The continuation of the Kosrae Village operation, convictions and activities beyond the stewardship of the current managers/owners (Bruce, Katrina and Madison) are an important part of the sustainability concept.
The last 20 plus years have flown past and we suspect that the next 10 will race by at warp speed. While this industry is great fun, it is also a great deal of hard work and all three of us have noticed that their energy levels are not what they were 20 years ago.
The first step is bringing in new, young energy. There's a lot that could be done - that doesn't get done because we run out of time & energy. We expect that this will mean that the incoming folks will be involved in the day to day management of the operation, but depending on their goals, it might also mean hiring on site managers.
One of the options we are thinking about is setting up a rotating schedule where the management team(s) will take turns on and off island. This could make the transition easier for everyone and give us all more time to relax and renew ourselves.
We expect that the transition to the next generation of managers/owners will be gradual. A phased approach would give the new owners time to understand the island and it's culture as well as allow time for the island leaders to get to know, respect and trust them. However, if this does not suit the needs of the new partners, we are open to alternatives. We expect that some people may want to be involved remotely, while continuing to live off island, or you may want to have direct daily involvement, so we are open to discussing various options and ideas.
What do you need to be prepared for?
We are very much in the entertainment business. A genuine liking of people and excitement about sharing the amazing Kosraean world are a must. Respecting the people in the community and that you work with is equally important. Experience in managing restaurants, watersports/diving operations, hotel operations, financial and marketing experience, mechanical aptitude, being able to solve problems and think fast on your feet are all important attributes and some are more necessary than others. It's always possible to learn the industry specifics - but basic attitudes won't change.
Being this far off the beaten track an understanding of what's not available is essential. This is an extremely remote, rural location. While there are a tremendous amount of outdoor activities available, there is no night life, limited dining out, no shopping malls, limited television, good but slow internet access, and a very different, slow paced way of life. Equipment, parts and specialty items needed are often 1 to 8 weeks away. Medical care is good but basic.
For people with children, primary education through high school is available but not of high quality, so home schooling in addition to attending classes is recommended and easily done with this life style. With little or no crime it is also an extremely safe place to raise children.
Of course, anyone considering this move should visit the island first, to make sure that there is compatibility.
The entire corporation consists of a 9-room hotel with room to grow, a PADI 5 star dive shop with 2 boats and a high quality restaurant. Several of the local staff are excellent at second level management / supervision, but so far no one is ready for the top slots. Two of the high priority areas to be addressed are strengthening the marketing and renovating / expanding the existing property which is not possible with the current revenues.
Kosrae Village is incorporated at one million dollars although it's true value is higher. Currently Katrina, Bruce, and Madison each own about 10% of the stock, staff and island residents also own a small percentage. The balance is available for purchase.
Check this page and the KVR Story for more information about Bruce, Madison and Katrina.
Whew - that might be more than you wanted to know. If you have questions, send me a quick email.