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Smith Mountain Lake - Boat Towing /Salvage Business
North CarolinaListing DetailsOffice ID: BOATTOW2
Status: Active
Listing Broker: George Bradbury
Listing Price: $60,000
Gross Revenue: $35,000
Cash Flow: $11,000
12 Month Forecast: $40,000
FF&E: $18,500
FF&E Included: Yes
Sales Structure: Asset Sale
Seller Financing: Yes
Reason for Sale:
The company that owns the licenses also operates towing with BoatUS along the coast of North Carolina and want to focus on a growing family and some additional opportunities along the NC Coast.
Training:
Owner will work with the buyer to insure there is a seamless transition of relationship with 7 the Captains and each lake operation. Long term arrangements are available for discussion with current owner.
OperationsYear Established: 50
Form of Ownership: S Corp
Employees (contractors): 1
Business Hours: 24/7
Summary
Business Description:
Transfer of License Service Agreement Rights for protected territory at Smith Mountain Lake licensed by Tow BoatUS a subsidiary of Boat Owners of America. With over half million members----Tow BoatUS licensees answer calls for over 70,000 annual water assists with a fleet of 600+ boats Included are; transfer of Tow BoatUS license, a boat with equipment for servicing boaters and agreements with Captains that manage operations on the water. Revenue includes being paid for Member Towing, Non-Member Towing, Salvage, and potential commercial contracts.
Historical Summary:
BoatUS has for over 50 years protected boaters and their rights, making boating more safe, affordable and accessible - whether helping to have a safe day on the water, ensuring that boating taxes go to boating programs, offering competitive boat insurance coverage that boaters need and the largest on water towing fleet in the nation. .
Owner Qualifications:
Current and valid USGC issued Captains License with towing endorsement. Owner is not required to have a USCG License, only operators of tow boats. Not all lakes are required to have a uscg license only 3 (Kerr, Gaston,SML)
Competition:
n some locations there are independent and smaller organizations that offer similar services. Only 3 lakes have another similar operation. (Kerr, Gaston, SML) BoatUS is by far the largest organization of its kind with over 500,000 dues paying members
Potential Growth:
Many opportunities to secure salvage jobs and some commercial accounts. This business also complements other ventures such as marine construction, state / federal contracts, dinner cruises and boat rental fleets . While these lakes have been in the top membership sales over the past 2 years, there remains a lot of untouched market.
LocationReal Estate for Sale: Yes
Facilities:
Only at Smith Mountain Lake is there an office otherwise the operations use docking facilities. The monthly rent is $200.
Last Updated: Oct 30, 2018 / 10:46 AM
Financial Information Current as of: Nov 4, 2017 / 11:34 AM