Re: looking for a marina
DJ and Roscoe have given you some good advise. I would like to add to what they have said. You have admitted that you have no business background, except for working in the corporate world as a techie.<br /><br />It will be EXTREMELY important that you surround yourself with good people. First you will want to have a good accountant - I am assuming there is quite the cash flow in this marina when the season is on. This accountant can analyze the last few years of business and give you a projected cash flow expectancy. This will help you plan for payments, etc. Remember, you have to make enough while the sun shines to cover you in the winter months - winter storage will help a little - pay ongoing bills and help you survive, but prolly won't give you the income you need to pay off the note, etc.<br /><br />What services are not offered at the current marina that you would like to offer? Guiding Service? Tour Boat? Concessions? How will this effect the amount of the loan you will need vs cash flow?<br /><br />Do you know someone who has marina experience that you could hire to manage the place? What about staff? Many of the jobs at the marina can be handled by HS & College kids. But you will need good management material to keep them motivated and working (I know, I worked at a marina from the age of 15 to 21, then part time playing skipper to the tour boat for another 5 years till my license was due for renewal).<br /><br />Please do not misunderstand what I am about to say, there is no greater reward than owning your own business, but are you really ready to work 7 days a week, 18 hours a day, from February or March till October or November. You will look out over the beautiful body of water and see all the fun and you will be busting your butt to see that A dock gets the loose boards repaired, and the customer that wants moved to another slip because they had a fight with the guy beside them is happy, etc? Are you ready to see employees get paid more than you for less time spent on the job? Are you ready to take vacations only when no one else wants to? It does take a special kind of person to handle this, but the rewards can be worth it.<br /><br />So, what am I saying? Being your own boss means you are a slave to your job! If you do the job well, eventually the rewards will be great, but you will have had to work at it, and the investment, worry, and work IS great (as in large).<br /><br />If you think you are up to the challenge, if your marriage is up to the stress, if your wife is in agreement, then go for it! And hang on cause it will be a great ride.<br /><br />After all Roscoe, DJ, and I have said, if you are still ready, but your wife is not, walk away from the marina. It won't be worth the agrivation. But if all is go, and she agrees, Welcome to the world of Business Owner!<br /><br />PS - your accountant will advise you on what will be best, sole proprietor, Inc., LLC, etc. Listen to your options and do what is best for YOUR situation.
Owning and running a marina is more my speed. <br />What do you guys think? Should I stay in the corporate abyss that is my job, or take the plunge?
