Would you do it again?

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wannabe2

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Hi all, I LOVE LOVE LOVE this forum
. As an aspiring innkeeper, the information I've learned by reading this forum is so valuable to me. For those current/former inn owners...I'm wondering...if you had it all to do over (buying an inn, that is) would you do it? What what the biggest surprise in your journey?
 

gillumhouse

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In a heartbeat! My biggest surprise? How quickly my knees decided to age when the rest of me did not. The years of abuse caught up with me.
 

Highlands John

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Definately. Biggest surprise (not wishing to sound big headed) is how much of a success we've made of it, coming into a completely new industry. I never dreamed we'd win travel awards or be written about in newspapers and magazines. Makes me very proud.
 

egoodell

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Absolutely we would do it again. We built. Have two rooms now and adding two more, down the road will have 5 total. Glad in this economy we picked a location that is a tourist destination so have survived the economic turndown.
RIki
 

Aussie Innkeeper

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Rikki is SO right!! You need to do your research and find a location that matches your needs.
The only 'surprise' that I've found so far (4 1/2 years) is that I would probably think a little harder about getting into this business, now realizing how difficult it is to get OUT of it. I mean, it's not like changing jobs in any other sector of the business world. You can't just decide that you want a change, interview, get an offer, give your two weeks' notice to your current employer and change jobs. There are innkeepers in this area (probably others, too) that have had their inns on the market for 3 years or more.
That said, you need to develop your 'exit' plan several years before you think you're going to need it. I know it's hard to think about getting out when you're not even in yet, but that's the reality.
Oh, and get two washers and two dryers if you have more than 3 rooms!
 

agoodman

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At this time, after investing 7 years, 150K over and above initial investment and morgage, after growing the business 80% in the first year, 20% for the next two - even with a 60% repeat rate - in this economy and after finally just letting my inn go back to the bank NO WAY
Not at this time. Maybe not in the future either. Maybe if I won the lottery and could afford a huge chunk to downpay and help .... but no, not now
I had forgotten what it was like to wake up on my own without an alarm, go to bed early, "forget" that there is a load in the washer cause I don't have to use it every day several times a day, not buy paper goods in bulk ..... it's been tough but there IS LIFE AFTER INNKEEPING and yes I did love it and my guests, but we forget what it is to have a "normal" life .... when 24/7 becomes your "normal" ...
 

Samster

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Welcome, Wannabe2!

We renovated a house and bought a second house and started from scratch with a 5 room B&B/inn. We became the #1 B&B on TA for our city quickly, passing inns established for 10+ years, and doubled our business in one year. I closed the business after 2 years to save my 35 year marriage and my health.

Would I do it again? Yes, but with a different partner in the business.
Be sure that you and any partner (life and/or business) share the same vision, drive, and passion for innkeeping. Without that, your business and/or relationship will suffer.
You will find good info and honest (yes! very honest and straightforward) answers here on the forum. Be prepared to have any rose tint on any glasses of yours brought to a realistic hue.
 

Happy Keeper

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Absolutely. It is a great lifestyle.
My heart goes out to those that have run into the challenges of a severe economic downturn.
In many ways, we were fortunate to hit the ground during a time of easy money. We were also fortunate that we heavily underestimated what we could do and built our business around those numbers. We also have built a safety net that could help us in case of a major emergency.
I have come to believe that we are not in the majority in our approach. We are enjoying a lifestyle, and that is more important than making money.
A thought.... build your life into your business plan and make sure your are paying for it through the business.
 
