Marina News
 

Deferred Maintenance

By Lou Grasso

Often times when we begin to evaluate a marina we start by analyzing their income and expense statements to begin valuing the business, keeping in mind the higher the net operating income, the higher the sales price. Many times while reviewing these statements I find little to no expense for up keep of the marina, this always sends up a red flag. Valuing a marina isn't always about the rate of return on your investment, often times you have to flip the coin and think about how much money it is going to cost to get the marina to run at its maximum potential. Some owners have the philosophy of "Don't fix what's not broken". Most times a lack of upkeep on stuff such as bulkhead, docks, fuel dispensers and tanks can end up costing five times as much to replace, not to mention the lost income from having a dock or fuel pump "out of order". Another major area for deferred maintenance is equipment upkeep. During the boating season marina owners rely heavily on travel lifts, forklifts, lawn equipment, tractors, etc. When the season is coming to a close all of these fixtures to your marina should be serviced, parts replaced, cleaned and thoroughly evaluated. Many of the manufacturers of these products will all say that if properly cared for, some of the equipment will last 15 - 20 years. We recommend that you make a list of maintenance areas and, based on the circumstances, put them in priority and create a yearly budget to service those areas. These will save you time and money in the long run and make your marina much more valuable when, and if, you ever decide to sell it.

The Marina Specialists
Marina Exchange Newsletter

SUBSCRIBE NOW
Email: advertising@themarinaspecialists.com

Article Excerpts

"There are a large number of buyers in the market for your marina.
We know because they are our clients." ~Lou Grasso

This is what clients have to say about us:
"It was not strictly business, but a truly, honest relationship between us." ~Cindy & Joe Salvo

Valuing a Marina in Today''s Financial Environment
~Lou''s Corner
Preparation before putting a marina on the market is the key to securing the highest return for the owner. That is where GRG excels. Our experienced team has the expertise to present a credible financial picture of the property.

How can a marina help your local economy?
A marina is more than just a place to park your boat. A marina in a rural area can help the economy by creating more than 50 wage jobs in over 90 marine related businesses. An average 300+ slip marina can also turn state and local tax revenue of over $150,000 a year. Having a local marina also attracts visiting boaters to the area which in turn can increase community tourism rates.

Marina Operation
Do you have a fuel dock? Do you have an above ground fuel storage? You may need a Federal Spill Prevention and Countermeasure Plan (SPCC).

If you would like to advertise in our newsletter or have any topics that you would like to have addressed, please send your email to advertising@themarinaspecialists.com.
Marina Exchange Newsletter is published quarterly.

Sailboat Stadium Looks Fantastic

Imagine going to a baseball game and getting there by boat. The Tampa Bay Rays have just that in mind.

The team recently released the above image of their waterfront stadium which boasts a roof resembling a sail from a sailboat.� Pictured above, the park is in the "closed position".

This $450 million dollar projects is located in St. Petersburg, Florida and could be completed as early as 2012.

It doesn''t get much better than baseball and boating!

Thinking Outside of the Box
by Lou Grasso

Great Oak Landing

Over the decades, marinas have become more than just a place to store your boat. As the market changes and waterfront property becomes more of a finite commodity, marina owners find themselves saying "What can I do to increase my revenue and set myself apart from my competition?" Some marina owners take on boat sales or try to tackle a risky service business. Others try to add a waterfront restaurant or beach bar. All of these ideas enhance the image of your marina, and if ran properly or leased to an outside party, can be great sources of income.

Thinking outside of the box, "How can I make my marina different?" A new trend that has begun to develop has been adding waterfront lodging or turning a portion of your existing land into a weekend getaway or executive conference center. The major difference between a hotel room and a boat slip is water.

Great Oak Landing is one of our current flagship listings that offers a 350 slip full service marina with fuel, ship store, winter storage, and boat sales coupled with a high-end 28 room lodge, restaurant, banquet and party facilities, Tiki Bar with live entertainment, tennis courts, swimming pool, and an executive golf course. This marina can potentially gross $1,500,000 alone in slip rentals. There are great expansion opportunities with this property. For instance, the marina has potential to add another 400+ wet slips making it one of the largest marinas on the East Coast. Another possibility would be to greatly enlarge and enhance the hotel opening up business opportunities such as small trade conventions, business conferences, or large retreats. With the right vision, Great Oak Landing can be developed and marketed as much more than just a marina. Finding a property as unique and diverse as Great Oaks makes thinking outside of the box easy.

To further discuss this property or other properties that are similar in nature, please contact Lou Grasso at 301.392.3225.
Quick Links
 
  		• Marine Trade Association of Maryland
  		• Association of Marina Industries
  		• Marina Dock Age
  		• Marina Economics
  		• Discover Boating
  		• National Marine Manufacturers Association
  		• Tidewater Marine Trade Association of Virginia
     
    ^ Top