Buying a Turnkey vs. Starting From Scratch

[muirford]

We built ours from scratch. Our house existed but the idea for the cabins was not hatched until several years later. We did a short term loan to help purchase the cabin kits and paid that off with what the cabins generated within a year. Of course sweat equity helped a lot. We did all the construction ourselves (with the exception of some plumbing and some electrical that were beyond me) so that saved a lot of money. If we had paid people to do all the work we would probably still have a loan associated with it..

I wish more folks could take a swing at building their own.
.

There is a place for newly-built B&Bs but there is a lot to be said for keeping a historic property well-maintained and in the public provenance, as well. A very large part of the appeal of owning a B&B for me comes from living in a historic home and maintaining it in such a way that there isn't a risk of it being lost through neglect or disrepair. Renovating an old house takes a special kind of love and care.
.

I have thought about it once and a while and I think it would be a great project to rehab one. I think its great that some folks are willing to take on preservation as part of thier business. My enthusiasm for what we did is mostly because we were able to keep our overall costs at a level that would allow us to get started and then make a living at it. If we sell and are looking to reinvest in another inn, our age may favor looking for an existing property.
.

I have thought about it once and a while and I think it would be a great project to rehab one.

We have bought another very small house in town that is 100 years older than our inn, just down the street. It is essentially two log cabins put together to form one very quirkly small house. It is believed to be one of the oldest, if not the oldest, structures in town, built circa 1755. We bought it to move into and work on when we sell the inn. I'm really looking forward to that project but I think DH isn't so sure.

 

[Samster]

We are a start-up, now in biz 16 months. Whew, where did the time go?? I would much rather have bought a turnkey business and that's what we looked for when we were searching elsewhere before moving here. A turnkey business where everything is in order, that is.
This is our 7th home and the oldest home before this one was 18 months old. I am a convert on saving old homes and re-purposing them! Despite all it's quirks and the extra maintenance, the shortcomings of some of the design features that we couldn't change without either a boatload of money or changing the footprint of the house (kitchen is not large enough and is all the way at the back of the house, for example) - this is a great house and works very well as a B&B. Just this morning, our guests were asking about what we did to renovate and open (the story that we tell a gazillion times) and I thought how proud we are of what we've done here.
Sometimes I just sit and look around and realize how much I love this house. So, the smaller house that we'll live in someday will probably be an old house too. (With better insulation...haha!)
This has a real sense of place for us.....
Now if I could just get OUR area the way I want it, I would be one really happy innkeeper.

.

We are a start-up, now in biz 16 months.

Now your tale is really different because I would think of you as kindof half startup and half turnkey - startup with your first house and turnkey with the addition of the second. But the business doesn't necessarily transfer, I guess - just already having baths and furniture, such as it is.
.

Haha! Interesting...
Very little was left in the second house so there is no way that I would consider that a turnkey property! Not to mention the $$$ and work that we have sunk into that house next door (most before we opened) - totally painted outside, new flat roof, major work to the HVAC system, additional electrical work to add outlets we needed, a new dishwasher, new range/oven, rebuilding the kitchen island, refinishing the kitchen counter tops, LOTS of outdoor work to fix up the yard, new furniture, new drapes in certain areas, new rugs, and probably more. The house has little resemblance to the way it was when it was part of the other biz. In fact, employees have told us that.
Everything was inspected and approved as a totally new business. We had both houses ready to go before we opened. I keep improving the furnishings next door too. It's still a work in progress

 

[Morticia]

We are a start-up, now in biz 16 months. Whew, where did the time go?? I would much rather have bought a turnkey business and that's what we looked for when we were searching elsewhere before moving here. A turnkey business where everything is in order, that is.
This is our 7th home and the oldest home before this one was 18 months old. I am a convert on saving old homes and re-purposing them! Despite all it's quirks and the extra maintenance, the shortcomings of some of the design features that we couldn't change without either a boatload of money or changing the footprint of the house (kitchen is not large enough and is all the way at the back of the house, for example) - this is a great house and works very well as a B&B. Just this morning, our guests were asking about what we did to renovate and open (the story that we tell a gazillion times) and I thought how proud we are of what we've done here.
Sometimes I just sit and look around and realize how much I love this house. So, the smaller house that we'll live in someday will probably be an old house too. (With better insulation...haha!)
This has a real sense of place for us.....
Now if I could just get OUR area the way I want it, I would be one really happy innkeeper.

