Articles of Interest

The B&B Team is a resource with a vast amount of cumulative experience with the unique lodging industry. Together, we provide you a broad array of original material. Please browse the categories below for articles, authored by us and industry professionals, that will answer questions for you and, hopefully, provoke some new ones. Feel free to contact us or the article's author for additional information.

SPECIAL: About.com interviews Rick Wolf 7-4-09
"Buying a Bed & Breakfast in a Bad Economy"

SPECIAL: Portland Press Herald and Maine Sunday Telegram, 4-26-09
"Inquiries About ABC's of B&B's on Rise"

SPECIAL: Peter Scherman is interviewed for the San Antonio Express-News 2-27-09
"A Passion for Hosting B&B's"

SPECIAL: Rick Wolf's presentation is reported in Maine Tourism's November, 2008 issue.
See page 2.

Financial (articles relating to financing, valuation, etc.)
General (articles about the "process," the environment, working with professionals, etc.)
Innkeeping (articles about, what else, innkeeping!)
Marketing (articles to help innkeepers succeed through effective marketing)
Real Estate Terms (information about real estate and contract terms which are commonly used or misunderstood)
Blog Archives (Read what's being written on The Innkeeper's Resource blog and join the conversation)

FINANCIAL:

2008 Doom and Gloom Meets Hope in 2009 by Rick Newman, Commercial Capital Network, LLC
Contrary to the media’s coverage on the financial markets and banking, mortgage financing is available for bed and breakfast/inns, where the business tax returns show sufficient cash flow to service the debt necessary to refinance/re-organize the innkeeper’s current debt. [read the article] [back to top]

Financing the Purchase of a Bed & Breakfast by Rick Newman, Commercial Capital Network, LLC
All Bed & Breakfasts/Inns are unique by design; in fact, it is that unique quality that separates one Bed & Breakfast/Inn (B&B/Inn) from the next. Innkeepers invest their energy and capital over time to create a welcoming and hospitable environment that is unique to their community and valued guests.... [read the article] [back to top]

Financing Startup B&B's with an SBA Loan by Doug Carleton, Carleton Business Finance
Financing for any startup business is hard for obvious reasons. A lender is gambling. It is betting that the owner of the startup business is going to be able to meet projections and pay back the loan. And even though most new business owners do their best, a high percentage... [read the article] [back to top]

Improve Your Chances For a Loan by Doug Carleton, Carleton Business Finance
You might be thinking about buying or opening a B&B. Or, if you already own one, you might be considering expansion or a major renovation. Once you decide that you need to borrow money, whatever the need may be, the very best thing you can do to increase your chances for a quick approval is to gather your information together before you approach... [read the article] [back to top]

Inn Financing Without Tears by Peter Scherman of The B&B Team®
You have been dreaming for years. Those glossy magazines and snazzy web sites with those wonderful, historic lodgings, glorious gardens, and inviting rooms are a regular mainstay. Your travels have taken you to places where you were greeted by strangers who treated you like old friends. [read the article] [back to top]

Refinancing Your Inn -- Food For Thought by Peter Scherman of The B&B Team®
When you’re thinking of refinancing to make capital improvements to your inn, there are many questions to ask. In the analysis of finance and construction costs, anticipated revenues, and future value of the tangible assets, one question that is often overlooked is this: How will improving the physical plant impact the future marketability of your inn when you sell? [read the article] [back to top]

Seller Financing, The Good, the Bad, and the Ugly by Doug Carleton, Carleton Business Finance
Seller financing is often used in the bed and breakfast industry as a way to facilitate sales. It may be the first mortgage, or, it may be a second mortgage in conjunction with a first mortgage provided by a traditional lender. Let’s take a look at some of the benefits, pitfalls and risks – the good, the bad and the ugly – of seller financing. [read the article] [back to top]

