Lion In Da Sun For Sale!, Say it aint so!!

[engarom]

I was looking around Ebay today and ran across this:

http://cgi.ebay.com/Powerboat-Business- ... dZViewItem


Is this what is becoming of St John! The guys at Lion were always great to us and we will miss them next year when we come back.

[Kathyzhere]

Wow, seems like the business was doing great!

Maybe the sale is the result of something entirely different than the economy??
Unfortunately, I believe each and everyone of us will feel some sort of effect sooner or later.

Will make a fantastic business for someone out there. If only hubs and I could

[waterguy]

Wish I had my Captains Lic. Been kicking it over getting it. Hope all is well with them.

[mrscaptainjay]

Oh no! That's terrible. I wonder why they are selling??? They have an awesome business. Too bad Jay doesn't have his captain's license upgraded yet.

[engarom]

I think CaptainJay Only needs to have a six pack to run charters.
You guys should definetly consider it. If it was just three years from now I would be all over it!!

[mrscaptainjay]

He has a 50 ton Masters license, but it's only for inland water ways, since most of his experience is on the river system. He has to have so many hours to upgrade to near costal. Still trying to figure out how many hours he needs for an upgrade.

[RickG]

Interesting valuation approach. A lot of that $215K price is good will developed by their successful sales. Another way to value this is net assets plus booked sales. That would probably be more like $120K, the cost of starting the business yourself.

One good thing about the business model is that the client pays directly for gas. That way the business does not have to pay gross receipts tax on the fuel.

Cheers, RickG

[larlardb8]

What!?!

We just went out this past Sunday with Jordan. Were so excited to say at the end of the day "see ya in November when we come back!"

Anyone know why?

[lionindasun]

Hello everyone! This is Josh from Lion In Da Sun and I wanted to clarify our sale.

We will not be leaving the island and I will certainly need to work out a deal with the new owners so I can captain at least once or twice a month! Our goal is to take the value out of the business at this point and invest in another business on the island (not in the boat industry). We have had the strongest year since we started and it is the most valuable the business has been so it is the best time for us to maximize our efforts over the last three years. If we do not sell the business we will continue to grow and add more value to Lion. We have two very valuable boats and one of the best reputations on the island. The value is largely asset backed unlike many "lease businesses" for sale down here and it actually turns a profit unlike many businesses down here that go up for sale.

I will be very sad to sell the business but ultimately when we wrote our business plan for Lion In Da Sun three years ago this was the goal, to be able to use the tiny amount of money we personally had to create a valuable business and then sell it to give us a larger amount of seed money to start another business. A stepping stone to a larger business.

If the business does not sell then we will continue to run Lion In Da Sun another season and grow it further.

-Josh

[PA Girl]

unlike many "lease businesses" for sale down here and it actually turns a profit unlike many businesses down here that go up for sale.

I look at the STJ business listings out of curiousity and the listing prices are interesting to say the least.

I assume in the case of the unprofitable businesses the owners are actually selling the leasehold interest (and maybe equipment) in their location?

[RickG]

We have two very valuable boats and one of the best reputations on the island. The value is largely asset backed unlike many "lease businesses" for sale down here and it actually turns a profit unlike many businesses down here that go up for sale.

I will be very sad to sell the business but ultimately when we wrote our business plan for Lion In Da Sun three years ago this was the goal, to be able to use the tiny amount of money we personally had to create a valuable business and then sell it to give us a larger amount of seed money to start another business. A stepping stone to a larger business.

Now, this just makes sense. John Brandi had spoken highly of your plan end mentioned things like budgeting for engine replacement, maintenance, etc. Most people just wing it and are surprised how expensive everything turns out to be.

Good luck with the next venture! Zip lines?

Cheers, RickG

[waterguy]

Shh I heard the new plan is for Nekid paint balling at maho.

[Schnell]

Shh I heard the new plan is for Nekid paint balling at maho.

Aim high.......or ouch

[Nancy_B]

Hi, Josh!

I wish you the very best - I know you will! FYI - I'm the 'stalker' - we were out with you in early May and also in February.

Hope you are well!

[CHM]

I posted the "Would you really move" topic a few weeks ago after Josh and Matt informed us that they were ready to sell. Hubby and I have always wanted to purchase Lion. The timing just stinks right now. You never know... Christy (CHM)