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Bridgton, Maine, Resort for Sale
A Truly Turn-Key Opportunity!
Here are answers to some of your questions:
Q: OK, what are the REAL problems I'll have to deal with if I buy?
When you buy the Highland Lake Resort, it truly is a "turn-key" experience. You don't have to worry about "deferred maintenance" (stuff that should have been repaired ages ago but never was), or re-establishing the business (many sellers increase their current-year income on paper by cutting advertising, memberships, and other important expenses that buyers then have to re-establish). You won't be left standing there while trying to figure out what to do. And you won't have to start from scratch with long-term clients and vendors. The current owner plans to retire, but knows he'll miss the business and also wants to see the business thrive. So he's more than willing to help you out!
Q: What if I have no real experience running an inn?
When the current owner bought the property in 1997, he had no experience with the hospitailty industry. BUT... he had traveled around the country, had owned a business, and knew about marketing. Because of this, he knew what travelers wanted, such as clock radios, in-room coffee, fitted bottom sheets, etc. and knew about the importance of people, product, and process. He studied up on the industry, read plenty of books, and did the things that he, as a guest, would have liked to see. Within 3 years, he had doubled the previous owner's best year. All that without any significant working capital, too.
When you buy the Highland Lake Resort, you'll receive books and articles on how to run a lodging facility. The current owner will work with you... for months if needed... to make sure you feel comfortable with things. And he'll be just a phone call away for advice. He has training manuals for housekeeping staff and front desk personnel. He has written instructions on almost all facets of the business, and you will be feeling secure in a very short time. Finally, he will provide you with a FREE year of membership in the Maine Innkeepers Association (maineinns.com) to help get you in contact with other innkeepers and the Association's many training and learning opportunities!
Q: What if I need time to sell another business or to move to Maine?
Obviously, buying a business and moving are two very stressful and potentially time-consuming problems. While the current owner is happy to help you learn how to run the business for your first few months, he is also willing to RUN the business for you while you're moving to Bridgton. Obviously, there will be a cost, but it will be very reasonable. He plans to live within 30 minutes of the Resort, and can spend time here as needed. Until you feel ready, he can maintain the web site, handle reservations, handle staff issues, and routine maintenance. Any significant costs will be decided by you, and he will keep you abreast of any routine operating expenses as he goes. If you wish, he can work WITH you to make things work FOR you.
Q: If I buy now won't I lose out on the best seasons?
Yes, you might! The best seasons are summer and fall, and starting the purchase process now will probably mean you won't be ready to start till nearly winter or spring. But, waiting till later may mean that you lose out on buying the Resort. Also, it's best to close on the property when you have plenty of time to get ready for your new lifestyle and business. The current owner orginally closed on the Resort on the first of July. With no real knowledge of the lodging business, he had to hit the ground running during the start of the busy season. A number of mistakes were made-- and opportunities lost-- because of this. It's best not to start when the pressure is the highest.
In addition, deposits come in during the winter, and are the way to help cover the year-round expenses. If you choose to stay open during the winter, they supplement the slower season's income. While business is very good during the time that the snowmobile trails are open and the Ski mountain is active, the other times can be slower, and can allow you a chance to get ready for the upcoming spring and summer season. (NOTE: The first weekend of May is always sold out at full summer rates, due to the local Bridgton Academy's graduation. At that time, all rooms must be at least ready to be used, even if all new upgrades haven't been completed.)
Q: What about the change-over process?
We have heard many stories about the change-over process. One new owner even received the keys to ALL the locks in a bucket, and had to sort them out! For the current owner, he had to start running the business within a day of closing on it. That meant new bank accounts, new charge accounts, and the need to be closer than the hour away he lived. The owner/seller at THAT time agreed to stay on-site one month to offer advice (he and his wife also needed that time to move out of the owner's house.) The current owner ended up staying in the Resort rooms for that time. Of course, he had to move to different rooms to accommodate the scheduled guests, but this actually allowed him a chance to experience the rooms as they were, and understand the changes that had to be made when he took over. After that month, the current owner had to hire the past owner to help with some of the maintenance issues, and to help him when problems arose. After that, he was on his own. There were no written instructions, handbooks, or guides to help him.
TRAINING: When YOU take over as owner of the Highland Lake Resort, the current owner will give you copies of the Employee Handbook, the Front Desk Manual, the Housekeepers' Training Manual, the Property Management Manual, lists of policies and procedures, lists of vendors and tradespeople, copies of operational forms and old ads, and lists of the usual supplies and services that are currently used to run the business. These will be both printed and on the Resort computer. You will receive books and articles on running an inn, and information about marketing and social media. You will receive personal training on all of these subjects, and support either in person or by phone as you need it.
INTRODUCTIONS: If you wish, the current owner will take you around to local businesses and the Town office to introduce you to vendors, business people, and local officials, so you'll start off known and accepted. He will insert a page on the website to introduce you to past and future guests, and promote you on the Resort's social media. He can contact current Resort vendors outside the area and let them know of the change and ask them to offer you the same courtesy, respect, and product/service values.
SUPPORT: For the first month, the current owner will work with you almost daily to make sure all goes well. The current employees are aware of the possible sale, and have agreed to stay on if you desire, and the current owner will help you recruit additional staff or vendors if needed. For the second month, the current owner will be willing to visit you once or twice a week to ensure all is going smoothly and to see if he can help with any other issues. After that, he will be available by phone to answer questions or give advice (if you want any) most any time. Have a new idea? Bounce it off him. He might have already tried it or at least knows the right resources to help. Having a problem with a vendor? He can try to help smooth it over or suggest a new one. Wondering where a septic tank is? He can tell you (but there's an information page already made up for that question.)
It's simple. The current owner has been here for almost 20 years, and wants to see the property continue its great reputation and for you to be successful as its new owner. If you've looked at the online reviews, you know that a major part of the Resort's success has been its customer service. He wants YOU to do just as well... if not better!
