We're thinking about buying an Inn / bar / restaurant.

[Redstone]

The numbers are promising, the price of entry is cheap. The current room rental would cover the monthly mortgage payment.

Our team: -Mrs R, the best cook and the hardest-working woman on the planet.
-Her friend, who has experience in large-scale cooking (she cooks and manages the kitchens for two nursing homes now, and has run a pizza/Italian restaurant in the past.
-Our son, who has lots of experience running the banquet / event business for national hotel chains.
-Me, who is a lunatic but also well-seasoned in the marketing business. And I can do maintenance / renovation stuff during my slack time. (Really. It may be hard for you to picture me with hammer in hand and nails in lips, but I can replace a window or do plumbing or wiring with the best of them. And I can build furniture, too.)

How's this for a marketing idea? There's a vintage steam-train ride right down the road from this inn, and the train stops at a place by the River that is VERY photogenic. We could offer a wedding package that includes a train ride, a wedding ceremony next to the River, then the reception at the Inn. Is that romantic, or what?

My son and I are going to check out the place's physical plant tomorrow. Only if it passes our muster will we let Mrs R and her friend go there, because they have a tendency to get too worked up.

Oh, and the other thing? We could live there, since there are apartments as well as single rooms. I know, that's both good and bad, but mostly good from a financial standpoint.

I'd have to keep running my advertising agency for at least a while, but what an adventure would that be, doing innkeeping, something I've never done before? At my age, you don't get too many chances for an adventure...

Redstone

[Tobin S.]

1. You also have business experience which is important

It sounds like fun and a good way to make a living. Let us know what you think of the place after you look at it.

[Redstone]

6. I'll keep you posted. The place has been in business since forever, but

that's no guarantee that it's still viable, I know that.

We'll see.

Redstone

[Gormy Cuss]

2. Go for it,

especially if it's back in your homeland.

[Redstone]

4. No, it's near where we live now, in a lovely little village that

I've always liked, ever since I moved to this state.

AND, there's a well-known playhouse around the corner to do package deals with (Dinner and a Play, Dinner and a Play and a Room). Not to mention working out a deal with the playhouse for rooms for the visiting actors.

Redstone

[flvegan]

3. I would make a trip up north to visit your new establishment.

Sounds awesome, I hope it works out.

[Redstone]

5. I'll make sure we have a beer that meets your standards on tap.

I don't drink anymore (Oh, the horror!) but you certainly can. As long as you don't bitch about me smoking cigarettes.

There will be a special discount rate waiting for you.

Redstone

[elleng]

7. A REAL adventure! Ready to work your a**** off, for a LONG TIME!

I'll be there!!!

[geardaddy]

8. Sounds like fun.

You said it's been in business forever. Will you keep the name or go with something new?

Mrs Geardaddy and I love inns and we'd love to patronize your establishment when we're in CT.

[grasswire]

9. somewhere near Essex?

I adore that area. Of course the historic Griswold Inn there would be competition. And there are other B&Bs in the area. Ivoryton and Essex itself.

One thing I know from family members who are in the business of restaurant startup and development is that you should have enough capital to last a year and that EVERY thing costs more than you think it's going to.

There's a Dummies or Idiot's guide to opening a restaurant that is chock full of great advice.

I'd love to do what you are thinking of doing. LUV.

[Redstone]

26. It's in Ivoryton; I don't want to post the name, but I bet you can

figure it out.

Redstone

[grasswire]

32. sure can

There's so much happening in that area. Jazz festival, train, etc. etc. And it's sooooooooo beautiful. I've stayed at the Deep River B&B a couple of times. My family hails from that region in the 1600s and 1700s, so I feel connected even though I live 3,000 miles away. Can I come back and work summers? :-)

[Redstone]

36. Sure you can. See below.

Redstone

[LNM]

10. Is the train coal powered?

We rode on the SS Badger, which is a steam-powered ship, across Lake Michigan from Manitowac to Ludington. The smoke from the smokestack left black grime all over the ship and had to be hosed off at the end of each trip. You may want to look into the train ride as that could leave a mess on a white wedding gown.

Otherwise, I think it's a great idea.

[LanternWaste]

11. I'd make a point to use a vacation week and spend it there...

I'd make a point to use a vacation week and spend it there.

If this gets off the ground, please let us know when and where.

Can we call you Bob (as in Newhart?)

[MajorChode]

12. I suggest working towards some type of theme

If the railroad stop is nearby, you might consider making it a railroad theme and decorate the rooms towards that end. To start with, you can just hang up pictures that are appropriate to the theme and eventually word towards other decorations.

