Setting Up Your Books: An Overview of Inn Accounting and Bookkeeping
By Hugh A. Daniels, BS, MBA
While you are busy looking at properties, considering what decor you might want, what should the name be, should we incorporate, dreaming of that opening day, don't forget the less glamorous, but equally important plan of how you will handle your accounting, plus who will provide your bookkeeping services.  Accounting is the principals or practice of systematically recording, presenting and interpreting financial accounts, while Bookkeeping is the work of keeping a systematic record of business transactions.  Now if you purchase an existing inn, this may be moot.  However, their existing accounting program may not be the best and may need some sprucing up when you take over, so read on.
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Refinancing a Bed & Breakfast or Country Inn
By Rick Newman, Managing Partner of Commercial Capital Network
Bed & Breakfast or Country Inns are physically unique by design, locations vary greatly and ADR/Occupancy Rates often fluctuate from season to season. Naturally all Innkeepers manage their finances to best fit their individual investment and tax strategies. A lender who understands the unique nature of the industry will appreciate this and can consult with you relative to your, financial condition, credit history and what financing programs best fit your short and long term investment objectives.
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Financing the Purchase of a Bed & Breakfast or Country Inn
By Rick Newman, Managing Partner of Commercial Capital Network

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. While the charm and ambiance of an inn add to a patron’s experience, such intangibles have only an indirect effect on the actual value.  An Inn’s market value will ultimately be determined by combining the values of the real estate, good will and sometimes furniture, fixtures and equipment (FF&E).   

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Using Your 401k/IRA to Purchase a Bed & Breakfast or Country Inn
By Rick Newman, Managing Partner of Commercial Capital Network

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.  Borrowing involves repaying the principal and interest and a withdrawal may be subject to a pre-distribution tax and penalties.  There is another way… more...

Credit Reports & Reporting Agencies
By Rick Newman, Managing Partner of Commercial Capital Network

Credit Scores are extremely important to a lender in evaluating the merits of a loan.  Your credit or FICO scores have a direct impact on the rate, term and loan program for which you qualify. The Credit Tier Examples listed below are for information purposes only, as lender guidelines vary.

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Capital Investments: Financing Your Renovation
By Nan Adams, Professional Association of Innkeepers International

Whether you’re a new innkeeper or have been in the game for decades, you know how important it is to keep up with industry trends by making the physical improvements necessary to keep, or better yet, to increase your market share. Sometimes it’s a relatively simple matter of renovating an out-dated kitchen or replacing old fixtures and the cracked tile in the bathrooms. More...