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  1. M

    Due Diligence: What did you miss?

    Hello, My husband and I are in the process of building a plan to transition over from corporate (non-hospitality) over to buying a bed and breakfast. We are in a preliminary evaluation for one now and we will be travelling for on onsite visit within a couple of weeks. Meanwhile, I'm trying to...
  2. M

    Hospitality background

    We're currently looking at three options: sole proprietorship, LLC, and S-corp. My husband is responsible for that; I think he's looking at the differences between an S-corp and LLC. If you have an easy answer as to why one works better for hospitality than the other, I'd love to hear it.
  3. M

    Hospitality background

    I'm doing this.
  4. M

    I would never...

    We were married at dawn in a canyon. I'm not even sure the cabins we were staying at knew we were a wedding party. It's not that I'm opposed to catering, mind you. I've arranged catering for friends to corporate sized events - I just didn't want to deal with my mother and her ideas of...
  5. M

    I would never...

    Wait. What? I'm sorry, they move your furniture? *blink* Really? (never mind, I'm making notes...)
  6. M

    Hospitality background

    Excellent advice, thank you. We will definitely do this step. This past year, we've had ... well, I suppose most of us at least know of someone who lost someone unexpectedly who hadn't prepared anything or even had a filing system. No one likes to think of these kinds of problems but you are...
  7. M

    Hospitality background

    Yes! My husband and I have discussed the vision for the 'vibe' of our inn. We definitely want to offer the 'like visiting friends vacation' style accomodation and market to that space.
  8. M

    Hospitality background

    Excellent questions. The current owner sent over a spreadsheet that I haven't had the time to closely examine, yet. I believe it's 12 - 18 months and I'm not sure how all the fields are calculated so I'm going based on the text description that was sent to us on that occupancy rate. We're in...
  9. M

    Hospitality background

    You are such a gem! Yes. This is exactly what I'm producing for the business plan. I need three years of how we're going to fund the initial transition period, accounting for any supplies that need to be upgraded or refreshed (linen inventory, that sort of thing), debt management for the...
  10. M

    Hospitality background

    That makes total sense. We already know we'll need food handling licenses (they appear to be offered as online courses currently in the locality) but we haven't looked into all the details of the regulations. We do like people. We've been discussing our marketing strategy. Since the place...
  11. M

    I would never...

    Oh, wow. Good to know. We eloped (6 people total at our wedding) so I guess I just haven't considered all that. Or, maybe I did but that was 30 years ago and I distinctly remember telling my husband that if he wanted a 'wedding', he'd have to plan it. I'm learning so much here.
  12. M

    I would never...

    I'm new here. Why not bridal parties?
  13. M

    Hospitality background

    Of all the meals to make, breakfast happens to be my favorite. I've always wondered, though. Is there a different licensing system for the types of meals you serve? It might be location dependent, I suppose. I always assumed it was bed and breakfast because you mostly want to wake up, have...
  14. M

    Hospitality background

    Thank you so much! I'm currently struggling with how to present our skills outside the industry to plausibly fitting inside the industry, if that makes sense. The bookkeeping/accounting is easy. His engineering role is federal regulatory compliance (FAA) and I have successfully conformed two...
  15. M

    Hospitality background

    Thank you for your reply. We're investigating the money side of things currently as we build our business plan. Do you know if it's advisable to indicate that we'd both be willing and able to do outside (remote) consulting on the side as we've done in the business plan for the B&B or might...
  16. M

    Hospitality background

    Thank you so much for your reply, it's very encouraging. My husband is an engineer and is able to handle most household repairs - except electricity. We hire out electric. I've been a full charge bookkeeper for several small businesses and consulted setting up general ledger and accounting...
  17. M

    Hospitality background

    Thank you for your reply. After reading around, I described the B&B as a 'lifestyle' type because it is small and will remain so - the zoning only ever allows for the 5 rooms it has for guests. There are living quarters attached that would suit our family and, mainly, living there IS the type...
  18. M

    Hospitality background

    Hello, Like many, my husband and I are tired of the corporate grind and are looking at a small 'lifestyle' sized Bed and Breakfast in the Pacific NW area. It is an already established business that the current owner is looking to retire from with books showing revenue producing occupancy rates...
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