.

Weren't you the longest aspiring innkeeper before you opened?

Take a little break now that it's 'off season' for you! And pity us who are just hitting 'in season'!

 

[Samster]

We are a start-up, now in biz 16 months. Whew, where did the time go?? I would much rather have bought a turnkey business and that's what we looked for when we were searching elsewhere before moving here. A turnkey business where everything is in order, that is.
This is our 7th home and the oldest home before this one was 18 months old. I am a convert on saving old homes and re-purposing them! Despite all it's quirks and the extra maintenance, the shortcomings of some of the design features that we couldn't change without either a boatload of money or changing the footprint of the house (kitchen is not large enough and is all the way at the back of the house, for example) - this is a great house and works very well as a B&B. Just this morning, our guests were asking about what we did to renovate and open (the story that we tell a gazillion times) and I thought how proud we are of what we've done here.
Sometimes I just sit and look around and realize how much I love this house. So, the smaller house that we'll live in someday will probably be an old house too. (With better insulation...haha!)
This has a real sense of place for us.....
Now if I could just get OUR area the way I want it, I would be one really happy innkeeper.

.

Weren't you the longest aspiring innkeeper before you opened?

Take a little break now that it's 'off season' for you! And pity us who are just hitting 'in season'!
.

lol! Probably the longest aspiring, or close to it
We still have a smattering of guests. There are rooms to be painted and our quarters to finish. Our vacation will be in September.

 

[Breakfast Diva]

We bought turnkey because we needed the income stream right away. We found out in escrow that the "stated income" was far from what was stated! Both of us work the B&B full time with no additional income. It was a struggle in the beginning, but we were able to double the revenue after a few years.
There were a couple other startups happening when we bought, but now they are all out of business. They all said if they had it to do over again, they would choose a turnkey.

 

[egoodell]

We have several innkeepers in here who started their business from scratch and several who bought existing businesses. If anyone would care to share why they did what they did, this would be the place...

Well we did a start up because we didn't have any money. We purchased the property in a travel destination (2.5 miles from Monticello in Charlottesville, Virginia).
The County made me crazy but after cowtowing to them we finally got our license for the first two rooms. We have it figured in stages.
Once we opened with the two rooms we booked immediately, so the revenue stream if you have your website up well before you are open will be virtually the same as taking over an existing business IF YOU ARE IN A DESTINATION LOCATION.
We will be (knock on wood) starting on our other wing to complete our allotted 5 rooms this year. I am still working outside the business until that is completed.
We were too chicken to take a huge loan to build it all at once, and with the recession, I'm glad we are doing it in stages.
I wanted a historical house, but now that I see what the constant maintenance is for them, I'm glad we built our own.
RIki

 

[happyjacks]

We bought an existing B&B but it was NOT turnkey. Even if the owner hadn't had a fire here while we were in the process of buying it (!) we still would've had a lot to do. We replaced all the mattresses, beds, linens, towels, much of the furniture; plus we painted everything.
But it wasn't only the physical buildings that we had to revamp, we had to build up the business. There was no 'goodwill' in terms of existing business. I can count on one hand the number of enquiries I've had from the PO's previous guests (meanwhile we get about 40% repeat business). The PO had been relying on snowmobilers and highway construction crew as her bread and butter, but we went after a completely different market and had to build that up from nothing.
So in many ways we started from next-to-scratch, but since it was already a legit business, at least we didn't have to go through any zoning or permit issues. I'd say it was much more affordable this way than if we were to build new or buy a healthy business. And while we haven't changed the bones of the buildings, we've made it our own to a great extent.

