As an innkeeper with kids about those ages who have grown up at the B&B for 9 years, I would advise you hold off. We are workaholics both of us so the hard so work is nothing. Running the business with my sales and especially my marketing degree are nothing, along with my culinary skills. My husband is an awesome people person. The most difficult part of being an innkeeper (aside from dealing with nasty guests in your house) is having kids. Our kids hate that we own a B&B. Our kids wish that we'd sell it. Why - well I'll list some things that you've probably not thought of:
1 - The kids don't have their own home and can't just be kids. THEY AREN'T BUSINESS OWNERS - they're kids and that's what they want/need to be. If there are guests out in the back on the deck, then the kids can't be out on their basketball court playing ball. They can't be out riding the ATV around the property once the guests arrive because guests are expecting a quiet experience in the mountains. So if they have friends over and the guests start arriving, then they basically retreat to their bedrooms and hang out there. If you're thinking the kids will room hop, then I think that's even crazier - the kids are not only moving from house to house, but now have no idea what room they'll be in that night? No stability will lead to issues. And at our B&B, we have and entire house of three large bedrooms, two bathrooms and a TV room upstairs and there are just 4 of us. You'll have an even fuller house.
2 - Do your kids play sports? If so, how will you get to go to their games? If it's like us, one of us has to stay here and checkin guests while the other one gets to go to games. And if you have two or more kids playing sports, then one of you will have to pick what games you can go to. You'll have to tell them at some point that neither of you can go. Nothing is more upsetting for the kids or the parents to have this happen after you've been driving them to practices all year and they've been working hard.
3 - You said that you'll be hosting weddings. This takes up your entire day and weekend went they're happening and can be quite stressful. What will the kids be doing when you're so busy hosting a wedding? Are they going to be stuck in the house because a wedding is going on? These long wedding days are the worst - we've actually stopped doing them, one next month is the last one we're doing. If we have a wedding and our kids have basketball practice, then one of us is running like a nut or begging people to drop off or pickup our kids. We have two kids and sometimes I make several trips to the fields/gyms because their schedules are different and they can't drive yet. Take all of the kids activities into account or they will be screaming at you one day that they "HATE THIS PLACE."
4 - Do you enjoy going to friends houses for weekend BBQs or parties. Kiss those goodbye. Your weekends from now on will be spent at the business. You cannot all go as a family as someone will need to remain at the B&B. Unless of course you're going to be one of those places that leaves out keys or codes with a note. If that's the case, then perhaps you'd have a little more flexibility but if you're going to be more service oriented then you can't just leave the B&B unattended.
5 - When do you typically take vacations now? Since we have kids in school, we have to take them when they are on break. We cannot give up summer income so after the last week of June we're here every single day until Halloween. We make big income during February break so we can't close then. April is cold up here so in order for us to get a nice warm April vacation we have to fly somewhere warm and during April vacation that rate rises. So can your kids miss school so that you can go when you won't lose income? I'm dreaming about 5 years from now when both are in college and we can take vacation whenever we want and not lose our shirts doing so.
6 - Are your kids loud? Do they get along well? Sometimes my two aren't quiet and behave like siblings arguing. It sends my blood pressure up when they aren't quiet as I'm worried guests will hear them. Think about this if you're going to have guests in the same house as your own.
7 - Do you have lots of money put aside to do this? The most common misconception is that you'll be making lots of money. If they innkeeper is going to be charging you a lease fee, you'll need to figure out how much money you'll be able to make living this new lifestyle. How much cash flow does the business currently generate after all of the expenses (including your lease fee) and what will that leave you. Will one of you still be working or will you need to buy your own insurance? Plan for a large family at least $12,000 for that out of pocket - that's what I pay for the four of us and that's not a great health plan.
9 - With regard to the weddings being a huge income potential, how much will you really make. If you're not doing the catering, don't forget that they get all of the food/drink income so you'll only be getting the venue income. You'll need a really good contract, really good organization skills and the patience of a saint. Make sure there are contingencies for rain if the venue is typically outdoors. Tons to consider for the wedding venues.
10 - What if the week or weekend that you guys have the kids is so jammed packed with stuff that you cannot do anything with them? Think about how they'll feel about this. And if it's a wedding business, then you won't be taking off any weekends that the son is there. Will the kids want to stop coming over because you have no time for them? This would be the worst case scenario I can think of.
Probably more than your asked for, but I've lived this for almost 10 years now and can honestly say that having the kids not like living at a B&B and missing out on their stuff is huge and I would never do it again. Good luck and get yourself a good attorney to review that lease and have detailed lists of what the owner can and cannot control once you take over. This business is hard enough without having the owner over your shoulder all the time too..