Marina Sales

[TiltonBB]

East Coast Flightcraft has been sold to the same group that owns the former Shep Brown's and Goodhue Wolfeboro. (Marriott and Prat) The sale includes the Massachusetts locations as well.

There is another large Winnipesaukee marina sale closing in the next few weeks. The new owners have significant marina experience, and will be keeping most everything the same, so customers should feel little impact. The new owners are good people.

[steve-on-mark]

Originally Posted by TiltonBB

East Coast Flightcraft has been sold to the same group that owns the former Shep Brown's and Goodhue Wolfeboro. (Marriott and Prat) The sale includes the Massachusetts locations as well.

There is another large Winnipesaukee marina sale closing in the next few weeks. The new owners have significant marina experience, and will be keeping most everything the same, so customers should feel little impact. The new owners are good people.

I assume the sale includes the pier at the Weirs?

[WinnisquamZ]

What’s the background story? East Coast has been around a while


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[TiltonBB]

Originally Posted by steve-on-mark

I assume the sale includes the pier at the Weirs?

I understand at this time is that the sale does not include the pier. A relative of the former owner of East Coast Flightcraft will operate the real estate and the new owners of the business may lease space to continue to operate the boat dealership.

My recollection is that they paid about $2 million for the pier in 2016. Just going by the appearance of the property it looks like it would be very expensive to rehab and update it if someone wanted to do that. Permitting through the state for any significant work may be very involved.

[VitaBene]

I believe DaSilva bought Independent Marine recently.

[ishoot308]

Originally Posted by VitaBene

I believe DaSilva bought Independent Marine recently.

Yes and Winnisquam Marine bought Wards in Ossipee this past fall...Lots transactions happening!!

Dan

[codeman671]

I heard earlier this year that Marinemax was in the process of purchasing Irwin Marine but pulled out very late in the process. I don't recall where I heard this.

[8gv]

I have been happy with Irwin.

It feels like family.

I also deal with Marine Max in Florida.

They are machine like and put the "Max" in every invoice!

[TiltonBB]

Originally Posted by codeman671

I heard earlier this year that Marinemax was in the process of purchasing Irwin Marine but pulled out very late in the process. I don't recall where I heard this.

Right dealership, different buyer. The new owner is very experienced and has multiple locations in Maine. They are really good people. The closing is in January.

[tis]

Originally Posted by TiltonBB

Right dealership, different buyer. The new owner is very experienced and has multiple locations in Maine. They are really good people. The closing is in January.

Irwin Marine did get sold then? And to a Maine company?

[TiltonBB]

Originally Posted by tis

Irwin Marine did get sold then? And to a Maine company?

Yes, sold to a very reputable dealer with locations inland and on the Maine seacoast. Most everything at Irwin will stay the same, including the employees.

[tis]

Originally Posted by TiltonBB

Yes, sold to a very reputable dealer with locations inland and on the Maine seacoast. Most everything at Irwin will stay the same, including the employees.

Interesting. Thanks.

[steve-on-mark]

Originally Posted by TiltonBB

Yes, sold to a very reputable dealer with locations inland and on the Maine seacoast. Most everything at Irwin will stay the same, including the employees.

I feel so out of the loop! ;-)

[tis]

Originally Posted by steve-on-mark

I feel so out of the loop! ;-)

LOL. Me too. And we do business there even though it has been difficult the past few years.

[codeman671]

I’m hearing that Meredith Marina may be the next to sell.

[FlyingScot]

My understanding, and I hope someone will correct me if I'm wrong, is that the Goodhue owners are a private equity firm. If that's the case, that is likely bad for the community in one way or another as they focus more intently on the bottom line to the exclusion of other considerations

[sluggo]

I was doing some work for the yacht club and I was told three individuals bought Meredith marina a little while ago. There's an awful lot of changes happening around here lately !

[Garcia]

My fear with the consolidation/mergers is that in the long run the owners/investors make out well while the end user ends up paying more for less.

I hope I am wrong; time will tell.

[ghfromaltonbay]

Originally Posted by Garcia

My fear with the consolidation/mergers is that in the long run the owners/investors make out well while the end user ends up paying more for less.