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Yes, a great plan for my future . Like Riki Ive done my B&B /Cottages in stages. Now 9 yrs later Iam retired from my full time job & done with improvements. 3 B&B cottages, a hot tub sun room & 14X36 event barn for guest all on 3/4 acre lot in town .
Got a good restaurant 1/2 block away on Main St and in
mid Shenansoah Valley w/wineries (3)within 1/2 mile to 18.
 

toddburme

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I have to agree with the getting out statement. Just to refresh, I am a silent partner in a B&B. Probably not as silent as my partner would like hahahah. But one thing I did not get right away is that, you either have a passion for this or you don't. My partner is burned out. Luckily he knows how to do this but he lacks a little of the fire. So far this has only effected our bottom line. But soon we will need to exit versus want to exit, then the true cost will show. Even with a big dsicount will we be able to find a buyer? Will the market ever recover?
So now we have money tied up that is not making money. How long do you do this as an investment? Do we change the partnership to get a different working partner?
These are very common problems in any partnership. A B&B does magnify them as they are very hard to sell.
 

EmptyNest

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I have to agree with the getting out statement. Just to refresh, I am a silent partner in a B&B. Probably not as silent as my partner would like hahahah. But one thing I did not get right away is that, you either have a passion for this or you don't. My partner is burned out. Luckily he knows how to do this but he lacks a little of the fire. So far this has only effected our bottom line. But soon we will need to exit versus want to exit, then the true cost will show. Even with a big dsicount will we be able to find a buyer? Will the market ever recover?
So now we have money tied up that is not making money. How long do you do this as an investment? Do we change the partnership to get a different working partner?
These are very common problems in any partnership. A B&B does magnify them as they are very hard to sell..
It's tough when the innkeeper is suffering from burnout. I know the feeling. It was 5 years ago when it started for me. Thankfully we did not depend on it for our income/living and we have no mortgage so we just closed and stayed in the house we love. We are fortunate for that we planned if this would happen before we even bought the place. We would love to sell and get a smaller home, but it is not in the cards right now. We will not give this place away. We can stay here indefinitely if we want, but as we age, there will be less and less we can do. The yardwork being the main concern. We are updating and painting, refreshing everything we can this winter in the hopes that the market will turn around sometime in the near future and then we can sell.
Try to be as supportive as you can to your partner. It is tough all the way round. Maybe taking a break might help him. Can you pitch in any? or does he want you to? Not much is selling these days unless you have a very profitable place in a great location, or you just want to sell as a house and not a business, and that depends on where you are as well.
As they say, "the rich get richer and the poor get poorer" and I think this is true right now. We all just have to hang in and hope for the best. Good luck.
 

toddburme

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I have to agree with the getting out statement. Just to refresh, I am a silent partner in a B&B. Probably not as silent as my partner would like hahahah. But one thing I did not get right away is that, you either have a passion for this or you don't. My partner is burned out. Luckily he knows how to do this but he lacks a little of the fire. So far this has only effected our bottom line. But soon we will need to exit versus want to exit, then the true cost will show. Even with a big dsicount will we be able to find a buyer? Will the market ever recover?
So now we have money tied up that is not making money. How long do you do this as an investment? Do we change the partnership to get a different working partner?
These are very common problems in any partnership. A B&B does magnify them as they are very hard to sell..
It's tough when the innkeeper is suffering from burnout. I know the feeling. It was 5 years ago when it started for me. Thankfully we did not depend on it for our income/living and we have no mortgage so we just closed and stayed in the house we love. We are fortunate for that we planned if this would happen before we even bought the place. We would love to sell and get a smaller home, but it is not in the cards right now. We will not give this place away. We can stay here indefinitely if we want, but as we age, there will be less and less we can do. The yardwork being the main concern. We are updating and painting, refreshing everything we can this winter in the hopes that the market will turn around sometime in the near future and then we can sell.
Try to be as supportive as you can to your partner. It is tough all the way round. Maybe taking a break might help him. Can you pitch in any? or does he want you to? Not much is selling these days unless you have a very profitable place in a great location, or you just want to sell as a house and not a business, and that depends on where you are as well.
As they say, "the rich get richer and the poor get poorer" and I think this is true right now. We all just have to hang in and hope for the best. Good luck.
.
Well, so far it has not been discussed. I have noticed that we are hirering everything out. He is attempting to limit his contact with the customer. I recognise the signs. Our most recent hiring issue was to find someone to do checkins on Fri Sat and sun from 4-7. Well I think we can all agree that this is the core of the innkeeper job. The song and dance at checkin and breakfast are a big part of the "show" of a B&B. So far we getting good people and continue to get good reviews but I think over time it will hurt us.
So far we are throwing money at the issue. Not a good long term solution. So I am setting up a face to face. It might help if we have listing date and start to dicsuss when are we actually selling etc. Nail down a reasonable price and start to collect data for prospecitive buyers. Maybe realising we are entering the endgame will help.
 

