For over twenty-five years, we have assisted Future Innkeepers with developing a solid foundation on which to build their Innkeeping careers. We offer many educational and consulting services including:
Future Innkeeper’s Seminar – The original three-day Seminar which provides you with analytical and valuation skills for acquisition and operations of an Inn. If you are seriously considering Innkeeping as a career, this Seminar should be your first step in the process of learning the realities of Innkeeping. The goal of this course is to provide you with the information you need to determine whether or not you are personally and financially qualified to be an Innkeeper as well as providing you with the outline of the steps involved in taking charge.
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Buyer’s Consultant – As a Buyer’s Consultant, we have specific packages which can be offered, or you can create your own to fit your needs. The bottom line, is that we want to protect you “before” you purchase the Inn to insure your success during your Innkeeping career. We can assist you with determining the value of an Inn; in addition to the above we can also assist with development of a Letter of Intent, creation of a business plan, review of Purchase & Sale Agreement, assist with obtaining financing, planning, staffing and due diligence connected to a sale; or, in additional to the above we can also conduct an intensive search based upon your acquisition requirements.
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Determining the Inn’s Value (Purchasing Power) – We can assist with correctly determining the value of the Inn “before” you make an offer. During this process, we will provide you with detailed information on the correct value of the Inn and projections for future business. In addition, it will also provide you with an in-depth overview of the way the Inn is currently running and steps which can be taken to make the Inn successful. We have done over 600 valuations and our valuation methodology is recognized by professionals as the most comprehensive method of establishing value and potential for Inns and Bed & Breakfasts. Based on our own standard cost analysis and an extensive data bank of Inn sales, we establish value based on all contributing factors.
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Feasibility Study – 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. We are not experts in all area and 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 occupancy and average 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 numbers with well established proformas based on current industry standards.
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Business Plan Development – When it is time to go to the bank for financing, you only have one chance at your first impressions. There is a fine line about saying too much, or saying too little. We have prepared hundreds of business plans to properly get the attention of lending institutions.
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Financing the Inn - Taking the Inn from the offer to the closing is one of the hardest things to do. Financing is among one of the most difficult portions of purchasing an inn. In addition, there are many other items to consider along the way. Our transition checklist notes over 100+ items to be considered including business plans, getting your financial house in order, acquiring permits, building inspections, and more. It’s easy to miss a step, so don’t take the risk.
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Focusing Conference – Developing your Inn’s model. In-depth session with the objective of exploring an individual’s strengths and limitations, and of developing a successful acquisition plan. Discussed will be the development of your Inn’s model, determining your purchasing power, and develop a plan to get you ready to purchase your Inn. This conference is available to Seminar graduates free of charge.
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Inn Search – let’s create the model, fix the budget, and then find the correct inn! It’s as easy as that. We can approach inns which are currently not on the market and find a match that meets your needs. What’s more to say!
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Transition Checklist – This checklist provides with 100+ items that need to be done during the purchase of an Inn. From start to finish it includes setting up your corporation, obtaining permits, insurance, software for the inn and more! You can purchase the list and do it yourself, or engage us to assist you along the way.
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Transition Services – From the moment the closing is done, we will be with you on-site for a set period of time, usually the first three days to five days and continue for a period of one year following closing. Services to be provided can include setting up of software, systemizing systems, development of operations manuals, installing front desk and accounting systems, innkeeping details, hints for breakfast, and other items as needed. A valuable service as many things happen quickly during the transition of the Inn from one owner to the other.
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First Year Guidance – It is much easier to keep track of your progress during the first initial years of Innkeeping, then waiting until there is a real problem. We’ve seen Inns go from occupancy of over 50% reduce down to 20%, and then it is really too late to easily fix the problem. It’s better to monitor business along the way and have independent input along the way. We are involved with over 100 Inns per year, and can identify trends easily. Glitches can be fixed along the way, instead of waiting until it is too late.
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Customized Consulting – We offer a variety of consulting services which completely encompasses all aspects of an Inn acquisition and essentially 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 future Innkeeper can develop while purchasing an Inn. We like to view our role in consulting as preventive maintenance, providing Innkeepers with a broader view of or potential problems and opportunities. Whether you need advice on websites, marketing, food costs, staffing, linen and bedding, budgets, and the list is endless.
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