Bob Fuehr
The Inn Broker, Inc.
11368 E. Indian Lake Dr.
Vicksburg, MI 49097-9101
Email address: fuehr@innbroker.com
Phone/Fax: 269\649-5556
Phone/Fax: 800\926-INNS (4667) Web: http://www.innbroker.com

Innkeeping News

INNS FOR SALE DVD: There is a DVD which tours some of the featured inns in this flyer. This video can be borrowed free for thirty days with a $10 check deposit as a guarantee of timely return. Just use the Book Order Form to order: http://innbroker.com/books.html

NEW INNKEEPERS:

INN TRAGEDY- I'm sorry to report that the Nickerson Inn was destroyed by fire early on May 21, 2007. Fortunately, no one was in the building at the time. I assisted Harry & Gretchen Shiparski in purchasing The Nickerson Inn in 1991. That grand inn will remain alive in the memories of its countless guests & stewards over the years. You can share your memories of the Nickerson Inn at: http://www.nickersoninn.com/

SEMINARS?- After 20 years of innkeeping seminars, Bob & Lynda have "retired" from the innkeeping seminar scene. We appreciated the opportunity to train over 1,000 aspiring innkeepers & we're very proud of the 100+ graduate teams who realized their innkeeping dream! Here are some other innkeeping seminar resources:

BBonline: http://www.bbonline.com/innkeeper/consult.html

PAII:http://paii.org/suppliermarketplace_results.asp?categoryId=41&Category=+Education%2FWorkshops

Indiana B&B Assn.: http://www.indianabedandbreakfast.org/mem_aspiring_workshop.html

Wisconsin B&B Assn.: http://www.yestobliss.com/mem_seminar.html

LOCATING INNS FOR SALE: The Inn Broker, Inc is the premier B&B broker between the Rockies and Appalachian Mtns. I can refer inquiries to fellow B&B brokers in other areas. If you're searching for inns in an area not covered by a B&B broker, your best bet is to email the inns in the areas you are searching. You can usually find a directory of  an area's inns & emails at their state travel site or state B&B association. Once you have located your property, I can consult with you for $80 per hour (4 hour minimum in advance) plus expenses via the mail, etc. Of course, there are never any fees charged to those buyers who will enable me to earn a sales commission from a Michigan inn seller!

ACQUISITION PROTOCOL: While buying a B&B is a lot like buying a house, there are some differences. If you’re more than 6 mos. from making your move, you should be reading the B&B books and magazines, attending a B&B seminar, visiting B&B’s as a guest, vacationing in your area of interest, and volunteering your time at a local B&B to experience the "feel" of innkeeping. Once you’re within 6 mos. of moving, you should put your house up for sale and begin looking at B&B’s for sale. If you slightly over list your house, the worse that happen can to you is that someone may pay you more than you thought it was worth and you may move twice. We’ve had a number of B&B dreams crushed when the buyers couldn’t sell their house during the time they needed to. Why let the past control your future?! If you’re thinking about relocating to an unfamiliar area, you should consider renting in that area for a year or so that you experience a full cycle of your dream spot- not just a 1 week vacation. It’s much easier as a B&B broker to find an inn for a buyer than finding a buyer for an inn. If you’re only available to see B&B’s for sale on the weekends, visit Sunday not Saturday and stay as a guest and have the broker meet you there. An unscheduled and secret shopper visit to for sale inns does not demonstrate much consideration for the seller and will not enhance their perception of you as buyers. Touring unfocused B&B buyers through for sale inns is not productive for any of the parties. By following these steps, you will impress B&B sellers that have prepared for this next big step and are not on a lark. The most difficult part of my job is finding a couple who can agree on how, when, and what they want; and that goes for both buyers and sellers! I thoroughly enjoy introducing aspiring innkeepers into the greatest job in the world, but we need to prepare together for it. This is the largest purchase you’ll ever make in your life and it must make financial and lifestyle sense to you before you plunge in! Happy Hunting!

SUPPLEMENTAL INCOME NEEDS: Most innkeepers have some type of supplemental income in addition to their B&B income. Since many inns average 20-40% occupancy, there are many low season opportunities to have outside commitments. In an average setting, most inns won't cash-flow if they are less than 5 or 6 rooms. However, bear in mind that a large portion of your daily overhead expenses such as mortgage, insurance, utilities, phone, etc. can be paid for by pretax income from the inn which results in a lower taxable income. Aspiring innkeepers should determine their lifestyle needs first, then their financial needs. What other occupation affords you a nicer house than you otherwise could afford, a desirable location and hosting the cream of the crop for travelers? None!!

DO I NEED A BUYER’S AGENT? Bob Fuehr, The Inn Broker, Inc. works exclusively in Michigan as a Seller’s agent, should I, as a buyer, be represented? Yes, you should be represented by expert counsel- such as an attorney, appraiser, accountant and home inspector. These professionals should be providing professional advice from which should assist you in making a business decision on the purchase of an inn. Real estate agents should not offering advice in those areas unless they have some specialized training or experience in those areas. Since I knew most of the innkeepers first, it would be very confusing for sellers for me to be changing roles with different buyers. Like most brokers, I don’t get paid until the deal works for both parties. I’m usually bringing together as many as four different parties to create win-win situations. Inn transactions are more complicated than a regular house sale but there not as complex as a commercial transaction. Since I spend much more time with buyers than I do sellers, just don’t pass on any confidential information (such as your willingness to pay more than you offered) to me if you don’t want it passed on to the seller. Unless you’re working with a buyer broker who has working knowledge of comparative values of inns for sale, understands the financials of innkeeping and has a working relationship with the sellers, your prospects of getting a "better deal" are slim. A broker’s job is to bring buyer and seller together-period. Anything beyond that is of questionable value. By signing a buyer broker agreement, you could be obligating yourself to pay the buyer broker a commission if the listing broker does not offer compensation to a buyer broker. Like many commercial brokers, I don't offer commissions to buyer broker agents. Bear in mind that if a seller is involved in the loan, they have a vested interest in enabling the buyer to be successful. I work in a very small market; I can’t afford to be associated with bad deals. As a seller’s agent I am paid by the seller. As I buyer, I only ask that you be a loyal customer to me so that when I provide proprietary information and service to you, that you allow me an opportunity to earn a commission from the seller. I'll be happy to share my valuation techniques, budget guidelines and negotiating advice (including contract language) all from the buyer’s perspective. These are the materials that we used during our 20 years of innkeeping seminars. Plus I will happily reimburse any of our book and seminar expenses if you will use my services in the purchase of an inn!

B&B COLLEGE CURRICULUM: Oakton Community College, Des Plaines, IL has established a core curriculum for persons who anticipate operating a B&B. Contact Ron Thomas, Assoc. Professor, at 847/635-1949, Fax 847/6305-1987 or Email.; http://www.oakton.edu/online/samples/hfm103/welcome.html

MICHIGAN LAKE TO LAKE B&B ASSOCIATION DIRECTORY: A free copy of the current directory is available at any member inn. View the online Directory at www.laketolake.com for the member inn closest to you or for a $5 postage/handling fee call 888/575-1610, Fax 616/575-0270 or visit: http://laketolake.com/services-free-directory.htm. A FREE copy of the Lake To Lake Directory is included with any book or DVD order from The Inn Broker, Inc.

To be added to our print mailing list and to receive our flyers contact Bob Fuehr at Inn Broker Inc. by completing Request For More Info, email or by calling 800\926-INNS (4667) or 269\649-5556. You can add your email to our email mailing list by signing in at: https://app.quicksizzle.com/survey.aspx?sfid=24370