Someday You Will Sell, Help Your Lender Say Yes by Doug Carleton, Carleton Business Finance
Let your mind roam ahead in time for a moment. You have put your property on the market and you now have an offer. The buyer is going to apply for a mortgage. Let me suggest to you how what you are doing today, or not doing, can affect your borrower’s loan application and, possibly, your sale.[read the article] [back to top]

Use Your IRA/401-K To Finance Your B&B Purchase
by Rick Newman of Commercial Capital Network, LLC
Very few investors/entrepreneurs realize that they have the ability to finance the purchase of a business with retirement funds. Most people believe that there are only two options available to them if they want or need to access capital from their plan/s, namely, either borrowing from the account or withdrawing some portion of the assets. [read the article] [back to top]

What Is An Inn Worth? How Lenders Look at Value by Doug Carleton, Carleton Business Finance
How much an inn is worth is always a popular topic in the bed & breakfast industry. To an innkeeper who has invested capital, a number (maybe a lot) of years and, most of all, a tremendous amount of emotional and physical energy, the inn has one value. To a buyer an inn will probably have a different value, and it is not going to be the same for every buyer. [read the article] [back to top]

GENERAL:

Anatomy of an Inn Sale by Peter Scherman, The B&B Team®
Competitive athletes share an above-average understanding of the human body and how it works. They rely upon this understanding to prepare for their events by knowing how to stay healthy, increase their strength, and hone their skills to come out a winner. [read the article] [back to top]

Innkeeping and Environmental Hazards by Peter Scherman, The B&B Team®
What do asbestos, formaldehyde, carbon monoxide, lead, pesticides, radon, UST’s, and toxic mold have in common? They are just a few of the things that real estate professionals (including inn brokers) deal with on a daily basis. If you’re wondering why real estate brokers have to deal with them, then you’ve never been sued by an unhappy buyer who discovered... [read the article] [back to top]

Knowing When To Ask For Help by Peter Scherman of The B&B Team®
In life we all look for advice. We turn to doctors, lawyers, accountants and mechanics without a second thought. But surprisingly, too many people fail to seek out advice when it comes to the largest transactions of their lives. [read the article] [back to top]

Lead Paint: What's the Deal? by Peter Scherman of The B&B Team®
The reality of selling a bed and breakfast is a complex one. There are offers, counter offers, discussions of price and terms, lawyers or agents to prepare contracts, accountants to confirm financial information, inspectors to determine soundness, and numerous other professionals who all play a role in the transaction.[read the article] [back to top]

Our Inn is For Sale! A Professional's Perspective by Peter Scherman of The B&B Team®
Inn broker. Consultant. Real estate agent. Is there a difference? Should you care? The answer is yes to both questions, because one day you’ll be selling the inn you may be just thinking of buying today. The function of an inn broker or a consultant is different, and each is distinct from the role of a typical real estate agent. [read the article] [back to top]

The Bus To Abilene, or, "To add-on, or not to add on?" by Peter Scherman of The B&B Team®
Last summer The B&B Team received a call from innkeepers who were planning a major expansion to their inn. They had looked at the land, the building, had preliminary drawings from their architect, had spoken with two banks, and were ready to move forward. Here’s how they described their situation. [read the article] [back to top]

The Components of Inn Value by Peter Scherman of The B&B Team®
Whether you are thinking of buying an inn or already own one, at some point you’ll be involved in a transaction to transfer ownership of that inn. Whether you have a four room B&B or a 25 room full service inn, there are certain common elements that must be considered in determining value. [read the article] [back to top]

Winning in a Buyer's Market by Rick Wolf of The B&B Team®
All the recent news would indicate we are now entering a period of sluggish sales, inflated prices, and higher interest rates. What does this mean for the seller?...lower selling prices and a loss of control over the sale of their bed & breakfast inn? What does it mean for the buyer?...lower buying prices and more control over the purchase of their (new) property? [read the article] [back to top]

INNKEEPING:

