Retail Marine Sales, Service & Storage

MI

Retail Marine Sales, Service & Storage

Asking Price:$395,000

Cash Flow:$135,000

Gross Revenue:$1,230,000

EBITDA:N/A

FF&E:$145,000

Inventory:$500,000*

Established:1979

*not included in asking price.

Retail Marine Sales, Service & Storage

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Business Description

2016 continued a remarkable stretch of incredible financial consistency, with a fifth consecutive year of better than $120,000 in cash flow for this successful retail marine sale, service and storage business. What a great way to end a 38-year run, but it is now time for the long-time owner to transition the company to a new owner-operator and retire.

Operating out of an attractive, convenient and desirable location in Northern Central Michigan, this dry land marina employs ten skilled non-union employees, many of whom have long tenure. The real estate is owned by the seller and can be leased under favorable terms or purchased in a separate transaction. The business boasts a number of revenue streams:

1. Sales of new and used pontoon boats

2. Service and repair of motors, boats, and trailers

3. Sales of boat trailers, boat hoists, and dock products

4. Sales of boating accessories

5. Sales of a number of other types of used boats

6. Pontoon boat rentals

7. Sales of new and used motors

8. Storage of boats and associated services: pickup, delivery, winterizing and shrink wrapping.

Customers (comprised of cottage owners and year-round home owners) come from a 60 mile radius for the great service and offerings of this seasonal business which generates revenues of more than $1.2 million operating from just early April through mid-November. The reputation of the business is so strong that a steady flow of referred new customers continue appearing without substantial sales or marketing efforts. And competition is moderate, with only two other marinas regionally which offer somewhat similar products and services.

This is a great life style business. First of all, it’s everything about boats which is obviously a big plus for many. Secondly, the location is very pleasant, offering an aesthetically pleasing surrounding area. Finally, as a seasonal business, if affords the sellers the opportunity to live in Florida for an extended period each winter.

Over the past five years the business has averaged more than $1,230,000 in sales and $135,000 of SDE (the normalized cash flow available to pay an owner-operator and service debt). The business is being offered for $395,000 in an asset sale which has the seller retaining cash and A/R, while retiring all liabilities. Boat, motor and parts inventory (approximately $500,000 as of December 31, 2016) is additional while $145,000 of machinery and equipment (value in place) and boat accessory items is included in the $395,000 listing price, which is an attractive 2.9x average SDE. The boat, motor, and parts inventory can be purchased outright or as a highly favorable buyer option, the inventory may be able to be consigned to the buyer.

For more information on this outstanding and unique business opportunity, please contact Steve Kandt (steve@praxisbb.com).

Detailed Information

Inventory:
Not included in asking price
Employees:
10
Furniture, Fixtures, & Equipment (FF&E):
Included in asking price
Support & Training:
30 days training and transition
Reason for Selling:
Retirement

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Steve Kandt

Business Listed By:
Steve Kandt

Praxis Business Brokers

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Sponsoring Broker:
Michael Greengard

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