Adults need seven to nine hours of sleep, but did you know that 70% of adults sleep less than seven hours? According to Rebecca S. Robbins, Harvard PhD, “Sleep organizes new information, leads to creative thinking, solidifies memories, regulates appetite, and keeps the body healthy.” Westin Hotels conducted a study asking both leisure and business travelers equally to describe what [...]
If your mission is to become the owner of a hospitality property, it’s important to know how B&B real estate (commercial hospitality real estate) and residential real estate differ. Understanding the difference will help you clarify your goals and get you closer to achieving them. Here are five major differences: 1. B&B real estate is a commercial investment while owner-occupied [...]
By: Linda Hayes, ijk Partners So, what is an Entrepreneur? Let’s first define this person! A successful entrepreneur takes a basic concept and puts their twist on it to create a sought-after product or experience. They are creative, "out of the box" thinkers who thrive on exceeding the expectations of their audience. They seek qualitative knowledge from their audience and then [...]
By: Eliot Dalton This is one of the most extreme times you are likely to live through. It is NOT business as usual. We know the world’s health and economy are being dramatically altered and that the hospitality/lodging industry is in a precipitous decline. We are currently in “survival mode” both with our personal and business health for at least [...]
By: Linda Hayes, ijk Partners Are you looking for ways to improve your bed and breakfast business? Are you possibly planning to buy a B&B of your own? While all aspects of running a bed and breakfast will be of interest to you, here are three must-dos! The words OTA* and Book Direct are a familiar part of running a [...]
Wow! That is a big question. Here is a short answer: If you are purchasing a bed and breakfast you will likely obtain financing from a bank. A small B&B with modest income is generally viewed as real estate: loan approval will be based on real estate value and your personal income and assets (your ability to repay the loan). [...]
I was recently asked this question via Google My Business. Here is a VERY brief answer. Each type (existing B&B or start-up) has its own challenges and varying returns on your investment. What is best depends on your financial situation, experience and business model. A start-up B&B presents more options - location, size, style, etc. The price may be lower [...]
Is This Your Team? Banks, buyers, and B&B owners need the same thing: complete and accurate financial information. No one can accept “Dazed & Confused” profit and loss statements and tax returns. The importance of this can’t be overemphasized. As my colleague Scott Bushnell once said: “Building buyer-seller or lender-owner trust is critical. So how is it done? Like a [...]
