Advice to Marina Buyers
If your are looking to buy a marina business, by their very position they have properties and features not associated with standard on-shore businesses. It is very important that the purchase evaluation process covers a multitude of concerns that will have an affect on the failure or success of your investment. The following are some of the questions to be answered that are paramount in the process:
- Are there any environmental issues on the property?
- What is the present and future market demand?
- Are the expenses in line with the standard ratios for a marina business?
- What is the age and condition of the docks, seawall, equipment and landside buildings? The average life span of marina docks is about 25 years.
- What if any, are there any development plans in the area that can affect the business?
- Are there nearby shops and services? How far would customers need to go for food and other shopping? Is it in walking distance?
- Are there restaurants and entertainment close by for attracting transient business?
- What is the real reason the business is for sale?
- What is the actual value of the business?
- Will the seller consider some owner financing?
- If you are not an experienced marina operator will the seller offer training?
Do you, or your local real estate agent, have the knowledge and experience to conduct a proper evaluation of a marina business?
It is crucial, as with all business investments, to find the best possible advice and guidance that you can. Professional Marine Realty has the experience in the marina business to assist you in your search, evaluation and negotiations