Live Q/A Panel: Jan 27, Noon CST – Selling My Park and Doing it Right

Live Q/A Panel: Jan 27, Noon CST – Selling My Park and Doing it Right

Live Q/A Panel: Jan 27, Noon CST – Selling My Park and Doing it Right

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  1. How do I go about getting a valuation for my current campground & is there a basic fundamental list items that need to be provided to potential buyers i.e. how many years of revenue streams, zoning, occupancy etc.

  2. I’d love to know who a few good selling campground realtors are. I’m in NC near the Smoky Natl. Park and the Nantahala rafting river. I have a glamping and tiny house campground, with a few other unique accommodations and I am thinking about selling.

    1. #1 DO YOUR SELLERS HOMEWORK AND BE PREPARED. Get your P&L’s prepared before going to market. Talk to your accountant and be ready to present 3 years history is #1. You’re selling a business and there will be 1000 questions for buyers to make a decision… prepare in advance and in writing the answers to the list of questions you know will be asked.

      #2 HIRE A QUALIFIED RV SPECIFIC PARK BROKER. Hiring your “sisters residential real estate friend” to sell your business is like asking an orthodontist to do a colonoscopy. A specialist understands true values of this market and how to qualify buyers.

      #3 THE BANK DOESN’T CARE ABOUT THE SELLERS “OPINION OF VALUE”. “Adjustments” to P&L’s concerning over-valuation are a large issue here. Banks are professionals at underwriting financials and “YES” they will see through the over-valuation efforts of not adhering to true expenses and a true NOI. It was a very sad (and honestly at times heartbreaking) broken record this year the number of times I heard: “I have been under contract 1-2-3-4-5 times but they couldn’t get their financing.” This is why… you are over-valuing.

      #4 “LABOR” IS A REAL EXPENSE ITEM. This is hands down the #1 undervalued and over-“adjusted” real expense line item in the industry. It CAN NOT be excluded to inflate value and the bank is not going to overlook this item. Possibly try and basically understand NOI & EBITDA. This is how a bank is going to value an investment, and if they don’t like the numbers your buyer isn’t going to get their financing.

      #5 “CASH” DOES NOT EQUAL VALUE. In the banks eyes: If it’s off the books don’t expect value for it.

      #6 GET A BUSINESS OR REAL ESTATE SPECIFIC ATTORNEY, AND DO IT NOW. The process of selling a business is complex. Not only should you protect yourself, but it will make the process much easier and quicker with a qualified attorney. Even as a buyer I always request any buyer that doesn’t have an attorney, to please get an attorney to help us get through the process.

      #7 HAVE PATIENCE. Covid has caused multiple delays in closings across the country this year. Unless it is a cash buyer, every bank will require certain things to close. Our nickname in our office is the TAISE reports, which stands for: Title, Appraisal, Insurance, Survey, & Environmental. If you don’t have ALL current TAISE reports in hand now, don’t expect to close in 30 days because the bank won’t be ready to finance a buyer without them. I would say our average was 90-120 day close time.

      #8 BUSINESS PERSONAL PROPERTY GOES WITH THE SALE. My quote on this is: “if it creates or maintains the value of the income stream, it goes with the sale.” Expecting to take the truck, tractor, mower, vending machines, games, etc with you upon the closing is like asking someone to buy a restaurant… and then telling the buyer you’re going to keep all the kitchen equipment. Yes… I killed deals over this.


      #10 DON’T LIE OR HIDE IMPORTANT DETAILS. This would also seem self explanatory… but you would be surprised.

      MAKE THE MENTAL COMMITMENT TO SELL. One of the very first questions I have learned to ask is “do you truly and actually WANT to sell? These sellers are very an emotionally attached… and when it came down to it several simply weren’t ready for the commitment to go through the process and/or be able to let go.

      On the same note there is an old saying in the brokerage business of “do you want to list it, or sell it”? Be ready and make the commitment.

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