Forms of Ownership
This article is an excerpt from my Buying ebook on forms of ownership you can consider as you acuire your bed and breakfast.
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Buying and Selling a Bed and BreakfastMay 11, 2008April 27, 2008The B&B Business ModelDo you ever wonder about the difference between B&Bs and other types of lodging? Why are some people "B&B people" while others are "non-B&B people"? Here is my explanation of what I see is the difference. This will help you better understand the importance of your role as an innkeeper and the guest experience you create for your market niche. March 30, 2008Answer ResourcesThere are so many answer resources I feel I can't even begin to cover them all in a short article, much less in a long conference. So let me strive to cast some seeds of ideas about and let your imagination expand the list from there. March 23, 2008Topics to ResearchThere are generally so many details to research as you buy or build you bed and breakfast. Here is a list of the areas you want to research, some obvious topics and some surprises. Not all of these research topics will apply to you, but most will one way or another. March 16, 2008Business Plan Basics for the B&BA business plan describes your business. It must answer all the basic questions of how you will implement your inn dream and open your business. It answers all the money questions. Your business plan will describe your efforts and results. It is like an energy map. Your business plan, for your inn as well as for any venture you undertake, is a unique personal document of what you are about to do and who you are at the time. The answers to the questions you and others pose will further clarify your dream, for yourself and your investors. It is the beginning of the bridge from your dream to reality. Different lenders request different formats for their business plan in so use this as a guideline for the general content and concepts. March 02, 2008Is Bed and Breakfast Innkeeping For YouThis questionnaire I developed for an aspiring innkeeper workshop is designed to help you think through the burning question of whether innkeeping is the right career and lifestyle for you. The questionnaire came about because telling people about innkeeping's intensity didn't adequately convey the message of how much work is involved in running an inn. Continue reading "Is Bed and Breakfast Innkeeping For You" » February 17, 2008Buying Acquisition HurdlesThrough my years of being a B&B consultant and Inn Broker I have experienced a variety of people come through my consulting; the individual dreams, the different personalities and backgrounds, and various financial abilities have been amazing to watch —- and learn from. Most people don't meet all the lender's requirements for giving a loan, though some come close. And sadly many people don't have much of what it takes to get a loan to make their dream turn into reality. The two areas I see most people lacking are their business/professional background and their financial capability. January 20, 2008Interview Questions For Your Bed and Breakfast ResearchInsufficient research is one major contributor to business failure. Your B&B dream is only the first step toward your business. You need to conduct lots of research before putting any significant money into a B&B. The information you learn will help you understand the ups and downs, see what government regulations will apply, understand your customers’ profile, find professionals and suppliers, and spark marketing ideas. Conduct your research near and far. I have seen many innkeepers go bankrupt, losing their inns and retirement nest eggs, because of their failure to do adequate research before diving into the business. Continue reading "Interview Questions For Your Bed and Breakfast Research" » January 13, 2008Buying a B&B: Beginning Your Homework and SearchThe first thing you want to do is take at least one class to find out about the business. There are numerous classes across the country. The people at PAII, the Professional Association of Innkeepers International, track some of the available educational opportunities; http://www.paii.org is the place to go for that information. Taking classes also looks good on your "Innkeeper Resume". Continue reading "Buying a B&B: Beginning Your Homework and Search" » January 06, 2008Characteristics of a B&B EntrepreneurThis is an excerpt from my ebook -- Building a Good Foundation -- So You Don't Find Yourself in a Hole". If you were as smart today as you will be after you open your inn, you possibly would never start your inn. Being able to anticipate all the problems you will face would be the deterrent in any dream pursuit. However, just as you underestimate your project's roadblocks, you will also underestimate your ability to overcome those hurdles. Let your creative juices flow. During the course of your B&B research you will gain see the most common industry hurdles and prepare yourself for the unforeseen, and get the tools you need to deal with everything you'll face. Once you are aware of what is required, either you are confirmed, can adapt, or turn away. Whatever you do, don't ever ignore reality. Risk takers fall into three general groups: non-risk takers, calculated-risk takers, and speculators/gamblers. Which are you? December 31, 2004Opening a B&B: A Case StudyI thought it might be interesting and valuable to follow a B&B project from the beginning, as a way of learning how to do a better job at starting a B&B. This is based on an inn I was involved with along the way, so have some insights to share. April 13, 2004B&B Innkeeping is EasyFebruary 20, 2004Architectural House Styles and B&BsDispelling Myths: B&B Styles: The Painted Lady vs The Modern Gal
December 16, 2003B&B Acquisition HurdlesThe following article is excerpted from the third Educational Module in the Ebook series, "Show Me The Money -- Great Expectations", about the finances of opening and operating a bed and breakfast. July 25, 2003Research for your Bed and Breakfast CompanyMarket Investigation from my Ebook, "Planning Your Business -- Getting A Handle On The Nuances Of Implementing Your Idea"
Continue reading "Research for your Bed and Breakfast Company" » May 10, 2003Bed and Breakfast Model For SuccessDo you wonder what the difference is between B&Bs and other types of lodging? Why are some people "B&B people" while others are "non-B&B people"? This discussion is my explanation of what I see is the difference. This will help you better understand the importance of your role as an innkeeper and the guest experience you create for your market niche. August 21, 2002Buying the Right Bed and BreakfastIn July I attended my high school reunion. It was an incredibly good time. My hostess and her husband are CPAs and commented one night that one of the biggest reasons they see their client businesses fail is people not matching their personalities to their business location or style. As I pondered that I realized I had both experienced that personally and observed it in some of my clients. March 31, 2002Performing Due Diligence and Making an OfferThe Forbes article shares seven tips for buying seven-figure homes. The information is pertinent for buying a B&B of any price. Forbes' seven points are to get a good agent, get your finances together, make contingency plans, look for termites (conduct a Due Diligence), what's next door, prepare to negotiate, and take it easy. From the B&B industry perspective, let's look at the first three points in this issue. We'll cover the remaining four points next time. Continue reading "Performing Due Diligence and Making an Offer" » March 04, 2002Being Ready, Willing and AbleWhen a Forbes magazine article on buying high-priced homes came out recently it reminded me of the variety of Buyer interactions I've had this year. I felt that the Forbes points were valid for buying any real estate, so thought I'd adapt them to buying a B&B because I see so many Buyers who are not ready, willing, and able. May 25, 2000Financing A Bed And Breakfast For SaleAt the conference I attended this spring, I sat in on Feasibility and Appraisal presentations, which gave me a better understanding of why financing B&Bs is challenging for so many buyers. There were several interesting points which I can share with you which will help you in your B&B acquisition quest. This information also applies to sellers, since if buyers can't get financing you can't close the sale. April 05, 2000Bed and Breakfast Market ResearchI recently attended a conference of hospitality consultants. One session I sat in I thought was important to share with you. The statistics are from the hotel industry but I believe they are just as valuable and pertinent for the B&B industry. STR (Smith Travel Report) tracks lodging trends and Randy Smith, STR's founder, presented this information. January 04, 2000Hiring an Expert To Help You Buy A Bed Breakfast For SaleIn both my residential and bed and breakfast real estate practice, I see Buyers and Sellers choose to not hire professionals so they can "save" money. What both sides of the transaction are thinking is that they will save the commission that would be paid to a REALTOR. There are several fallacies I see in that approach to buying real estate. Continue reading "Hiring an Expert To Help You Buy A Bed Breakfast For Sale" » |
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