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Inn Consulting Partners

Inn Consulting Partners - Inns For Sale - 877-957-2360


Archive for the ‘Inn Valuation’ Category

Help for Future Innkeepers

Tuesday, December 1st, 2009 by Bill Oates

HELP FOR FUTURE INNKEEPERS

Several excellent educational opportunities are coming up in the first part of 2010 that should be of interest to serious future Innkeepers.  They are as follows:

  1. Mid Atlantic Innkeepers Trade Show & Conference January 10-13 at the Homestead in Hot Springs, VA:
  2. Inn Consulting Partners Seminar for Future Innkeepers; February 19-21, Arrowhead Inn, Durham, NC
  3. Innkeeping Conference and Trade Show, hosted by PAII, March 8-11, 2010, Austin Texas.

Each has its value. The Mid Atlantic Innkeepers Trade Show & Conference and PAII’s Innkeeping Conference and Trade Show are aimed at existing Innkeepers, but the information is applicable to future Innkeepers as well.  The trade shows are a separate and very valuable addition.  The Mid Atlantic show is much smaller, but the trade show is still excellent and the intimacy enables future Innkeepers more opportunity to network with real Innkeepers.

Both shows have a lead-in seminar for “Aspiring” (Read perspiring) Innkeepers.  While informative, they lack a real focus on providing the tools a future Innkeeper really needs.  We are prejudiced but we believe our three day seminar focused on providing the analytical tools and the personal perspective is much more valuable. (Psst.. it is also less expensive!).

We have observed a seemingly logical, but very misplaced belief that the internet, and in particular the listings of Inns for Sale, will somehow provide the insight needed to make a decision that will profoundly affect your future life.  A corollary to this is the belief that if I look at enough Inns for sale, “I will know it when I see it.”

Another danger area for future Innkeepers is the certainty that, in order for it to be mine, I have to build it from scratch, or at least renovate that Victorian monster in my home town.

Whether you are thinking about it or have made the commitment, you need to utilize the information tools that are available to you.  We suggest that one of the Innkeeper conferences, combined with our seminar will take you a long way toward making right decisions about whether to and how to.

By the way, if our February seminar is not convenient, we offer it throughout the year and all over the country.  Check it out at our website, www.innpartners.com.

Inn Evaluations are very different from Valuations

Tuesday, September 22nd, 2009 by Bill Oates

Bill and Heide have recently traveled to several fine Inns to undertake Evaluations.  While there is only one additional letter, Evaluations are very different from Valuations of which we also do many.  A Valuation establishes a value of the Inn based on a comprehensive review of six factors affecting the worth of the property.

An Evaluation is a critique of all aspects of an Inn’s operations: marketing, staffing, housekeeping, food service, guest relations, website and web presence, grounds maintenance, and overall condition of the Inn.  It also includes suggestions for improvements as necessary and focuses especially on items to improve the bottom line.

Some Inns, especially those contemplating a transfer, should think about a Valuation.  We do believe most Inns will benefit financially and otherwise is excess of the modest cost of an Evaluation.  Most Innkeepers are too busy running their Inns to pay much attention to events and changes in the larger hospitality business.  That is our job and we bring that knowledge to an Evaluation.

If you would like more details, contact Bill at bill@innpartners.com or 802.257.2360.