 

[JunieBJones (JBJ)]

Same here Happy Jacks - turn key meant only that it was a B&B.
There have been no previous guests ever, we have had to do so much work, but it now has a great website, guest mgmt, guests who love their stay and all the rest of the gravy.

 

[happykeeper]

We bought an existing B&B but it was NOT turnkey. Even if the owner hadn't had a fire here while we were in the process of buying it (!) we still would've had a lot to do. We replaced all the mattresses, beds, linens, towels, much of the furniture; plus we painted everything.
But it wasn't only the physical buildings that we had to revamp, we had to build up the business. There was no 'goodwill' in terms of existing business. I can count on one hand the number of enquiries I've had from the PO's previous guests (meanwhile we get about 40% repeat business). The PO had been relying on snowmobilers and highway construction crew as her bread and butter, but we went after a completely different market and had to build that up from nothing.
So in many ways we started from next-to-scratch, but since it was already a legit business, at least we didn't have to go through any zoning or permit issues. I'd say it was much more affordable this way than if we were to build new or buy a healthy business. And while we haven't changed the bones of the buildings, we've made it our own to a great extent..

That seems like a smart combination- picking up the physical property with permits and potential to be reborn. I think I would like the idea that I could get the property at a great price, build some sweat equity and start off the business like it was new.

 

[MommyTaylor]

We bought an existing B&B but it was NOT turnkey. Even if the owner hadn't had a fire here while we were in the process of buying it (!) we still would've had a lot to do. We replaced all the mattresses, beds, linens, towels, much of the furniture; plus we painted everything.
But it wasn't only the physical buildings that we had to revamp, we had to build up the business. There was no 'goodwill' in terms of existing business. I can count on one hand the number of enquiries I've had from the PO's previous guests (meanwhile we get about 40% repeat business). The PO had been relying on snowmobilers and highway construction crew as her bread and butter, but we went after a completely different market and had to build that up from nothing.
So in many ways we started from next-to-scratch, but since it was already a legit business, at least we didn't have to go through any zoning or permit issues. I'd say it was much more affordable this way than if we were to build new or buy a healthy business. And while we haven't changed the bones of the buildings, we've made it our own to a great extent..

That seems like a smart combination- picking up the physical property with permits and potential to be reborn. I think I would like the idea that I could get the property at a great price, build some sweat equity and start off the business like it was new.
.

Brand new to the forum and business - we're aspiring and have recently begun the property search. We've been contemplating many of the points that y'all have been discussing in this thread; we've found a couple historical buildings that have the essence and charm we are looking for. Now, thanks to this forum, we know to check into permitting and licensing BEFORE making our offers.
Part of the process that we are looking forward to is making it our own, and while we have found some turnkey properties available it's the work in progress ones that seem to catch our hearts as well as our eyes.

 

[gillumhouse]

We bought an existing B&B but it was NOT turnkey. Even if the owner hadn't had a fire here while we were in the process of buying it (!) we still would've had a lot to do. We replaced all the mattresses, beds, linens, towels, much of the furniture; plus we painted everything.
But it wasn't only the physical buildings that we had to revamp, we had to build up the business. There was no 'goodwill' in terms of existing business. I can count on one hand the number of enquiries I've had from the PO's previous guests (meanwhile we get about 40% repeat business). The PO had been relying on snowmobilers and highway construction crew as her bread and butter, but we went after a completely different market and had to build that up from nothing.
So in many ways we started from next-to-scratch, but since it was already a legit business, at least we didn't have to go through any zoning or permit issues. I'd say it was much more affordable this way than if we were to build new or buy a healthy business. And while we haven't changed the bones of the buildings, we've made it our own to a great extent..

That seems like a smart combination- picking up the physical property with permits and potential to be reborn. I think I would like the idea that I could get the property at a great price, build some sweat equity and start off the business like it was new.
.

