April 12, 2023
Alex Burkett: We’ll look at it from maybe the seller’s standpoint and look at is there a plan or some sort of tax strategy or putting documents together or sort of preparing your park to sell. I’m sure that’s a process in itself.
If there’s somebody in that position, you know, what’s maybe some of those things that they can start to think about before they would have a conversation with somebody like you who could walk them through that selling process in more detail?
Donna Bordeaux: Yeah, absolutely. I think if you think about what we just talked about on the buyer’s hand, if somebody like me is helping a buyer—know what questions to ask, looking at data and looking to see does this look right? Are there questions? Can we rely on this data? Those are really big, crucial points.
And even more than just the buyer’s opinion, if that buyer has to get a loan from a bank, the bank is looking at the seller’s data to determine the reliability of how well that buyer’s gonna be able to pay back the loan.
So I strongly recommend that selling, if you want to really maximize your potential, be thoroughly prepared; and by thoroughly prepared, I think you ought to be planning three to five years in advance of your sale.
Planning meaning first off doing the right things and having somebody make sure that you are not overpaying on your taxes; your financials condition is looking good, knowing do I invest in upgrades or do I hold off? How do I document the repairs so that those aren’t considered just big expenditures that a buyer might think are gonna happen every year? Those are critical too.
There’s a lot of planning that really should go into effect for somebody considering selling. And I’ll add in one other piece: don’t wait too long.
One of the critical dips of pricing on selling is if you have to sell, cases where people want to retire and they’re just done. You may be pushed to take a cheaper price because you don’t wanna wait it out.
Always have that information lined up and ready to go, cuz you never know If somebody’s gonna make you an offer you just can’t refuse.
For additional read: Is Purchasing a Campground Worth the Investment?
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Donna Bordeaux, CPA with Campground Accounting
Creativity and CPAs don’t generally go together. Most people think of CPAs as nerdy accountants who can’t talk with people. Well, it’s time to break that stereotype. Lively, friendly, and knowledgeable can be a part of your relationship with your CPA, as demonstrated by Donna and Chad Bordeaux. They have over 50 years of combined experience as entrepreneurial CPAs. They’ve owned businesses and helped business owners exceed their wildest dreams. They have been able to help businesses earn many times more profit than the average business in the same industry and are passionate about helping industries that help families build great memories.