I hope I am wrong; time will tell.

These investors are also buying up cottage rental colonies. Sandy Point in Alton Bay is a perfect example. Bought up along with 3+ other properties in Alton Bay by the same group. Rates increased over 100% for seasonal leases for next season.

[fatlazyless]

Shep Brown's Boat Basin, Dec 11, 2025 ...... www.mernia.org/boatyard-recent-events ....... so's this could be the year the town owned parking lot gets remodeled with some new trees, shrubs, grass, and granite curbs all making it much more town friendly.

[John Mercier]

Originally Posted by Garcia

My fear with the consolidation/mergers is that in the long run the owners/investors make out well while the end user ends up paying more for less.

I hope I am wrong; time will tell.

Due to the near impossibility that another marina facility could be developed on the lake, and expansion of current facilities are both limited and likely to spurn opposition; I would agree with your assessment of the value of the exclusivity in the investment.

[pjard]

It's simple supply and demand.

[FlyingScot]

Originally Posted by pjard

It's simple supply and demand.

Of course. But that does not mean it's a good thing for any of us or the lake in general. When you're an ordinary slob negotiating against another ordinary slob, it's all good. But when you're an ordinary slob negotiating against a professional investor with no other ties to the community, guess who wins every time?

[thinkxingu]

Originally Posted by FlyingScot

Of course. But that does not mean it's a good thing for any of us or the lake in general. When you're an ordinary slob negotiating against another ordinary slob, it's all good. But when you're an ordinary slob negotiating against a professional investor with no other ties to the community, guess who wins every time?

Are there any examples of a business going corporate that have worked out positively for the consumer?

I think about this a lot, actually, as I was part of the Tweeter explosion...and downfall, and two of the central causes of its demise were bringing in "big box" retailer "specialists" to run what was never supposed to be a big box business and going public/being beholden to profit-driven shareholders over what was best for the company AND its customers.

*There's a book called The Common Good by Robert Reich that I find very interesting. In it, he points to where he thinks the shift occurred from "stakeholder" capitalism, where employees, ownership, AND customers find the perfect balance to "shareholder" capitalism, where the focus is on maximizing profit.

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[Garcia]

Originally Posted by thinkxingu

Are there any examples of a business going corporate that have worked out positively for the consumer?

I think about this a lot, actually, as I was part of the Tweeter explosion...and downfall, and two of the central causes of its demise were bringing in "big box" retailer "specialists" to run what was never supposed to be a big box business and going public/being beholden to profit-driven shareholders over what was best for the company AND its customers.

*There's a book called The Common Good by Robert Reich that I find very interesting. In it, he points to where he thinks the shift occurred from "stakeholder" capitalism, where employees, ownership, AND customers find the perfect balance to "shareholder" capitalism, where the focus is on maximizing profit.

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For the most part, no. It seems we are shifting more and more towards "oligarchy" (can't think of a better word) at both the local and national level. At the local level near me, small family owned business like HVAC companies are being bought up and consolidated. I find it progressively harder and harder to get a plumber to come for small jobs; the rapport between customer and client has been lost. Motels/hotels are bought by larger chains. Housing is bought up by large scale investors. Car dealers are consolidated. Big media companies grow bigger (and seem to result in less service and higher prices) and Walmart and Amazon's bottom lines are boosted while locally owned business by me are closing.

Intentional or not, this is the direction we seem to have chosen to go both at the local and national level. My kids are navigating a different world than I did at their age. Back to the Lakes Region, I am doing everything I can to ensure the island property and lake access I was fortunate to grow up with will be preserved for them as the days of someone with my chosen career path (or theirs) buying island property on Winnipesaukee are pretty much gone. And back to Shep's specifically, since Goodhue bought them I have not seen better service or lower prices.

[John Mercier]

Not really the difference.
Corporate tends to have universal policy across national or international borders, while private tends to be a local policy.

The ROI expectation is about the same regardless.

I have box, independent, and my family has owned... same expectations.

What everyone had in common... efficiency of process and customer.