An Inn Tune-up for Your Bed & Breakfast by Peter Scherman of The B&B Team®
Innkeepers are the best when it comes to delivering a great experience for their guests. Smiles come easily, breakfast is delicious, and the world just looks, well, rosy. Or does it? On the best of days even the best inns, as we well know, aren’t perfect. [read the article] [back to top]

A Soothing Sanctuary: Room Design That Works by Janet Wolf of The B&B Team®
Isn’t that what every innkeeper wants to provide for their guests? How do you achieve that? Interior design can be a daunting task and choosing the right style for your inn is a very personal and individual journey. [read the article] [back to top]

Guest Room Staging, The Innkeeper's Art by Janet Wolf of The B&B Team®
We were very fortunate in our innkeeping career to have had wonderful housekeepers who always went above and beyond their job description. One in particular stands out. She once told me that she would stand at the doorway of a room after she was finished cleaning and ‘critique’ her work. [read the article] [back to top]

Turning Inns into Wedding Venues by Melana Yanos, NuWire Investor
This is a great article about the challenges and opportunities of running a wedding venue at a B&B. Peter Scherman of The B&B Team was interviewed for the article. [read the article] [back to top]

MARKETING:

B&B Website Design -- The Good, The Bad, and The Ugly by Kit Cassingham, The B&B Lady
You know it when you see it and use it, but what is it about a bed and breakfast website that makes it good? Your website is an imperative B&B marketing tool. The quality of the website creates the first impression of your inn and hospitality; it sets the tone for...[read the article] [back to top]

Build Your Brand by Rick Wolf, The B&B Team®
“Building Your Brand” is a key component of your overall marketing strategy. When we talk about your brand, we are not simply talking about imprinting your logo on everything. We are talking about your Inn’s identity. [read the article] [back to top]

Make Your Inn's Website Great! by Peter Scherman of The B&B Team®
In the world of small hospitality properties, as for most small businesses, the Internet is the Great Equalizer. It has brought more democracy and more opportunity to more people in a more profound way than could have been imagined even ten short years ago. [read the article] [back to top]

Value vs. Price...There is a Difference! by Rick Wolf of The B&B Team®
In a highly competitive environment, we in the Bed and Breakfast / Country Inn Industry are faced with the dilemma of how to compete while maintaining the integrity of our business and our Inn’s reputation. Most assuredly, how we price our rooms and services has a huge impact on our bottom line; however it is a topic worth discussing. [read the article] [back to top]

REAL ESTATE TERMS:

Good Will by Peter Scherman, The B&B Team®
What exactly is “good will?” Good will is what is known as intangible personal property that is part of a business. With an inn, as we discuss in the article, "The Components of Inn Value," the base value is real estate. On top of that you have FF&E (furniture, fixtures, and equipment, or tangible personal property). [read the article] [back to top]

Letter of Intent by Peter Scherman of The B&B Team®
Frequently in searching for an inn to buy, you find something that looks like it just might be the one. Unfortunately, you don't really know, because there is a lot yet to be learned before making a firm commitment. If, however, you know enough (especially the financials) to be able to formulate a basic offer, a good way to start the process is sometimes with a letter of intent. [read the article] [back to top]

Turnkey by Peter Scherman of The B&B Team®
Do you know what they mean by "turnkey", "mostly turnkey", or "real estate only"? The terms are frequently seen in advertising of bed & breakfast inns for sale: "turnkey," "mostly turnkey," "real estate only," "real estate and good will." They provide clues to what is included in the purchase price. [read the article] [back to top]

The B&B Team^®
Inn Consultants and Brokers Since 1993
Offices in Virginia, Maine, and Maryland
CONTACT US

www.bbteam.com

Copyright © 2001-2010 The B&B Team, Inc. All rights reserved
Some offices independently owned and operated
Website hosting by Blizzard Internet Marketing, Inc
"The B&B Team" and the pineapple logo are registered trademarks of The B&B Team, Inc.
The B&B Team's Privacy Policy
Legal Disclosures