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FINANCE | LAWYERS / SOLICITORS | INSURANCE | OTHER INDUSTRIES

Finance

With all businesses 90% of purchasers will require finance. This requisite can ‘make or break’ a purchaser and whilst it can be managed enthusiastically deserves careful consideration.

A dream can vanish or become costly if choices made are incorrect. As with other Industrial Sectors there are specialised people who look after specific areas, finance alike, not only the lending establishment but also the individual handling the enquiry is important to their knowledge of the industry. For example, within the same group (Bank) the manager in (say) Dubbo may be well-informed on the hospitality industry but, the manager from (say) Wagga Wagga has had limited experience in this sector. Thus, a barrier may impede progress through no fault of the enquirer.

So, in choosing a financier for your purchase not only do you need to consider interest rates and finance institution charges, but their knowledge in the field.

Below we list financiers who have managed numerous motel loan approvals and are very familiar with this industry.

We are confident they will treat your enquiry enthusiastically and appropriately outline costs and procedures correctly

Trevor Reed has been organising Motel finance for many years at competitive rates.

Trevor will:-

• Advise the price range of freehold and leasehold properties you may obtain depending on your financial position.
• Advise the approximate costs involved including stamp duty, Solicitor, Valuer, bank etc.
• Prepare an indicative cash flow for you to you see the results of your efforts over the first 12 months trading.
• Prepare a fully documented loan application covering all aspects required by a bank which will save you time and stress in providing the same.
• Discuss, where required, the purchase with the bank, your Solicitor and Accountant.
• Advise you of the requirements needed before settlement to ensure, where possible, that all problems are eliminated before you commence trading.

Lawyers / Solicitors

This is equally as important as financing. In the choosing of your legal representatives we believe you should seek advisers experienced in the field of business transactions especially in the hotel / motel industry. We acknowledge many legal firms have multi-skills from conveyancing, criminal matters, liquidation, equity, copyright etc, etc. But ideally, you should seek advisers who are accustomed with settlement timing, leasing, government legislation compliance.

These are important and can save you money in the longer term and your advisers need to be aware of the steps to be taken to finalise purchase and ensure a smooth transaction.

Listed below are people who have had years of experience in the field and we know them to be friendly, reliable and can talk plain-English with their clients.

Insurance

Similar to your choices with financiers and legal advisers, you are often better-served to deal with an organisation familiar to your industry needs.

All insurance companies promote “tailored-packages” but in reality these are normally nothing better than other combined policies that may apply to a host of small businesses, green grocers, accountants, retailers and even patisseries etc.

To say these are tailored in practise means selecting which cover section may apply (e.g. money or burglary) in addition to other issues like fire and perils; Work cover etc.

For many reasons, the prudent purchaser will endeavour to contact the existing insurer in an effort to confirm: -

• Claims experience details (frequency of loss such as vandalism; glass breakage etc.)
• Any un-fulfilled insurer requests
• Any abnormally high claim excesses
• Any reason the existing insurer, would not make the current arrangements available to the incoming purchaser.
• List of covers not taken (e.g. business interruption or machinery breakdown).

Below are details of certain companies we know have expertise in the hospitality industry and we feel sure, will gladly respond to your questions.

Other Industries

All affiliated persons referred to on this page are independently operated and have no financial association with this agency.

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