By 2017, Chris and Roxanna Harwood were preparing for a new chapter in their lives, moving into their own place in Loveland, Colorado. However, life took an unexpected turn when Chris learned his father was planning to sell the family business, the Wheels Motel in Greybull, Wyoming—a place where Chris spent much of his childhood. While initially hesitant, Chris and Roxanna soon realized this could be an opportunity to change their lives.
Though running a motel was never in their original plans, Roxanna’s dissatisfaction with her 9-to-5 job and their combined desire for a change led the couple to purchase the motel for $483,000 in 2017. Since then, they have turned the Wheels Motel into a thriving business while also embracing the slower pace of small-town life in Wyoming.
A New Chapter: Buying the Family Business
Chris grew up in Greybull, where his father ran the Wheels Motel after purchasing it from his own parents in the 1990s. For Chris, childhood memories of the motel involved hard work, cleaning rooms, and maintaining the property year-round, leaving little time for vacations. Despite these experiences, he recognized that his father couldn’t run the motel forever, and the idea of buying it had crossed his mind before.
Meanwhile, Roxanna was struggling in her marketing job, which led to severe stress and health issues. When the opportunity to buy the motel arose, Roxanna quickly embraced it, even though she had only visited Greybull once. She felt in her heart that this was the right path, and the couple moved forward with their plans.
Transforming the Wheels Motel
Purchasing the 22-room motel was just the beginning of their journey. The property needed significant updates: the roof, water heaters, carpets, and signage all required repairs. Over the first two years, Chris and Roxanna invested more than $100,000 into refurbishing the motel, tackling most of the work themselves to save money. From painting the exterior to replacing washers and dryers, the couple’s hands-on approach gradually transformed the business.
Running the motel is a seven-day-a-week job. The couple wakes up early to start coffee for guests, prepare daily baked goods like banana bread and muffins, and handle room cleaning. During the peak summer months, they may clean up to 15 rooms a day while juggling guest inquiries, phone calls, and check-ins. Despite the heavy workload, they manage to carve out a few hours each day for personal time.
Turning the Business into a Success
The Wheels Motel has become a profitable venture, with the business on track to bring in $412,000 in 2024. The couple has paid themselves about $115,500 this year, aiming for an annual income of roughly $174,000. Although managing the motel is demanding, it has allowed them to achieve financial milestones, including paying off the motel’s mortgage by 2020.
Chris credits much of their financial success to saving habits he developed during his time in the Navy, where he learned the importance of setting aside portions of his paycheck. This mindset helped them maintain financial stability even during lean years, such as 2022 when Yellowstone National Park’s partial closure drastically affected tourism.
Adjusting to Small-Town Life
For Roxanna, moving to Greybull took some adjustment, but she has grown to love the slower pace and sense of community. She now plays an active role in the town, serving as the secretary of Greybull’s Chamber of Commerce and even painting a mural to help revitalize the area.
The Harwoods are proud of how far they’ve come in transforming the motel and integrating into the town. While they don’t plan to expand the number of rooms, Chris has future plans to modernize the property with additional amenities, such as steam rooms and a playground. Their long-term goal is to continue improving the motel while saving for retirement, with hopes of eventually passing the business down to their son, Ronan.
Financial Priorities and Future Plans
The couple’s personal finances are closely tied to the success of the motel. With the mortgage paid off, they no longer have housing costs, allowing them to reinvest in the business and save for the future. In August 2024, their monthly spending included routine household expenses, food, camper-related costs, and insurance, with a notable $800 contribution to Roxanna’s Acorns savings account.
Chris and Roxanna’s investment strategy is focused on long-term growth. Chris regularly invests in stocks and cryptocurrencies, aiming to reach $2 million in savings by age 50. Although they occasionally consider selling the motel and moving on, the couple finds it hard to imagine where they would go or what they would do next.
Embracing Their Journey
Reflecting on their decision to buy the Wheels Motel and move to a small town, Roxanna has no regrets. She takes pride in how much they’ve accomplished, not only in growing the business but also in contributing to the revitalization of Greybull. What started as an unexpected twist in their lives has become a fulfilling venture, providing financial stability, personal satisfaction, and a unique way of life.
As Chris and Roxanna continue to navigate the challenges and rewards of running a family business, they remain committed to making the Wheels Motel a success, while enjoying the small-town life they’ve grown to love.
FAQs
Why did Chris and Roxanna decide to buy the Wheels Motel?
Chris had childhood ties to the motel, and when his father decided to sell it, they saw it as an opportunity for a lifestyle change, especially after Roxanna struggled with her desk job.
How much did the Harwoods pay for the Wheels Motel?
The couple purchased the motel for approximately $483,000 in 2017, using Chris’ savings for the down payment.
How do they manage running the motel with just the two of them?
Chris and Roxanna handle most of the daily tasks, including cleaning rooms, checking in guests, and managing maintenance. Chris’ father and grandmother also assist with various duties.
What financial strategies have helped them succeed?
Chris learned saving habits during his time in the Navy, which helped them build a financial cushion. They reinvested in the motel early on and continue to save for the future.
What are their long-term plans for the motel?
The Harwoods plan to modernize the motel with additional amenities and potentially pass the business down to their son, Ronan.