[Garcia]

Originally Posted by John Mercier

Not really the difference.
Corporate tends to have universal policy across national or international borders, while private tends to be a local policy.

The ROI expectation is about the same regardless.

I have box, independent, and my family has owned... same expectations.

What everyone had in common... efficiency of process and customer.

Sounds good but my experience in my community (and life in general) is different - at Sheps as well. When my local lumber yard was bought, a local hotel bought by a national chain, and HVAC companies consolidated (along with heating oil) I have found my satisfaction go down and the costs go up. I guess this is the cost of progress

[TiltonBB]

A local business being bought out by another company or another individual usually requires a buyer who has had success in another area so that they can come up with the funds needed. That is not only for the purchase but they need enough capital to operate the business starting on day one. A week after you buy, payroll is due.

That usually means that successful people will be the buyers. It is good news when a buyer comes from the same industry, like the marine industry. That means they have a successful track record and know how to run that type of business. Their previous success is often an indication of how they run sales and service and how they treat customers in general. With the internet, a business that treats people poorly gets outed pretty quickly.

There is a local example of a marina that was bought out about 15 years ago by an individual without marine industry experience and a personality that may not have been the best for the job. I don't think he was profitable and within 3 or 4 years he sold at a significant financial loss. The subsequent buyers of that business are the exact opposite and have done very well with it.

[Biggd]

Just look what happened with Newpro, bought up by a hedge fund and they bled it dry. They closed the door taking everyone's deposit money with them and leaving projects unfinished.
I'm not saying this will be the end result with these marinas but when large investment groups buy companies they won't think twice about closing up if they are bleeding money. They are just in it for the money not the community.

[John Mercier]

Consolidation is a bit difference than a change in business governance format.

What you may be noticing is a change in business model.

When Lavalleys (family owned) bought Gilford Home Center (family owned).
No change in governance format. The change is the business model.

The marinas will most likely see changes in the business model.
Same thing happened with Church Landing.

[Descant]

A small business owner has different rewards than an employee. The buyer of a buisness has to deal with employees and a different set of compensation. When buying, an early consideration has to be "How can we increase revenues to pay off a new mortgage or investors?". Raise storage fees and sell more boats. I see an approaching level of market saturation here. Expanding the physical plant to store more boats may not be possible, and if you can't store them, it is more difficult to sell them. Post WW II many island residents did not own a power boat--they relied on a taxi service. Perhaps we will go back to that model as mainland access becomes more expensive and harder to obtain?

[LIforrelaxin]

All right lets pull this back to discussing the Marina's.....

It is unfortunate that the Marina's are being bought up and consolidated. Quite honestly is concerns me long term. Boating is expensive enough, and as the Sales and Service depts. consolidate with multiple locations under a single corporation, the competition dynamics will change, and likely not for the better.

In years past, with multiple independent marina's around the area, there was competition to get your $$$$$.... However as Melvin Village, Winnisquam Marine, etc. have expanded out swallowing competitors suddenly there are fewer entities competing for your $$$$$..... And thus less of a need to win your business....

One area where the Marina's know they have many people is with Storage. I have watched as the cost of that continues to climb.... With acquaintances in the business, I can tell you that they have kept their prices reasonable, and continue to gain customers every year..... They however have had to invest in more and more land in which to store the boats.....and thus they are finding they need to raise their prices as well or start turning people away....

Unfortunately or Fortunately dependent on how you want to look at it. The area has become a tourism / 2nd home meca. With that it has brought in big business, and slowly the small business can't continue to compete.

Bottom line this is progress, slowly eroding away what made the area so desirable.

[BillTex]

Problem with private equity is you have a group investing in an industry that may/may not have any experience operating. They perform due diligence prior to purchase, if it looks good they buy the business.

If they understand the industry and have experience operating in this industry (depends on who the buyers are) it may be a good fit. This may be good or status quo for the consumer.

If the group purchased only because the ROI looked promising, but none of the buyers has experience in that industry, it is likely they will bleed off any profit and sell sooner rather than later. This is bad for the consumer.

Goodhue purchased Ossipee Lake Marina (two?) years ago. So far it has pretty much been status quo. Some (experienced) employees were retained (a good thing). Prices?…well it is boating.

