STR - Transferring the business to new owner

[Levi Koskan]

Hi BP community,

My wife and I are excited to be in talks with a seller that has a duplex with which he has been successfully AirBnBing. Our plan is to live in unit B and continue the STR strategy for unit A. The unit and the seller are crushing the occupancy rates (even with covid) and have 5 star reviews. House hack situation.

From a business perspective, I view this as buying an operating business. The problem is that the seller nor us, have a great idea on how to transition the business and all of its assets (property/owner ratings, future guest bookings, ect..) to the new owners. I'm looking for some sage advice on those who have sold a STR property in the past that might be able to explain some of the nuances.

The seller is very experienced in running the STR business so I'm also considering writing into the contract terms for ongoing consulting and access for up to 90 days after close (or something like that) to make sure the business keeps producing while we learn the business. Curious if anyone has seen anything like that and could provide a template?

Thanks for all the help!