Advice to Marina Sellers
Preparing marinas for sale:
The first area to understand is that books and records are important. A business needs to be able to justify a sale price through tax returns, equipment values and inventory values.
The second area to understand is that you should keep the marina business running as is and NEVER tell anyone that you are selling your marina. Any hint or leak that your marina is for sale could be catastrophic to the business and the businesses’ future. Employees and customers are very good at noticing changes that may indicate a marina business is for sale. This could have a devastating result on the business.
- Tell anyone that your marina is for sale – confidentiality is of utmost importance.
- Change the business models or daily operations.
- Take cash out of the business that will alter subsequent financial statements.
- Up to 3 years of tax returns – including P&L statements.
- Equipment list & value of equipment at replacement cost.
- Value of inventory at your cost (not retail).
- Value of real property (if included in the sale).
- Copy of the lease if business is on leased real property.
When you are ready, the wisest move is to contact a marina broker professional, who can,
- Prepare a marketing strategy for a marina for sale based on knowledge of the marina industry.
- Has both national and international industry related marina buyer contacts.
- Determine the right marina buyer for your particular business.
- Keep you informed about market reaction.
- Only release information to qualified marina buyers that sign a Confidentiality Agreement.
- Present your marina for sale in a professional and knowledgeable manner.