[KamaAina]

13. Is it in Conn.?

If so, you could offer a marriage package to everyone!!

[Redstone]

38. Yes, it is. Near the Connecticut River.

Redstone

[pitohui]

14. what happened to your house? can you sell it in this market?

trust me to be the little voice of negativity

seriously, tho, i'll tell you what i tell everyone -- work in the restaurant business for 2 years as an employee and if you still want to own a restaurant, go for it

everyone i know who followed this piece of wisdom, starting w. myself, opted NOT TO

i know, this place is for sale "now" but you know what? there is ALWAYS a place for sale "now"

another thing we've observed, it's the 3 tries rule, there are locations where one guy has a restaurant, fails, another guy thinks it's cute, still fails, another guy thinks it's cute, still fails...those particular locations, and i don't know why, will ALWAYS fail, the biggest predictor of a restaurant failing around here is if there has been another restaurant before, on that site, if there has, and it failed (i'm not talking abt the owner dies, i'm talking it never made money) then the new restaurant is also destined to fail

don't know why, but it seems to hold good around here

however, "around here" being louisiana it is EXTREMELY competitive because we have so many top restaurants out there for tourists to choose from...it may be the case in your restaurant that there's nowhere decent to eat

speaking of "nowhere decent to eat," i've noticed this is a problem linked to "hard to get a liquor license," some places up north you apparently have to pay someone off for a v. limited number of liquor licenses (i'm told this is the case for pennsylvania hence why you run into areas in that state w. really shit restaurants)...check and see how hard it will be for you to sell liquor, there's a huge mark-up on specialty martini's these days, it can make your bottom line if you can sell a $14 martini, it can break you if someone walks in, wants a beer, and gets told, "oh this is a BYOB place..."

again, my advice may not be much good for your location but it's something i would look at HARD before i purchased -- you won't be able to sell many wedding packages if you can't sell champagne, to be butt obvious about it -- you may have already thought of this but i'm just saying

people don't usu. sell profitable businesses, not really...there needs to be a pretty good story such as the owner is 89 and dying to explain this... :-)

at the end of the day, i will confess that i would really have to be on my last leg financially before i'd buy a restaurant/B&B, your life is no longer your own once you do that, i have some good friends in the business, but it's 24/7 work BECAUSE you live there, and because it's a B&B rather than a "big" business for some reason everyone wants a special price, sheesh

oh, and don't forget, how easy will it be for you to accept credit cards? a lot of credit cards now are giving cash-backs, esp. discover -- that money doesn't come from discover, it comes right out of the seller's pocket

finally with B&Bs you need to be comfortable requiring NONrefundable reservations, because unlike a large hotel or motel, you can't fill the room at the last minute if the bride backs out, wedding is cxl'd and so on...you don't want to cheat anybody but if they don't show, you cheat yourself if you don't get paid for the empty rooms...one of my friends has compromised and still advertises NONrefundable reservations but if the "no shows" aren't assholes & understand they're the ones who didn't follow the policy she will give them a credit for a future visit...you could try it that way

good luck whatever you decide, i've decided it ain't for me, i'll sleep in a tent under the trees first!

[Redstone]

39. You know I always value your opinion.

I'll keep all of your comments in mind while engaged in the process of making a decision. The place is absolutely wonderful, but the current own is a bit too vague for me to trust. We'll see.

Redstone

[lunatica]

15. If this is your dream then go for it!

It's a wonderful combination of weddings, restaurant and Inn. I would love to work for a small business like that.

[kentauros]

16. I'd say y'all are more than adequately qualified to take this on.

So, go for it! You'll probably love it, too :)

You should name it the Stratford Inn, too :P

[Amerigo Vespucci]

17. Life is an adventure, and you absolutely do not get many chances

You and I have exchanged the occasional thought on DU for some time now, and while I don't know you like I might know the guy next door, I think most of the people here will back me up if I describe you as "level headed." I don;t see you as someone who would impulsively / irrationally just jump into something (and your post doesn't suggest that, either...it shows that you've given this much thought).

When my mom died, my sister Donna encouraged me to live big, to do what I want to do. She said "You don't want to get to the end of your life with big regrets." I've done my best with that, but I know I need to take more risks. I know I need to lead a bigger life.

So you've done your homework, and you obviously want to do this, and you know what?

If you do it, and a few years down the road, you want to do something else...you can do that too.

