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  1. M

    Sadly, I won't be joining you ... yet

    I wonder about this, too. It's a hot real estate market and regular houses are selling like hotcakes all over the country. I suppose they might find a buyer who wants to reconvert it back to a residence (it was small with 5 rooms to rent). I'd be sad to see that happen because it's a special...
  2. M

    Last breakfast is in the books!

    Wow! Congrats! Enjoy your retirement, cook only lunch and dinner from now on, and relax!
  3. M

    Sadly, I won't be joining you ... yet

    It looks like our deal just died on the table over issues with the Purchase and Sale agreement. It's unfortunate but we've left the door open to future opportunities. Now, at least we won't be complete 'B&B evaluator virgins'; I plan to read here just in case the right opportunity arrives...
  4. M

    In the weeds

    Morticia is exactly right. So far, every interaction we've had has felt like a mini-job interview. This small community is very protective of its lifestyle - and I don't blame it. No one wants Animal House moving in next door. At the same time, lots of people have 'great ideas' but no plan...
  5. M

    In the weeds

    Hi there, fellow traveler! Yes, we've both enjoyed our careers and are still passionate about our fields but this moving around business is getting to be too much wear and tear on us. Business cycles seem to be overly tied to projects where they hire x people to do the project then lay them...
  6. M

    In the weeds

    Thank you. I mean we tend to look for organizations which are recommended by friends in the industry or by successful people in the industry rather than asking those friends or people to guide us too far, for free. I am ALWAYS grateful for free advice and especially grateful for great...
  7. M

    In the weeds

    Interesting. I would love to be able to do this but everyone is working remote now. Besides, we're two states away. Unfortunately, still no word on the Purchase and Sale agreement (what are those attorneys doing?!). It's hurry up and wait for us now. Meanwhile, we're packing as though we're...
  8. M

    In the weeds

    Thank you so much. Our loan officer was reassured that we've hired consultants: one for the b&b, one for the incorporation since we're using the ROBS program, a local attorney and we have a line on a community CPA to make sure all the tax rules are followed. I'm pretty confident in my...
  9. M

    In the weeds

    Who did you give the presentation to? It's probably different right now, like everything else, because of covid. We had a Zoom meeting for questions but my understanding is that the rest (bulk) of this will be done remotely. It's a good thing as we don't currently live in the state where the...
  10. M

    In the weeds

    I was actively trying to avoid it. My background is in grant writing (wrote 3 successfully funded federal education-related grants and survived the audits) and in that aspect you want it to be: Just the facts, don't bother us with the people. I'm glad she clued me in because I do think it...
  11. M

    In the weeds

    I'm back. We put in an offer and it was accepted (yay!) and now we're working on so, so many fronts to try to make this a reality. Honestly, I think I'm just looking for some encouragement at this point. One track is the formal Purchase and Sale (P&S) agreement. The Letter of Intent is all...
  12. M

    Where do YOU eat?

    I think the pricing and the timing is key. We are currently in the process of purchasing an Inn (Everybody, please send positive vibes that we get the financing, our business plan is hella strong.) and I'd like to incorporate dinners for the off season, when many things are closed or on days...
  13. M

    Where do YOU eat?

    I ... I just have to ask: what recipe do you have that calls for seafood and moose? They seem like pretty different flavor profiles to me and I'm intrigued.
  14. M

    Help with purchase negotiations!

    This is why I need you guys. Yeah, you're right, this is why we engaged a consultant in the first place. I knew better (know better) but, man, is it hard to contain myself. Thank you for reminding me not to walk on ledges. The non-compete is a separate line item from their...
  15. M

    Help with purchase negotiations!

    We've recently made an offer via Letter of Intent to purchase a small Bed and Breakfast. We have hired a consultant in the B&B business and his letter was pretty standard and included: the inn, the furnishings, the client list, licenses, etc. When I looked it over, it seemed fairly...
  16. M

    We made an offer

    Yeah, we still haven't come to agreement on a number and there's some confusion going on which I'm going to move to a new thread. Keeping my fingers crossed this can work out. We already have the name and have contacted the banker who holds the current financing on the Inn. As soon as we have...
  17. M

    We made an offer

    Thank you all. We received a reply yesterday and, it wasn't a no., but it wasn't a counter offer either. It seems our letter of intent to buy might've confused them and the terms seem to be in the way of getting to a number. I'm going to make a new thread on the topic: how would you like me...
  18. M

    We made an offer

    We wrote up an official offer for the Inn last week. Now, we're in the waiting for a reply (likely counter) stage. It's nerve wracking. Once we agree on a number (assuming we can agree on one), then we have to still jump through the financing hoops; it will be a SBA (7a) loan, I believe...
  19. M

    Due Diligence: What did you miss?

    We will check, but I'm pretty sure the zoning is solid as we're going to be the 4th or 5th since the original couple turned it into the B&B. We got to meet them; they live next door.
  20. M

    Due Diligence: What did you miss?

    Interestingly enough, we met the people who originally transformed house (1910 house) into a B&B over 20 years ago. They manage some condo's next door, the lady is a master gardener and was the one who planted the grounds. They're very friendly and we've already asked if they'd mind if Mom...
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