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Do You have A Plan for the "Next Phase"?

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NW BB

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We are currently on our 5 year exit strategy. On Wednesday we found what we hoped would be our retirement house...yesterday we learned that our bid was accepted! If everything goes well and the deal closes, we plan on renting the house out until we're ready to move in to it after we sell in a few years. Believe me, I know all the pitfalls of renting!
I know that a couple of our forum members have recently put their inns up for sale and it got me wondering. How many innkeepers here are planning to sell when the time comes, and how many will just close the business and live in their house? Do you have an exit strategy?
 

Morticia

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Planning to sell when the time comes. It's not here yet. We still have 5 more years to go. At that point, we'll be looking to see what's out there. Right now I'm happy doing this so if the place doesn't sell right off, I'm ok with that.
 

Willowpondgj

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So far, the plan includes a 900 sq foot bungalow on the beach and two beach cruisers, that's as far as I've gotten.
 

gillumhouse

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Until recently my exit strategy was "feet first". Then it suddenly came to me that it was a very selfish strategy. For 2 reasons.
#1 - we had a couple book their anniversary here months in advance. If I went feet first a week before their reservation, they would be screwed. I AM the B & B. Selfish if I did that.
#2 - my City NEEDS a B & B, it keeps them here spending money rather than pass through or never heard of it. The only way I can be sure they have a B & B - at least for a while with the next owner - is to sell as a B & B. Also if the house reverts to being a house, all my efforts for the last 13 years would be for nothing!
Current strategy - in 2 years, to give the current situation time to settle down so people have a better grasp on what is AND to allow my new web site nd added efforts to generate more occupncy & revenue, I will put my inn on the market and continue until it sells or I croak, whiechever comes first. I then plan to get a small one story house in town because I cannot imagine living anywhere else.
2 years will also give me a chance to pay down what DH considers our high debt (others would laugh at the total) as I hope to get enough on the sale to pay off all debts and have a decent down payment on a house - and it would not take that much to do both.
 

Proud Texan

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This IS our exit strategy! We both retired from high stress jobs, so this is a walk in the park. We plan to go as long as we want. If we stop, we're already in our retirement home. We'll be here until its time for assisted living. God willing that's 25+ years away.
 

YellowSocks

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We generally plan to be here around 15-20 years (i.e., until the kids grow up)... could be shorter or longer depending on how we feel when we get there. Then we'll sell and buy something in this area with
  • fishing
  • a scenic view (probably of the fishing)
  • a wood stove (or two)
  • fruit trees and maple trees
  • room to garden
  • no more than two bedrooms
  • no more that two toilets
Truthfully, we're barely into our second year and I'm already starting to compile the list of what I want and generally keeping an eye out for places I like as I travel around our area. If I found the perfect place before we were ready for retirement I'd definitely try to buy it and use it as a getaway... maybe even do weekend or vacation rentals.
=)
Kk.
 

Morticia

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We generally plan to be here around 15-20 years (i.e., until the kids grow up)... could be shorter or longer depending on how we feel when we get there. Then we'll sell and buy something in this area with
  • fishing
  • a scenic view (probably of the fishing)
  • a wood stove (or two)
  • fruit trees and maple trees
  • room to garden
  • no more than two bedrooms
  • no more that two toilets
Truthfully, we're barely into our second year and I'm already starting to compile the list of what I want and generally keeping an eye out for places I like as I travel around our area. If I found the perfect place before we were ready for retirement I'd definitely try to buy it and use it as a getaway... maybe even do weekend or vacation rentals.
=)
Kk..
I always want to go to open houses to see what's out there. Definitely MUCH smaller than what we had before we came here. I'm guessing 1200 sq ft, if it's laid out right. And, yes, no more than 2 bathrooms! And doors and walls, I am so tired of living in the 'open concept' loft.
 

Samster

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Yes. We will probably do this for a total of 5 years max. We are into year #2. Our inn is comprised of 2 houses. When we get out of the biz, we'll sell the smaller one first (or rent, depending on the market) and live in our larger house. Where we move will depend on the kids and if there are grandkids. I don't want to have to travel too far!
 

mooseberry

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This is our second summer and I have not thought of retiring, but selling sometime to do the same thing someplace else.
Alaska is a beautiful place, but not a place I would like to spend the rest of my life. I have been here since 1991 and know that I am ready to leave here withing the next 5 years, sooner if something good crosses my path.
But I definately want to keep inkeeping for a long time ( I hope), I really enjoy doing it.
 

