre-qualified for a loan that would work with our special property. We were informed they were already working with Richard Newman of Commercial Capital Network, so financing would not be a problem; that’s the best news possible for someone selling a unique property! The couple (Sam and Nancy) loved our property, we liked them and could truly see them as the next innkeepers of our lovely inn. They made an offer in days, and within a short week we mutually settled on a price. They wanted to close within 90 days—virtually unheard of in our industry. Rick worked his magic and quickly secured a financing package with a bank that was excited to be a part of this new venture. If there is a delay in a deal going through, it’s typically due to financing, but not this time!
With the financing secured, we closed on the inn less than 3 months from the very first time Sam and Nancy set foot on the property! Our heads are still spinning. Sam and Nancy were originally expecting to purchase something a lot less expensive. After working with Rick, they learned that they did not have to settle for a smaller inn and really could purchase a business that met their dreams: a ground-up custom-built inn with a successful history, a strong revenue stream, and great staff in place.
From the seller’s perspective, we discovered a joy in working with Rick. Not only is he extremely knowledgeable about the industry, he is ethical and kindly. We can highly recommend Rick as a capable industry professional that gets things done!
While we were together for our closing with Sam and Nancy, Rick suggested we were too young to retire, and that our years of innkeeping might be put to good use to benefit the next generation of innkeepers. He felt that our experience in building a successful inn from the ground up, Ray’s background in corporate finance, accounting, and operations coupled with my marketing, human resources, food, and weddings experience makes finding smart solutions that work in each unique setting possible. We were flattered, of course, and thought about Rick’s idea for several months after closing. Ray and I decided we would indeed find it rewarding to share our expertise with other innkeepers.
So, to quote Rick’s tableside comment to us, “We are retired, but not tired” and look forward to remaining active in the industry on many levels.
Ray and Kristie Rosset
Former Hospitality Owners
Lookout Point Lakeside Inn
Hot Springs, AR