Brand new to the forum and business - we're aspiring and have recently begun the property search. We've been contemplating many of the points that y'all have been discussing in this thread; we've found a couple historical buildings that have the essence and charm we are looking for. Now, thanks to this forum, we know to check into permitting and licensing BEFORE making our offers.
Part of the process that we are looking forward to is making it our own, and while we have found some turnkey properties available it's the work in progress ones that seem to catch our hearts as well as our eyes.
.

Welcome. What area of the country are you looking at?

 

[SeeBen21]

We bought an existing B&B but it was NOT turnkey. Even if the owner hadn't had a fire here while we were in the process of buying it (!) we still would've had a lot to do. We replaced all the mattresses, beds, linens, towels, much of the furniture; plus we painted everything.
But it wasn't only the physical buildings that we had to revamp, we had to build up the business. There was no 'goodwill' in terms of existing business. I can count on one hand the number of enquiries I've had from the PO's previous guests (meanwhile we get about 40% repeat business). The PO had been relying on snowmobilers and highway construction crew as her bread and butter, but we went after a completely different market and had to build that up from nothing.
So in many ways we started from next-to-scratch, but since it was already a legit business, at least we didn't have to go through any zoning or permit issues. I'd say it was much more affordable this way than if we were to build new or buy a healthy business. And while we haven't changed the bones of the buildings, we've made it our own to a great extent..

That seems like a smart combination- picking up the physical property with permits and potential to be reborn. I think I would like the idea that I could get the property at a great price, build some sweat equity and start off the business like it was new.
.

Brand new to the forum and business - we're aspiring and have recently begun the property search. We've been contemplating many of the points that y'all have been discussing in this thread; we've found a couple historical buildings that have the essence and charm we are looking for. Now, thanks to this forum, we know to check into permitting and licensing BEFORE making our offers.
Part of the process that we are looking forward to is making it our own, and while we have found some turnkey properties available it's the work in progress ones that seem to catch our hearts as well as our eyes.
.

and good luck for your project.

 

[MommyTaylor]

We bought an existing B&B but it was NOT turnkey. Even if the owner hadn't had a fire here while we were in the process of buying it (!) we still would've had a lot to do. We replaced all the mattresses, beds, linens, towels, much of the furniture; plus we painted everything.
But it wasn't only the physical buildings that we had to revamp, we had to build up the business. There was no 'goodwill' in terms of existing business. I can count on one hand the number of enquiries I've had from the PO's previous guests (meanwhile we get about 40% repeat business). The PO had been relying on snowmobilers and highway construction crew as her bread and butter, but we went after a completely different market and had to build that up from nothing.
So in many ways we started from next-to-scratch, but since it was already a legit business, at least we didn't have to go through any zoning or permit issues. I'd say it was much more affordable this way than if we were to build new or buy a healthy business. And while we haven't changed the bones of the buildings, we've made it our own to a great extent..

That seems like a smart combination- picking up the physical property with permits and potential to be reborn. I think I would like the idea that I could get the property at a great price, build some sweat equity and start off the business like it was new.
.

Brand new to the forum and business - we're aspiring and have recently begun the property search. We've been contemplating many of the points that y'all have been discussing in this thread; we've found a couple historical buildings that have the essence and charm we are looking for. Now, thanks to this forum, we know to check into permitting and licensing BEFORE making our offers.
Part of the process that we are looking forward to is making it our own, and while we have found some turnkey properties available it's the work in progress ones that seem to catch our hearts as well as our eyes.
.

Welcome. What area of the country are you looking at?
.

Well, thank you very much! We hail from Southern California and are looking in Northern Michigan. We want to move back there and this seems the best route to go now that the kids (well most of them) are grown up and out of the house.

