Kristin Boekhoff
Title: Owner Panigram Resort
Profession: Hospitality
In 2006 I left my job as Chief Information Officer at a large real estate finance company in New York to move to Bangladesh. After spending a year there on a Fulbright Fellowship, I decided to start my own company to create socially and environmentally responsible resorts in developing countries. I am currently building my first resort, Panigram, in southern Bangladesh. "Those who say it cannot be done should get out of the way of those doing it." - Chinese proverb
EDUCATION | B.S. Cornell University 1997 (apparel design and management with concentrations in computer science and information systems) M.S. New York University 2003 (real estate development) Fulbright Fellow 2006 (low income housing for garment workers in Bangladesh) Plus many continuing education classes from Harvard, Pratt Institute, School of Visual Arts, Borough of Manhattan Community College, NYU, Baruch, and the New York Institute of Technology.
HOW TO GET STARTED | It depends on what size of resort that you want to create. If you want to create smaller resorts like me, you need to: (1) find a location (2) research your target market to see what they want in a hospitality product (3) do a marketing and feasibility study to see if the project is financially viable (4) figure out what the local laws are for foreign ownership of land and companies (5) figure out the capitalization structure and raise the money (6) find someone to manage your resort (unless you want to have a small mom and pop place that you manage yourself) (7) assemble a good team of designers, contractors, accountants, and attorneys form a local company (8) buy the land (make sure you have clean title! difficult in developing countries) (9) build the resort (10) market the project
MUST HAVE TRAITS | (1) Flexibility and patience. Things go wrong or are delayed ALL of the time and you have to be able to go with the flow. (2) Good business sense. You need to know how to create good financial models and have to have realistic expectations for your business. (i.e. don't assume you will average a 90% occupancy!) Figure out what your break even occupancy and debt service coverage ratios will be. (3) Good communication skills. Especially in a foreign country, you have to adjust to different communication styles. I have found that being good with charades helps as well! You have to be able to communicate well with both executives and village farmers.
beginnings
how I got started | I first came up with the idea while I was still working as a Chief Information Officer in New York. I had gotten to the top of my career field by age 30 and was bored. I knew that I was capable of doing something more and I really wanted to integrate more creativity and travel into my lifestyle. For me making money wasn't enough; I wanted to make a difference too. So I decided to combine my love of travel, environmentalism, and volunteering into one company which builds sustainable boutique resorts in developing countries.----- I wasn't quite sure how to go about doing this, however, so I decided to leave the country and do a year of service to clear my head. I applied for and received a Fulbright Fellowship to Bangladesh. A few weeks later I quit my job in New York, donated everything that I owned to charity, and moved to Bangladesh to do research on low-income housing for garment workers.----- I certainly never thought that I would start my company in Bangladesh, but as my Fulbright was winding down and I was thinking about what I wanted to do next, I realized that there was a demand for the type of product that I wanted to create here. There are lots of expatriates (like me) living here and they would all love to escape the dirty, crowded city of Dhaka. Bangladesh is gorgeous if you get out of the city and there are certainly many opportunities for social and environmental improvement here.----- When my Fellowship ended I started looking for land. I chose a strategic location in Jessore because it is near one of the few airports in the country, it is close to the Sundarban Forest (the world's largest mangrove forest and one of the biggest tourist attractions in Bangladesh), and it is also close to India. The land search was a very slow process. I lost the first few pieces of land that I was interested in: one piece had a bad title, another I lost because I was a foreigner so they decided to quadruple the market price, another I lost because I was buying too much land at once so they decided I was rich and also quadrupled the price...----- I have done some crazy things in order to get the land for my project, including disguising myself as a Bangladeshi man!----- In the end, with the help of a local agent, I was able to get a beautiful piece of land at the intersection of two rivers. It has lots of fruit trees on it and is walking distance to a charming little pottery village.----- Some of the obstacles that I have had to overcome: (1) Looking for land without the owners knowing that it is a foreigner who is buying it ; (2) Setting up a company in Bangladesh (a VERY complicated process. You can see my blog: http://www.kboekhoff.blogspot.com for details on the process); (3) Opening a bank account here. So far I have managed to open a bank account that will let me put money into it, but I can not yet take money out of it! ; (4) Getting investors. As soon as I got to the fundraising stage of my project the bottom dropped out of the capital markets.

inspiration
why this job?| I am an explorer and an adventurer. I have been scuba diving, hang gliding, and sky diving. I have traveled to all six inhabited continents and I prefer to stay in small, culturally authentic places. I love travel, design, and environmentalism. I wanted to make a difference in the world and use my skills to improve the lives of others. I also wanted to provide beautiful, authentic travel experiences for other savvy travelers like me. The sustainable boutique resort idea lets me use my background as a designer and real estate executive, provides me with an opportunity to explore exotic new places, and gives me an outlet to implement environmentally and socially responsible programs.

love
why I love this job!| (1) My flexible schedule. I am no longer stuck behind a computer all day. I go to mud workshops, fly to my site, meet with my wonderful team members. I work when there is work that needs to be done and on slower days I enjoy my life! Taking tennis lessons and dance lessons, swimming or working out, or socializing with my friends. The concept of "week days", "weekends" and "working hours" no longer applies to me. My work is integrated into my life; it is just "my life" and it is fabulous!! (2) The creativity. Pretty much anything that I can design or conceive of I can integrate into my project! Some examples: (a) I am designing the dishware for my resort and having it made by a local potter; (b) I am going to do most of the landscaping for the resort with edible plants; (c) We will organically grow fruits and vegetables at the resort that we will serve fresh in our restaurant; (d) I am starting an environmental education program in a local school; (e) I am building the resort with mud (in a high end way) to reflect the local vernacular architecture; (f) We will be getting all of the quilts for our guest rooms from a local non-governmental organization (NGO) comprised of village women who do very high quality nakshi kantha embroidery in their homes; I could go on and on... (3) Exploring. Looking for land was a fun process because I would hire a rickshaw for the day and just go around looking for beautiful places. Before the market crash I was planning on putting together a fund to do about ten resorts in various places around the world, so I took a couple of months to travel around Eastern Europe scouting out gorgeous spots to build resorts. I like taking my motorcycle on little dirt paths and going to villages where they have never seen a white person before!

work
my typical day| That's another thing that I love about my job; there is no such thing as a "typical" day! Today I am responding to a press query, going to the printers to get some investment summaries printed, then going to a mud workshop from 9am to 7pm. Afterward I am going to a friend's house warming party. Last week at this time, I went to the gym, then to the Board of Investment to complete one part of my company registration, I sent out a few emails, had lunch with a friend at a local expat club, then went to my tango lesson. Every day is different which is what keeps my life so exciting!

challenges
what they are | So many challenges! But that also makes it fun for me! I love problem solving. A few of the biggest ones: Doing business in a foreign language that I don't speak very well ; Navigating the legal system here; Figuring out how to form a company (it is a giant chicken and egg conundrum!) ; Raising the money for the project ; Cultural differences in work ethic and communication styles.

upside
all about growth | Lots of opportunity! I am combining the two fastest growing trends in the hospitality industry: there is 20% annual growth in spa and wellness centers and 20% annual growth in sustainable tourism. Panigram Resort is my prototype property for a new international brand, Unity Resorts. I intend to develop 100 socially and environmentally responsible boutique resorts in developing countries in the next 15 years.

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