[8gv]

The other factor in business acquisition is debt service.

A family run company over time may find themselves operating with low or no debt.

When it's time to sell the new folks may have a really big note.

That can raise prices and require better controls.

Customers will experience both.

[FlyingScot]

Originally Posted by thinkxingu

Are there any examples of a business going corporate that have worked out positively for the consumer?

I think about this a lot, actually, as I was part of the Tweeter explosion...and downfall, and two of the central causes of its demise were bringing in "big box" retailer "specialists" to run what was never supposed to be a big box business and going public/being beholden to profit-driven shareholders over what was best for the company AND its customers.

*There's a book called The Common Good by Robert Reich that I find very interesting. In it, he points to where he thinks the shift occurred from "stakeholder" capitalism, where employees, ownership, AND customers find the perfect balance to "shareholder" capitalism, where the focus is on maximizing profit.

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PE has two faces:

When the investors are investing in the business for growth, it works out well for all if the business is successful--tech, biotech, pretty much all the high growth companies in the US had PE investors at some point (I include venture capital as a subset of PE). This is the American Way

But when PE invests in low growth mature businesses, such as mom & pop marinas, they are typically looking to squeeze maximum profit rather than boost growth. And even if they do figure out a way to grow, the lake is a finite resource, so....Reich, or at least his friends, would call this extraction capitalism. Not really good for anyone but the PE guys

[TiltonBB]

In many cases private equity groups buy a business in conjunction with an experienced operator to run the business. If it makes sense, after the rent and details are worked out investors may be looking for an annual return on the invested money with a plan to sell and make money from the business and real estate appreciation. A lot of times, before the purchase is finalized, the exit strategy, including the number of years a property will be held, is already worked out

The principals understand money but are usually smart enough to know their limitations.

[BillTex]

Originally Posted by TiltonBB

In many cases private equity groups buy a business in conjunction with an experienced operator to run the business. If it makes sense, after the rent and details are worked out investors may be looking for an annual return on the invested money with a plan to sell and make money from the business and real estate appreciation. A lot of times, before the purchase is finalized, the exit strategy, including the number of years a property will be held, is already worked out

The principals understand money but are usually smart enough to know their limitations.

Some of this is true. I have been involved in transactions where the principals thought they were a lot smarter (i.e. experienced) than they were. Being an “investor” doesn’t make you a marina manager, or a manufacturing ops manager…but some investors “think” they are.This usually doesn’t end well. IME a lot of PE is speculation, with a lot of ventures ending in disaster. For all.
There is a big difference between PE buying up Mom+Pops vs PE investing in multi million/billion $ corps.The Mom+Pop guys don’t have a great success record. IME.

[John Mercier]

The exclusivity of the underlying property drives the investment growth.

[WinnisquamZ]

I have been reading a few articles concerning unlimited inventory on used RV,boat, and PWs. Toss in the slowdowns on new boat sells these past few years it makes one wonder how much inventory these privately owned mariners are carrying. Then you have the required new sales inventory each needs to carry for the manufacturer. Numbers must be staggering. My explain many of these recent sales


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[fatlazyless]

There's one marina on Lake Winnipesaukee that's different from all the others .... www.faysboatyard.com ... because it is not a marina, it is a boat yard.

So, what's the difference? At Fay's Boat Yard, boat owners are welcome to work on their own boat, something one cannot do at a Lake Winnipesaukee marina.

They have two boat supply stores, open all winter, one for motor boats and one for sailboats, plus they have Hobie kayaks and catamarans, and many motor and sailboat items like super-expensive yacht line left-over pieces of cordage (boat rope) at bargain basement prices.

[Biggd]

Originally Posted by WinnisquamZ

I have been reading a few articles concerning unlimited inventory on used RV,boat, and PWs. Toss in the slowdowns on new boat sells these past few years it makes one wonder how much inventory these privately owned mariners are carrying. Then you have the required new sales inventory each needs to carry for the manufacturer. Numbers must be staggering. My explain many of these recent sales


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Perfect time to cash out if you're close to retirement and with no family willing to continue the grind.

