birdwatcher
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This seems to be the best place to ask for opinions, answers and advise. Here is the scenario:
My husband and I have owned an Inn now for four years. This is the short version, anyway our goal was to own, operate and experience the wonderful life of Innkeeping and WE LOVE IT. Although the Inn we bought was not a running B & B at the time we remodeled, cleaned it, landscaped it and thought well "if we build it they will come" it didn't exactly go that way. Dont get me wrong...we did good, reveenues have increased from year one, but not enough to put it back into the B & B and we are very rural but not so far from everything, we have a very unique place and its nothing that anyone has seen before. In other words we are a "diamond in the rough" and because we don't have the $$$ for extensive advertising and with the economy going south this year we are seriously hurting. Now the good news is that we bought the place as residences, we live in a small unincorporated town and it has been a B & B on and off since 85.
So this is our sort of "saving the place" plan, we wanted to work for another Inn for a number of years until we can open back up with good credit (which we are in dire staits now) and at least be able to save this wonderful place. Not to say that if someone walks thourgh the hedges as we did and fall completly in love with the place we would not sell..we would. Anyway, we have an offer from another Inn in another state that wants us; the thing is that we don't know if the offer is standard:
20% commission on all B & B revenue (4 rooms,2 suites and 2 cottages). 10% commission paid on retail items sold, $20 bonus foe each night inn is full, a 2 bed. apt with all utilities paid for.($17K value)
Est. income in '09 was $28K
Its seasonal April-Nov but we can reside there all year long. We don't really want to mention the Inn but their revenue has been very consitent since '07.
Appreciate all advise, opinions and HELP?!
Thanks in advance!
My husband and I have owned an Inn now for four years. This is the short version, anyway our goal was to own, operate and experience the wonderful life of Innkeeping and WE LOVE IT. Although the Inn we bought was not a running B & B at the time we remodeled, cleaned it, landscaped it and thought well "if we build it they will come" it didn't exactly go that way. Dont get me wrong...we did good, reveenues have increased from year one, but not enough to put it back into the B & B and we are very rural but not so far from everything, we have a very unique place and its nothing that anyone has seen before. In other words we are a "diamond in the rough" and because we don't have the $$$ for extensive advertising and with the economy going south this year we are seriously hurting. Now the good news is that we bought the place as residences, we live in a small unincorporated town and it has been a B & B on and off since 85.
So this is our sort of "saving the place" plan, we wanted to work for another Inn for a number of years until we can open back up with good credit (which we are in dire staits now) and at least be able to save this wonderful place. Not to say that if someone walks thourgh the hedges as we did and fall completly in love with the place we would not sell..we would. Anyway, we have an offer from another Inn in another state that wants us; the thing is that we don't know if the offer is standard:
20% commission on all B & B revenue (4 rooms,2 suites and 2 cottages). 10% commission paid on retail items sold, $20 bonus foe each night inn is full, a 2 bed. apt with all utilities paid for.($17K value)
Est. income in '09 was $28K
Its seasonal April-Nov but we can reside there all year long. We don't really want to mention the Inn but their revenue has been very consitent since '07.
Appreciate all advise, opinions and HELP?!
Thanks in advance!