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Originally Posted by LIforrelaxin
If I had to guess I would say this is Glendale Marine. The Building size is far to small to be any of the other Marinas.....
Now somethings getting mis-represented here.... the purchase price is indeed 1.9 million
However there is 400K in stock merchandise...... now the last time I knew anyone looking into buying a business was many years ago. But as I remember the 400K stock merchandise could not be rolled into the purchase of the business, that was its own seperate short term loan.
Hence the mortgage being carried by the new owner would be more like 1.5 million.....
now they show there sales Revenue as roughly 877K ....... which I would assume includes winter storage income and profits of 275K..... so they say they are opperating on 500K....
something seems very fishy here...... or this business has been in the hands of the same people for years and therefore doesn't currently have a mortgage on it......
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Inventory is an asset and could be rolled into the purchase. The main tangeable value of a business is its assets, in this case the real property (real estate) and inventory which I am sure is high because of leftover Manitou inventory. Being a business owner with commercial lines of credit the assets and AR are what is looked at as far as your borrowing power.
They do not own and frontage, this is definitely not one for a develloper. What would they develop? Someone mentioned Silver Sands, no way is this Silver Sands. They would be worth FAR more than that. The real estate alone that they own is considerable.