Don Draper

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We are at 9 rooms now, and likely will need to continue for 5-7 years at that size. We'd then like to scale back to 4 or 5 rooms and take over more of the house for ourselves. Before downsizing we need to do a major kitchen remodel.
Having 8 people for breakfast every day as compared to 18 will feel like a walk in the park...I think we can go ahead at that size for as many years as we want to...and possibly hire more help, a true manager to help with breakfast, check-in, etc. This is definitely the spot we want to stay in for the long haul.
 

Copperhead

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We will sell when the time comes...4-5 years out. Our plan is to spend some time in the in the caribbean and some in the US traveling in RV then settling down in the Appalachians (not exactly sure where yet). What ever we purchase it will be small, so tired of cleaning that I want as simple as possible.
But I do have my limits -- Did anyone see the story of the guy living in a closet? 75sq ft., built a loft bed above desk, small fridge, microwave & the closet has a window.. (the question was the bathroom?)
 

NW BB

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We will sell when the time comes...4-5 years out. Our plan is to spend some time in the in the caribbean and some in the US traveling in RV then settling down in the Appalachians (not exactly sure where yet). What ever we purchase it will be small, so tired of cleaning that I want as simple as possible.
But I do have my limits -- Did anyone see the story of the guy living in a closet? 75sq ft., built a loft bed above desk, small fridge, microwave & the closet has a window.. (the question was the bathroom?).
The house we're buying for our retirement is much bigger than the innkeepers house we live in now. We have a lot of sq ft for the guest space, but our innkeeper house is only 850 sq ft. There is no place to put anything. It will also be nice to have more than 1 bathroom for ourselves. We currently live in the country and we will eventually move closer to our metropolitan area (30 minute drive), but still have some acreage with a country feel.
 

Morticia

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We will sell when the time comes...4-5 years out. Our plan is to spend some time in the in the caribbean and some in the US traveling in RV then settling down in the Appalachians (not exactly sure where yet). What ever we purchase it will be small, so tired of cleaning that I want as simple as possible.
But I do have my limits -- Did anyone see the story of the guy living in a closet? 75sq ft., built a loft bed above desk, small fridge, microwave & the closet has a window.. (the question was the bathroom?).
Copperhead said:
But I do have my limits -- Did anyone see the story of the guy living in a closet? 75sq ft., built a loft bed above desk, small fridge, microwave & the closet has a window.. (the question was the bathroom?)
According to zillow.com my parents' house is around 650-700 sq ft (they've never measured it). Four of us lived there. I could live in a house that size as long as it was laid out properly. I like 'vernacular' houses, the kind of house that is endemic to an area, no matter what the area is. These are houses that were built there because they belonged to that type of climate or the kind of people who lived there. So the long, one room wide houses with piazzas in Charleston, the 'American Gothic' style, the shotgun houses like Samster has near her, coastal cottages with cedar shakes, brownstones, adobe houses with courtyards in the middle, etc.
My first house was about 400-500 sq ft but it wasn't laid out well.
I saw one of those home shows with an apt in NYC. Family of 4. The kids had bunk beds in an alcove in the hallway. Kind of like berths on a train.
 

gillumhouse

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The house DH had when I married him was 900 sq ft, 4 bedrooms, kitchen, living room, washer & dryer in an alcove in the hall, ONE bathroom, and 1 car attached garage that never had a car in it. He took the back thrid of the garage and made his workshop (otherwise known as hidey-hole where he could escape) and the rest was upright freezer and storage shed use.
On the day we married we had the 2 of us and 6 kids in that house. When we sold it only the youngest was left (we were already in WV).
About 3 years after we married the dryer died and we could not afford to replace it - got so used to the system that we never did replace it. This house felt huge until we opened the B & B, Now we live in 2 rooms - but no kids and no pets now,
I will be looking for a 2 bedroom, one-story when I have sold this. What I actually get will be determined by how many of us will be moving in to the next place. DH will be 69 soon and had in reality been living on borrowed time since he was 24. I am having to assume his health is deteriorating at the rate his kvetching is improving - and he has that fine-tuned already.... in payment for my sins.....
 

