“Sometimes when the climb is long, winding and rough, your best option is to hire a competent guide and patient mentor to lead the way. The process of finding and buying the right B&B looked like a very steep climb [Read more…]
“The inn acquisition process was one of the most overwhelming experiences Brian and I have gone through. [Read more…]
“Rick was an incredible asset during a very long acquisition process of what is now The Wagner at Duck creek. Quite literally, we would not have endured the process or conclude with such a successful outcome if it were not for his wise counsel, [Read more…]
CCN’s Verified Financials™ program is designed to provide Innkeepers and realtors a designation that can be used to instantly differentiate their hospitality property listing from other B&B listings on Industry Websites, Multiple Listing Services, and conventional advertising.
CCN’s Verified FinancialsTM certification signifies that an independent evaluation of the inn’s business financials has been conducted and that the historical income & expense documentation reconciles to its Federal Tax Returns. Aspiring Innkeepers and their advisors understandably require copies of an inn’s financials to determine that the income from the inn will be sufficient to pay all expenses, service the desired loan and produce an acceptable bottom line relative to the ongoing financial needs of the buyer; the former must logically be determined before a well informed buying decision can be made.
CCN’s underwriting process examines the following to determine an acceptable range of debt relative to the average of the historical business cash flow:
- Three (3) most recent years Federal Tax Returns
- Three (3) most recent Income & Expenses Statements
- Current Year to Date Income & Expenses Statement
- Prior Year Income & Expenses Statement for the corresponding period
CCN’s confidentiality policy and practices protects the ALL financial data and documentation. CCN shall:
- Evaluate all financial documents and proofs necessary to issue its opinion on business financials as they relate to commercial financing
- Entitle the innkeeper/owner, agents or representatives to use the Verified Financials™ designation in all media and advertising
Note: Underwriting a commercial financing combines an analysis of both the business being acquired and the personal qualifications and assets of the principal/s seeking to purchase.
As an added benefit, CCN will confidentially retain this financial data and documentation; this service insulates an owner from sharing sensitive data with un-qualified prospects. Once a Pre-Qualified Buyer™ has been identified; the property/business data may be combined with that of the buyer to efficiently underwrite the feasibility of a successful transaction.