On Thursday, June 6, 2024 David and Tonia Roberts became the next stewards of the landmark White Doe Inn, in Manteo, NC. Getting there was a fantastic journey for them, as written up recently in their local paper: It’s 100 percent where they need to be!
We were happy and proud to be a part of their search and eventual purchase, and asked them to answer a few questions about the process we have for new inn buyers. In addition to helping us identify some things we could do better (ALWAYS listen to your customers!!), they also had some great insights for other Aspiring Innkeepers. Here’s some of what they had to say:
Why did you contact/choose us to work with?
The first step in our journey was straightforward: research. Our initial Google search was as simple as typing ‘B&B consultant.’ It felt like a no-brainer to us. If there were professionals who specialized in helping newcomers break into this business, why wouldn’t we tap into their knowledge? That search became the foundation of our learning process, leading us to invaluable insights and resources that would have taken us months, if not years, to uncover on our own.
Looking back, reaching out for help was one of the smartest decisions we made. It allowed us to sidestep many of the common pitfalls that new B&B owners face and gave us the confidence to move forward, even though we were starting from square one.
I don’t remember coming across many alternatives to your team during our search, and honestly, once we spoke to you, it felt like a no-brainer to move forward. Why? Because your expertise and approach were exactly what we needed.
First and foremost, you both brought invaluable experience as former innkeepers. You understood the unique challenges and nuances of running a bed and breakfast, which gave us immediate confidence in your guidance. You also helped us assemble a top-notch acquisition team that was crucial to our success.
On the business front, Chuck was absolutely indispensable. He helped us dive into the financials, dissecting the numbers and guiding us in understanding the operational side of the business. His insights ensured that we weren’t just making an emotional decision but a sound financial one.
What advice do you have for aspiring innkeepers as they embark on their search for an Inn?
Leverage Existing Systems and Relationships
As a general rule, start by using whatever systems, vendors, and relationships the current owner has in place. For example, stick with their technology stack, lender, insurance providers, and staff, at least initially. This approach minimizes disruption during the transition and buys you time to evaluate and adjust as needed.
Negotiate an Escrow Fund for Contingencies
Another lesson learned is the importance of negotiating a significant escrow fund to cover contingencies during the first 3-6 months of ownership. Having this financial safety net would protect new owners from unexpected costs or operational gaps during the transition.
Hire a Bookkeeper Early
Regardless of your own familiarity with accounting, plan to bring on a bookkeeper as soon as possible.
Secure Email Access Early
Make arrangements with the sellers to gain access to the inn’s email accounts well before closing.
Prioritize Organization and Tools
Get organized from day one. Despite appearing low-tech on the surface, running an inn involves managing a surprising number of accounts, contacts, and tasks. A few key tools we’ve found indispensable:
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LastPass for password management. Our shared vault already contains 122 entries and continues to grow.
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Linkinize for organizing shared bookmarks.
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Monday.com for task and project management, which has been vital for keeping us on track.
Investing in these tools early will save you countless hours and headaches. The ability to stay organized and secure in managing your accounts and workflows will make all the difference as you navigate the complexities of inn ownership.
In Summary
Starting with what’s already in place, negotiating protections like an escrow fund, hiring a bookkeeper early, securing email access, and adopting the right organizational tools are all critical lessons we’ve learned. These steps will not only reduce stress but also set the foundation for a smoother and more successful transition into running your inn.
