Aspiring Innkeeper Symposium

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yv1berj2's picture
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The Empire State B&B Assn. is having an "Aspiring Innkeeper Symposium."  Has anyone attended any of these functions?  Are they worth attending, or are they basic business logic that would apply to almost any business? 

gillumhouse's picture
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MABB will be having an Aspiring Innkeeper Seminar at our Conference in March. It looks as if the Conference will be in Lewisburg, WV March 9-10 with the Aspiring being Sunday, March 8. There is a possibility that I will be the trainer. Meanwhile, I would thoroughly recommend the B & B Team.

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 I went to every workshop for aspirings that was in the area for so many years in a row they offered to let me teach them. They used to ask me what the heck I was still doing there in class. But if I learned just one hint to save me time or money or peace of mind of knowing what to do in difficult circumstances, I felt it was worth it. I think they dubbed me the "longest aspiring in history". We are finally open, and I still check my notes from those classes.

Riki

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muirford's picture
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Seriously - one tip can make the whole thing worthwhile.  We had an aspiring day at our conference two years ago in Beckley.  I stepped into it for about fifteen minutes to check that things were going okay.  I heard Peter Scherman mention that Chase Bank had a mortgage program for B&Bs to receive residential loans.  We called Chase - long story short - saved about 40% on our monthly mortgage payment by not having a commercial loan.  Totally worth the price of admission and even all the headache of organizing a conference!!

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JunieBJones (JBJ)'s picture
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muirford wrote:

Seriously - one tip can make the whole thing worthwhile.  We had an aspiring day at our conference two years ago in Beckley.  I stepped into it for about fifteen minutes to check that things were going okay.  I heard Peter Scherman mention that Chase Bank had a mortgage program for B&Bs to receive residential loans.  We called Chase - long story short - saved about 40% on our monthly mortgage payment by not having a commercial loan.  Totally worth the price of admission and even all the headache of organizing a conference!!

Which you passed that info on to us, thank you.  Appreciate any and all info.  You mentioned it would be difficult to re-fi for commercial businesses soon and how to go about doing this.  THANK YOU! 

Whic I might as as background, we have a viable business, which has been a B&B for 16 years.  DH has a full time job outside the B&B and we went through about 5 diff companies before we found one who would re-fi for us, as our business loan was maturing.  So it ended up being alot of work and this is with THE DATA IN PLACE.  NEVER late on a bill - EVER.

I might add, we are not a corp, and the years of paying the BUSINESS LOAN does not show up on our credit reports.  I got all three and that mortgage does not show.  So if you ever apply for something that you will requires that to show you will have to mention that and get more infro.

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Morticia's picture
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I noticed that. The biz mortgage does not show up on our credit reports.

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JunieBJones (JBJ)'s picture
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Bree wrote:

I noticed that. The biz mortgage does not show up on our credit reports.

Which sucks when you pay a high amount, never late, every month for 4 years straight!

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I agree, I think the sessions done by Raetz & Hawkins on inn bookeeping/ taxes etc...are priceless. He always sets the folks on fire with something.

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Any aspiring innkeeper should attend at least one if not 2 or 3 seminars prior to actually taking the plunge. You ALWAYS learn something new and helpful no matter which ones you attend. 

muirford's picture
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I agree, catlady.  We went to three different workshops - one just an evening workshop at a community college and two more intensive weekend workshops.  In all cases, we learned something - even if it was learning what we didn't want!

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If I stay on here after my family issues are straightened out this sounds like something I should do. There is a lot to learn and even though there has been a lot of help for me here it would be good if I got ideas on my own.

yv1berj2's picture
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Thanks Bree,

Here is a link to the Conference Schedule.  To me it looks fairly basic.  Acctg. principles, Marketing & Web Tech(which is my business), Forms, etc.

If you could take a look at their itinerary, you may see something that I may be missing.

http://www.esbba.com/conference.shtml

Thanks again.

 

Morticia's picture
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This is the usual stuff they cover. It can be really good depending on the speakers and how informed they are. This is one Stephanie should look at...it's her area.

Just understanding how to purchase a place can save you a bundle!

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Bree wrote:

This is the usual stuff they cover. It can be really good depending on the speakers and how informed they are. This is one Stephanie should look at...it's her area.

Just understanding how to purchase a place can save you a bundle!

I thought my ears were ringing this morning! Haha.

This one's been on my calendar, but what do you guys think--does it cut the value if we haven't decided what state we're going to buy in yet? NY is one of the finalists, but there are at least 2 other states that we're equally open to now. I was thinking that since the state assoc-run seminars are likely to be state-specific (which would be great if we ended up in NY but potentially misleading if we ended up somewhere else), so we should pick a state before attending the local seminar.

Hopefully we'll have a better idea by then. If it ends up being NY, then we'll see you there!

By the way, the B&B Team will be hosting a 3-day aspiring seminar in Maine at the end of October. It looks like they focus primarily on the purchase and financing of a B&B, since that's their biz, but it's much longer than the conference tack-on seminars.

muirford's picture
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IMHO, the B&B Team seminar will be good for you if you are pretty serious about buying in the next few years.  Although Peter Scherman is mostly familiar with the purchase/financing process, his partner Rick Wolf ran a good-sized B&B operation for many years and it will be held at a B&B, where the innkeepers will also have some interaction with you.  They had one at our inn last August and the topics covered were much more in-depth than you can get in a one-day seminar.   That specific group - Peter and Rick - have experience in most of the areas you are looking as well - the southern mid-Atlantic as well as the New England area.  You'll still want to check out a state association one when you have it narrowed down, but B&B team one will be a good one.

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Thanks for the recommendations!

I'm trying to convince DH to take the time off work, but we'll see... No idea which B&B will be hosting yet, but I was hoping it'd be one of our Maine friends on the forum!

Oh!! Looks like they just posted the location while I was replying.

greyswan's picture
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We attended their workshop held in Lambertville, NJ 2 years ago.... between that one and the one-day workshop that Kathleen did in Wheeling, we had lots of information about innkeeping.  Highly recommend it!

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I agree. If you have issues about purchasing and financing..this is the seminar you WANT to attend. You will also get good advice on the innkeeper side and then when you actually find a place, take a course from the state association as then it will be specific ...hopefully...to the location you have chosen. tell Peter we sent youSmiling

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catlady wrote:

tell Peter we sent youSmiling

What's funny is I did exactly that after a few people mentioned them on the other thread a couple weeks back. You try keeping a straight face when saying to a complete stranger: "I was referred to you by Catlady."

swirt's picture
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stephanie wrote:
 You try keeping a straight face when saying to a complete stranger: "I was referred to you by Catlady."

LOL  Well it is better than saying, "The Joker and the Riddler suggested I call."  Eye-wink

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OOPs...he won't know who I am..just say past pres. of BBAV from LuraySmiling

muirford's picture
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Anyone who's looking to be in the mid-Atlanic region (VA, WV, MD) ought to consider the aspiring session that will be at the Homestead on January 11.  I'm not sure who is teaching it this year but most of the innkeepers in attendance will be from this region. 

Morticia's picture
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I would look to see what the topics are. 'Basic business' classes would lead me to think accounting, etc. B&B symposiums generally cover specifics. Kind of like John raising the point the other day about cc processing and how some B&B's are set up as retail sales, which they are not. So, a business class would tell you about cc processing (maybe) but not about lodging-specific choices, as you SHOULD hear at a B&B-centric class.

A lot of times you take away good info about this specific business model. Plus, you get to meet contacts who may be very helpful to you later on. And, if you are going to open in NY, good to get the inside scoop on laws in NYS.

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