Joey Camb

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I have to agree with the getting out statement. Just to refresh, I am a silent partner in a B&B. Probably not as silent as my partner would like hahahah. But one thing I did not get right away is that, you either have a passion for this or you don't. My partner is burned out. Luckily he knows how to do this but he lacks a little of the fire. So far this has only effected our bottom line. But soon we will need to exit versus want to exit, then the true cost will show. Even with a big dsicount will we be able to find a buyer? Will the market ever recover?
So now we have money tied up that is not making money. How long do you do this as an investment? Do we change the partnership to get a different working partner?
These are very common problems in any partnership. A B&B does magnify them as they are very hard to sell..
It's tough when the innkeeper is suffering from burnout. I know the feeling. It was 5 years ago when it started for me. Thankfully we did not depend on it for our income/living and we have no mortgage so we just closed and stayed in the house we love. We are fortunate for that we planned if this would happen before we even bought the place. We would love to sell and get a smaller home, but it is not in the cards right now. We will not give this place away. We can stay here indefinitely if we want, but as we age, there will be less and less we can do. The yardwork being the main concern. We are updating and painting, refreshing everything we can this winter in the hopes that the market will turn around sometime in the near future and then we can sell.
Try to be as supportive as you can to your partner. It is tough all the way round. Maybe taking a break might help him. Can you pitch in any? or does he want you to? Not much is selling these days unless you have a very profitable place in a great location, or you just want to sell as a house and not a business, and that depends on where you are as well.
As they say, "the rich get richer and the poor get poorer" and I think this is true right now. We all just have to hang in and hope for the best. Good luck.
.
Well, so far it has not been discussed. I have noticed that we are hirering everything out. He is attempting to limit his contact with the customer. I recognise the signs. Our most recent hiring issue was to find someone to do checkins on Fri Sat and sun from 4-7. Well I think we can all agree that this is the core of the innkeeper job. The song and dance at checkin and breakfast are a big part of the "show" of a B&B. So far we getting good people and continue to get good reviews but I think over time it will hurt us.
So far we are throwing money at the issue. Not a good long term solution. So I am setting up a face to face. It might help if we have listing date and start to dicsuss when are we actually selling etc. Nail down a reasonable price and start to collect data for prospecitive buyers. Maybe realising we are entering the endgame will help.
.
My neighbour had this problem mind you feel he was asking for trouble from when he started out.
(1) mistake number 1 was buy a 12 bed B&B between 2 couples in equal part but with one couple living in. Couple number 2 lived elsewhere and were supposed to chip in and help. Chipping in and helping was never legaly defined and dropped off dramatically as things went along. It should have been defined in writing what was expected from the start ie 2 days a week to give others a day off or whatever.
(2) couple number 1 ie full timers eventually after much legal wrangling bought out couple number 2. not a mistake but should have set down an exit strategy for this scenario which they didn't and made it very expensive.
(3) did very little renovation and reputation locally was as a dump.
(4) not a mistake but not what I would have done - property was made up of 2 halves so sold off one half to my friend Alex who made it into a stand alone B&B very high quality and gutted it from top to bottom and managed to get 8 big bedrooms out of it but no owners accom as they live off site so if you wanted to live in you would loose rooms.
(5) then basically gave up the ghost would send an email round on a saturday morning saying he had rooms you would ring up to say you had a walk in looking for a room and he would be in london well why bother saying you have avaliability plus you can't be too keen to get bookings!
finally got it sold to a lady called Marie who wanted a full on project and she has done an amazing job with it you would never know it was the same building!
 