 

[MommyTaylor]

We bought an existing B&B but it was NOT turnkey. Even if the owner hadn't had a fire here while we were in the process of buying it (!) we still would've had a lot to do. We replaced all the mattresses, beds, linens, towels, much of the furniture; plus we painted everything.
But it wasn't only the physical buildings that we had to revamp, we had to build up the business. There was no 'goodwill' in terms of existing business. I can count on one hand the number of enquiries I've had from the PO's previous guests (meanwhile we get about 40% repeat business). The PO had been relying on snowmobilers and highway construction crew as her bread and butter, but we went after a completely different market and had to build that up from nothing.
So in many ways we started from next-to-scratch, but since it was already a legit business, at least we didn't have to go through any zoning or permit issues. I'd say it was much more affordable this way than if we were to build new or buy a healthy business. And while we haven't changed the bones of the buildings, we've made it our own to a great extent..

That seems like a smart combination- picking up the physical property with permits and potential to be reborn. I think I would like the idea that I could get the property at a great price, build some sweat equity and start off the business like it was new.
.

Brand new to the forum and business - we're aspiring and have recently begun the property search. We've been contemplating many of the points that y'all have been discussing in this thread; we've found a couple historical buildings that have the essence and charm we are looking for. Now, thanks to this forum, we know to check into permitting and licensing BEFORE making our offers.
Part of the process that we are looking forward to is making it our own, and while we have found some turnkey properties available it's the work in progress ones that seem to catch our hearts as well as our eyes.
.

and good luck for your project.
.

And thank you as well! I have my fingers crossed, and am trying to learn as much as I can about all aspects - I'm like a sponge....so please feel free to share any wisdom =)

 

[JBloggs]

Welcome

 

[Breakfast Diva]

We bought an existing B&B but it was NOT turnkey. Even if the owner hadn't had a fire here while we were in the process of buying it (!) we still would've had a lot to do. We replaced all the mattresses, beds, linens, towels, much of the furniture; plus we painted everything.
But it wasn't only the physical buildings that we had to revamp, we had to build up the business. There was no 'goodwill' in terms of existing business. I can count on one hand the number of enquiries I've had from the PO's previous guests (meanwhile we get about 40% repeat business). The PO had been relying on snowmobilers and highway construction crew as her bread and butter, but we went after a completely different market and had to build that up from nothing.
So in many ways we started from next-to-scratch, but since it was already a legit business, at least we didn't have to go through any zoning or permit issues. I'd say it was much more affordable this way than if we were to build new or buy a healthy business. And while we haven't changed the bones of the buildings, we've made it our own to a great extent..

That seems like a smart combination- picking up the physical property with permits and potential to be reborn. I think I would like the idea that I could get the property at a great price, build some sweat equity and start off the business like it was new.
.

Brand new to the forum and business - we're aspiring and have recently begun the property search. We've been contemplating many of the points that y'all have been discussing in this thread; we've found a couple historical buildings that have the essence and charm we are looking for. Now, thanks to this forum, we know to check into permitting and licensing BEFORE making our offers.
Part of the process that we are looking forward to is making it our own, and while we have found some turnkey properties available it's the work in progress ones that seem to catch our hearts as well as our eyes.
.

and good luck for your project.
.

And thank you as well! I have my fingers crossed, and am trying to learn as much as I can about all aspects - I'm like a sponge....so please feel free to share any wisdom =)
.

This is an exciting time for you. Do as much research as you can. Have you taken an aspiring innkeeper workshop? Did you go to the CABBI conference?

 

[MommyTaylor]

We bought an existing B&B but it was NOT turnkey. Even if the owner hadn't had a fire here while we were in the process of buying it (!) we still would've had a lot to do. We replaced all the mattresses, beds, linens, towels, much of the furniture; plus we painted everything.
But it wasn't only the physical buildings that we had to revamp, we had to build up the business. There was no 'goodwill' in terms of existing business. I can count on one hand the number of enquiries I've had from the PO's previous guests (meanwhile we get about 40% repeat business). The PO had been relying on snowmobilers and highway construction crew as her bread and butter, but we went after a completely different market and had to build that up from nothing.
So in many ways we started from next-to-scratch, but since it was already a legit business, at least we didn't have to go through any zoning or permit issues. I'd say it was much more affordable this way than if we were to build new or buy a healthy business. And while we haven't changed the bones of the buildings, we've made it our own to a great extent..

