It’s been one of those summers with many firsts in 2016. Today they are removing the dam in my back yard (huge first). Hopefully the removal will help the trout and salmon run in the Beaver River. Sold my first home with its own elevator but that’s another blog post as its not closed. And finally I sold my first dog Kennel/home.
It’s an exciting and dynamic process when trying to sell a home with a business attached similar to purchasing a farm. Not only are you dealing with the emotions of purchasing a home but you also have the logical side of buying a business. Buying a business is based all on the real and potential numbers. Buying a home has to fall into place, is there enough room, do we like the amenities of the home? Is it close enough to shopping, schools and restaurants? In a home based business there a number of questions that need to be answered, How will you deal with the needy client after hours? employees? time off? and your families privacy? When buying a property where tax have been collected there will be HST and tax implications for the property. The buyers must seek professional advice from an independent advisor, lawyer or accountant, All considerations must be taken into account before firming up a deal.
This young couple are pet lovers and wanted out from the city’s rat race where they can raise their family. So they decided to sell their home and look for a business with a home. We looked at quite a few kennels and potential kennel properties. Most came up as empty promises. One being marketed by themselves (FSBO) out right miss told the truth stating no moisture has been in the home……the basement was finished but I found an open space under the staircase and noticed the water stains against the block wall. When this happens you question all information and its source. We asked for CRA tax documents, you can guess the rest of the story. Just checked Kijiji and its still listed for sale and still threatening to go on the MLS system. Makes me howl how people think they should represent themselves when they have so much emotional baggage involved. I will bet hard cash that the list price will increase by the cost of real estate fees on this over priced business/home but I digress. If you are reading this blog “the numbers have to make sense or have potential to make sense” if they dont all you are buying is a home not a business.
The property where the dog kennel is situated, has excellent highway exposure and roughly over 10 acres with ponds enough kennels to allow for 30 dogs to be kept at one time comfortably. The original owner had hunting and retrieving dogs, I don’t think this is the direction the new owners want to go with their business. They like the idea of the kennel and obedience training as a business plan but as most things it will evolve. They have not taken this decision lightly with the help of a healthy economy some relevant marketing, I fully believe they will hit it out of the park.