Business Exit Planning
Selling a Marina
We hear from a lot of business owners who are timid about listing their marina. Despite the mood of the market, we think there are still opportunities to receive a good price for your marina. Here's what you need to know . . .
You won't find any magic formulas for selling a marina, especially while the market is struggling to overcome the perceptions created by a down economy.
Opening a marina is a great way to get started as a business owner.
There is no simple way to sell a business. But the most prepared marina sellers are achieving fair market value and more for their companies through persistence and the application of sound selling techniques.
Selling a Marina to an Employee
Employee sales have pros and cons. A faithful employee may have the motivation and ability to continue to operate the business. Since the worker already knows the ins and outs of the business, due diligence should be a breeze, not to mention the fact that you won't have to wait months or years for the right buyer to emerge on the open marketplace. Yet most employees lack the means to buy their employer's business at or near the asking price. Seller financing is one way to get around the capital deficit of an employee-based marina sale, as long as you are willing to vet the employee's credit worthiness the same as any other buyer.
Preparing Family Members
Many sellers embarked on their marina sale without adequately considering the impact it will have on their families. Unfortunately, families often experience turmoil during a sale even when the primary owner is convinced it's the right decision. The sale of the business will likely result in new family dynamics. Subsequently, selling a marina has to include ample communication and shared decision-making.
Sale Costs
In a marina sale, pricing is based on a number of factors, including the costs incurred during the sale. Although they can significantly increase the final sale price, brokers typically receive a 10% commission. Professional consultations can also represent a significant expense during the course of a marina sale. Likewise, you'll need to consider how much it will cost to promote the sale as well as the lost time it will take for you and your team to navigate the sale process.
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