That seems like a smart combination- picking up the physical property with permits and potential to be reborn. I think I would like the idea that I could get the property at a great price, build some sweat equity and start off the business like it was new.
.

Brand new to the forum and business - we're aspiring and have recently begun the property search. We've been contemplating many of the points that y'all have been discussing in this thread; we've found a couple historical buildings that have the essence and charm we are looking for. Now, thanks to this forum, we know to check into permitting and licensing BEFORE making our offers.
Part of the process that we are looking forward to is making it our own, and while we have found some turnkey properties available it's the work in progress ones that seem to catch our hearts as well as our eyes.
.

and good luck for your project.
.

And thank you as well! I have my fingers crossed, and am trying to learn as much as I can about all aspects - I'm like a sponge....so please feel free to share any wisdom =)
.

This is an exciting time for you. Do as much research as you can. Have you taken an aspiring innkeeper workshop? Did you go to the CABBI conference?
.

Thank you - and no, not yet - that's part of what we're looking to find. And until I go look up CABBI, I don't even know what that is! (yep, a true newbie couple we are.) If you or anyone else has any recommendations for the Workshop(s) I will take them! I am hoping to get into one soon.
This is so very exciting indeed! And such a learning process!

 

[wendydk]

We bought an existing B&B but it was NOT turnkey. Even if the owner hadn't had a fire here while we were in the process of buying it (!) we still would've had a lot to do. We replaced all the mattresses, beds, linens, towels, much of the furniture; plus we painted everything.
But it wasn't only the physical buildings that we had to revamp, we had to build up the business. There was no 'goodwill' in terms of existing business. I can count on one hand the number of enquiries I've had from the PO's previous guests (meanwhile we get about 40% repeat business). The PO had been relying on snowmobilers and highway construction crew as her bread and butter, but we went after a completely different market and had to build that up from nothing.
So in many ways we started from next-to-scratch, but since it was already a legit business, at least we didn't have to go through any zoning or permit issues. I'd say it was much more affordable this way than if we were to build new or buy a healthy business. And while we haven't changed the bones of the buildings, we've made it our own to a great extent..

That seems like a smart combination- picking up the physical property with permits and potential to be reborn. I think I would like the idea that I could get the property at a great price, build some sweat equity and start off the business like it was new.
.

Brand new to the forum and business - we're aspiring and have recently begun the property search. We've been contemplating many of the points that y'all have been discussing in this thread; we've found a couple historical buildings that have the essence and charm we are looking for. Now, thanks to this forum, we know to check into permitting and licensing BEFORE making our offers.
Part of the process that we are looking forward to is making it our own, and while we have found some turnkey properties available it's the work in progress ones that seem to catch our hearts as well as our eyes.
.

Welcome. What area of the country are you looking at?
.

Well, thank you very much! We hail from Southern California and are looking in Northern Michigan. We want to move back there and this seems the best route to go now that the kids (well most of them) are grown up and out of the house.
.

I recommend contacting Bob Feuhr, he is "Michigan's Inn Broker". See his website here. He is very knowledgeable about the Michigan market and a heck of a nice guy.

 

[Mr.Design]

We bought an existing B&B but it was NOT turnkey. Even if the owner hadn't had a fire here while we were in the process of buying it (!) we still would've had a lot to do. We replaced all the mattresses, beds, linens, towels, much of the furniture; plus we painted everything.
But it wasn't only the physical buildings that we had to revamp, we had to build up the business. There was no 'goodwill' in terms of existing business. I can count on one hand the number of enquiries I've had from the PO's previous guests (meanwhile we get about 40% repeat business). The PO had been relying on snowmobilers and highway construction crew as her bread and butter, but we went after a completely different market and had to build that up from nothing.
So in many ways we started from next-to-scratch, but since it was already a legit business, at least we didn't have to go through any zoning or permit issues. I'd say it was much more affordable this way than if we were to build new or buy a healthy business. And while we haven't changed the bones of the buildings, we've made it our own to a great extent..

