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InnVision
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The Journal for Future Innkeepers
Winter 2006/2007
Happy New Year!
We hope that everyone had an enjoyable Holiday
Season. Now it’s time to start the New Year with
new visions and hopes for the coming year. Let us
see if we can help you along the way.
Happy New Year from all of us at Oates & Bredfeldt,
LLC
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Yield Management? Not!!
Written by Howard Levitan
I was looking at the December
edition of PAII's
Innkeeping this morning, and had a thought that I
wanted to pass on. Clearly this falls in the range
of “for what it is worth.”
I have heard Bill Carroll talk several
times on
Yield
Management, including at last year’s PAII
Conference. He is clearly a bright and thoughtful
professor. However, this discussion turns me off
every time I hear it. It seems to be all about the
money and not about the guest. It seems to be the
antithesis of the kind of hospitality that we strive for
as Innkeepers. Even mentioning the possibility of
overbooking rooms and having different rates for the
same type of rooms on the same days, makes me
cringe. Read on...
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How to Peel a Kiwi
What is the easiest way to peel a kiwi? First, slice
off
both ends of the kiwi. Use a spoon and run along
the
inside of the skin of the fruit, separating the fruit
from the skin. This method saves the time
of peeling the skin and creates a smooth edge. Then
slice the kiwi as you wish and add it to a
fruit dish or create a festive garnish!
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2007 Seminar Dates
- March 9 - 11 Arrowhead
Inn, Durham,
NC
- April 20 - 22 Inn at Thorn
Hill, Jackson
Village,
NH
- June 4 - 6 Captain
Jefferds Inn,
Kennebunkport,
ME
- July 23 - 25 The Settlers
Inn,
Hawley,
PA
- September 23 - 25 Gateways Inn,
Lenox,
MA
- November 2 - 4 Three
Mountain Inn,
Jamaica, VT
Learn more about our Seminars...
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2007 New Year's Resolutions
It’s the start of the New Year and this
is it! You’ve decided to finally quit your job in the
corporate world and take the plunge into working for
yourself!! You are serious, but what to do first?
Let’s outline the seven steps to success in 2007!
1. It’s time for a reality check
2. Evaluate your financial situation
3. Define your inn model and the needs of your
family
4. Conduct your search
5. Evaluate the numbers
6. Make an offer
7. Quit the job and Close on the Inn
Read more...
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Innkeepers' Words of Wisdom
"When we welcome someone into our Inn, we are
welcoming them into our home."
Brian & Leslie Mulcahy, Rabbit Hill Inn, Lower
Waterford, Vermont
"While we are all tempted to buy sheets and
towels at Tuesday Morning, Marshall's and TJ Maxx...
I don't recommend it. The primary reason is if you
are trying to streamline your housekeeping/laundry
process and you have a 12 room Inn, you aren't
going to be able to get 24 sets of those same towels
and sheets. And replacements that match exactly
from those stores are near impossible to find."
Cyndi & Mason Cobb,
Colby Hill Inn, Henniker, NH
"When you get tired it will show; find your own
space and get some rest." Frank &
Julie Hanes, Inn at
Manchester, Manchester, Vermont
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2007 New Year's Resolutions (continued)
It is time for a reality check.
First, ask yourself if you really want to do it? What
impact will it have on the family? Do you really want
to work with your significant other 24 hours a day?
Can you give up the weekend activities with your
friends? Can you adjust to a different lifestyle?
Income will be adjusted, can you adapt or will you
need a defibrillator? It’s OK if you say it isn’t for you,
but if you are still saying you can deal with these
changes, let’s go forward. Evaluate your
financial situation.How much money is in your
savings account? What is the capital in your home?
How long will it take to liquidate your home? How
much money is in your 401K (we don’t really
encourage using it, but it is good to have as a back-
up plan)? Are there investments that can be
liquidated? Will your family be able to assist you in
the investment? Finally, look under the mattress and
make sure that all monies are accounted for. When
this is all tallied, keep in mind that a bank will be
asking for about a 25% investment from you when
purchasing an Inn. Now you know the price point
that you can realistically afford to
purchase. Define your Inn model and the
needs of your family. In the Fall, 2005
newsletter
(available on our website), we had an in-depth
discussion on building a model. In addition to building
a model that works for you, your individual family
needs have to be considered as well. Do you have
children at home? Are they old enough to be part of
the Inn or do you need to have private space away
from the Inn? Can you live in a conservative owner’s
quarters to begin with and then expand into larger
quarters as the time passes? All of this should be
incorporated into your model. Conduct your
search. Visit Inns, stay at Inns, speak with
Innkeepers, and find an area where you will truly
enjoy living. Join Innkeeping associations, network
with other people who want to become Innkeepers,
and be open to new ideas. This will be a
rewarding journey if you approach it with your “eyes
wide open”.
Evaluate the numbers!
You have found an Inn that meets your needs. The
emotions are running high and you need to make an
offer before someone else buys it! STOP!! Rein in
the emotions and make a logical evaluation of the
numbers. Make sure that it all makes sense and hire
professionals to assist you. We have been involved
with too many Innkeepers that now need assistance
because of financial hardships. This could have been
avoided if only they evaluated the Inn prior to
purchasing it. SLOW DOWN!Make an
offer. You have poured through the numbers
and
everything seems to make sense. Make an offer and
move forward. This is a stressful time and it is
important to have a good working relationship with
the Innkeeper who owns the Inn of your dreams.
Howard has a saying, “there is a lot between the cup
and the lip”, meaning that the offer is only the
beginning. There will still be many negotiations as
you work through the purchase and sale
agreement.Quit the job and Close on The
Inn!
The offer has been accepted, you have completed
the
purchase and sale agreement, and the bank has
approved your financing. You have waited a long
time to do this and have had a good time doing it!
Quit the job and don’t look back. It is time for a long
overdue lifestyle change. The Inn is in your hands
now. My words of wisdom are to have a good sense
of humor, remember that decorating is tax
deductible,
take at least one full day a week off to enjoy with
your partner, and enjoy the new lifestyle. You
worked hard to get here and now we want you to
enjoy it!
P.S. Burn the suits now because you won't be
needing them again! Have Fun!
Newsletter written by Rebecca Levitan and Kim Averill-Demeny
Oates & Bredfeldt, LLC
Phone:
207-563-2772
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