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  1. M

    Due Diligence: What did you miss?

    Yes, there are two cabins (outbuildings) that would work for children. I wouldn't allow anyone under age 6 in the 3 upstairs bedrooms; one of which has a queen bed plus twin. We'll have a warning/liability statement/waiver regarding the hot tub and letting people no that no lifeguard is on...
  2. M

    Due Diligence: What did you miss?

    Good to know. If we get this particular place, I imagine we're the least interesting part of the stay as this is a touristy area. But, there is a hot tub and a small pond so your point about children/age limits is well advised. And, there are stairs so I suppose toddlers on the 2nd floor is...
  3. M

    Due Diligence: What did you miss?

    Wait. What? I knew about the pet thing but I had no idea most B&B's were adults only. Huh. I'd honestly never even thought of it... I assume it's allowed because of ... reasons? There was a family there during our stay - gotta love that awkward, oh, do you mind if we just take a look at the...
  4. M

    Due Diligence: What did you miss?

    We have engaged consultants in the industry to evaluate the business. The non-disclosures have been signed and they are preparing their report. I'm fairly experienced with general accounting but you always want someone with industry experience to look at the numbers. Plus, it helps the...
  5. M

    Due Diligence: What did you miss?

    Man, I'm going to have to work on my memory skills. Great advice.
  6. M

    Due Diligence: What did you miss?

    Maybe and someday but my first priority will be to make sure the ground is firm beneath our business feet. Today we're starting our home inventory because a lot of what we have is going into deep storage or will be gotten rid of - the place is already furnished; we're not doing a conversion. I...
  7. M

    Due Diligence: What did you miss?

    I really like you.
  8. M

    Due Diligence: What did you miss?

    Good thoughts and I've added it to my notes. I'm not opposed to public service - ran in an election once and lost - but it is important to keep abreast. I was thinking, though, that in the hospitality industry, I'd fall back to my typical professionalism rule: no politics or religion (at least...
  9. M

    Due Diligence: What did you miss?

    Great list. Yes, we're already listing documents and figuring out (like a prenup) how we'd split things up in the event we divorce*. It's been 30 years but this is a HUGE investment like ... not exactly throwing everything and the kitchen sink at it but enough that it would pretty much make...
  10. M

    Due Diligence: What did you miss?

    Yes. That is strange and I do wonder what they were thinking - unless the inn experience is how they discovered they don't like people. My husband and I have traveled quite a bit and tend to get along with just about everyone - in small doses. Part of the attraction for us to innkeeping is...
  11. M

    Due Diligence: What did you miss?

    Oh dear. We just returned from visiting the inn we're considering. The owners are lovely but there is only one lady running it by herself and it's just too much. She has a hard time getting enough time to just get away from the business even to go shopping or over to the nearby city. There...
  12. M

    Due Diligence: What did you miss?

    Yeah. I might need a thread on how to price an inn and negotiate. I'm looking for a fair deal. I don't want to steal anything nor do I want to overpay. I just have no idea how to even... You've given me more to think about. Thank you. (but, ouch. ;)
  13. M

    Due Diligence: What did you miss?

    We just returned from a visit to the inn we're considering. We like the area (lived there previously) and already plan to keep on the existing help (housekeeping, landscaping, and handyman) during the first 'learning' season as part of the cost of the first year. Partially so we can learn the...
  14. M

    Due Diligence: What did you miss?

    I love the idea; I've used something similar for people who were on the fence about having children. (Don't you have a relative/friend who'd like a break?) Unfortunately, with the pandemic and our current circumstances it's not practical. We did just return from visiting the place and we...
  15. M

    Due Diligence: What did you miss?

    What do you wish you'd negotiated harder for? Furnishings? More consideration for future repairs? Guest list information?
  16. M

    Due Diligence: What did you miss?

    I like this idea, too. So is your exit plan to set it up for an easy sale when the time comes or step away and investment/manage?
  17. M

    Due Diligence: What did you miss?

    I, too, am interested in this question. My husband and I just received our vaccines yesterday (him 2nd, me 1st) so are recovering a bit today. I asked him "What do we do if we decide we hate it?" Optimistic, as always, he doesn't think we will but I'm like: what if, deep down, we hat e...
  18. M

    Due Diligence: What did you miss?

    Good thought; those would roll into accounts payables that are outstanding values. Thank you.
  19. M

    Due Diligence: What did you miss?

    Thank you so much. I've added all of these onto my list. We're building all the must haves and we both remind ourselves that we're not ready to say YES if we're too excited to say NO. We want to be optimistic about going in a new direction while being realistic about the downsides. It is...
  20. M

    Hospitality background

    Thank you. CS is my 'day job' so I am fine with updating their website. I'm learning what I can about how travel sites work on fees and such but web building won't be a problem.
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