Samster

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We will sell when the time comes...4-5 years out. Our plan is to spend some time in the in the caribbean and some in the US traveling in RV then settling down in the Appalachians (not exactly sure where yet). What ever we purchase it will be small, so tired of cleaning that I want as simple as possible.
But I do have my limits -- Did anyone see the story of the guy living in a closet? 75sq ft., built a loft bed above desk, small fridge, microwave & the closet has a window.. (the question was the bathroom?).
I did see that & can't remember the bathroom situation either.
I need at least a closet or bigger just for dh's crapola that he seems to accumulate but never goes through. He needs to have a computer desk and room for all his papers. Honestly, it's so bad, I don't know how he can even use his PC!!
I want to be able to once again shut the door & not look at it. It now takes up the majority of our den/office and drives me nutz!
 

egoodell

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NW BB said:
I know that a couple of our forum members have recently put their inns up for sale and it got me wondering. How many innkeepers here are planning to sell when the time comes, and how many will just close the business and live in their house? Do you have an exit strategy?
We would probably sell the inn and keep the tour business for a while. But when we stop working we will probably get a condo in a city area. I don't want to be stuck in an area where cars are the only transportation when I have to stop driving. We'll live in a flat above a cafe and go down for breakfast, harrass the waitstaff, and walk, tax or bus where we want to go. Taxi to the airport to fly and travel. Don't know where yet.
Riki
 

Morticia

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NW BB said:
I know that a couple of our forum members have recently put their inns up for sale and it got me wondering. How many innkeepers here are planning to sell when the time comes, and how many will just close the business and live in their house? Do you have an exit strategy?
We would probably sell the inn and keep the tour business for a while. But when we stop working we will probably get a condo in a city area. I don't want to be stuck in an area where cars are the only transportation when I have to stop driving. We'll live in a flat above a cafe and go down for breakfast, harrass the waitstaff, and walk, tax or bus where we want to go. Taxi to the airport to fly and travel. Don't know where yet.
Riki.
egoodell said:
We would probably sell the inn and keep the tour business for a while. But when we stop working we will probably get a condo in a city area. I don't want to be stuck in an area where cars are the only transportation when I have to stop driving. We'll live in a flat above a cafe and go down for breakfast, harrass the waitstaff, and walk, tax or bus where we want to go. Taxi to the airport to fly and travel. Don't know where yet.
Riki
And we want a front porch with rockers so we can throw rocks at little kids on bicycles. We aspire to be that grumpy old couple! But it will never work...kids see right thru hubs and pretty soon they'll all be clamoring around wanting him to fix this and fix that on their bicycles. Which means I'll have to still be making cookies...
We, too, want a somewhat 'city' location with lots of places we can walk and public transport.
 

NW BB

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Very interesting....so far, the tally is 9 for selling, and 2 for staying, but plan to keep the B&B (or at least part of it) forever.
I don't know about you, but writing that check to Uncle Sam for the capital gains will probably give me a heart attack, die on the spot and never get to enjoy my retirement!
 

egoodell

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Very interesting....so far, the tally is 9 for selling, and 2 for staying, but plan to keep the B&B (or at least part of it) forever.
I don't know about you, but writing that check to Uncle Sam for the capital gains will probably give me a heart attack, die on the spot and never get to enjoy my retirement!
.
NW BB said:
Very interesting....so far, the tally is 9 for selling, and 2 for staying, but plan to keep the B&B (or at least part of it) forever.
I don't know about you, but writing that check to Uncle Sam for the capital gains will probably give me a heart attack, die on the spot and never get to enjoy my retirement!
I'm thinking that when the time comes I'll check and see what I can do about that. I think the two year thing is no longer - the one that if you stop operating for two years and then sell you don't have the tax. But there are some that sold their inns and bought retirement home with one cottage and running the cottage avoided the tax. But by the time we go it will all be different, I'm sure. We'll just have to start researching it 5 years out from putting ours on the market.
Riki
 

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