[WinnisquamZ]

Originally Posted by Biggd

Perfect time to cash out if you're close to retirement and with no family willing to continue the grind.

Absolutely. Same can be said for lake front property. Taxes up again in Laconia my have to move our plan forward a few years


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[TiltonBB]

Originally Posted by WinnisquamZ

I have been reading a few articles concerning unlimited inventory on used RV,boat, and PWs. Toss in the slowdowns on new boat sells these past few years it makes one wonder how much inventory these privately owned mariners are carrying. Then you have the required new sales inventory each needs to carry for the manufacturer. Numbers must be staggering. My explain many of these recent sales
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The covid bump saw many marine and recreational product retailers have the best years they have ever had. Prices were high, discounts were minimal, and a lot of product was sold at MSRP. Many dealers sold everything they had and there were waiting lists for new products that were arriving. People were looking for outdoor activities where they didn't need to get on an airplane. That increase in sales is one of many reasons that the lake has seemed much more crowded for the past 4 or 5 years.

And guess what happens when people use their recreational toys? They need gas, they need service, they break down, and they sometimes get damaged.
All of that has led to people in those industries having some great years.

[Biggd]

Originally Posted by WinnisquamZ

Absolutely. Same can be said for lake front property. Taxes up again in Laconia my have to move our plan forward a few years


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Meredith went up also, my yearly bill went up 10%.
I feel fortunate that I only have water rights, so my tax bill is relatively affordable.

[FlyingScot]

Originally Posted by fatlazyless

There's one marina on Lake Winnipesaukee that's different from all the others .... www.faysboatyard.com ... because it is not a marina, it is a boat yard.

So, what's the difference? At Fay's Boat Yard, boat owners are welcome to work on their own boat, something one cannot do at a Lake Winnipesaukee marina.

They have two boat supply stores, open all winter, one for motor boats and one for sailboats, plus they have Hobie kayaks and catamarans, and many motor and sailboat items like super-expensive yacht line left-over pieces of cordage (boat rope) at bargain basement prices.

Agreed--Fay's is great!

[Slickcraft]

Originally Posted by fatlazyless

There's one marina on Lake Winnipesaukee that's different from all the others .... www.faysboatyard.com ... because it is not a marina, it is a boat yard.

So, what's the difference? At Fay's Boat Yard, boat owners are welcome to work on their own boat, something one cannot do at a Lake Winnipesaukee marina.

They have two boat supply stores, open all winter, one for motor boats and one for sailboats, plus they have Hobie kayaks and catamarans, and many motor and sailboat items like super-expensive yacht line left-over pieces of cordage (boat rope) at bargain basement prices.

Jeff and the crew have been taking care of us for 27 years and my father in-law for for many years before that when it was primarly Merrill Fay's Boat Yard. And now Steven and Will. I hope that the family tradition continues, three generations have treated us well.

[John Mercier]

Originally Posted by TiltonBB

The covid bump saw many marine and recreational product retailers have the best years they have ever had. Prices were high, discounts were minimal, and a lot of product was sold at MSRP. Many dealers sold everything they had and there were waiting lists for new products that were arriving. People were looking for outdoor activities where they didn't need to get on an airplane. That increase in sales is one of many reasons that the lake has seemed much more crowded for the past 4 or 5 years.

And guess what happens when people use their recreational toys? They need gas, they need service, they break down, and they sometimes get damaged.
All of that has led to people in those industries having some great years.

And that will be the change out.
More of the service side of the equation.

Investors actually have longer financial horizons than small units that focus on the one year income streams.

[TiltonBB]

For customers of East Coast Flight Craft, not much has changed at all. The existing team remains in place, day-to-day operations continue without interruption.

When Goodhue acquired East Coast Flightcraft, they only acquired one service building — in general, East Coast Flightcraft doesn’t own real estate. That answers a question that was asked earlier about ownership of the Pier.

From the Laconia Sun:
https://www.laconiadailysun.com/news...ticle-nav-next

[Descant]

Anything new about Irwin Marine? I heard last summer about a sale, and later that there was a planned closing in January. Then I heard that they were planning a big spring boat show/sale this spring at which time everything would be officially announced. Any rumors better than that? So far, my winter work and spring launch at MVYC is the same as every other year.

