Just two weeks ago Michael Converse and Patrick Wadsworth became the Innkeepers and operators of the Ravenwood Castle Inn in New Plymouth, Ohio.  This is an Inn in the Hocking Hills area of Ohio, a strong regional tourist destination for a wide area of mid Western population centers.  The main Inn building is an authentic 1991 Castle, with restaurant, common areas, Innkeeper quarters and 7 guest rooms.  The castle village has 8 year-round cottages and there are 7 seasonal accommodations appealing to families.

Patrick and Michael attended our “How to” seminar for future Innkeepers thinking their resources limited them to a five or six room Bed and Breakfast.
Indeed their resources were limited, and what they did have was illiquid in today’s market. However, what they had in abundance was a desire to have an Inn and the business skills and service acumen to make them successful.

What to do?

The seminar helped them to understand that a six room Inn rarely was a viable business.  They realized they needed a larger Inn.  But their resources appeared to remove them further from the reality of having an Inn.  Still, they made the trip to Brattleboro to talk to Heide and me, to make plans for some future purchase.  It just happened that Bill and Heide had a transfer client in Ohio, just about an hour from their base in Columbus.  We knew they had the ability and seemed to have the desire.

Fortunately, the owner was able to forgo any upfront payment and after a couple of meetings with Michael and Patrick, felt comfortable with them taking over the Inn.  The result?  Michael and Patrick entered into a five year lease with an option to purchase at a fixed price. The monthly payments will include a sum to be credited to the eventual purchase of the Inn.  Currently the cash flow from the business will supply the necessary cash to meet the monthly payments, but Michael will continue in his job, based in Columbus, as insurance.

We are proud of the role we played in arranging this transfer.  However, the real message for Future Innkeepers is that desire coupled with some creative thinking can make the unlikely happen.  If you have that flame in your gut, get moving. Perhaps we can also help you.