toddburme

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We need a Marie. ;) Well the deal was, I would write checks. I have done this and a bit more thanks to you guys.
He was going to get it open and run it. The idea was he was to be the innkeeper and hire help on cleaning and breakfast. That has expanded to now we have a people who do all the cleaning and breakfast. He shows up at the end of breakfast sometimes. He says that he meets less then half of our guests. I am trying to stay positive so we will see at our meeting this week as to how we are doing.
 

Madeleine

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I have to agree with the getting out statement. Just to refresh, I am a silent partner in a B&B. Probably not as silent as my partner would like hahahah. But one thing I did not get right away is that, you either have a passion for this or you don't. My partner is burned out. Luckily he knows how to do this but he lacks a little of the fire. So far this has only effected our bottom line. But soon we will need to exit versus want to exit, then the true cost will show. Even with a big dsicount will we be able to find a buyer? Will the market ever recover?
So now we have money tied up that is not making money. How long do you do this as an investment? Do we change the partnership to get a different working partner?
These are very common problems in any partnership. A B&B does magnify them as they are very hard to sell..
So, in your face to face find out why your partner is burned out. Hiring everything out so he doesn't have to have any interface with guests is counterproductive (which you know). But there's a reason this happened. Get to the bottom of that and you may find a way to help him regain the passion.
 

agoodman

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I have to agree with the getting out statement. Just to refresh, I am a silent partner in a B&B. Probably not as silent as my partner would like hahahah. But one thing I did not get right away is that, you either have a passion for this or you don't. My partner is burned out. Luckily he knows how to do this but he lacks a little of the fire. So far this has only effected our bottom line. But soon we will need to exit versus want to exit, then the true cost will show. Even with a big dsicount will we be able to find a buyer? Will the market ever recover?
So now we have money tied up that is not making money. How long do you do this as an investment? Do we change the partnership to get a different working partner?
These are very common problems in any partnership. A B&B does magnify them as they are very hard to sell..
It's tough when the innkeeper is suffering from burnout. I know the feeling. It was 5 years ago when it started for me. Thankfully we did not depend on it for our income/living and we have no mortgage so we just closed and stayed in the house we love. We are fortunate for that we planned if this would happen before we even bought the place. We would love to sell and get a smaller home, but it is not in the cards right now. We will not give this place away. We can stay here indefinitely if we want, but as we age, there will be less and less we can do. The yardwork being the main concern. We are updating and painting, refreshing everything we can this winter in the hopes that the market will turn around sometime in the near future and then we can sell.
Try to be as supportive as you can to your partner. It is tough all the way round. Maybe taking a break might help him. Can you pitch in any? or does he want you to? Not much is selling these days unless you have a very profitable place in a great location, or you just want to sell as a house and not a business, and that depends on where you are as well.
As they say, "the rich get richer and the poor get poorer" and I think this is true right now. We all just have to hang in and hope for the best. Good luck.
.
Well, so far it has not been discussed. I have noticed that we are hirering everything out. He is attempting to limit his contact with the customer. I recognise the signs. Our most recent hiring issue was to find someone to do checkins on Fri Sat and sun from 4-7. Well I think we can all agree that this is the core of the innkeeper job. The song and dance at checkin and breakfast are a big part of the "show" of a B&B. So far we getting good people and continue to get good reviews but I think over time it will hurt us.
So far we are throwing money at the issue. Not a good long term solution. So I am setting up a face to face. It might help if we have listing date and start to dicsuss when are we actually selling etc. Nail down a reasonable price and start to collect data for prospecitive buyers. Maybe realising we are entering the endgame will help.
.
Todd, I feel for you, and from someone that had to keep putting every cent that I made back into the business, including the income from my 2nd job, I wish at this point that I had "seen the light more clearly" and had got out earlier. It's tough. You keep thinking it will get better. You don't want to stop investing because you need to keep your property up and you need to keep up with supplies and food and like you but being on my own, I had to pay for a lot of things that I could not do on my own. At this point for people that are in this situation may want to at least try to get what they owe even if you walk away with nothing - better than bankruptcy, foreclosure or even deed in Lieu. I had perfect credit and am now starting again, hopefully getting away with a deed in lieu but even that affects my credit which is already messed up anway.
Sadly this economy is NOT getting any better in 2012 so do what you think is best.
 

