B & B Innkeeper
SL was not a born risk taker but when he could control the risks, he took a big one to totally change his career.
BACKGROUND
For the history of why SL avoided taking risks under circumstances where he had zero to minimal influence in the outcome, refer to the career story: “Law – Intellectual Property.” While that story stands by itself as a real-life example of the decision process in becoming an attorney specializing in patent law issues, SL’s story of how he became a B & B Innkeeper deserves its own separate story.
Thus, SL’s Innkeeper story begins at the end of his first career.
FIRST CAREER
SL and his second wife were both attorneys, happily and busily engaged in their separate practices of law: she with estate issues (drafting Wills and Trusts and administering decedent’s estates) and he, SL, with patent law issues.
The key word within the above paragraph is “busily” for virtually every lawyer’s daily task to service their clients in highly competitive legal markets, requires more hours than a 9 to 5, weekday routine. For many lawyers, including SL and his wife, work occupied some weeknight and weekday hours. A law career is not physically demanding like a trade (e.g. carpentry, roofing) but over decades, the stress of meeting client deadlines and dealing with adversaries (some of whom may be your own law partners), can take its toll on one’s body.
Accordingly, it is not uncommon for lawyers to daydream about switching into more enjoyable, less stressful careers or at least transferring to a slower paced lifestyle in another geographic area.
SECOND CAREER
While intending to continue working for another decade as practicing attorneys, SL and his wife heard about a relaxing place to live in a small (relative to metropolitan New York City) area within a coastal Southern state. They decided to check it out by having SL fly down to stay a few days to investigate possible law firm employment opportunities for each of them plus potential residential areas. SL returned with encouraging news on both fronts, so the next step was for both SL and his wife to spend a few more days in their city of potential relocation.
SL and his wife were not fans of motels or hotels, so they booked a several days stay at a B&B as the home base for their continuing exploration. When returning to the Inn after several days of walking around the city, an unfamiliar couple introduced themselves as the Innkeepers who coincidentally had just purchased the B&B where SL and his wife had been staying.
During their return flight home, SL and his wife shared pleasant thoughts of eventually (sooner rather than later) jumping out of their busy lives up North, to transfer to new law firms down South. Then Mrs. SL said something which would change the course of their careers and their lives together: “I would like to be an innkeeper.”
It took SL less than one second to say: “I agree. Let’s do it!” Note the rapid, risk-taking response from one so adverse to taking a risk! But the different circumstances were significant and persuasive:
* SL well knew his wife’s personality could successfully deal with an abrupt career change and well manage any challenges as an Innkeeper, from the disruption of any renovations to the Inn to be acquired, to cooking for customers, to cleaning, and other business administrative tasks.
* SL well understood their financial combined financial situation and that it could cope with acquisition of a certain sized Inn, any required renovations and related lack of financial income until their B&B was ready to welcome its first (paying) customers (known politely as guests.). In brief, they would control their own destinies.
DUE DILIGENCE FOR ACQUISITION OF BUSINESS REAL ESTATE
Soon after their commercial plane landed at their current home area airport, SL contacted a sales broker acquainted with Inns for sale in their proposed Southern city. SL described their plan to purchase and operate a relatively small Inn (5-6 rooms) as a B&B. However, the broker advised purchasing a larger Inn (10-12 rooms), which could generate greater cash flow to enable hiring a staff to take care of all daily tasks (cooking and cleaning), freeing SL and his wife to “merely” manage the business.
SL and his wife accepted the broker’s advice and reviewed available Inns to purchase, awaiting the right opportunity. Within a few months, the broker called with surprising news: the Inn where they had stayed and served as motivation to jump into the same business, was again for sale since the new owners, after only a few months, realized such a career was not for them.
Understanding the market value for this particular Inn was enabled by its recent purchase price. Accordingly, SL and his wife purchased the Inn, announced to their respective law firms their imminent departure, finalized the purchase of the Inn, moved Inn to the Inn (Editor: sorry but the pun was irresistible) and supervised the renovations which were amazingly efficient, allowing them to welcome their first guests three months later.
INNKEEPER CAREER SATISFACTION
SL has always loved to get his hands dirty gardening. His wife enthusiastically undertook her management duties. SL loved talking to their B&B guests because he could tell the same jokes to a constantly changing audience.
While their B&B income did not even closely match the range of their combined legal practices from their first careers, the B & B business provided a sufficient source of livable income for them to enjoy their still busy but less stressful, new careers.
