Feasibility Studies – For start-up or expansion. The feasibility study is, first, an assessment of the physical property to determine what changes are necessary to establish a viable Inn. Again, we assess the physical facility through an on site visit. We determine the most efficient space utilization to meet anticipated client expectations, and make recommendations about physical amenities to be included in a renovation of the property. Included in the assessment would also be a broad estimate of costs involved to convert to an Inn. Regional costs (and needs) will differ markedly. Second, the study will survey the market to determine what segments will be appropriate for the Inn. Based upon that, we will develop prospective occupancy and average daily room rate, and develop business projections for a three to five year period. These projections will test the business viability of the project in relation to costs of renovation. Third, we will estimate a future value of the Inn based on our Valuation Methodology. This will then be translated to a present value to determine the overall feasibility of the project based on costs of conversion and business development in relation to cash flow and ultimate value. The final result is a multi-faceted report that combines a professional assessment of future results with well established proformas based on current industry standards.
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Restaurant Restructuring – If you have a case of the “Dining Room Blues”, then it may be time to get menu purchasing, staffing, and cost controls in place. We have successfully implemented procedures at multiple restaurant locations throughout the country. Whether your dining room generates $100,000 or $1,000,000+ per year, we can work with you to achieve profitability at your location.
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Federal/State Food Code Compliance – Complying with the Federal Food Code can be a tricky situation. Many cities have their own Health Inspectors, and yet other locations are running on tight budgets and Health Inspectors are rarely seen. However, when they do arrive, it’s not always a happy situation and your establishment can be shutdown on a moment’s notice. Whether you are trying to be proactive or if you have had a recent inspection and failed, we can guide you towards achieving your goal of getting back on track. It is best to be in compliance and be pro-active versus reactive.
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Systemizing the Inn – The best way to have a property run smoothly is to develop systems. Many owners have great intentions, but quickly become frustrated when trying to implement systems. Whether it be assistance in operations, coordination of food preparation for breakfast, management of a dining room, or developing systems for housekeepers, we have available development systems to streamline work.
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Achieving Profitability – Profitability is the key to success. We can advise with respect to marketing and increasing the income of the Inn, as well as strategies for proper staffing and control of expenses. Where necessary, we will point out what capital expenditures should be undertaken which will have a more immediate impact on results, as opposed to those which should be left to the next owner due to their longer term pay-back.
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Management Services – While consulting to the hospitality industry is our major focus, many have asked us for assistance with the management of their properties. Whether your needs are of a short or long-term nature, we are able to assist in the proper management and guidance for your property. Our past experience of owning and operating an Inn has provided us with insight that others may overlook.
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Customized Consulting – We can customize our consulting services to fit your needs in all areas of operations and work within all aspects of Innkeeping. Our experience in working with literally hundreds of Inns and Bed & Breakfasts gives us a broad perspective on the Inn business that no Innkeeper can develop while operating one Inn. We like to view our role in consulting as preventive maintenance, providing Innkeepers with a broader view of potential problems and opportunities. Whatever your needs may be, we can consult with you accordingly.
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Tools for selling your own Inn – this is a unique new service that we are just starting. Whether you plan to sell your own Inn, or work with a local broker, there are marketing tools that can assist you sell your own property.
· Value Added “Stamp” - Every Inn transfer can benefit from our “value added stamp”. This will show that the pricing of your inn has been determined by a specialist and that it is being marketed at the correct price. Essentially, we would perform a Valuation on your property and you could then advertise that your property’s value has been determined by an “Inn Specialist”.
· Develop a marketing package to represent your Inn – We would consolidate the results of your Valuation into a marketing package, similar to those used by Oates & Bredfeldt, LLC. This package would be available for you or your broker to use and would be provided in both e-mail version and electronic version.
· Value added for the sale of your Inn – Included in the sale of your Inn to the prospective buyer would include a transition package, as a bonus in purchasing your Inn. We would work with the new owner for the first three-five days of the transition of the new buyer to your Inn to assist them with becoming familiar with the Inn and to implement new systems which may be required. Additionally, we would then monitor their progress during the first year of transition to ensure their success along the way.
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Inn Transfer – Oates & Bredfeldt, LLC has been providing Innkeepers with consulting services for Inn transfers for over twenty-five years. It is our goal to work with Innkeepers who would like discretionary assistance on a consulting basis with the transfer of their properties. This includes:
· The development and supervision of a marketing program
· Assistance in qualifying and handling prospective buyers
· Structuring the financial aspects of the sale
Inns we are currently consulting with are promoted discreetly within this website and other nationwide sites. Our in-house list of over 4,500 prospective Inn buyers and Seminar Graduates is also a critical asset in the transfer of Inns. Our understanding of and access to alternative financing methods enables us to complete many transfers otherwise precluded by current banking limitations. For a review of Inns that have sold, please refer to the “Inns Sold” section of this website.
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