Motel - Buying A

They hired a specialized motel broker and an accountant to dive into the finances. They spent weeks reviewing three years of financial statements and occupancy reports to ensure the business was actually profitable. During their due diligence, they didn't just look at the books; they walked the property, checking the back areas for signs of neglect and ensuring the building was structurally sound.

: Check the "hidden" areas of the property; if the staff areas are clean, the rest of the motel likely is too.

: Understand if you are buying the land and building (freehold) or just the right to run the business (leasehold).

The process began with months of searching for the right property. They finally found the "Blue Pine Motor Lodge," a mid-century building that had seen better days. The owner was ready to retire and offered a competitive price, but the Millers knew they had to be careful.

: Always verify at least three years of financial statements and tax returns.