Arks

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I have to agree with the getting out statement. Just to refresh, I am a silent partner in a B&B. Probably not as silent as my partner would like hahahah. But one thing I did not get right away is that, you either have a passion for this or you don't. My partner is burned out. Luckily he knows how to do this but he lacks a little of the fire. So far this has only effected our bottom line. But soon we will need to exit versus want to exit, then the true cost will show. Even with a big dsicount will we be able to find a buyer? Will the market ever recover?
So now we have money tied up that is not making money. How long do you do this as an investment? Do we change the partnership to get a different working partner?
These are very common problems in any partnership. A B&B does magnify them as they are very hard to sell..
It's tough when the innkeeper is suffering from burnout. I know the feeling. It was 5 years ago when it started for me. Thankfully we did not depend on it for our income/living and we have no mortgage so we just closed and stayed in the house we love. We are fortunate for that we planned if this would happen before we even bought the place. We would love to sell and get a smaller home, but it is not in the cards right now. We will not give this place away. We can stay here indefinitely if we want, but as we age, there will be less and less we can do. The yardwork being the main concern. We are updating and painting, refreshing everything we can this winter in the hopes that the market will turn around sometime in the near future and then we can sell.
Try to be as supportive as you can to your partner. It is tough all the way round. Maybe taking a break might help him. Can you pitch in any? or does he want you to? Not much is selling these days unless you have a very profitable place in a great location, or you just want to sell as a house and not a business, and that depends on where you are as well.
As they say, "the rich get richer and the poor get poorer" and I think this is true right now. We all just have to hang in and hope for the best. Good luck.
.
Well, so far it has not been discussed. I have noticed that we are hirering everything out. He is attempting to limit his contact with the customer. I recognise the signs. Our most recent hiring issue was to find someone to do checkins on Fri Sat and sun from 4-7. Well I think we can all agree that this is the core of the innkeeper job. The song and dance at checkin and breakfast are a big part of the "show" of a B&B. So far we getting good people and continue to get good reviews but I think over time it will hurt us.
So far we are throwing money at the issue. Not a good long term solution. So I am setting up a face to face. It might help if we have listing date and start to dicsuss when are we actually selling etc. Nail down a reasonable price and start to collect data for prospecitive buyers. Maybe realising we are entering the endgame will help.
.
Todd, I feel for you, and from someone that had to keep putting every cent that I made back into the business, including the income from my 2nd job, I wish at this point that I had "seen the light more clearly" and had got out earlier. It's tough. You keep thinking it will get better. You don't want to stop investing because you need to keep your property up and you need to keep up with supplies and food and like you but being on my own, I had to pay for a lot of things that I could not do on my own. At this point for people that are in this situation may want to at least try to get what they owe even if you walk away with nothing - better than bankruptcy, foreclosure or even deed in Lieu. I had perfect credit and am now starting again, hopefully getting away with a deed in lieu but even that affects my credit which is already messed up anway.
Sadly this economy is NOT getting any better in 2012 so do what you think is best.
.
agoodman said:
Sadly this economy is NOT getting any better in 2012...
What are you basing that on?
  • Unemployment is the lowest it has been in years and continues a downward trend it started in 2009.
  • Bloomberg news says, "The index of U.S. leading indicators climbed more than forecast in November, a sign that the world’s largest economy will keep growing in early 2012."
  • Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- increased at an annual rate of 1.8 percent in the third quarter of 2011
Granted, the economy is not taking off like a house on fire, but the economy IS getting better, has been for months, and leading trends show it will continue. I think it's a good time to get on board, while interest rates are still at all-time lows and the indicators are pointing at upward growth.
 