But if you do it, you'll never have the dreaded woulda/shoulda/coulda disease.

:toast:

[pitohui]

19. life is an adventure and you get a new chance every single day

either that or i must live an exceptionally event filled life, which i sometimes wonder about...

i've never seen a good outcome where someone feels they "must" hurry to buy a business, if the idea is sound, there is no need to hurry, if they are hurrying you to buy, the idea is not sound...

we all deeply regret MANY things we have done, esp. if those things cost us a lot of money we realized ten minutes later we shouldn't have spent...the old saw is just not correct when it comes to business decisions

[tammywammy]

18. Why are they selling the place? n/t

[Redstone]

29. The owner wants to retire.

Redstone

[applegrove]

20. I'd go to the location and see how much traffic goes by. Remember Location Location

Location.

[hippywife]

21. Hoping it all works out well for all of you.

And your dream comes true. Is my dream to own a restaurant, too, but no moolah to ever make it happen. :hi:




:hug:

[grasswire]

31. really?

What would your culinary point of view be, HW?

I've been toying with the idea of a pie shop/bookstore. I have a great location opening up. But no capital, alas.

[Curmudgeoness]

22. You will be on call 24/7. If you are ready for that, go for it

if all looks good. We should all chase our dreams.

[Kat45]

23. Think carefully. Burnout is highly likely in such a business.

My friend and his partner loved New Zealand so much after a vacation that they ended up moving there and opening a B&B. He's a gourmet chef; his partner is a good handyman. They bought a place and fixed it up. They loved the business for a number of years, but eventually got burnt out and sold the place. Their time was no longer their own. They each needed to have another job to supplement their B&B income, and of course they were pretty much working all the time when they were at the B&B. So although their business was successful, they couldn't (and didn't want to) keep doing it forever.

[crim son]

24. Oh Yeah.

I think it's time for an adventure and I know you and Mrs. Redstone are the sort of innkeepers that no guest will ever forget. And if you do it, I will stay there, as the Deity is my witness.

Seriously, what a wonderful idea, and I will be thinking about you and yours until I read how it went. Nice, Redstone!

[MilesColtrane]

25. Make sure it's not haunted first.

Very important.

[Taverner]

28. Although McMenamins turned that into a plus

[pitohui]

35. nah haunted is OK as long as you get the "haunts" on your side

my house is haunted but it's friendly haunts and i've known others to say the same

if the house is haunted by unfriendly haunts for the small fee i'll fly up and "de haunt" it w. some new orleans type gris-gris, ha ha, because i haven't had much trouble removing nasty spirits, at least for a time, but in my own house i have no motive to remove the haunts all they do is make a pretty tune

i guess i have no cred because my own house gets ghosted from time to time but haunts can be good or bad, good ones are an asset

[Taverner]

27. I wish you the best of luck

I have never done so myself, but running an Inn/Restaurant is a lot of work - but it sounds like you know that.

Good luck and have fun!

[Call Me Wesley]

30. Best of luck!

All the good vibes from me for this idea! :hi:

[RetroLounge]

33. Did you say STEAM TRAIN???

I'll buy that and we can partner up!

:hi:

RL

[Redstone]

40. Yes, steam. Driving the train. It's really cool.

Redstone

[arbusto_baboso]

34. Find an experienced home brewer and make it a gastropub.

Trust me, it'll do great.

[Redstone]

37. My son and I went to see the place today. It's amazing how many

people who are now considered BIG STARS stayed there in the past, because they acted in the Playhouse around the corner.

I have a lot of thoughts to process right now, but my (and my son's) initial impression is that the place is wonderful and has a ton of potential, but the owner is (in my son's words) a bit sketchy.

We're going to have to look at this very carefully. And I'm going to have to use my best hardheaded business judgement, not my emotions, in order to make a final decision. Though, God, I love the place.

Redstone

[era veteran]

41. The best way to make a million dollars in the restaurant/

hotel biz.... is start with two million. 'Old hospitality industry joke' Seriously if your people have the skill sets you say you have a good nucleus. After over 33 years in the business the best advice to give you is that someone HAS to be the boss. You cannot operate well by committee. PM me if you'd like. Good luck & don't whistle in the Inn. R

[denbot]

42. Sounds cool.

I hope it all lines up for you and yours. Alley and I stumbled across a diner, gas station, 8 room hotel, in the Saw Tooth Mountains in Idaho. It had a for sale sign, and the price was a little less then the value of our house. Luckily Alley, being the semi-lucid one in the relationship would not even entertain the idea.