On Wednesday, July 22, 2020 at 11:40:10 AM UTC-4, wrote:
On Tuesday, July 21, 2020 at 10:07:49 PM UTC-4, 2G wrote:
On Monday, July 20, 2020 at 5:27:37 PM UTC-7, Shaun Wheeler wrote:
A Florida land deal. What could possibly go wrong?

I am certain that Mr. Tanjala, being such an honest and upstanding citizen (of Romania) would gladly provide 5 years of audited financial statements, tax returns, and an appraisal of SGP by a certified business appraiser.

Tom

It would be quite foolish for anyone to buy into ANY business without a thorough look at the books and I would suggest a Forensic Accountant and they ain't cheap. Problem for SLGP is the glider community is quite small and everyone knows everyone else. Whether what we have heard is true or not may be in question but perception is everything. If Mihai wants to sell it he is going to have to let it go CHEAP and I mean CHEAP.

It might make a nice RV/Trailer park but I'm sure there is a contractural requirement that it remains a GP as per the homeowners on the field. It was easier for Knut to make a go of it with his wife running the office as all he needed was a tow pilot or an instructor. Our Romanian friend on the other hand needs an entire staff as he can do little to nothing himself. Even in a vibrant economy it might be a bit of a stretch for someone to lay out 3 million for the place. The stock market would be a better choice. JMHO.

Walt

The business valuation can easily be determined, net profit over a specific period could determine the goodwill. The next part would be FMV for plant and equipment. I honestly doubt that the value for all would come close to the asking price. My honest opinion is that if it were sold today it would be sold for a loss of the original purchase price.