Madeleine

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I have to agree with the getting out statement. Just to refresh, I am a silent partner in a B&B. Probably not as silent as my partner would like hahahah. But one thing I did not get right away is that, you either have a passion for this or you don't. My partner is burned out. Luckily he knows how to do this but he lacks a little of the fire. So far this has only effected our bottom line. But soon we will need to exit versus want to exit, then the true cost will show. Even with a big dsicount will we be able to find a buyer? Will the market ever recover?
So now we have money tied up that is not making money. How long do you do this as an investment? Do we change the partnership to get a different working partner?
These are very common problems in any partnership. A B&B does magnify them as they are very hard to sell..
It's tough when the innkeeper is suffering from burnout. I know the feeling. It was 5 years ago when it started for me. Thankfully we did not depend on it for our income/living and we have no mortgage so we just closed and stayed in the house we love. We are fortunate for that we planned if this would happen before we even bought the place. We would love to sell and get a smaller home, but it is not in the cards right now. We will not give this place away. We can stay here indefinitely if we want, but as we age, there will be less and less we can do. The yardwork being the main concern. We are updating and painting, refreshing everything we can this winter in the hopes that the market will turn around sometime in the near future and then we can sell.
Try to be as supportive as you can to your partner. It is tough all the way round. Maybe taking a break might help him. Can you pitch in any? or does he want you to? Not much is selling these days unless you have a very profitable place in a great location, or you just want to sell as a house and not a business, and that depends on where you are as well.
As they say, "the rich get richer and the poor get poorer" and I think this is true right now. We all just have to hang in and hope for the best. Good luck.
.
Well, so far it has not been discussed. I have noticed that we are hirering everything out. He is attempting to limit his contact with the customer. I recognise the signs. Our most recent hiring issue was to find someone to do checkins on Fri Sat and sun from 4-7. Well I think we can all agree that this is the core of the innkeeper job. The song and dance at checkin and breakfast are a big part of the "show" of a B&B. So far we getting good people and continue to get good reviews but I think over time it will hurt us.
So far we are throwing money at the issue. Not a good long term solution. So I am setting up a face to face. It might help if we have listing date and start to dicsuss when are we actually selling etc. Nail down a reasonable price and start to collect data for prospecitive buyers. Maybe realising we are entering the endgame will help.
.
Todd, I feel for you, and from someone that had to keep putting every cent that I made back into the business, including the income from my 2nd job, I wish at this point that I had "seen the light more clearly" and had got out earlier. It's tough. You keep thinking it will get better. You don't want to stop investing because you need to keep your property up and you need to keep up with supplies and food and like you but being on my own, I had to pay for a lot of things that I could not do on my own. At this point for people that are in this situation may want to at least try to get what they owe even if you walk away with nothing - better than bankruptcy, foreclosure or even deed in Lieu. I had perfect credit and am now starting again, hopefully getting away with a deed in lieu but even that affects my credit which is already messed up anway.
Sadly this economy is NOT getting any better in 2012 so do what you think is best.
.
agoodman said:
Sadly this economy is NOT getting any better in 2012...
What are you basing that on?
  • Unemployment is the lowest it has been in years and continues a downward trend it started in 2009.
  • Bloomberg news says, "The index of U.S. leading indicators climbed more than forecast in November, a sign that the world’s largest economy will keep growing in early 2012."
  • Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- increased at an annual rate of 1.8 percent in the third quarter of 2011
Granted, the economy is not taking off like a house on fire, but the economy IS getting better, has been for months, and leading trends show it will continue. I think it's a good time to get on board, while interest rates are still at all-time lows and the indicators are pointing at upward growth.
.
We had our best year ever in 2011 in re $$$. Lower occupancy, more money. Looking forward to a better year this year.
 

