Long-time entrepreneurs know that buying or selling a business always involves a certain degree of chaos. It’s impossible to keep things smooth-sailing all the time since the nature of the buying and selling process involves numerous changes that can disrupt productivity and efficiency. Fortunately, if you’re putting your lodging property up for sale or are planning to purchase one, hospitality management consultants have determined several things you can do to minimize disruptions as much as possible. Here are some of the steps you can take:
Keep it confidential
Many people don’t like booking with hotels that they know are up for sale. This gives the impression that the establishment isn’t doing well. And though it’s not usually the case, patrons may feel they won’t receive the same level of service. Because of this, you’ll want to keep the sale confidential for as long as possible. This way, you’ll continue to have bookings and maintain your revenues and income.
Inform your staff
Keeping the sale confidential is important when you’ve just put the business on the market. But, once you have found a buyer and are taking steps to close the sale, you’ll need to inform your employees about it. They deserve to know the changes that will be happening to the company so they can decide whether they’d stay or look other other opportunities. If they choose to remain with the hotel, they’ll need reassurance that the new owner will take care of them as well as you do. Don’t be afraid to be honest with your staff; not all of them will take the news well, but they’ll appreciate your honesty and will be more cooperative than when you try to hide the truth.
Continue your marketing campaigns
This works both ways whether you’re selling or purchasing the lodging property. If you’re the seller, you’ll find it easier to find potential buyers since they’ll see that your hotel has the ability to attract customers and earn high revenues. If you’re the buyer, you’ll ensure that the hotel is already earning even before you take over and that you’ll enjoy a steady stream of income once you officially become its new owner. Hospitality management consultants can assist with your marketing efforts.
It makes sense to market the hotel under its current brand during the transition process; this way, clients who are familiar with the brand will continue to make reservations with the company. Once the transition is complete, you (as the new owner) can opt to re-launch the lodging property under your own brand. If you decide to keep the old brand, you’ll want to make a press release to announce the new ownership. It’s important to assure clients that you provide the same level of service, and have them book with your hotel.
Hire an interim manager
An interim hotel manager will keep things smooth-sailing while the transition is underway. Usually, he will act on behalf of the buyer to ensure that the business is properly managed and is earning well. This is even before the new owner takes over. If you need an interim manager for your lodging property, get in touch with us here at Perry Group International. We’re a team of hospitality management consultants who offer a wide range of services. This includes interim hotel management solutions to businesses that are going through ownership changes.
Take these steps today to keep your hotel business going during the buying or selling process!
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