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

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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.
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We sit in our rockers now. Except rocks and kids it's shotgun and squirrels. I'm the only grumpy one. My wife's a sweetheart.
 
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!
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If you sell your homestead after retirement I believe you don't have to pay captial gains. The catch is that it's a one time deal.
We sold our debt-free home and a rental property in 2004 to finance our present home and B&B and, if memory serves, didn't have to pay capital gains.
I may be totally wrong, but I dont' think so.
 
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!
cry_smile.gif
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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!
cry_smile.gif
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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Whatever we do, the government will find a way to stickj ir to us when the time comes. I know people who closed for 2 years to avoid the tax and by the time they put the house on the market the rules changed. So they lost all that revenue for those years, in my opinion, for nothing. I refuse to worry about how big a check I will have to write to the IRS because it keeps changing and there is no way to keep up with it. What the rules are when you put it on the market and what the rules are at the time of sale can be VERY different.
 
We just closed and live in our house. We planned it that way. We could stay here forever, as we are on the first floor only and it is a economical place to run..however, all the gardens and grounds and maintenance etc..which I don't do much of any more...will soon be just too much. So when the market turns around, we will be selling...someday:-(
 
We just closed and live in our house. We planned it that way. We could stay here forever, as we are on the first floor only and it is a economical place to run..however, all the gardens and grounds and maintenance etc..which I don't do much of any more...will soon be just too much. So when the market turns around, we will be selling...someday:-(.
catlady said:
We just closed and live in our house. We planned it that way. We could stay here forever, as we are on the first floor only and it is a economical place to run..however, all the gardens and grounds and maintenance etc..which I don't do much of any more...will soon be just too much. So when the market turns around, we will be selling...someday:-(
The grounds and housekeeping concern us too. We're toying with the idea of building a two bedroom cabin on another portion of our property as a vacation rental NOW and could perhaps serve as servants quarters for a future housekeeper and gardener. That way we could stay in our home and the B&B could take care of itself and also help us in our advanced years.
 
Just close and live with all these rooms and all these bathrooms? No way no how, I want my OWN home designed to my specs, not guests. There is no way this would be a personal home with 8 bathrooms. It would be silly and besides I want this place to keep on keepin' on. Even if we did just close this community who doesn't know we are here after 19 years as this business, but call all the time to hold small weddings here, would never let us do that. And besides this historic home is a money pit, roll out the new energy efficient, bright light cheerful well ventilated without the history of a dozen people birthing and dying in these rooms, house.
 
I would want something in my old hometown close to all my family. We worked so hard starting this place from scratch and building it to the success that it is.....I would hate to just close it up, I want it to live on after we've moved on to something else.
 
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