EmptyNest

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I have to agree with the getting out statement. Just to refresh, I am a silent partner in a B&B. Probably not as silent as my partner would like hahahah. But one thing I did not get right away is that, you either have a passion for this or you don't. My partner is burned out. Luckily he knows how to do this but he lacks a little of the fire. So far this has only effected our bottom line. But soon we will need to exit versus want to exit, then the true cost will show. Even with a big dsicount will we be able to find a buyer? Will the market ever recover?
So now we have money tied up that is not making money. How long do you do this as an investment? Do we change the partnership to get a different working partner?
These are very common problems in any partnership. A B&B does magnify them as they are very hard to sell..
It's tough when the innkeeper is suffering from burnout. I know the feeling. It was 5 years ago when it started for me. Thankfully we did not depend on it for our income/living and we have no mortgage so we just closed and stayed in the house we love. We are fortunate for that we planned if this would happen before we even bought the place. We would love to sell and get a smaller home, but it is not in the cards right now. We will not give this place away. We can stay here indefinitely if we want, but as we age, there will be less and less we can do. The yardwork being the main concern. We are updating and painting, refreshing everything we can this winter in the hopes that the market will turn around sometime in the near future and then we can sell.
Try to be as supportive as you can to your partner. It is tough all the way round. Maybe taking a break might help him. Can you pitch in any? or does he want you to? Not much is selling these days unless you have a very profitable place in a great location, or you just want to sell as a house and not a business, and that depends on where you are as well.
As they say, "the rich get richer and the poor get poorer" and I think this is true right now. We all just have to hang in and hope for the best. Good luck.
.
Well, so far it has not been discussed. I have noticed that we are hirering everything out. He is attempting to limit his contact with the customer. I recognise the signs. Our most recent hiring issue was to find someone to do checkins on Fri Sat and sun from 4-7. Well I think we can all agree that this is the core of the innkeeper job. The song and dance at checkin and breakfast are a big part of the "show" of a B&B. So far we getting good people and continue to get good reviews but I think over time it will hurt us.
So far we are throwing money at the issue. Not a good long term solution. So I am setting up a face to face. It might help if we have listing date and start to dicsuss when are we actually selling etc. Nail down a reasonable price and start to collect data for prospecitive buyers. Maybe realising we are entering the endgame will help.
.
Todd, I feel for you, and from someone that had to keep putting every cent that I made back into the business, including the income from my 2nd job, I wish at this point that I had "seen the light more clearly" and had got out earlier. It's tough. You keep thinking it will get better. You don't want to stop investing because you need to keep your property up and you need to keep up with supplies and food and like you but being on my own, I had to pay for a lot of things that I could not do on my own. At this point for people that are in this situation may want to at least try to get what they owe even if you walk away with nothing - better than bankruptcy, foreclosure or even deed in Lieu. I had perfect credit and am now starting again, hopefully getting away with a deed in lieu but even that affects my credit which is already messed up anway.
Sadly this economy is NOT getting any better in 2012 so do what you think is best.
.
agoodman said:
Sadly this economy is NOT getting any better in 2012...
What are you basing that on?
  • Unemployment is the lowest it has been in years and continues a downward trend it started in 2009.
  • Bloomberg news says, "The index of U.S. leading indicators climbed more than forecast in November, a sign that the world’s largest economy will keep growing in early 2012."
  • Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- increased at an annual rate of 1.8 percent in the third quarter of 2011
Granted, the economy is not taking off like a house on fire, but the economy IS getting better, has been for months, and leading trends show it will continue. I think it's a good time to get on board, while interest rates are still at all-time lows and the indicators are pointing at upward growth.
.
We had our best year ever in 2011 in re $$$. Lower occupancy, more money. Looking forward to a better year this year.
.
Most of my friend innkeepers have had good to great business in 2011
Our local tourism is up by about 10% the last I heard a report and most business people I talk zto in our town have really been pleased with their business.
 

