At Transworld Business Advisors of Benicia, we have exceptional expertise in the area of marina ownership. Donald Glidewell, CPA and owner of the Benicia Office has been a marina owner in the state of California for over 25 years, and specializes in the niche. The business model for marinas is more complicated than other businesses. There are multiple sources of revenue such as dock slip rental, rental boat rental, restaurant, repair, canvas repair and many more. There are also special Internal Revenue code sections regarding pilings and dock depreciation.
The sale of a marina in the state of California typically employs a commercial real estate agent but is that enough? Most commercial real estate agents do not engage in business brokerage. Many real estate brokers prohibit their sales people from doing anything in the business brokerage area of practice. While the real estate piece of a transaction is significant, the businesses that operate on the marina can have significant value as well. How can this be ignored in a valuation of the property sale price?
Further, governmental agencies that are involved in permitting of a marina are many. Besides the normal agencies to clear when selling a business, such as Franchise Tax Board, Secretary of State as it relates to corporations in good standing, IRS etc., Marinas can also be monitored by up to thirty-six other state and federal agencies. California State Lands Commission, Army Corp of Engineers, Fish and Game, California Wild Life, CalTrans and the list goes on and on, add fuel docks and underground tanks and due diligence just got more important.
Mr. Glidewell of Transworld Business Advisors of Benicia has personally built a successful marina operation advised many other marina owners, holds a CPA license and a real estate license in the State of California. In addition he has held the office Treasurer for Benicia Yacht Club and chaired the strategic planning committee. He is an avid yachtsman and knows the California Delta and Pacific Coast extremely well.
Please contact us before you list your marina for sale or make an offer to buy one. We can help make the transaction happen with transparency and no surprises which often times kills the deal at the eleventh hour after months and months of negotiation and marketing. Be prepared…hire the best.