Yesterday (12/30/24) the stewardship of The Inn at Tabbs Creek located in Port Haywood, Virginia, passed from Greg & Lori Dusenberry – who owned and operated this beautiful waterfront B&B since 2008 – to Ridge and Sherry Crewss. Congratulations to all!
The team at Marilyn Bushnell & Associates worked closely with Greg and Lori to establish the value of the Inn as a stand-alone business, and then with their local real estate agent to determine the value of the underlying real estate assets. Since both valuations ended up being very close to the same, the decision was made to co-market the property as either an Inn business (which is how it eventually sold) or as a residential family estate. This approach has become a more common practice in recent years, due to the substantial run-up in real estate values in so many markets.
We also worked closely with Ridge and Sherry in their search for their next hospitality adventure, once they decided that retirement was a bit more slowing down than they were ready for. After investigating several other properties, the decide that this was “The One”!
In the 18 months that MB&A was actively marketing this Inn, we responded to more than 50 potential buyer enquiries and facilitated discussions between several of them and the sellers before we found the perfect match. We then worked closely with both sides to make the transition of ownership as seamless a possible.
If you currently own a bed and breakfast inn, we would love to talk to you about the best way to go about preparing for a sale (exit planning) and, if appropriate for your situation, would be happy to help you find just the right buyer, just like we did for Greg and Lori…and if you’re looking to become an innkeeper, we have the expertise and contacts to help find “The One” for you, too!