Happy Keeper

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I have to agree with the getting out statement. Just to refresh, I am a silent partner in a B&B. Probably not as silent as my partner would like hahahah. But one thing I did not get right away is that, you either have a passion for this or you don't. My partner is burned out. Luckily he knows how to do this but he lacks a little of the fire. So far this has only effected our bottom line. But soon we will need to exit versus want to exit, then the true cost will show. Even with a big dsicount will we be able to find a buyer? Will the market ever recover?
So now we have money tied up that is not making money. How long do you do this as an investment? Do we change the partnership to get a different working partner?
These are very common problems in any partnership. A B&B does magnify them as they are very hard to sell..
It's tough when the innkeeper is suffering from burnout. I know the feeling. It was 5 years ago when it started for me. Thankfully we did not depend on it for our income/living and we have no mortgage so we just closed and stayed in the house we love. We are fortunate for that we planned if this would happen before we even bought the place. We would love to sell and get a smaller home, but it is not in the cards right now. We will not give this place away. We can stay here indefinitely if we want, but as we age, there will be less and less we can do. The yardwork being the main concern. We are updating and painting, refreshing everything we can this winter in the hopes that the market will turn around sometime in the near future and then we can sell.
Try to be as supportive as you can to your partner. It is tough all the way round. Maybe taking a break might help him. Can you pitch in any? or does he want you to? Not much is selling these days unless you have a very profitable place in a great location, or you just want to sell as a house and not a business, and that depends on where you are as well.
As they say, "the rich get richer and the poor get poorer" and I think this is true right now. We all just have to hang in and hope for the best. Good luck.
.
Well, so far it has not been discussed. I have noticed that we are hirering everything out. He is attempting to limit his contact with the customer. I recognise the signs. Our most recent hiring issue was to find someone to do checkins on Fri Sat and sun from 4-7. Well I think we can all agree that this is the core of the innkeeper job. The song and dance at checkin and breakfast are a big part of the "show" of a B&B. So far we getting good people and continue to get good reviews but I think over time it will hurt us.
So far we are throwing money at the issue. Not a good long term solution. So I am setting up a face to face. It might help if we have listing date and start to dicsuss when are we actually selling etc. Nail down a reasonable price and start to collect data for prospecitive buyers. Maybe realising we are entering the endgame will help.
.
Todd, I feel for you, and from someone that had to keep putting every cent that I made back into the business, including the income from my 2nd job, I wish at this point that I had "seen the light more clearly" and had got out earlier. It's tough. You keep thinking it will get better. You don't want to stop investing because you need to keep your property up and you need to keep up with supplies and food and like you but being on my own, I had to pay for a lot of things that I could not do on my own. At this point for people that are in this situation may want to at least try to get what they owe even if you walk away with nothing - better than bankruptcy, foreclosure or even deed in Lieu. I had perfect credit and am now starting again, hopefully getting away with a deed in lieu but even that affects my credit which is already messed up anway.
Sadly this economy is NOT getting any better in 2012 so do what you think is best.
.
agoodman said:
Sadly this economy is NOT getting any better in 2012...
What are you basing that on?
  • Unemployment is the lowest it has been in years and continues a downward trend it started in 2009.
  • Bloomberg news says, "The index of U.S. leading indicators climbed more than forecast in November, a sign that the world’s largest economy will keep growing in early 2012."
  • Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- increased at an annual rate of 1.8 percent in the third quarter of 2011
Granted, the economy is not taking off like a house on fire, but the economy IS getting better, has been for months, and leading trends show it will continue. I think it's a good time to get on board, while interest rates are still at all-time lows and the indicators are pointing at upward growth.
.
We had our best year ever in 2011 in re $$$. Lower occupancy, more money. Looking forward to a better year this year.
.
A favorite thing- work less make more. We have friends that went in the opposite direction- heads in beds - and I think if we had gone down that road- we would be burned out long ago.
 
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