[TiltonBB]

Originally Posted by Descant

Anything new about Irwin Marine? I heard last summer about a sale, and later that there was a planned closing in January. Then I heard that they were planning a big spring boat show/sale this spring at which time everything would be officially announced. Any rumors better than that? So far, my winter work and spring launch at MVYC is the same as every other year.

It has been a long slow process and no closing yet. As you can imagine with anything this big and multiple locations, there are a lot of business points that have to be ironed out in advance. But, it is very close, maybe a closing by the end of the month. The new company is already partially involved in the operation. Most customers will not notice anything different in the near future. The same help, the same name Etc.

[TiltonBB]

Originally Posted by Descant

Anything new about Irwin Marine? I heard last summer about a sale, and later that there was a planned closing in January. Then I heard that they were planning a big spring boat show/sale this spring at which time everything would be officially announced. Any rumors better than that? So far, my winter work and spring launch at MVYC is the same as every other year.

The Irwin sale finally closed at the end of last week. It is understandable that in the sale of an operating business like this there are numerous parts of the transaction including real estate titles, manufacturer agreements, and inventory that just take a lot of research and paperwork to be sure that they get it right.

All of the locations, including Laconia, Alton, and Hudson, New Hampshire were part of the sale. Everything, including the employees, will stay the same for a while so customers should not notice much difference.

The new owner has actually had their management people involved for the past few months to ease the transition. The people who bought it are very experienced in marina ownership and operations. In fact, one of their other dealerships already sells Starcraft pontoon boats, a line that Irwin took on a few years ago.

[Descant]

Thanks, Tilton BB.
Got a name?
Other locations? I hope the new guys can hire summer help. Irwin has been shorthanded summers for the last several years..

[TiltonBB]

The Irwin name will stay the same.

Among the other places with the same ownership are Moose Landing Marina in Naples Maine and Yarmouth Boat Yard on the coast. There is also another marina in Maine with a different name.

They are all well managed and run by great people who are very experienced and obviously successful.

[codeman671]

Originally Posted by TiltonBB

The Irwin name will stay the same.

Among the other places with the same ownership are Moose Landing Marina in Naples Maine and Yarmouth Boat Yard on the coast. There is also another marina in Maine with a different name.

They are all well managed and run by great people who are very experienced and obviously successful.

Both Bill Liakas and Will Monson are on their sales team at Moose Landing. Both have worked down here at other marinas and are well known locally.

[TiltonBB]

Originally Posted by codeman671

Both Bill Liakas and Will Monson are on their sales team at Moose Landing. Both have worked down here at other marinas and are well known locally.

I have purchased 5 boats through Will Monson and he has been great. He is very knowledgeable and has a great personality.

He is in our area and out on Lake Winnipesaukee quite often. His parents live in Gilford and keep a boat on the Weirs Channel.

[tis]

Originally Posted by Descant

Thanks, Tilton BB.
Got a name?
Other locations? I hope the new guys can hire summer help. Irwin has been shorthanded summers for the last several years..

Yes, so maybe we can get our boat in May now as requested instead of July.

[TiltonBB]

Many people were unaware that Bruce Wright had an ownership interest in Irwin Marine. He started at the bottom and years ago he was the Manager at MVYC working for Irwin.

“Bill Irwin and I are the owners, and we’re both at that age to be retiring,” Wright said. “We felt that it was time to look for an appropriate buyer. I’ve been here for 48 years.”

From the Laconia Sun:

https://www.laconiadailysun.com/news...a69e9f790.html

[Descant]

OK new owners. Ice out is here. Start launching and hire more help to get the season started before Memorial Day. Now is the time to show Irwin Marine isn't asleep in the spring anymore.

[WinnisquamZ]

Originally Posted by Descant

OK new owners. Ice out is here. Start launching and hire more help to get the season started before Memorial Day. Now is the time to show Irwin Marine isn't asleep in the spring anymore.

Please, let us know how this goes


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