Any resort Owners???

[tracker x-2]

Hello everyone some close friends of mine are looking into buying a resort in Onterio or Manitoba. These folks are previous buisness owners of a farm in central Minnesota, but no longer own the dairy herd and just cash crop. so what im saying is they have the know how of finacial aspect of running a buisness. What im wondering is if there is any key factors or impications I should let them know of or what all you resort owners can say about your buisness.

Thanks

[MJ1657]

I would think owning a resort will be alot like owning a dairy. You always have to be there. Should be an easy adjustment!

[prov1900]

Not an owner either, although I would like to be. In the years of staying at resorts, I always ask those questions. It seems the general response is that you have to be very adept at repair, on all levels, from structural, boat/motor, sewage/water, etc. The money you save having those skills can make up for an average season. Of course the one 'rule' is that even though you live right on the shoreline of your favorite lake, getting time to fish it yourself is pretty limited!!

[pelicanlanding]

Prov1900 is right about the about doing your own repairs. Owning a resort you get to meet some great people. We own a small resort in Morson Ontario which is central on Lake of the woods we are thinking of selling. We have a great whitetail deer hunt which is are busy time of year.

[Down Deep]

I'm not an owner either, but have been a customer of many resorts, some on a regular basis. Most of the owners I know either grew up on the resort business and running a resort is a normal part of life. The other group is made up of business people who like the type of work, but are actually looking at it as medium to long term investment that they intend to sell when the necessary equity improvements are made. Like any business your friends need to have to have adequate capitalization and a cash fund for working capitol. They also need to be naturals as excellent customer service people and be on an excellent fishing lake. Another thing is that owning a resort is usually and "all in" endeavor which means that the whole family is involved.