That seems like a smart combination- picking up the physical property with permits and potential to be reborn. I think I would like the idea that I could get the property at a great price, build some sweat equity and start off the business like it was new.
.

Brand new to the forum and business - we're aspiring and have recently begun the property search. We've been contemplating many of the points that y'all have been discussing in this thread; we've found a couple historical buildings that have the essence and charm we are looking for. Now, thanks to this forum, we know to check into permitting and licensing BEFORE making our offers.
Part of the process that we are looking forward to is making it our own, and while we have found some turnkey properties available it's the work in progress ones that seem to catch our hearts as well as our eyes.
.

and good luck for your project.
.

And thank you as well! I have my fingers crossed, and am trying to learn as much as I can about all aspects - I'm like a sponge....so please feel free to share any wisdom =)
.

This is an exciting time for you. Do as much research as you can. Have you taken an aspiring innkeeper workshop? Did you go to the CABBI conference?
.

Thank you - and no, not yet - that's part of what we're looking to find. And until I go look up CABBI, I don't even know what that is! (yep, a true newbie couple we are.) If you or anyone else has any recommendations for the Workshop(s) I will take them! I am hoping to get into one soon.
This is so very exciting indeed! And such a learning process!
.

Hi!
I'm looking at properties as well... one thing that I've run into is the zoning in certain cities. It isn't so much of a problem if you're going to start up (as then all the zoning codes are up to date and you know what you're working with) but if you buy an inn, make sure you see if the zoning would allow expansion if need be.
Some inns I've seen have been grandfathered in and are 'stuck' with the rooms they have, no expansion is possible.

 

[MommyTaylor]

We bought an existing B&B but it was NOT turnkey. Even if the owner hadn't had a fire here while we were in the process of buying it (!) we still would've had a lot to do. We replaced all the mattresses, beds, linens, towels, much of the furniture; plus we painted everything.
But it wasn't only the physical buildings that we had to revamp, we had to build up the business. There was no 'goodwill' in terms of existing business. I can count on one hand the number of enquiries I've had from the PO's previous guests (meanwhile we get about 40% repeat business). The PO had been relying on snowmobilers and highway construction crew as her bread and butter, but we went after a completely different market and had to build that up from nothing.
So in many ways we started from next-to-scratch, but since it was already a legit business, at least we didn't have to go through any zoning or permit issues. I'd say it was much more affordable this way than if we were to build new or buy a healthy business. And while we haven't changed the bones of the buildings, we've made it our own to a great extent..

That seems like a smart combination- picking up the physical property with permits and potential to be reborn. I think I would like the idea that I could get the property at a great price, build some sweat equity and start off the business like it was new.
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Brand new to the forum and business - we're aspiring and have recently begun the property search. We've been contemplating many of the points that y'all have been discussing in this thread; we've found a couple historical buildings that have the essence and charm we are looking for. Now, thanks to this forum, we know to check into permitting and licensing BEFORE making our offers.
Part of the process that we are looking forward to is making it our own, and while we have found some turnkey properties available it's the work in progress ones that seem to catch our hearts as well as our eyes.
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Welcome. What area of the country are you looking at?
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Well, thank you very much! We hail from Southern California and are looking in Northern Michigan. We want to move back there and this seems the best route to go now that the kids (well most of them) are grown up and out of the house.
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I recommend contacting Bob Feuhr, he is "Michigan's Inn Broker". See his website here. He is very knowledgeable about the Michigan market and a heck of a nice guy.
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Thank you so much!